SUMMARY CONTENTS 1 Foundations of Capital Markets Legislature in Europe § 1. History § 2. Concept and Aims of Capital Markets Regulation § 3. Legislative Powers for Regulating Capital Markets in Europe § 4. Process and Strategies of Capital Markets Regulation in Europe § 5. Sources of Law and Principles of Interpretation § 6. Dogmatics and Interdisciplinarity 2 Basics of Capital Markets Law § 7. Capital Markets § 8. Financial Instruments § 9. Market Participants § 10. Access to the Markets and Market Exit § 11. Capital Markets Supervision in Europe § 12. Sanctions 3 Market Integrity § 13. Foundations § 14. Insider Dealing § 15. Market Manipulation 4 Disclosure System § 16. Foundations § 17. Prospectus Disclosure § 18. Periodic Disclosure § 19. Disclosure of Inside Information viii Summary Contents § 20. Disclosure of Major Holdings § 21. Directors’ Dealings § 22. Access to Information § 23. Disclosure of Corporate Governance Issues 5 Trading Activities § 24. Short Sales and Credit Default Swaps § 25. Algorithmic Trading and High-Frequency Trading 6 Intermediaries § 26. Financial Analysts § 27. Rating Agencies § 28. Proxy Advisors 7 Financial Services § 29. Foundations § 30. Product Governance and Product Intervention § 31. Investment Advisory Services 8 Organisational Requirements for Investment Firms § 32. Compliance (Foundations) § 33. Compliance (Organisational Requirements) § 34. Corporate Governance 9 Regulation of Benchmarks § 35. Foundations § 36. Market Supervision and Organisational Requirements 10 Takeover Law § 37. Foundations § 38. Public Takeovers § 39. Disclosure of Defensive Structures and Mechanisms § 40. Mandatory Bid 11 Conclusion § 41. Review and Outlook