Ausgewählte Gebiete der Wertpapierdienstleistungsrichtlinie und ihre Umsetzung in Großbritannien und Österreich / von Gudrun C. E. Mauerhofer

• VerfasserIn: Mauerhofer, Gudrun C. E.
• Place / Publishing House: 1997
• Year of Publication: 1997
• Language: German
• Physical Description: XIV, 249 Bl.; graph. Darst.

eng: The thesis consists of six chapters. The introductory chapter describes the actual situation and current developments of and changes in the capital markets in Europe and compares the European stock exchanges. In the second chapter the European primary and secondary law as well as the necessity of the introduction of the Investment Services Directive (ISD) are discussed. Particularly reference is given to the First and Second Banking Coordination Directive. The third chapter analyzes the market entry aspects of the Investment Services Directive (ISD), which introduces the concept of a single market in the sector of capital markets and stock exchanges. In particular the European passport, access to markets (branches, cross-border services), the discrepancy between subsidiaries and branches, the concentration rule, membership to stock exchanges, regulated markets and transparency (standards) are analyzed. The English stock exchange and capital market law and the implementation of the ISD are discussed in the forth chapter. The fifth chapter deals with the Austrian stock exchange and capital market law and analyzes the delayed and incomplete implementation of the ISD into Austrian law. The last chapter explains the importance of the ISD and presents an outlook over important future developments in the stock exchange and capital market area. The necessity of further reforms and harmonization is also mentioned.