Working Paper Series

EBI – Working Paper Series

No.Author/sTitle
103Nikos MaragopoulosTowards a European Green Bond: A Commission’s proposal to promote sustainable finance
102Deirdre AhernRegulatory Lag, Regulatory Friction and Regulatory Transition as FinTech Disenablers: Calibrating an EU Response to the Regulatory Sandbox Phenomenon
101Matthias LehmannBrexit and CCP Supervision: From Extraterritoriality to a Model of Shared Control
100Zsa Zsa KnödlerGreening Monetary Policy Measures: The Eurosystem’s obligations with regards to the transition towards a low carbon economy
99Sara GöthlinTranching of debt as legal construction
98Matteo ArrigoniThink Twice, It’s All Right. Lessons from the GameStop Saga
97Dirk A. Zetzsche, Linn Anker-SørensenRegulating Sustainable Finance in the Dark
96Filippo Annunziata“The best of all possible worlds”? The access of SMEs to trading venues: Freedom, conditioning and gold-plating
95Matthias LehmannNational Blockchain Laws as a Threat to Capital Markets Integration
94Dirk A. Zetzsche, Ross P. Buckley, Douglas W. Arner, Maria Lucia PassadorThe Case for a Best Execution Principle in Cross-border Payments
93Danny BuschThe Future of EU Financial Law
92Dirk A. Zetzsche, Jannik WoxholthThe DLT Sandbox under the EU Pilot Regulation
91Evgenia Chouliara, Edoardo D. MartinoRisk Retention in Securitization and Empty Creditors
90David Ramos Muñoz, Elia Cerrato, Marco LamandiniThe EU’s “green” finance. Can “exit”, “voice” and “coercion” be enlisted to aid sustainability goals?
89Nikos MaragopoulosWhen the banking gets tough, the large get going: How capital regulation is driving consolidation
88Christos GortsosConsiderations on the application of the NCWO principle under the SRM Regulation
87Patrick RaschnerAlgorithms put to test: Control of algorithms in securities trading through mandatory market simulations?
86Jens-Hinrich BinderThe next step: Towards harmonised frameworks for the liquidation of non-systematically relevant credit institutions in the EU? A discussion of policy choices and potential impediments
85Nikos MaragopoulosRemoving the regulatory barriers to cross-border banking
84Alessio Azzutti, Wolf-Georg Ringe, H. Siegfried StiehlMachine Learning, Market Manipulation and Collusion on Capital Markets: Why the “Black Box” Matters
83Edgar Loew, Giulia Erichsen, Benjamin Liang, Margret Louise PostulkaCorporate Social Responsibility (CSR) and Environmental Social Governance (ESG) – Disclosure of European Banks
82Jens-Hinrich BinderCentral Counterparties’ Insolvency and Resolution – The New EU Regulation on CCP Recovery and Resolution
81Concetta Brescia MorraManagement of Banking Crises and State Aid in Times of Coronavirus
80Christos GortsosThe EU Taxonomy Regulation: more important than just an element of the Capital Markets Union
79Christos Gortsos, Marialena E. TerziThe Prospectus Regulation (Regulation (EU) 2017/1129) and the recent Proposal for an EU Recovery Prospectus: elements of continuity and change with the past and the way forward
78Christos V. Gortsos The Role of Deposit Guarantee Schemes (DGSs) within the Crisis Management Framework
77Dirk Andreas Zetzsche, Filippo Annunziata, Douglas W. Arner, Ross P. BuckleyThe Markets in Crypto-Assets Regulation (MICA) and the EU Digital Finance Strategy
76Christian Schmies, Alexander SajnovitsData Reporting: Market Structures and Regulatory Framework
75Danny Busch, Han GulyasRegulated Markets, Alternative Trading Venues & Systematic Internalisers in Europe
74Ioannis LinaritisAsset Protection-State Guarantee Schemes in Systemic European Non-Performing Loans Securitisations: Contractual Structure, State Aid and Bank Corporate Law Issues
73Christos Gortsos, Michele Siri, Marco BodelliniA proposal for a temporarily amended version of precautionary recapitalisation under the Single Resolution Mechanism Regulation involving the European Stability Mechanism
72Nikos MaragopoulosThe MREL framework under the Banking Reform Package
71Eugenia Macchiavello, Michele SiriSustainable Finance and Fintech: Can Technology Contribute to Achieving Environmental Goals? A Preliminary Assessment of ‘Green FinTech'
70Danny BuschSustainable Finance Disclosure in the EU Financial Sector
69Edgar Loew, Annika Patricia Michelle RiegelRepo and Reverse Repo Activity of European Banks – Market Activity, Accounting and Disclosure
68Christos GortsosThe response of the European Central Bank to the current pandemic crisis: monetary policy and prudential banking supervision decisions
67Filippo Annunziata, Marco Lamandini, David Ramos MunozWeiss and EU Union Banking Law. A Test for the Fundamental Principles of the Treaty
66Evariest CallensFinancial Instruments Entail Liabilities: Ether, Bitcoin, and Litecoin Do Not
65Douglas W. Arner, Ross P. Buckley, Dirk Andreas Zetzsche, Anton DidenkoAfter Libra, Digital Yuan and COVID-19: Central Bank Digital Currencies and the New World of Money and Payment Systems
64Danny BuschIs the European Union Going to Help Us Overcome the COVID-19 Crisis?
