The Politics of the EU Single Market for Investment Services: Negotiating the Investment Services and Capital Adequacy Directives
The securitisation of banking and the growth of securities markets, including derivative products, is a well-known feature of the emerging global order in international finance. The importance of the securities sector is manifested in the growing number of domestic financial market reform programmes across the OECD and indeed in a number of LDC countries. Governments and market authorities are eager to maximise their access to mobile capital and to provide an attractive market environment for investors — a desire which involves a delicate balancing act between enough regulation to give reasonable assurance of fairness and not so much as to inhibit efficient trading in an increasingly competitive world. Given the success of the relatively liberal, or market-oriented regulatory regimes in, particularly, the USA and the UK, most concerned states have approached regulatory reform with their eye on the Anglo-Saxon experience — both as an example and as a rival.
KeywordsMember State Natural Person Single Market Credit Institution Investment Firm
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