Eu Competition Law And The Financial Services Sector
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| Author | : Andrea Lista |
| Publisher | : Taylor & Francis |
| Total Pages | : 386 |
| Release | : 2013-06-07 |
| Genre | : Law |
| ISBN | : 1135044651 |
Competition law is a complex and constantly evolving area of law which affects every aspect of the market economy, including the financial services sector. This book is a comprehensive and practical guide to the application of the EU competition rules to banking and insurance industries. This book is divided into two parts: the first part explores the application of Articles 101, 102 and 107 TFEU to the insurance industry. Emphasis is placed on recent changes which have progressively eroded the block exemption regime that traditionally benefited the insurance industry. In the second part of the book, focus is on the application of the Articles of TFEU to the banking industry, with specific reference to card payment systems, which give rise to some of the most intricate antitrust issues in the financial services sector. Relevant Commission decisions and European Court of Justice case law are discussed and suggestions are made for an alternative regulatory framework through comparative analysis of US regulations. This book will be an invaluable reference point for legal practitioners specialising in EU Competition law, as well as postgraduate students and academic researchers working in competition law and the financial services sector.
| Author | : Federico Ferretti |
| Publisher | : Springer |
| Total Pages | : 135 |
| Release | : 2014-07-24 |
| Genre | : Law |
| ISBN | : 3319089064 |
The legitimacy or illegitimacy of information exchanges between competitors remains a topical debate with regard to EU competition law and policy. This book reexamines the issue in the retail financial services sector, focusing on the peculiar problems that it poses for EU market integration, consumer policy and protection and the intersection with fundamental rights. It analyzes and reflects on the relevant case law and guidelines offered by the corresponding European authorities, providing a critique of the current approach and advancing the proposition that information markets themselves need attention, in addition to the markets that they serve. The book also advances new perspectives on cases in which consumers’ personal information is involved in the exchange, recognizing the inevitable interaction between EU competition law, the interests and protection of consumers and personal data protection. It suggests that the status quo under competition law is unsatisfactorily short sighted and that the EU should take a holistic approach (including information markets) to the analysis of competition law, reflecting consumer protection and fundamental rights aspects in the assessment.
| Author | : David Harrison |
| Publisher | : Routledge |
| Total Pages | : 147 |
| Release | : 2014-03-14 |
| Genre | : Law |
| ISBN | : 1134090862 |
Competition law underpins the market economy by prohibiting anti-competitive agreements and practices, and the abuse of dominant positions in the market. Until the financial crisis it was widely assumed that the financial services industry was highly competitive. This book explores the extent to which this is the case. By analysing crisis and pre-crisis competition law cases and examples from the UK, the EU and around the world, David Harrison asks whether there exists good reason for financial services to be treated differently from the rest of the market economy. The theory of market efficiency is not borne out in practice. He particularly draws upon John Maynard Keynes in examining the differences between price mechanisms in product markets for "normal" goods, and price mechanisms in financial and investment markets where expectations of the future tend to play a greater role, leading to greater price fluctuations. In this evaluation, the book examines aspects of the practical functioning of capital markets such as the phenomenon of herding behaviour by financial participants, how short-term behaviour by intermediaries can be to the disadvantage of savers and productive investment, the relationship between investment markets and product markets and the extent to which the same competition rules apply to undertakings involved in both. The book will be invaluable to students, researchers and practitioners of banking and finance law, and commercial and competition law. .
| Author | : Pieter van Cleynenbreugel |
| Publisher | : Martinus Nijhoff Publishers |
| Total Pages | : 399 |
| Release | : 2014-09-25 |
| Genre | : Law |
| ISBN | : 9004280367 |
In Market Supervision in the European Union, Pieter Van Cleynenbreugel compares and reconstructs the emergence of divergently structured supranational market supervision mechanisms in six different sectors of EU regulation (competition, financial services, chemicals, consumer law, electronic communications and energy). EU market supervision developments have been plentiful over the past decade, but have so far mainly been studied in their own sector-specific context. On the basis of an innovative cross-sector investigation, Pieter Van Cleynenbreugel identifies and conceptualises common or converging EU constitutional benchmarks underlying those sector-specific administrative design developments. Those benchmarks better allow to conceptualise, predict and restrain future EU integrated administration structures and initiatives in those and other fields of European Union law.
| Author | : Claus-Dieter Ehlermann |
| Publisher | : Hart Publishing |
| Total Pages | : 727 |
| Release | : 2001-06-12 |
| Genre | : Law |
| ISBN | : 1841132241 |
In this book leading experts focus on contentious and challenging aspects of EU State Aid policy.
| Author | : David M. Harrison |
| Publisher | : Routledge Research in Finance |
| Total Pages | : 0 |
| Release | : 2014 |
| Genre | : Business & Economics |
| ISBN | : 9780415828819 |
Competition law underpins the market economy by prohibiting anti-competitive agreements and practices, and the abuse of dominant positions in the market. Until the financial crisis it was widely assumed that the financial services industry was highly competitive. This book explores the extent to which this is the case. By analysing crisis and pre-crisis competition law cases and examples from the UK, the EU and around the world, David Harrison asks whether there exists good reason for financial services to be treated differently from the rest of the market economy. The theory of market efficiency is not borne out in practice. He particularly draws upon John Maynard Keynes in examining the differences between price mechanisms in product markets for "normal" goods, and price mechanisms in financial and investment markets where expectations of the future tend to play a greater role, leading to greater price fluctuations. In this evaluation, the book examines aspects of the practical functioning of capital markets such as the phenomenon of herding behaviour by financial participants, how short-term behaviour by intermediaries can be to the disadvantage of savers and productive investment, the relationship between investment markets and product markets and the extent to which the same competition rules apply to undertakings involved in both. The book will be invaluable to students, researchers and practitioners of banking and finance law, and commercial and competition law. .
