Tijdschrift voor Financieel Recht
2019 nr. 1/2
Regulatory constraints for EU financial institutions crossing borders. Do the rules match modern-day reality?
dr. mr. E.J. van Praag M. Jur (Oxon)
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This article deals with EU financial institutions that cross borders, either by attracting clients in other EU member states or by centralising functions in the EU or even outside of the EU. Depending on the exact qualification of their activities, these financial institutions may be exposed to supervision by the Supervisory authorities of other EU member states scrutiny or in case of services provided from outside of the EU back into the EU by the regulatory scrutiny of their home state supervisor/the ECB. This article explains this often complex part of law and tries to distinguish between the various modes of being active abroad. I also provide recommendations on how to update applicable rules and regulatory positions. As such this article is relevant for lawyers working in or supervisors dealing with internationally active financial institutions and legal scientist and policy makers who want to better understand the challenges that these financial institutions face.
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Verder in dit artikel:
1. Introduction
2. Cross border activities within the EU
3. The definition of cross border services and branch office were originally defined in the Treaty of Rome 1957 and explained by the EU court of justice
4. Serving clients resident in other EU member states: branches in the EU financial services directives and regulations
4.1. A branch office performs financial services
4.2. An office of the credit institution equipped with staff that can take decisions is a branch
4.3. A back office is not a branch office
4.4. A branch office must serve local clients
4.5. The use of local intermediaries can qualify as a branch office
5. Serving clients resident in other EU member states: freedom of services in the EU financial services directives and regulations.
5.1. Lower boundary: when are services provided abroad?
5.2. Lower boundary: specific rules in some financial services directive and regulations for when services are provided abroad
5.3. Upper boundary: The freedom to provide services in the EU financial services directives and regulations is (not) limited to temporary activities.
5.4. Upper boundary: A credit institution can be active in the same Member State through a subsidiary, branch office and freedom of services simultaneously
6. Accessing clients resident in other EU member states: the e-commerce directive?
7. Can a company use offices outside of the European Union to serve EU clients?
8. Critical evaluation and conclusion
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Artikel informatie
- Type
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Artikel
- Auteurs
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dr. mr. E.J. van Praag M. Jur (Oxon)1
- Auteursvermelding
- Ik ben auteur van dit artikel
- Datum artikel
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07 februari 2019
- Uniek Den Hollander publicatienummer
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UDH:FR/15369
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