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The Prospectus Directive – Chosen Aspects of the Impact of European Regulation on the Public Regulated Markets of Poland and the United Kingdom

Ref: fin0022

It is the aim of this dissertation is to compare and discuss the differences in the regulatory regime of the United Kingdom and Poland. I focus my efforts on the markets where regulation plays the most significant part, meaning the public regulated markets of listed shares. It is clear that the markets themselves are very different in effect of numerous factors such as history and the legal systems’ characteristics. The role of European regulation in harmonising the regulatory regimes of those two markets has admittedly played an important role in bringing them together in terms of the regulation of entry requirements along with numerous other issues. I start this essay by observing the recent activities on the public regulated markets and the economic developments that allow description of the differences in the markets themselves. The essay’s second part is devoted to analysing the factors that can shape a company’s decision to raise capital via means of the capital markets, with special consideration of the public regulated share markets. I then go on to analysing the characteristics of the financial authorities in the United Kingdom and in Poland. In the second half of this essay I consider the European perspective of public equity markets regulation. First, I describe the European legislation shaping the regulation of admissions to listing in both the UK and Poland. I then go on to discuss the procedure and effects of implementation of the mentioned European legislation into the legal orders of those countries. I close the essay with an assessment of the impact of the most important issues described in the earlier parts.
  • 12,000 words - 50 pages in length
  • Excellent use of literature
  • Expertly written throughout
  • Good in depth analysis
  • Outstanding International Finance dissertation
  • Ideal for finance and business students


Introduction

Regulated Markets in UK and Poland
Stock Exchange Capitalisation and Number of Listed Companies
Decrease in Capitalisation as a Global Phenomenon

The Decision to Enter the Public Regulated Market
Share Capital and the Nature of Shares
Considerations for Raising Share Capital
Cost of Capital
The Effect of Regulation
Other Issues of Regulation

The Regulatory Agencies of the UK and Poland
The Financial Services Authority
Polish Financial Services Authority
Comparing the Regulators
Power to Regulate v. Power to Supervise
Transparency and Public Consultations
Conclusions on the Authorities

The Implications of the European Internal Market Legislation
The Financial Services Action Plan and the Single European Market
The Prospectus Directive
The Single European Passport
The European Entry Regime Specific Regulations
Personal Responsibility
Approval Procedure
Incorporation by Reference

Regulatory Competition Issues
‘Race to the Top’ v. ‘Race to the Bottom’
Prospectus Directive and High Harmonisation Rules
Further Harmonisation – Level 2 Regulation
Directive’s Implementation in Poland and the UK

The Impact of the Entry Regime on the Market
The Importance of Public Enforcement

Conclusions

Bibliography, Cases and Statutes



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