
Reviewed by Michael Kohajda, Department of Financial Law and Financial Science, Charles University in Prague. Email: kohajda [at] prf.cuni.cz.
pp.256-258
EU FINANCIAL LAW by Sideek M. Seyad of the Stockholm University Faculty of Law deals with several different matters more or less related to financial law and European law. It is divided into fifteen basic chapters, starting with recent case law in the field of free movement of capital as one of the fundamental freedoms of the European Union. Later the book analyzes the regulation of financial market and its institutions, instruments and regulation, payment systems, and tax issues. In the end, the issues of euro currency and the Euroland system (with special stress laid on Swedish Accession to the Euroland) are also analyzed.
The EU financial law is derived from treaties, case law, and EU directives. Seyad discusses several important and interesting judicial decisions of the European Court of Justice in the beginning of the book, including ANDRÉ AMBRY, KLAUS KONLE v. AUSTRIA, TRUMMER AND MAYER, and ÉGLISE DE SCIENTOLOGIE DE PARIS v. PRIME MINISTER. The author works with these judicial decisions and deduces fundamental conclusions about the most important effects of these decisions.
Later Seyad pays close attention to the issues of the insurance market, both life and non life insurance services. He deals with legal requirements established by the E.U. legislation as technical reserves or solvency margins. The author analyses the Lamfalussy Report on the Security Market in detail. He also presents a plan of reform to the E.U. securities market.
In my opinion the chapter analyzing consumer protections in the financial market is very interesting. Seyad pays close attention to the existence of fundamental provisions regulating the consumer protection in the financial market. He comes to the conclusion that there is no clear provision in the original Treaty of Rome that would declare consumer protection as one of its objectives. He follows the development of this legal regulation issue in the Maastrich Treaty on European Union, the Treaty of Amsterdam and the Treaty of Nice. Further Seyad works well with case law, such as the very interesting discussion of the fundamentals of consumer protection, in the famous case CASIS DE DIJON. He also analyzes the more important and more relevant case ALPINE INVESTMENTS BV v. MINISTER OF FINANCIEN. Seyad deals with the E.U. directives that set a minimum level of protection of consumer protection in E.U. countries, especially the minimum level of deposit guarantees and depositors’ compensation or clients’ protection at credit transfers. Unfortunately I have to write that the factual information discussed is not up to [*257] date. An example is the amount of minimum level for protected deposits.
Seyad elaborates common European taxation issues as well. He starts with a discussion of information on direct taxation harmonization that is, politically, highly complicated to achieve. He focuses especially on taxation of cross-border saving incomes. Again I must mention that some information is out of date – for example the information that the Nice Treaty is awaiting ratification (p. 172). In my opinion this chapter's discussion of indirect taxation should be amended because it is largely more harmonized in the E.U. than direct taxes.