The opening-up of the market for equity market data raises the question of whether data will be sufficiently consolidated and of high enough quality post-MiFID, or whether it will become too fragmented, thereby hindering price transparency and the implementation of best execution policies. This policy brief outlines the market for financial market data, the provisions of MiFID and the implementing measures regarding financial data and data consolidation. It also looks at the approaches taken by CESR, the FSA and the US authorities.

The European Commission’s in-depth inquiry into retail banking is long overdue. Its findings are hardly surprising: for years high fees persisted, market concentration loomed and there was little cross-border competition. Times could now be changing for the better. DG Competition states that it has found ‘widespread competition barriers’ that raise the cost of retail banking, but ‘competition concerns’ are not evidence of breaches of competition law.

This ECMI Policy Brief attempts to contribute to the ongoing policy debate on MiFID art. 65.1, which tasks the Commission with conducting a study to report on whether the trade transparency requirements that currently apply to share trading ought to be extended to non-equity markets. It presents the pros and cons of introducing greater transparency into the marketplace, including a model on the possible impact of increasing transparency.

The present Policy Brief paints a portrait of the likely EU securities market landscape post-MiFiD. Much of the available analysis on MiFID has focused on short-term adjustment and compliance costs, especially regarding IT investments. Yet MiFID represents a revolution in European securities markets that is likely to lead to deep and long-lasting structural changes. The analysis in this Policy Brief concentrates on ten predictions that the authors make about the likely impact of MiFID on market structures, and the likely strategic responses of financial services firms.

As the European Commission undertakes to publish its White Paper on the enhancement of the EU framework for investment funds (scheduled for November 2006), now is a good time to reflect on whether the UCITS framework needs a radical overhaul if the regulatory landscape is going to adapt itself to the reality of market evolutions. Jean-Pierre Casey contributes to this important debate with the second ECMI Policy Brief, in which he argues that UCITS ought to move to a risk-based approach as opposed to relying on the product approach.

As the European Commission is currently in the process of preparing its White Paper on the enhancement of the EU framework for investment funds (scheduled for November 2006), now is a good time to reflect on whether the UCITS framework needs a radical overhaul if the regulatory landscape is going to adapt itself to the reality of market evolutions.

Based on a sample of 15 European countries, this survey analyses various features of the European IPO (Initial Public Offering) market over the period from 1995 to 2004: listing requirements, IPO-mechanism choices, performance and secondary market liquidity.

The proposal by the European Commission (EC) to establish shareholder democracy and mandate the one-share-one-vote (1S1V) rule has drawn much attention and controversy. In the pursuit of enhancing the rule’s popular appeal, EC policy-makers have tried to make equiproportional representation nearly an aphorism tied to corporate egalitarian sentiments underscoring justice, fairness and ethics.

This Policy Brief provides a detailed critical analysis of the MiFID Directive’s draft implementing measures. It sets out to examine the evolution of EU regulation of investment firms from the original Investment Services Directive through the MiFID implementing measures, arguing that the EU Commission has moved from a principles- to a rules-based approach. The great level of detail in some of the implementing measures will impose significant costs to investment firms and could trigger unintended consequences.

After seven long years of difficult negotiations, the Capital Requirements Directive (CRD) finally got through the European Parliament in September 2005, and was formally approved by the Council of Ministers in October. This new legislation transposes the complex, risk-sensitive Basel II framework designed by the Basel Committee into EU law which will apply to all credit institutions and investment firms operating in the 25 member states from January 2007 onwards for the simple approach and from January 2008, for the more advanced approach to measuring credit and operational risks.

This report analyses to what extent the objectives of International Financial Reporting Standards (IFRS) are compatible with basic tax principles and could form the starting point for achieving a common consolidated corporate tax base (CCCTB) in Europe. It also provides constructive information and guidance to the European Commission to identify the elements of member states’ tax systems that must be considered to achieve convergence to a CCCTB from the starting point of IFRS.