Building an EU Securities Market

Eilis Ferran, BUILDING AN EU SECURITIES MARKET, Cambridge University Press, 2004

69 Pages Posted: 18 Oct 2004

See all articles by Eilis Ferran

Eilis Ferran

University of Cambridge - Faculty of Law; European Corporate Governance Institute (ECGI)


'Building an EU Securities Market' considers some of the fundamental issues concerning the legal framework that has been established to support a single EU securities market. It focuses particularly on how the emerging legal framework will affect issuers' access to the primary and secondary market. The Financial Services Action Plan (FSAP, 1999) was an attempt to equip the community better to meet the challenges of monetary union and to capitalise on the potential benefits of a single market in financial services. It led to extensive change in securities market regulation: new laws; new law making processes, and more attention to the mechanisms for the supervision of securities market activity and legal enforcement. With the FSAP nearing completion, it is a good time to take stock of what has been achieved, and to identify the challenges that lie ahead.

Contents: 1. Overview and introduction to terminology; 2. Law's role in the building of an integrated EU securities market; 3. The regulatory process for securities law-making in the EU; 4. The centrality of disclosure as a regulatory strategy; 5. Issuer disclosure; 6. Institutional supervision of issuer disclosure within the EU; 7. Regulatory competencies: the end of exchange-based regulation and supervision of issuers in the EU?

Chapter 3 of Building an EU Securities Market, 'The regulatory process for securities law-making in the EU' is available (full text) on the SSRN.

Keywords: European Law, Financial Markets, Regulation

JEL Classification: K22, K41, G15, G18, G28, K33, K39

Suggested Citation

Ferran, Eilis, Building an EU Securities Market. Eilis Ferran, BUILDING AN EU SECURITIES MARKET, Cambridge University Press, 2004, Available at SSRN:

Eilis Ferran (Contact Author)

University of Cambridge - Faculty of Law ( email )

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+ 44 1223 338340 (Fax)

European Corporate Governance Institute (ECGI)

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