Mirroring the long-established structure of the financial industry, EU financial regulation as we know it today approaches banking, insurance and investment services separately and often divergently. In recent decades however, the clear separation between financial sectors has gradually evaporated, as business lines have converged across sectors and FinTech solutions have emerged which do not fit traditional sector boundaries.



As the contours of the traditional tripartition in the financial industry have faded, the diverging regulatory and supervisory treatment of these sectors has become increasingly at odds with economic reality.



This book brings together insights developed by distinguished researchers and industry professionals in a series of articles analysing the main areas of EU financial regulation from a cross-sectoral perspective. For each specific research theme – including prudential regulation, corporate governance and conduct of business rules – the similarities, as well as gaps, overlaps and unjustifiable differences between banking, securities and insurance regulation, are clearly presented and discussed. This innovative research approach is aimed at informing lawmakers and policymakers on potential improvements to EU financial regulation whilst also supporting legal and compliance professionals applying the current framework or looking to streamline compliance processes.

Table Of Contents

PART I

CONCEPTUAL FRAMEWORK

1. Regulating Finance in a Post-Sectoral World: Setting the Scene

Veerle Colaert and Danny Busch

2. Functioning of the Financial Industry

Monika Marcinkowska

3. Objectives of Financial Regulation and their Implementation in the European Union

Eddy Wymeersch

4. FinTech Regulation from a Cross-Sectoral Perspective

Eugenia Macchiavello

5. A Cross-Sectoral Approach to Regulation and a Twin Peaks System of Supervision: The Netherlands

Kitty Lieverse and Victor de Serière



PART II

STABILITY OF THE FINANCIAL SYSTEM

6. Regulating Systemic Risk: A Cross-Sectoral Approach

Danny Busch and Mirik van Rijn

7. A Cross-Sectoral Analysis of Micro-Prudential Regulation

Arthur van den Hurk and Bart Joosen

8. Corporate Governance

8A. A Cross-Sectoral Analysis of Corporate Governance Provisions: About Forests and Trees

Tom Vos, Katrien Morbee, Sofi e Cools and Marieke Wyckaert

8B. A Cross-Sectoral Analysis of Remuneration Policy Provisions

Guido Ferrarini and Michele Siri

8C. Ownership Allocation and Stakeholder Representation in Financial Institutions

Carmine Di Noia and Matteo Gargantini

9. Resolution Regimes in the Financial Sector: In Need of Cross-Sectoral Regulation?

Jens-Hinrich Binder

10. Is there a Case for One Cross-Sectoral Compensation Scheme?

Veerle Colaert and Gilian Bens

11. The Cross-Sectoral Playing Field in Outsourcing

Peter Laaper



PART III

CONSUMER PROTECTION

12. Scope of Protection: Is there a Ground for a Single Criterion?

Marc-David Weinberger

13. Product Information for Banking, Investment and Insurance Products

Veerle Colaert

14. Service Quality (Conduct of Business) Rules

14A. Is there a Case for a Cross-Sectoral Duty of Care for the Financial Sector?

Veerle Colaert and Maarten Peeters

14B. An 'Assist-Your-Customer Obligation' for the Financial Sector?

Danny Busch, Veerle Colaert and Geneviève Helleringer

15. Conflicts of Interest and Inducements in the Financial Sector

Veerle Colaert and Th omas Incalza

16. Product Intervention: A Cross-Sectoral Analysis

Veerle Colaert



PART IV

SUPERVISION AND INTERNAL MARKET

17. A Holistic Approach to the Institutional Architecture of Financial Supervision and Regulation in the EU

Wolf-Georg Ringe, Luis Morais and David Ramos

18. What Happens when an EU Financial Institution Crosses Borders? Time for Consistency?

Emanuel van Praag



PART V

SUMMARY AND CONCLUSIONS

19. Summary and Conclusions

Veerle Colaert and Danny Busch