This chapter provides an analysis of the Alternative Investment Fund Manager Directive (AIFMD), w... more This chapter provides an analysis of the Alternative Investment Fund Manager Directive (AIFMD), which had a strong impact on alternative investment funds, as well as on alternative investment fund managers. The analysis of the AIFMD mainly focuses on the difficulties, especially political challenges, of approving this text. It also tackles the issue of the definition of alternative funds in the context of the AIFMD and its practical consequences, as well as the main provision implementing a direct regulatory approach for alternative investment fund managers in Europe (authorization, information and transparency, organization requirements, leverage). The chapter provides some critical considerations of these aspects adopting an international perspective.
The difference between the French and the Italian regulatory approaches to cash-settled equity de... more The difference between the French and the Italian regulatory approaches to cash-settled equity derivatives (CSDs), particularly in the context of takeover regulation, underlines a conflicting relationship with respect to the harmonization of financial market regulations, exacerbated by the complexity of financial innovation and the specific corporate governance and transparency issues raised by CSDs. It demonstrates a dual movement of convergence in disclosure regulations and divergence in takeover regulations from one side of the Alps to the other, which hinders the harmonization of capital markets law in the EU.
This chapter provides some background information on the regulation of clearing houses, that emer... more This chapter provides some background information on the regulation of clearing houses, that emerged as a topical issue in the aftermath of the financial crisis of 2008. After a brief introduction, the chapter elaborates on the definition of market infrastructure, clearing houses, and clearing, while taking into consideration their pros and cons from different perspectives. It also provides an analysis of the general framework of the European Market Infrastructure Regulation (EMIR). Focusing on its main provisions applicable to clearing houses, it emphasizes those related to their authorization, corporate governance, and prudential requirements. The chapter provides some critical considerations of these aspects from an international perspective.
La these se compose de deux parties, une premiere partie sur la question de la definition des fon... more La these se compose de deux parties, une premiere partie sur la question de la definition des fonds speculatifs et une deuxieme partie sur la question de la gouvernance en relation au risque systemique. La premiere partie se compose de deux sous-parties. Une premiere est vouee a l'analyse de certains problemes liminaires, comme les questions de methode et d'autres de questions liees a la fonction economique des hedge funds. Dans cette sous-partie est egalement traitee la question des differents elements qui concourent a definir les hedge funds (notamment la strategie d'investissements, la structure legale, des questions contractuelles, la structure de la compensation des managers). Dans une deuxieme sous-partie la question de la definition amene a une analyse des differentes juridictions des principaux etats membres, suivie d'une etude comparative entre le systeme americain et europeen.La deuxieme partie est egalement structuree en deux-sous parties. Dans la premiere sous-partie, sont analysees les questions liees a la relation entre les hedge funds et la crise financiere, la definition du risque systemique et les possibles options de gouvernance de la regulation. Dans la deuxieme sous-partie est analysee le modele de gouvernance de fonds speculatifs qui emerge de la directive AIFM et autres dispositions. la question principale etant de savoir si un modele de gouvernance d'inspiration bancaire peut etre efficient dans le contexte de la regulation des hedge funds.
Private entities have recently attempted to invade the realm of central banking activities. This ... more Private entities have recently attempted to invade the realm of central banking activities. This Article identifies this activity as “Shadow Central Banking,” and draws analogies with the previous emergence of “shadow banking” more generally. The “shadow banking” system emerged as a network of new and often non-regulated entities, that gradually entered the business of banks. Shadow banking‘s development depended on specific causes and responded to specific needs of the financial system. This transformations ultimately led to the creation of a far more complex and interconnected financial system, which ultimately collapsed amidst the Financial Crisis in 2008. The similarities between shadow banking and Shadow Central Banking are clear when analyzing the circumstances of their emergence, their pathologies, and the regulatory response. After a brief analysis of the shadow banking system, this Article focuses on the evolving roles of central banks and private initiatives, as their activities have led to the rethinking of central banking activities and the form of money in modern capitalism. This Article proposes that this disruption of traditional central banking activity stems from a new interpretation of the concept of money, one that defyies the classic dichotomy of “central bank money” vs. “commercial bank money”. This Article then analyzes the main characteristics of Shadow Central Banking and identifies specific commonalities not only with the shadow banking system, but also with historical systems that pre-existed the modern central banking framework. Finally, this Article considers the systemic risks, systemic conflicts of interest and opaque corporate governance mechanisms associated with Shadow Central Banking and posits some policy considerations to address such risks.