63Danny BuschThe Future of the Special Duty of Care in the Dutch Financial Sector
62Seraina Neva GruenewaldClimate change as a systemic risk – are macroprudential authorities up to the task?
61Antonella Sciarrone Alibrandi, Ugo MalvagnaSREP Exercise and Resolution Planning Outcomes as Inside Information under MAR
60Deirdre AhernRegulators Nurturing FinTech Innovation: Global Evolution of the Regulatory Sandbox as Opportunity Based Regulation
59Dirk Andreas Zetzsche, Douglas W. Arner, Ross P. BuckleyDecentralized Finance (DeFi)
58Dirk Andreas Zetzsche, William A. Birdthistle, Douglas W. Arner, Ross P. BuckleyFinancial Operating Systems
57Christos Gortsos, KaterinaLagariaThe European Supervisory Authorities (ESAs) as “direct” supervisors in the EU financial system
56Edgar Loew, Deborah Klein, Adrian Pavicevac Corporate Social Responsibility Reports of European Banks – An Empirical Analysis of the Disclosure Quality and its Determinants
55Eugenia Macchiavello'What to Expect when You Are Expecting' a European Crowdfunding Regulation: The Current ‘Bermuda Triangle’ and Future Scenarios for Marketplace Lending and Investing in Europe
54P. Buckley, Douglas W. Arner, Dirk A. Zetzsche, Eriks SelgaBuilding FinTech Ecosystems: Regulatory Sandboxes, Innovation Hubs and Beyond
53Ross P. Buckley, Douglas W. Arner, Robin Veidt, Dirk A. ZetzscheThe Dark Side of Digital Financial Transformation: The New Risks of FinTech and the Rise of TechRisk
52Romano, Alessandro and Enriques, Luca and Macey, Jonathan R.Extended Shareholder Liability for Systemically Important Financial Institutions
51Ioannis AsimakopoulosMaking Retail Banks Resolvable
50Ringe, Wolf-Georg and Morais, Luis Silva and Ramos Muñoz, DavidA Holistic Approach to the Institutional Architecture of Financial Supervision and Regulation in the EU
49Thiemann, Matthias and Tröger, Tobias HansThe Case for a Normatively Charged Approach to Regulating Shadow Banking
48Loew, Edgar and Schmidt, Lisa E. and Thiel, Lars F.Accounting for Financial Instruments under IFRS 9 – First-Time Application Effects on European Banks’ Balance Sheets
47Jens-Hinrich BinderTransnational Fiduciary Law in Financial Intermediation: Are We There Yet? A Case Study in the Emergence of Transnational Legal Ordering
46Jens-Hinrich BinderClose Cooperation within the SRM: Centralised Decision-Making, Decentralised Implementation – Shared Responsibilities
45Lehmann, MatthiasGlobal Rules for a Global Market Place? – The Regulation and Supervision of FinTech Providers
44Zetzsche, Dirk Andreas and Buckley, Ross P. and Arner, Douglas W.Regulating LIBRA: The Transformative Potential of Facebook’s Cryptocurrency and Possible Regulatory Responses
43Enriques, Luca and Romano, Alessandro and Wetzer, ThomNetwork-Sensitive Financial Regulation
42Lehmann, MatthiasWho Owns Bitcoin? Private Law Facing the Blockchain
41Buckley, Ross P. and Arner, Douglas W. and Zetzsche, Dirk AndreasSustainability, FinTech and Financial Inclusion
40Loew, Edgar and Mollenhauer, TimAn Empirical Analysis of Key Audit Matters in the Financial Industry
39Klaus, Juergen and Selga, Eriks and Klein, TonyShaking the Capital Markets Tree: Euro Area Capital Market Sensitivity to Stakeholder Activities During the Negative Interest Rate Regime
38Evariest CallensRecalibrating the Debate on MIFID’S Private Enforceability: Why the EU Charter of Fundamental Rights is the Elephant in the Room
37Christos GortsosThe Role of Deposit Guarantee Schemes (DGSS) in Resolution Financing
36Eddy WymeerschFinancial Regulation: Its Objectives and Their Implementation in the European Union
35Zetzsche, Dirk Andreas and Arner, Douglas W. and Buckley, Ross P. and Weber, Rolf H.The Future of Data-Driven Finance and RegTech: Lessons from EU Big Bang II
34Danny Busch, Annick TeubnerFit and Proper Assessments within the Single Supervisory Mechanism
33Jens-Hinrich BinderResolution Regimes in the Financial Sector: In Need of Cross-Sectoral Regulation?
