Open Access. Powered by Scholars. Published by Universities.®

Law Commons

Open Access. Powered by Scholars. Published by Universities.®

Selected Works

Banking and Finance

Marco Lamandini

Publication Year

Articles 1 - 6 of 6

Full-Text Articles in Law

Credit Rating Agencies (Cras) And European Regulation, Marco Lamandini Dec 2008

Credit Rating Agencies (Cras) And European Regulation, Marco Lamandini

Marco Lamandini

Financial Services Panel Economic and Monetary Affairs Committee MARCO LAMANDINI Full Professor of Securities and Company Law University of Bologna Credit Rating Agencies (CRAs) and European Regulation Bologna-Brussels, 28 December 2008 Executive summary The Committee requested an opinion on CRA. This briefing paper endeavours to offer a view on this issue, whose relevance for the proper functioning of financial markets emerged already in the wake of the Enron scandal but has been dramatically high-lightened by the current financial crisis. Paragraph 1 provides a brief overview of the European proposal for a regulation on CRAs against the backdrop of recognized market …


Crd And Liquidity, Marco Lamandini Dec 2008

Crd And Liquidity, Marco Lamandini

Marco Lamandini

The Committee has requested an opinion on CRD and liquidity. This briefing paper is intended to offer a view on this issue, the relevance of which for the sound management and prudential supervision of banks has been clearly highlighted by the current financial crisis. Paragraph 1 provides for a brief overview of the CRD proposed amendments concerning liquidity risk management and supervision. Paragraph 2 briefly discusses these proposed amendments and CEBS’s recommendations on liquidity risk management. Paragraph 3 considers liquidity risk management in a banking group perspective, calling for some additional regulatory efforts to address the problem of “liquidity trap” …


What Community Action For Micro-Credit?, Marco Lamandini Sep 2008

What Community Action For Micro-Credit?, Marco Lamandini

Marco Lamandini

The Committee requested an opinion on which aspects of micro-credit could be regulated at European level. This briefing paper endeavours to answer to this complex question and is organized as follows. Paragraph 2 provides a brief overview of the development of micro-credit and microfinance within and outside Europe and shows its current and expected impact on the economy. Paragraph 3 describes the Commission’s action plan. Paragraph 4 offers some recommendations on how to possibly fine-tune the proposed EU action plan distinguishing between banks and non-banks MFIs.


Alternative Investment Vehicles & (Self) Regulation, Marco Lamandini Feb 2008

Alternative Investment Vehicles & (Self) Regulation, Marco Lamandini

Marco Lamandini

This contribution briefly reviews the state of the art of the regulatory and self–regulatory initiatives as regards hedge funds and private equity funds in Europe, and calls for more intervention from the EU legislator leading to the introduction of a European passport for this industry.


Takeover Bids And ‘Italian’ Reciprocity, Marco Lamandini Jan 2008

Takeover Bids And ‘Italian’ Reciprocity, Marco Lamandini

Marco Lamandini

This is a discussion of the so–called reciprocity clause in Article 12, paragraph 3 of the Directive on Takeover Bids and the way it has been implemented in Italian law. The reciprocity clause allows Member States to exempt listed companies that apply the anti–frustration and breakthrough rules contained in the directive from living up to an opted–in (unprotected) status if they become the subject of a public takeover bid launched by an opted-out (protected) company. The directive, however, leaves doubts as to exactly which listed companies may make use of the reciprocity clause.


The Ecb And Target 2 - Securities: Questions On The Legal Basis, Marco Lamandini Dec 2006

The Ecb And Target 2 - Securities: Questions On The Legal Basis, Marco Lamandini

Marco Lamandini

The current European system of securities’ clearing and settlement is still rather fragmented along national boundaries, thereby making cross border operations costly and less efficient. As a response to this, the European Central Bank (“ECB”) is launching the project of a centralized public securities’ settlement platform, called “Target 2 Securities” (“T2S”), which would entitle each participant to settle, through a single Target2 account, any securities’ transaction performed through a Central Securities Depository that provides for settlement in central bank money in Euro. The legal basis of T2S is to be found in Article 105 (2) of the EC Treaty and, …