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Capital Markets Law Journal Advance Access originally published online on December 6, 2008
Capital Markets Law Journal 2009 4(1):32-49; doi:10.1093/cmlj/kmn034
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© The Author (2008). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

The European Union—law, financial institutions and the banking crisis

Dorothy Livingston*
*Consultant, Herbert Smith LLP. Chairman, City of London Law Society Financial Law Committee.

The first 150 words of the full text of this article appear below.


Key points

  • Law created by European Institutions affects business in all areas, none more so than in the financial sector, as the recent financial crisis has thrown into sharp relief. Not only the Directives that shape regulation of financial businesses (outside the scope of this article), but some provisions of the Treaty, Directives, Regulations and Decisions affect the ability of banks to do business, in their dealings with States, as well as in their dealings with commercial customers and each other.
  • Key in the financial crisis have been the Treaty rules on State aid: these have affected the ability of States to assist financial institutions in difficulty and the manner in which they give assistance; the recognition of the global financial crisis as creating a disturbance in the economy of many Member States has been central to the swift approval of rescue aid in accordance with new guidance, while reconstruction . . . [Full Text of this Article]

 

   1. EU law and national law
 

   2. State aid
 
State aid framework
Exemptions
Automatic exemptions
Discretionary exemptions
Outline of procedure
Exemptions from requirement to notify

   3. State guarantees
 
The Commission Notice on guarantees
Conditions excluding the existence of State aid
Calculation of fee
Fixed maximum amount
Guarantee schemes
Where the safe harbour does not apply

   4. Rescue and restructuring aid
 
Guidelines on aid for the rescue and restructuring of firms in difficulty7
Procedure
Conditions for restructuring aid
Application of these principles in the banking sector

   5. Guidelines on the application of State aid rules to Measures taken in relation to Financial Institutions in the context of the Current Global Financial Crisis
 
Type of aid envisaged

   6. Other Competition law rules
 

   7. Bank insolvency
 

   8. Enforcement of rights over financial collateral and close out netting
 

   9. Depositor protection
 

   10. Final comment
 

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