32Jens-Hinrich BinderBank Bail-In and Disputed Claims: Can It Cope? The Case for and against a Vis Attractiva Resolutionis
31Wolf-Georg Ringe, Jatine PatelThe Dark Side of Bank Resolution: Counterparty Risk through Bail-in
30Danny Busch, Mirik Rijn and Marije LouisseHow Single is the Single Resolution Mechanism?
29Jens-Hinrich BinderThe Relevance of the Resolution Tools Within the SRM
28Arner, Douglas W. and Zetzsche, Dirk A. and Buckley, Ross P. and Barberis, Janos NathanThe Identity Challenge in Finance: From Analogue Identity to Digitized Identification to Digital KYC Utilities
27Gerrit TönningsenTrying to Square the Circle: The ECB's Janus-Faced Character Post SSM and Its Implications for Effective Banking Supervision
26Wolf-Georg Ringe and Christopher RuofA Regulatory Sandbox for Robo Advice
25Eddy WymeerschUK Post Brexit Access to the EU and its Effect on Dispute Resolution
24Deirdre AhernRegulatory Arbitrage in a FinTech World: Devising an Optimal EU Regulatory Response to Crowdlending
23Benjamin GevaBanking in the Digital Age - Who is Afraid of Payment Disintermediation?
22Mathias Hanten and Osman SacarcelikAfter the Sunset: The Impact of Brexit on EU Market Access for Banks and Investment Firms
21Guido Ferrarini and Davide TrasciattiBrexit and OTC Derivatives Clearing: The Role of Politics
20Bart Joosen, Marco Lamandini, Matthias Lehmann, Kitty Lieverse and Ignacio TiradoStability, Flexibility and Proportionality: Towards a Two-Tiered European Banking Law?
19Eddy WymeerschBrexit and the Provision of Financial Services into the EU and into the UK
18Dirk A. Zetzsche, Ross P. Buckley, Douglas W. Arner and Linus FöhrThe ICO Gold Rush: It's a Scam, It's a Bubble, It's a Super Challenge for Regulators
17Marco Lamandini, Giuseppe Lusignani and David Ramos MuñozDoes Europe Have What it Takes to Finish the Banking Union? Non-Performing Loans (NPLs) and Their Hard Choices, Non-Choices and Evolving Choices
16Tobias H. TroegerRemarks on the German Regulation of Crowdfunding
15Eddy WymeerschBrexit and the Equivalence of Regulation and Supervision
14Dirk A. Zetzsche, Ross P. Buckley and Douglas W. ArnerThe Distributed Liability of Distributed Ledgers: Legal Risks of Blockchain
13Tobias H. TroegerWhy MREL Won't Help Much
12Tobias H. TroegerToo Complex to Work: A Critical Assessment of the Bail-In Tool Under the European Bank Recovery and Resolution Regime
11Dirk A. Zetzsche, Ross P. Buckley, Douglas W. Arner and Janos Nathan Barberis Regulating a Revolution: From Regulatory Sandboxes to Smart Regulation
10Manthos D. Delis, Panagiotis Staikouras and Chris TsoumasSupervisory Enforcement Actions and Depositors’ Reaction: Monitoring, Running, or Living a Quiet Life?
9Danny Busch Governance of the European Banking Union's Single Resolution Mechanism
8Dirk A. Zetzsche and Christina Preiner Cross-Border Crowdfunding – Towards a Single Crowdfunding Market for Europe
7André PrümBrexit: Options for Banks from the UK to Access the EU Market
6Dirk A. Zetzsche, Ross P. Buckley, Douglas W. Arner and Janos Nathan Barberis From FinTech to TechFin: The Regulatory Challenges of Data-Driven Finance
5Edgar Loew and Sebastian Mauler The IASB's Discussion Paper on Accounting for Dynamic Risk Management - Evaluation of Comment Letters
4José Engrácia Antunes The Management of the Bank Crisis in Portugal - Law and Practice