EBI Studies in Banking and Capital Markets Law, 2021
In recent years technology and sustainability emerged as two main drivers for economy and finance... more In recent years technology and sustainability emerged as two main drivers for economy and finance, each with its own characteristics and following independent paths of development. The general discourse on the relationship between technology (more recently financial technology-fintech) and sustainability tended to emphasize the role of technology as a tool for pursuing sustainability mostly from the perspective of financial inclusion. Therefore the relationship with environmental sustainability was less often considered. This book chapter tries to answer the question on the role of digital finance as a tool for pursuing environmental sustainability, and the way specific policies might contribute to pursuing this goal. Adopting this perspective, this book chapter considers the emergence of sustainable digital finance as the clearest result of the interplay between technology and sustainability, assessing its potential for contributing to environmental sustainability. In doing this, this book chapter considers the most relevant public initiatives at the international level and provides a brief overview of the technologies involved in sustainable digital finance, assessing their own specificities and complementarity. Finally, this book chapter makes some critical considerations and proposes some policy suggestions to strengthen sustainable digital finance in a view of achieving ambitious societal goals.
La these se compose de deux parties, une premiere partie sur la question de la definition des fon... more La these se compose de deux parties, une premiere partie sur la question de la definition des fonds speculatifs et une deuxieme partie sur la question de la gouvernance en relation au risque systemique. La premiere partie se compose de deux sous-parties. Une premiere est vouee a l'analyse de certains problemes liminaires, comme les questions de methode et d'autres de questions liees a la fonction economique des hedge funds. Dans cette sous-partie est egalement traitee la question des differents elements qui concourent a definir les hedge funds (notamment la strategie d'investissements, la structure legale, des questions contractuelles, la structure de la compensation des managers). Dans une deuxieme sous-partie la question de la definition amene a une analyse des differentes juridictions des principaux etats membres, suivie d'une etude comparative entre le systeme americain et europeen.La deuxieme partie est egalement structuree en deux-sous parties. Dans la premiere...
This chapter provides an analysis of the Alternative Investment Fund Manager Directive (AIFMD), w... more This chapter provides an analysis of the Alternative Investment Fund Manager Directive (AIFMD), which had a strong impact on alternative investment funds, as well as on alternative investment fund managers. The analysis of the AIFMD mainly focuses on the difficulties, especially political challenges, of approving this text. It also tackles the issue of the definition of alternative funds in the context of the AIFMD and its practical consequences, as well as the main provision implementing a direct regulatory approach for alternative investment fund managers in Europe (authorization, information and transparency, organization requirements, leverage). The chapter provides some critical considerations of these aspects adopting an international perspective.
This chapter provides some background information on the regulation of clearing houses, that emer... more This chapter provides some background information on the regulation of clearing houses, that emerged as a topical issue in the aftermath of the financial crisis of 2008. After a brief introduction, the chapter elaborates on the definition of market infrastructure, clearing houses, and clearing, while taking into consideration their pros and cons from different perspectives. It also provides an analysis of the general framework of the European Market Infrastructure Regulation (EMIR). Focusing on its main provisions applicable to clearing houses, it emphasizes those related to their authorization, corporate governance, and prudential requirements. The chapter provides some critical considerations of these aspects from an international perspective.
