Approaching the subject along six major avenues—the value of substantive rules; regulatory harmonization; the underlying regulatory methodologies of enacted and proposed European directives; the common market prospectus for securities offerings; investment services; and insider trading—Professor Warren never loses sight of the historical context within which European securities regulation has developed, nor of the global economic environment in which it must meet exacting standards of efficiency and transparency. His analysis clearly explains the securities implications of the European laws already adopted as a result of the European Commission's implementation of the Financial Services Action Plan (including the European Company Statute), and also points out the areas that still demand legislative and regulatory attention (including the essential development of an efficient centralized or cross-linked clearance and settlement system). will quickly become a standard work. Its great usefulness to scholars, financial regulators, and lawyers for corporate issuers, securities professionals, stock exchanges, and investors is indisputable.