Vertical Integration, Maximum Harmonisation and Limits to European Convergence: The Markets in Financial Instruments Directive and the UK’s Goldplating in the Retail Distribution Review
摘要
Since the introduction of the Financial Services Action Plan 1999 and the Lamfalussy procedure for the production of European financial regulation at an unprecedented scale, much of European financial regulation has tended towards maximum harmonisationHarmonisation, such as the Markets in Financial Instruments Directive 2004, now recast as a Regulation and Directive in 2014 (MiFIRMarkets in Financial Instruments Regulation (MiFIR) and MiFID, respectively).