In recent years technology and sustainability emerged as two main drivers for economy and finance... more In recent years technology and sustainability emerged as two main drivers for economy and finance, each with its own characteristics and following independent paths of development. The general discourse on the relationship between technology (more recently financial technology-fintech) and sustainability tended to emphasize the role of technology as a tool for pursuing sustainability mostly from the perspective of financial inclusion. Therefore the relationship with environmental sustainability was less often considered. This book chapter tries to answer the question on the role of digital finance as a tool for pursuing environmental sustainability, and the way specific policies might contribute to pursuing this goal. Adopting this perspective, this book chapter considers the emergence of sustainable digital finance as the clearest result of the interplay between technology and sustainability, assessing its potential for contributing to environmental sustainability. In doing this, this book chapter considers the most relevant public initiatives at the international level and provides a brief overview of the technologies involved in sustainable digital finance, assessing their own specificities and complementarity. Finally, this book chapter makes some critical considerations and proposes some policy suggestions to strengthen sustainable digital finance in a view of achieving ambitious societal goals.
Private entities have recently attempted to invade the realm of central banking activities. This ... more Private entities have recently attempted to invade the realm of central banking activities. This Article identifies this activity as “Shadow Central Banking,” and draws analogies with the previous emergence of “shadow banking” more generally. The “shadow banking” system emerged as a network of new and often non-regulated entities, that gradually entered the business of banks. Shadow banking‘s development depended on specific causes and responded to specific needs of the financial system. This transformations ultimately led to the creation of a far more complex and interconnected financial system, which ultimately collapsed amidst the Financial Crisis in 2008. The similarities between shadow banking and Shadow Central Banking are clear when analyzing the circumstances of their emergence, their pathologies, and the regulatory response. After a brief analysis of the shadow banking system, this Article focuses on the evolving roles of central banks and private initiatives, as their activities have led to the rethinking of central banking activities and the form of money in modern capitalism. This Article proposes that this disruption of traditional central banking activity stems from a new interpretation of the concept of money, one that defyies the classic dichotomy of “central bank money” vs. “commercial bank money”. This Article then analyzes the main characteristics of Shadow Central Banking and identifies specific commonalities not only with the shadow banking system, but also with historical systems that pre-existed the modern central banking framework. Finally, this Article considers the systemic risks, systemic conflicts of interest and opaque corporate governance mechanisms associated with Shadow Central Banking and posits some policy considerations to address such risks.
This chapter provides an analysis of the Alternative Investment Fund Manager Directive (AIFMD), w... more This chapter provides an analysis of the Alternative Investment Fund Manager Directive (AIFMD), which had a strong impact on alternative investment funds, as well as on alternative investment fund managers. The analysis of the AIFMD mainly focuses on the difficulties, especially political challenges, of approving this text. It also tackles the issue of the definition of alternative funds in the context of the AIFMD and its practical consequences, as well as the main provision implementing a direct regulatory approach for alternative investment fund managers in Europe (authorization, information and transparency, organization requirements, leverage). The chapter provides some critical considerations of these aspects adopting an international perspective.
The difference between the French and the Italian regulatory approaches to cash-settled equity de... more The difference between the French and the Italian regulatory approaches to cash-settled equity derivatives (CSDs), particularly in the context of takeover regulation, underlines a conflicting relationship with respect to the harmonization of financial market regulations, exacerbated by the complexity of financial innovation and the specific corporate governance and transparency issues raised by CSDs. It demonstrates a dual movement of convergence in disclosure regulations and divergence in takeover regulations from one side of the Alps to the other, which hinders the harmonization of capital markets law in the EU.
This chapter provides some background information on the regulation of clearing houses, that emer... more This chapter provides some background information on the regulation of clearing houses, that emerged as a topical issue in the aftermath of the financial crisis of 2008. After a brief introduction, the chapter elaborates on the definition of market infrastructure, clearing houses, and clearing, while taking into consideration their pros and cons from different perspectives. It also provides an analysis of the general framework of the European Market Infrastructure Regulation (EMIR). Focusing on its main provisions applicable to clearing houses, it emphasizes those related to their authorization, corporate governance, and prudential requirements. The chapter provides some critical considerations of these aspects from an international perspective.