| Author | : Lei Zhu |
| Publisher | : Springer Nature |
| Total Pages | : 320 |
| Release | : 2020-05-08 |
| Genre | : Law |
| ISBN | : 9462653879 |
This book provides a comprehensive examination of the interaction between Services of General Economic Interest (SGEI) and EU competition law, covering in particular Article 106 of the Treaty on the Functioning of the European Union (TFEU) and state aid rules. It also takes the telecommunications, postal service and transport sectors as case studies, taking into account the technological, economic and political backgrounds to these sectors. The area of SGEI has undergone fundamental developments over the past three decades and the most recent changes in the Lisbon Treaty, recognizing SGEI as a shared value and granting explicit competence to the EU, mark its constitutional significance. The key issue is how to balance economic values underlying competitive markets and non-economic public service values such as universal access to essential services. The essence of the question is the relationship between the market and the state. This controversial issue is addressed through a critical analysis of a number of landmark EU Court judgments and Commission decisions over the decades. Offering a clear appreciation of the evolution of the EU regulatory framework on SGEI that lays out the limits and boundaries within which the Member States define, organize and fund SGEI, the book is particularly aimed at academics with a research interest in the interaction between public services and EU competition law, but as it also demonstrates clearly how the application of EU competition law has transformed the public utilities sectors, it will be of interest to law makers, legal professionals and policy makers as well. Dr. Lei Zhu is a Research Associate at the Institute of International Law at Wuhan University in Wuhan, China. He studied at the Institute for Competition & Procurement Studies of the Bangor University Law School in Wales, United Kingdom, where he obtained his PhD in law in 2015.
| Author | : Andrea Lista |
| Publisher | : |
| Total Pages | : |
| Release | : 2011 |
| Genre | : |
| ISBN | : |
Since the dawn of the European Union, insurance and banking undertakings claimed to be subject to a special status vis-a-vis the application of EU competition law, due to the quasi social nature of the services they provide. Within the financial services industry, anti-trust concerns do arise in relation to mergers and acquisitions, possible abuses of dominant position and state aid; however Art. 101 TFEU and the regulation of forms of co-operation arguably represent the paramount and most intricate aspects of the application of the EU competition rules to the financial services sector. This is due to the fact that the insurance and banking industries historically have been characterised by intense forms of horizontal co-operation between undertakings deemed necessary for the correct functioning of the financial services industry. On a general level, any agreement establishing a homogeneous pricing structure vis- a-vis consumers represents a blatant violation of Art. 101 TFEU giving rise to serious anti-trust concerns. Nevertheless, as will be explored in this thesis, in the financial services sector the Commission has often allowed what the doctrine has correctly defined as "forms of horizontal agreements concerning a relevant cost element making up the final price vis-a-vis customers through its decisions relating I See Faull & Nikpay, "The EC Law of Competition " OUP 2007, p. 636. 2 to interbankfees in payment systems and through the enactment of a block exemption for the insurance industry. Art. 101 thus seems to manifest a common element for these two industries, presenting interesting and intricate teleological quandaries. This thesis endeavours to break the impasse down into questions to which an answer may be provided: Ought Art. 101 to apply to the financial services sector at all? If so, to what extent? Is there any justification for a block exemption in the insurance sector? Indeed, should the banking sector too benefit from a block exemption? This thesis endeavours to answer the above questions and thereby to contribute to the identification of an ideal regulatory framework for forms of horizontal co- operation in the financial services sector.
| Author | : Konstantinos Stylianou |
| Publisher | : Bloomsbury Publishing |
| Total Pages | : 379 |
| Release | : 2023-10-05 |
| Genre | : Law |
| ISBN | : 1509963340 |
This open access book is the first to systematically explore competition policy in fintech markets. Drawing from the expertise of law scholars, economists, and social and natural scientists from the EU and the US, this edited collection explores the competitive dynamics, market organisation, and competition law application in fintech markets. It is the 17th volume in the Swedish Studies in European Law series. The eBook editions of this book are available open access under a CC BY-NC-ND 4.0 licence on bloomsburycollections.com. Open access was funded by the Swedish Network for European Legal Studies.
| Author | : Manfred Neumann |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 366 |
| Release | : 2004 |
| Genre | : Business & Economics |
| ISBN | : |
This indispensable Handbook examines both economic and legal aspects of competition policy and industrial organization. It provides a scholarly review of the state of the art regarding economic theory, empirical evidence and standards of legal evaluation. The book aims primarily at furthering our understanding of the interplay between economic reasoning and legal expertise by concentrating on the fundamental issues and principles underlying competition policy. Following a comprehensive introduction, the authors investigate a number of important themes including: the natural limits of competition efficiency versus market power small firms, innovation and competition trade policy and competition policy financial services the political economy of antitrust dominance and monopolization identifying anti-trust markets competition policy versus regulation competition policy in a globalized economy. Each of the specially commissioned chapters, written by leading authorities in the field, provides a stimulating exploration of the intricacies of competition policy. The book will be accessible to a wide audience including students of economics and law, public administrators, lawyers, consultants and business managers. It will also be of particular interest to policymakers in EU accession countries who are required to introduce an appropriate legal framework to implement EU competition policy.
