The regulation of financial markets – essentially the banking and securities markets – has reached such a degree of technical and legal complexity that it is essential to have a clear notion of the subjects and objects that make up its structure and the ways in which Relate.
From the sociological point of view, there is a need to understand the legal framework and the ultimate causes of some financial scandals that have ravaged the financial markets of our country during recent years with a true “social alarm”. In this regard, it is enough to refer to the crisis of the savings banks that have had to be transmuted into banks with large losses for thousands of small investors in particular and for the general taxpayer or the massive sale of shares – deceptively – preferential to small Investors who completely ignored the risks they assumed with such investments.
In the last two years 2015 and 2016, the regulatory complexity factors mentioned are the promulgation in our country and within the European Union of transcendental norms that have modified – and will continue to modify – the physiognomy of financial markets. With what the so-called “legislative motorization” has reached speeds of the “Formula 1”.
The circumstances that we have exposed have caused legal and economic operators a feeling of inability of the matter, to face a regulatory “tsunami” in which they cannot navigate with a minimum dose of security. It is for this reason that we have found it useful to offer an integrated and clear explanation of the regulation of the financial markets, without ignoring that access to the internet allows any legal or economic operator to have an abundant amount of regulatory information. And it is precisely this superabundance of information that makes it particularly necessary to have a simple and clear outline of financial regulation.
Well, in the first days of October will be published our new Manual of Financial Market Law in the Iustel Publishing House. It is a work that follows the path of our previous manuals on Banking Law of 2000 and Law of the Securities Market of 2003, unifying them and updating their content according to the latest laws that have been enacted in our country (thus, For example, Law 5/2015 on the promotion of business finance, Law 11/2015 on the recovery and resolution of financial institutions or Law 25/2015, second chance) are taken into account. This has allowed us to set out, for example, the new scheme for participatory financing schemes (crowfunding) or securitization funds.
In particular, it seems to us that this Financial Market Law Manual will be useful for two groups:
For professionals in the sector, they will have at their disposal a kind of “general plan” for the regulation of the financial market that will facilitate them orderly and integrated access to their different regions.
For students of university degree, master, as well as those who prepare the selective tests of access to the CNMV or the Bank of Spain that will find practical activities and basic bibliography to marry the best match of its necessary – and hard-preparation.
The content of this Manual of Financial Market Law is distributed in 33 Lessons divided into two modules according to the following scheme:
Module A. Banking Law:
Lesson 1. Concept, Characteristics and Sources of Banking Law
Lesson 2. Banking market intermediaries (I)
Lesson 3. Banking market intermediaries (II)
Lesson 4. Conditions for access and exercise of banking activity
Lesson 5. Banking market supervision
Lesson 6. Restructuring the banking market
Lesson 7. The Bank of Spain, FROB, SAREB and the Deposit Guarantee Fund for Credit Institutions
Lesson 8. General aspects of banking
Lesson 9. Passive Banking Contracts
Lesson 10. Active Banking Contracts (i)
Lesson 11. Active Banking Contracts (ii)
Lesson 12. Neutral Banking Contracts
Lesson 13. Banking contracts
Module B. Market Law of Financial Instruments
Lesson 14. Concept, Characteristics and Sources of Market Law of Financial Instruments
Lesson 15. Financial instruments
Lesson 16. Issuers of securities. Quoted corporations. Credit rating agencies
Lesson 17. Intermediaries: investment services firms and credit institutions (I)
Lesson 18. Intermediaries: investment services firms and credit institutions (II)
Lesson 19. Investors
Lesson 20. Collective investment entities (I): notion and classes
Lesson 21. Collective investment entities (II): common provisions
Lesson 22. Collective investment entities (III): special provisions on financial and non-financial IICs
Lesson 23. Collective investment entities (IV): the subsidiary entities
Lesson 24. Collective investment entities (V): the rules of conduct. Public control
Lesson 25. Collective investment entities of the closed type. Venture capital entities
Lesson 26. Asset securitization funds
Lesson 27. Public control of the financial instruments market
Lesson 28. The primary securities market
Lesson 29. The official secondary securities markets (regulated markets)
Lesson 30. Multilateral trading systems and the systematic internalisation of orders
Lesson 31. The contracting in the market of financial instruments
Lesson 32. Public offers for securities acquisition
Lesson 33. The rules of conduct