La these se compose de deux parties, une premiere partie sur la question de la definition des fon... more La these se compose de deux parties, une premiere partie sur la question de la definition des fonds speculatifs et une deuxieme partie sur la question de la gouvernance en relation au risque systemique. La premiere partie se compose de deux sous-parties. Une premiere est vouee a l'analyse de certains problemes liminaires, comme les questions de methode et d'autres de questions liees a la fonction economique des hedge funds. Dans cette sous-partie est egalement traitee la question des differents elements qui concourent a definir les hedge funds (notamment la strategie d'investissements, la structure legale, des questions contractuelles, la structure de la compensation des managers). Dans une deuxieme sous-partie la question de la definition amene a une analyse des differentes juridictions des principaux etats membres, suivie d'une etude comparative entre le systeme americain et europeen.La deuxieme partie est egalement structuree en deux-sous parties. Dans la premiere sous-partie, sont analysees les questions liees a la relation entre les hedge funds et la crise financiere, la definition du risque systemique et les possibles options de gouvernance de la regulation. Dans la deuxieme sous-partie est analysee le modele de gouvernance de fonds speculatifs qui emerge de la directive AIFM et autres dispositions. la question principale etant de savoir si un modele de gouvernance d'inspiration bancaire peut etre efficient dans le contexte de la regulation des hedge funds.
Private entities have recently attempted to invade the realm of central banking activities. This ... more Private entities have recently attempted to invade the realm of central banking activities. This Article identifies this activity as “Shadow Central Banking,” and draws analogies with the previous emergence of “shadow banking” more generally. The “shadow banking” system emerged as a network of new and often non-regulated entities, that gradually entered the business of banks. Shadow banking‘s development depended on specific causes and responded to specific needs of the financial system. This transformations ultimately led to the creation of a far more complex and interconnected financial system, which ultimately collapsed amidst the Financial Crisis in 2008. The similarities between shadow banking and Shadow Central Banking are clear when analyzing the circumstances of their emergence, their pathologies, and the regulatory response. After a brief analysis of the shadow banking system, this Article focuses on the evolving roles of central banks and private initiatives, as their activities have led to the rethinking of central banking activities and the form of money in modern capitalism. This Article proposes that this disruption of traditional central banking activity stems from a new interpretation of the concept of money, one that defyies the classic dichotomy of “central bank money” vs. “commercial bank money”. This Article then analyzes the main characteristics of Shadow Central Banking and identifies specific commonalities not only with the shadow banking system, but also with historical systems that pre-existed the modern central banking framework. Finally, this Article considers the systemic risks, systemic conflicts of interest and opaque corporate governance mechanisms associated with Shadow Central Banking and posits some policy considerations to address such risks.
EBI Studies in Banking and Capital Markets Law, 2021
In recent years technology and sustainability emerged as two main drivers for economy and finance... more In recent years technology and sustainability emerged as two main drivers for economy and finance, each with its own characteristics and following independent paths of development. The general discourse on the relationship between technology (more recently financial technology-fintech) and sustainability tended to emphasize the role of technology as a tool for pursuing sustainability mostly from the perspective of financial inclusion. Therefore the relationship with environmental sustainability was less often considered. This book chapter tries to answer the question on the role of digital finance as a tool for pursuing environmental sustainability, and the way specific policies might contribute to pursuing this goal. Adopting this perspective, this book chapter considers the emergence of sustainable digital finance as the clearest result of the interplay between technology and sustainability, assessing its potential for contributing to environmental sustainability. In doing this, this book chapter considers the most relevant public initiatives at the international level and provides a brief overview of the technologies involved in sustainable digital finance, assessing their own specificities and complementarity. Finally, this book chapter makes some critical considerations and proposes some policy suggestions to strengthen sustainable digital finance in a view of achieving ambitious societal goals.
La these se compose de deux parties, une premiere partie sur la question de la definition des fon... more La these se compose de deux parties, une premiere partie sur la question de la definition des fonds speculatifs et une deuxieme partie sur la question de la gouvernance en relation au risque systemique. La premiere partie se compose de deux sous-parties. Une premiere est vouee a l'analyse de certains problemes liminaires, comme les questions de methode et d'autres de questions liees a la fonction economique des hedge funds. Dans cette sous-partie est egalement traitee la question des differents elements qui concourent a definir les hedge funds (notamment la strategie d'investissements, la structure legale, des questions contractuelles, la structure de la compensation des managers). Dans une deuxieme sous-partie la question de la definition amene a une analyse des differentes juridictions des principaux etats membres, suivie d'une etude comparative entre le systeme americain et europeen.La deuxieme partie est egalement structuree en deux-sous parties. Dans la premiere...
