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Nawrot Wioletta
Zmiany w procesie regulacyjnym Unii Europejskiej w zakresie rynków papierów wartościowych
Changes in the UE regulatory process within the scope of securities markets
Bank i Kredyt, 2005, nr 5, s. 54-61, bibliogr. 20 poz.
Rynek papierów wartościowych, Regulacje prawne, Jednolity rynek papierów wartościowych
Securities market, Legal regulations, Single market for securities
Unia Europejska (UE)
European Union (EU)
Przedstawiono proces integracji rynków papierów wartościowych w ramach Unii Europejskiej. Omówiono potrzebę zmian w systemie regulacyjnym rynku papierów wartościowych UE, która pojawiła się pod koniec lat 90. XX wieku. Przybliżono prace nad nowym systemem regulacyjnym oraz wprowadzenie reform proponowanych w raporcie Lamfalussy'ego.

Although measures towards integration of securities markets in the European Union were undertaken as early as in the 60s of the 20th century, by the end of the 90s the results of those actions were scarce. One of the major obstacles on the way to full integration was the ineffective system of legislation within the EU, and the inefficient system of implementation of legal regulations in the Member States. In relation to the necessity of implementation of changes in the hitherto applied law-making process within the scope of securities, the Committee of Independent Experts, chaired by Alexandre Lamfalussy, was appointed at the meeting of the EU Economic and Financial Affairs Council in July 2000. The Committee's works resulted in covering EU securities market with a new system of legislation, which operates on four regulative levels. The structure of the legislation process proposed by the Committee increases its transparency and flexibility, thus making it more effective. (original abstract)
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  1. Asgeirsson Hallgrimur: Integration of European Securities Markets. "Monetary Biulletin" nr 2004/2, s. 51-52.
  2. Commissioner Bolkestein's letter to Mrs Randzio-Plath - Chair of the Committee of Economics and Monetary Affairs, Europe, 2 October 2001, dokument Komisji Europejskiej.
  3. Committee of Wise Men on the Regulation of European Securities Markets, Legal Notice, 21 August 2UOO, ( htm).
  4. Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse), OJ L96, 12.04.2003.
  5. Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offerred to the public or admitted to trading and amending Directive 2001/34/EC, OJ L 345, 31.12.2003.
  6. Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC, OJ L145, 30.04.2004.
  7. ECOFIN Council Meeting on 22 March 2001 Conclusions, dokument Rady Europy.
  8. ECOFIN Council Meeting on 27 November 2000 Conclusions, dokument Rady Europy.
  9. Final Report of the Committee of Wise Men on the Regulation of European Securities Markets, 15 February, 2001.
  10. Financial markets: Commission Welcomes Parliament's agreement on Lamfalussy proposals for reform. Dokument Komisji Europejskiej nr IP/02/195, 5.02.2002 r.
  11. Inicial Report of the Committee of Wise Men on the Regulation of European Securities Markets, 9 November, 2000.
  12. Mr Romano Prodi President of the European Commission "Implementation of Financial Services Legislation in the Context of the Lamfalussy Report. Intervention by President Romano Prodi to the European Parliament's Plenary Session, Strasbourg, 5tn February 2002, dokument Komisji Europejskiej.
  13. Presidency Conclusions, Lisbon European Council 23 and 24 March 2000. pkt. 20-21.
  14. Presidency Conclusions, Nice European Council 7-10 December 2000, pkt. 30 (Regulation of Financial Markets).
  15. Presidency Conclusions, Stockholm European Council 23 and 24 March 2001, pkt. 18-19 oraz aneks nr 1.
  16. Recommendation for a European Code of Conduct Relating to Transactions in Transferable Securities, no 77/534/EEC [1977], O] L212/37.
  17. Regulation of European Securities Markets - Terms of Reference for the Committee of Wise Men, ECOFIN Council Outcome of Proceedings, 17 July 2000.
  18. The Application of the Lamfalussy Process to EU Securities Markets Legislation. A Preliminary Assessment by the Commission Services. Commission Staff Working Document SEC (2004) 1459, 15.11.2004.
  19. The Role of CESR at 'Level 3' Under the Lamfalussy Process. CESR Consultation Paper, April 2U04.
  20. Von Wogau Karl, Report on Implementation of Financial Services Legislation nr 2001/2247 (INI), 23 January 2002, European Parlament Session Document.
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