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The Prospectus Directive – A Study into the Impact of European Regulation on the Public Regulated Markets of Poland and the United Kingdom (2011)

Ref: fin0029

This final year dissertation project will evaluate, discuss and analyse the differences in the regulatory regime of the United Kingdom and Poland. Focus will be placed upon the markets where regulation plays the most significant part, meaning the public regulated markets of listed shares. Evidence suggests that the markets themselves are very different in effect of numerous factors such as history and the legal systems’ characteristics. The role of European regulation in harmonising the regulatory regimes of those two markets has admittedly played an important role in bringing them together in terms of the regulation of entry requirements along with numerous other issues. The dissertation will commence by observing the recent activities on the public regulated markets and the economic developments that allow description of the differences in the markets themselves.

The second part of this dissertation is dedicated to analysing the factors that can shape a company’s decision to raise capital via means of the capital markets, with special consideration of the public regulated share markets. I then go on to analysing the characteristics of the financial authorities in the United Kingdom and in Poland. The dissertation will also consider the European perspective of public equity markets regulation. Firstly, the author will describe the European legislation shaping the regulation of admissions to listing in both the UK and Poland. The author will then discuss the procedure and effects of implementation of European legislation into the legal orders of those countries. The dissertation will conclude with an assessment of the impact of the most important issues described in the earlier parts.

  • 12,000 words - 52 pages in length
  • Excellent use of literature
  • Well written throughout
  • Good in depth analysis
  • Ideal for finance and international business students

1. Introduction

2. Regulated Markets in UK and Poland
Stock Exchange Capitalisation and Number of Listed Companies
Decrease in Capitalisation as a Global Phenomenon

3. The Decision to Enter the Public Regulated Market
Share Capital and the Nature of Shares
Considerations for Raising Share Capital
Cost of Capital
The Effect of Regulation
Other Issues of Regulation

4. The Regulatory Agencies of the UK and Poland
The Financial Services Authority
Polish Financial Services Authority
Comparing the Regulators
Power to Regulate v. Power to Supervise
Transparency and Public Consultations
Conclusions on the Authorities

5. The Implications of the European Internal Market Legislation
The Financial Services Action Plan and the Single European Market
The Prospectus Directive
The Single European Passport
The European Entry Regime Specific Regulations
Personal Responsibility
Approval Procedure
Incorporation by Reference

6. Regulatory Competition Issues
‘Race to the Top’ v. ‘Race to the Bottom’
Prospectus Directive and High Harmonisation Rules
Further Harmonisation – Level 2 Regulation
Directive’s Implementation in Poland and the UK

7. The Impact of the Entry Regime on the Market
The Importance of Public Enforcement

8. Conclusions

9. Bibliography & References

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