This chapter provides an analysis of the Alternative Investment Fund Manager Directive (AIFMD), w... more This chapter provides an analysis of the Alternative Investment Fund Manager Directive (AIFMD), which had a strong impact on alternative investment funds, as well as on alternative investment fund managers. The analysis of the AIFMD mainly focuses on the difficulties, especially political challenges, of approving this text. It also tackles the issue of the definition of alternative funds in the context of the AIFMD and its practical consequences, as well as the main provision implementing a direct regulatory approach for alternative investment fund managers in Europe (authorization, information and transparency, organization requirements, leverage). The chapter provides some critical considerations of these aspects adopting an international perspective.
This chapter provides some background information on the regulation of clearing houses, that emer... more This chapter provides some background information on the regulation of clearing houses, that emerged as a topical issue in the aftermath of the financial crisis of 2008. After a brief introduction, the chapter elaborates on the definition of market infrastructure, clearing houses, and clearing, while taking into consideration their pros and cons from different perspectives. It also provides an analysis of the general framework of the European Market Infrastructure Regulation (EMIR). Focusing on its main provisions applicable to clearing houses, it emphasizes those related to their authorization, corporate governance, and prudential requirements. The chapter provides some critical considerations of these aspects from an international perspective.
In recent years technology and sustainability emerged as two main drivers for economy and finance... more In recent years technology and sustainability emerged as two main drivers for economy and finance, each with its own characteristics and following independent paths of development. The general discourse on the relationship between technology (more recently financial technology-fintech) and sustainability tended to emphasize the role of technology as a tool for pursuing sustainability mostly from the perspective of financial inclusion. Therefore the relationship with environmental sustainability was less often considered. This book chapter tries to answer the question on the role of digital finance as a tool for pursuing environmental sustainability, and the way specific policies might contribute to pursuing this goal. Adopting this perspective, this book chapter considers the emergence of sustainable digital finance as the clearest result of the interplay between technology and sustainability, assessing its potential for contributing to environmental sustainability. In doing this, this book chapter considers the most relevant public initiatives at the international level and provides a brief overview of the technologies involved in sustainable digital finance, assessing their own specificities and complementarity. Finally, this book chapter makes some critical considerations and proposes some policy suggestions to strengthen sustainable digital finance in a view of achieving ambitious societal goals.
Private entities have recently attempted to invade the realm of central banking activities. This ... more Private entities have recently attempted to invade the realm of central banking activities. This Article identifies this activity as “Shadow Central Banking,” and draws analogies with the previous emergence of “shadow banking” more generally. The “shadow banking” system emerged as a network of new and often non-regulated entities, that gradually entered the business of banks. Shadow banking‘s development depended on specific causes and responded to specific needs of the financial system. This transformations ultimately led to the creation of a far more complex and interconnected financial system, which ultimately collapsed amidst the Financial Crisis in 2008. The similarities between shadow banking and Shadow Central Banking are clear when analyzing the circumstances of their emergence, their pathologies, and the regulatory response. After a brief analysis of the shadow banking system, this Article focuses on the evolving roles of central banks and private initiatives, as their activities have led to the rethinking of central banking activities and the form of money in modern capitalism. This Article proposes that this disruption of traditional central banking activity stems from a new interpretation of the concept of money, one that defyies the classic dichotomy of “central bank money” vs. “commercial bank money”. This Article then analyzes the main characteristics of Shadow Central Banking and identifies specific commonalities not only with the shadow banking system, but also with historical systems that pre-existed the modern central banking framework. Finally, this Article considers the systemic risks, systemic conflicts of interest and opaque corporate governance mechanisms associated with Shadow Central Banking and posits some policy considerations to address such risks.
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