Tabla de Contenidos:
  • Intro; Table of Contents; List of Abbreviations; 1 Introduction; 1.1 Background; 1.2 The Case for the Introduction of a Cross-Sectoral European Passport for Depositaries; 1.2.1 Depositaries versus Custodians; 1.2.2 Overcoming the 'European Depositary Passport Paradox'; 1.2.3 The AIFMD/UCITSD V Depositary Passport 'Investor Protection Concerns'; 1.2.3.1 The Concerns Raised upon Introduction of the 'Management Passport' under UCITSD IV; 1.2.3.2 The Investor Protection Concerns upon Introducing an AIF/UCITS Depositary Passport; 1.3 Research Questions; 1.4 Methodology; 1.5 Limitations
  • 1.6 Scientific and Societal Relevance1.6.1 Scientific Relevance; 1.6.2 Societal Relevance: The Growing Importance of Depositaries; 1.6.2.1 The Rise of European AuM; 1.6.2.2 Possible Cost Reduction of a Depositary Passport; 1.7 Study Outline; Part I The European Depositary Passport Paradox; 2 Locational Depositary Restrictions under the European Investment Laws; 2.1 The European Depositary/Custodian Passport under European Investment Laws; 2.1.1 The European Passport for 'Custodians' under MiFID II/CRD IV; 2.1.2 The Location of the Depositary under the AIFMD and UCITSD V
  • 2.1.2.1 The Location of the Depositary for UCITS2.1.2.2 The Location of the Depositary for AIFs; 2.1.2.3 Conclusion; 2.1.3 The Depositary Mutual Recognition Approach under IORPD II; 2.1.3.1 'Established in another Member State'; 2.1.3.2 Mutual Recognition under IORPD II
  • Applying to Depositaries and or Custodians?; 2.1.3.3 Cooperation between Supervisory Authorities; 2.1.3.4 Conclusion; 2.1.4 Conclusion; 2.2 The European Depositary Passport Debate; 2.2.1 UCITSD I-VI; 2.2.1.1 UCITSD I; 2.2.1.2 UCITSD II; 2.2.1.3 UCITSD III/IV; 2.2.1.4 UCITSD V/VI; 2.2.2 The AIFMD
  • 2.2.3 ISD-MiFID I/II/Second Banking Directive- CRD IV2.2.4 IORPD I/II; 2.2.5 Conclusion; 2.3 Conclusion; Part II The EEA's Approach towards the Cross-Border Provision of Financial Services 3 EEA Cross-Border Regulation for Financial Intermediaries; 3.1 The Internal Dimension of the Cross-Border Provision of Financial Services; 3.1.1 A Law and Economics Theory of the Internal Market for Financial Services; 3.1.1.1 Market Efficiency and Economies of Scale and Scope; 3.1.1.2 Risk Asymmetry and the Concept of 'Production' and 'Distribution' Member States
  • 3.1.1.3 EEA Law as a Substitute for Risk Asymmetry3.1.2 The Internal Dimension
  • The Four Freedoms; 3.1.2.1 The Freedom of Capital; 3.1.2.2 The Freedom of Establishment; 3.1.2.3 The Freedom to Provide Services; 3.1.2.4 Overlapping Fundamental Freedoms; 3.2 The Joint Principles of the European Passport of EEA Financial Intermediaries; 3.2.1 An Internal Market for Financial Intermediaries; 3.2.2 The General Concept of the 'European Passport'; 3.2.3 Positive Integration and EU Legal Instruments; 3.2.3.1 The Choice of EU Policy Instruments