A fully integrated European Securities Market : where have we got so far and where are we going?

Abstract

Having been earmarked as one of the primary objectives towards the creation of the Single Market from early on, the consolidation of financial services legislation in the EU really took off under the auspices of the FSAP. The implementation of the Plan's objectives was achieved most successfully through the Lamfalussy approach; a four-level model which was applied successfully to many resulting framework Directives. While the creation of a single legal framework for the Union was in development, numerous efforts had also been made towards other aspects of market integration; convergence in interpretation, supervision and enforcement. With the latest round of proposals put forward by the Commission, the European securities market has never looked more likely to becoming a truly unified and singular entity. The first chapter of this thesis will discuss the path towards European securities integration from its inception to the present day, including an evaluation of the Lamfalussy model. The second chapter will focus on an assessment of the two institutions created under Lamfalussy; the ESC and CESR, as well how relationships among European institutions have developed since. In the third chapter, I will provide an overview of the current substantive EU framework in securities law by uncovering the content of the most important legislative measures taken by the Union in the field. In the fourth chapter, I will attempt to analyse the current framework by evaluating its performance on the economy, highlighting areas which need to be improved, and what measures can be taken to improve them. Finally, in the last chapter, I will discuss the European path towards full integration in securities regulation; what measures have been proposed for the immediate future, and what re Special focus will be given to the most recent proposals from the Commission to create a European Securities Market Authority.