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Cover Principles of Banking Law

15. Banks and the Capital Markets  

Ross Cranston, Emilios Avgouleas, Kristin van Zweiten, Theodor van Sante, and Christoper Hare

This chapter considers banks' securities activities. Many banks have compensated for the decline in traditional finance by emphasizing their securities activities. These range from the traditional task of investment banks in advising, underwriting, and distributing new issues of securities, through to dealing on their own account on securities and derivatives markets — proprietary trading. In the decade leading up to the Global Financial Crisis, banks also played a significant role in introducing new products to these markets, including asset-backed securities and credit derivatives. The onset of the crisis provoked intense scrutiny and widespread criticism of many of these activities, and led to the introduction of significant controls on the ability of banks to engage in them. The chapter discusses types of securities, subordination, and custody; distributing securities issues; and securities regulation.


Cover Company Law

18. Public offers of shares  

This chapter studies the sources of securities regulation, the rules relating to offering shares to the public, the various UK stock exchanges, and the process by which securities are listed. There are several types of public offer, including offers for subscription, offers for sale, placings, and rights issues. The London Stock Exchange is the principal UK stock exchange, and its two principal markets are the Main Market and the Alternative Investment Market. The principal domestic rules relating to public offers of shares are found in the Financial Services and Markets Act 2000, the Listing Rules, the Prospectus Rules, and the Disclosure and Transparency Rules. Companies that offer securities to the public or seek to admit securities to a UK regulated market must first publish a prospectus. Meanwhile, listed companies must comply with a range of continuing obligations for as long as their securities remain listed.


Cover Steiner & Woods EU Law

21. Free movement: social rights  

This chapter examines the social rights that arise as part of free-movement rights under Articles 21, 45, 49 and 59 of the Treaty on the Functioning of the European Union (TFEU). It highlights the extensive interpretation given by the Court of Justice (CJ) to these rights ensuring equality of treatment for those migrants who are economically active. As well as dealing with the provisions in the Citizens’ Rights Directive (CRD) (Directive 2004/38) and Regulation 492/2011 on the free movement of workers, the chapter deals briefly with the provisions relating to social security and EU citizenship.


Cover Steiner and Woods EU Law

19. Citizenship: Rights of Free Movement and Residence  

This chapter examines the European Union (EU) law concerning citizenship and the right of residence and free movement. It suggests that while citizenship provides a broad framework of rights, it is important to recognise the higher level of protection awarded to the economically active under Articles 45 (workers), 49 (establishment) and 56 (services) of the Treaty on the Functioning of the European Union (TFEU). The chapter also considers the link between migration and the rights claimed, and the underlying concerns about the abuse of Union law rights. It also considers the position of third-country nationals (who are family members or dependents of an EU national) and students. This chapter also examines the social rights that arise as part of free-movement rights under Articles 21, 45, 49 and 59 of the Treaty on the Functioning of the European Union (TFEU). As well as dealing with the provisions in the Citizens’ Rights Directive (CRD) (Directive 2004/38) and Regulation 492/2011, the chapter deals with social security and citizenship. This chapter also examines the European Union (EU) law concerning the free movement of persons and the limitations of this right on grounds of public health, public security, or public policy, including the ‘rule of reason’ and expulsion, refusal of entry or an entry ban due to criminal offences or other personal conduct. It considers the substantive scope of the derogation provisions and the procedural guarantees in the CRD applicable to EU citizens and their family members facing expulsion, refusal of entry or entry bans.


Cover Information Technology Law

2. The beginnings of data protection  

Data protection has, at least in western Europe, been seen as a key element of the legal response to the issue of information surveillance. Dating back to the 1970s and 1980s, many data protection laws are, as is the case in the UK, in their 3rd generation of statutes. The scope (and length) of these statutes has expanded significantly although the core data protection principles have remained essentially unaltered. In addition to developments within the EU there have been data protection initiatives within international fora such as the Council of Europe, the Organisation for Economic Cooperation and Development (OECD), the UN, and the Asia-Pacific Privacy Charter initiative. As with early UK developments where commercial pressure driven by the need to guarantee the free movement of data to and from the UK played a major role in the introduction of the first statute – the Data Protection Act 1984 – so commercial factors are once again at play with multi-national companies tending to argue that it is easier for them to comply with a global set of data protection rules – even though restrictive of their commercial freedom, than to have to comply with different rules in every country in which they do business.