Review Questions for Financial Law (Leiden Universiteit)
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Course
Financial Law
Institution
Universiteit Leiden (UL)
Book
European Banking and Financial Law 2e
These are active recall questions to test your knowledge of the materials covered in the book. The questions are written in the same order as in the book, so the answers to the questions are quite easily found.
ALL of the chapters of the required reading are incorporated. This is NOT a summary. ...
Active recall – chapter 1 ‘Sourced of EU Financial Law’
1. On what 3 levels have the past financial crises prompted change with regards to financial framework?
2. What are the 4 fundamental freedoms of the EU?
3. What has been a positive and what has been a negative effect of the four fundamental freedoms of the
EU/cross-border expansion?
4. What qualifies as primary EU legislation and what are its examples?
5. What qualifies as binding secondary EU legislation, name examples?
6. What qualifies as non-binding secondary EU legislation, name examples?
7. European harmonization is legally limited by the principles of proportionality and subsidiarity, what
do these principles entail?
8. For what two reasons are banks of systemic importance?
9. What financial institutions enjoy the ability to commence banking and financial activities?
10. What is required to be able to offer banking and financial activities?
11. Can you describe the principle of ‘EU passport’?
12. What directive and regulation are most important nowadays?
13. What categories of the three categories of cross-border banking does passporting apply to?
14. What three important characteristics does passporting have?
15. What four levels of regulation does the Lamfalussy Report recommend?
16. What three steps does the De Larosiere Report provide to prevent financial collapse?
17. For what two categories of financial institutions is the ESMA responsible of their supervision?
18. How has the European Banking Union contributed to the harmonization of financial supervision?
19. Of what three pillars does the Banking Union consist and what is its main focus?
1.7 - Questions
1. Which were the flaws affecting the ‘First Banking Directive’?
2. What is the difference existing between an EU treaty, a Regulation and a Directive?
3. Is the ‘Lamfalussy Report’ a piece of legislation?
4. What was the main reason for the EU to commission the drafting of the ‘De Larosiere Report’?
5. Of what supervisory authorities does the ESFS comprise?
6. How does the ESFS contribute to a stronger coordinated supervision?
,Active recall – chapter 2 ‘The Primary Market
1. What are ‘capital markets’? What are ‘financial markets’?
2. Define ‘securities’?
3. What are ‘primary markets’?
4. What is the MiFID II Directive?
5. What are money market instruments?
6. What are units in collective investment undertakings?
7. What are derivatives?
8. What are shares and what are its core attributes?
9. Define debt securities and describe its core attributes. Differentiate bonds and notes.
10. Creditor stake vs equity stake?
11. In the case of insolvency, what are the differences between debt securities and shares?
12. Describe the difference between the private and public issuance of securities.
13. Describe the steps taken for a public offering of securities.
14. How does an ‘arranger’ fit into the picture of the previous question?
15. What are ‘underwritings’?
16. Describe the role of the Prospectus Regulation. What are the two purposes of the PR?
17. Through what authority must all PR’s be made accessible?
18. What two circumstances trigger the requirement of publishing a prospectus?
19. Art. 4(1)(21) Directive 2014/65/EU defines what?
20. What art. Of the PR describes the functions of the prospectus?
21. State the main rules and principles of the PR (p. 38)
22. What is the approval process for the prospectus?
23. What is the ‘EU passport’ and how does it aid the approval process of a prospectus?
24. What exemptions are there to the two circumstances that would in principle require a prospectus? (p.
41-42)
25. How can a prospectus be enforced? What is a ‘competent authority’?
26. What type of sanctions should competent authorities be able to exercise?
27. Does the Prospectus Regulation aim to achieve full harmonization with regards to tort and
professional liability law?
28. Possible legal actions (p. 45).
29. Define ‘crowdfunding’ and its role within the financial markets. Name the four types of
crowdfunding.
30. Is a Prospectus required for crowdfunding?
, 31. What role do credit rating agencies have in capital markets?
32. What role did credit rating agencies have in the financial crisis?
33. What issues exist for CRA’s? (conflict of interest?).
34. What entity is the sole and direct supervisory authority of CRA’s?
35. What are the main legal provisions for CRA’s? In what legal document can all the provisions be
found?
36. What is special about the CRA Regulation?
37. Are the liability regimes (pretty much) the same throughout the EU?
2.6 – Questions
1. When and where were capital markets established for the first time?
2. Explain the concept of EU Passport in the context of offering securities?
3. Describe and analyse the legal concept of a prospectus and the liabilities engendered by a prospective.
4. What is the rationale behind the existence of an EU Regulation in the matter of Prospectus?
5. [See book]
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