EU securities and financial markets regulation

Niamh Moloney install download

https://textbookfull.com/product/eu-securities-and-financial-
markets-regulation-niamh-moloney/

Download more ebook instantly today - get yours now at textbookfull.com

We believe these products will be a great fit for you. Click
the link to download now, or visit textbookfull.com
to discover even more!

Regulation of the EU Financial Markets MiFID II and

MiFIR Oxford EU Financial Regulation 1st Edition Danny
Busch (Editor)

https://textbookfull.com/product/regulation-of-the-eu-financial-
markets-mifid-ii-and-mifir-oxford-eu-financial-regulation-1st-
edition-danny-busch-editor/

Systemic risk, institutional design, and the regulation

of financial markets First Edition Anand

https://textbookfull.com/product/systemic-risk-institutional-
design-and-the-regulation-of-financial-markets-first-edition-
anand/

Examples Explanations for Securities Regulation Alan R.

Palmiter

https://textbookfull.com/product/examples-explanations-for-
securities-regulation-alan-r-palmiter/

Alternative Investment Funds in Europe Law and Practice

Oxford EU Financial Regulation 1st Edition Lodewijk
Van Setten

https://textbookfull.com/product/alternative-investment-funds-in-
europe-law-and-practice-oxford-eu-financial-regulation-1st-
edition-lodewijk-van-setten/
Banking and Financial Markets: How Banks and Financial
Technology Are Reshaping Financial Markets Andrada
Bilan

https://textbookfull.com/product/banking-and-financial-markets-
how-banks-and-financial-technology-are-reshaping-financial-
markets-andrada-bilan/

Financial markets and institutions Eakins

https://textbookfull.com/product/financial-markets-and-
institutions-eakins/

Good Regulation Bad Regulation The Anatomy of Financial

Regulation 2015th Edition Moosa

https://textbookfull.com/product/good-regulation-bad-regulation-
the-anatomy-of-financial-regulation-2015th-edition-moosa/

Principles of Financial Regulation John Armour

https://textbookfull.com/product/principles-of-financial-
regulation-john-armour/

Corporations Financial Markets Law Redmond

https://textbookfull.com/product/corporations-financial-markets-
law-redmond/
 OXFORD EU LAW LIBRARY

General Editors: David Anderson, QC

Barrister at Brick Court Chambers and
Visiting Professor of Law at King’s College London.
Piet Eeckhout, Professor of Law at University College London.

EU SECURITIES AND FINANCIAL

MARKETS REGULATION
Third Edition
 OXFORD EUROPEAN UNION LAW LIBRARY

The aim of this series is to publish important and original studies of the various branches of
EC and EU law. Each work provides a clear, concise, and critical exposition of the law in its
social, economic, and political context, at a level which will interest the advanced student, the
practitioner, the academic, and government and community officials. Formerly the Oxford
European Community Law Library.

The General Principles of EU Law EU Customs Law

Third edition Second edition
Takis Tridimas Timothy Lyons, QC
EU Anti-Discrimination Law The European Union and its Court of
Second edition Justice
Evelyn Ellis and Philippa Watson Second edition
The EU Common Security and Defence Anthony Arnull
Policy
Directives in EC Law
Panos Koutrakos
Second edition
EU Employment Law Sacha Prechal
Fourth edition
Catherine Barnard EC Company Law
Vanessa Edwards
EU External Relations Law
Second edition EC Agriculture Law
Piet Eeckhout Second edition
J.A. Usher
EU Justice and Home Affairs Law
Third edition The Law of Money and Financial Services in
Steve Peers the EU
The EC Common Fisheries Policy Second edition
Robin Churchill, Daniel Owen J.A. Usher
Goyder’s EC Competition Law Workers, Establishment, and Services in the
Fifth edition European Union
Joanna Goyder and Albertina Albors-Llorens Robin C.A. White
EU SECURITIES AND
FINANCIAL MARKETS
REGULATION
THIRD EDITION

N IAMH M OLONEY

1
 3
Great Clarendon Street, Oxford, OX2 6DP,
United Kingdom
Oxford University Press is a department of the University of Oxford.
It furthers the University’s objective of excellence in research, scholarship,
and education by publishing worldwide. Oxford is a registered trade mark of
Oxford University Press in the UK and in certain other countries
# N. Moloney 2014
The moral rights of the author have been asserted
First Edition published in 2002
Third Edition published in 2014
Impression: 1
All rights reserved. No part of this publication may be reproduced, stored in
a retrieval system, or transmitted, in any form or by any means, without the
prior permission in writing of Oxford University Press, or as expressly permitted
by law, by licence or under terms agreed with the appropriate reprographics
rights organization. Enquiries concerning reproduction outside the scope of the
above should be sent to the Rights Department, Oxford University Press, at the
address above
You must not circulate this work in any other form
and you must impose this same condition on any acquirer
Crown copyright material is reproduced under Class Licence
Number C01P0000148 with the permission of OPSI
and the Queen’s Printer for Scotland
Published in the United States of America by Oxford University Press
198 Madison Avenue, New York, NY 10016, United States of America
British Library Cataloguing in Publication Data
Data available
Library of Congress Control Number: 2014940435
ISBN 978–0–19–966434–4
Printed and bound by
CPI Group (UK) Ltd, Croydon, CR0 4YY
Links to third party websites are provided by Oxford in good faith and
for information only. Oxford disclaims any responsibility for the materials
contained in any third party website referenced in this work.
To my mother, Mary, and in memory
of my father, Noel
 SERIES EDITOR’S PREFACE

The third edition of this marvellous analysis of EU securities and financial markets
regulation could hardly have come at a better time. True, it is customary for a preface to
a further edition of a basic treatise to state that much has happened in the intervening
period. How else could a new edition be justified? And it is not unimagineable for such a
statement to suffer from some degree of hyperbole—but not this preface. The second
edition of this volume was published in 2008, and was written before the financial crisis hit.
Little more needs to be said about the welcome timing of this third edition.
Clearly, the crisis has fundamentally altered the EU’s role in financial markets regulation
(understood in a broad sense), in many different ways. For a start, the crisis has triggered a
worldwide reflection on its causes, and a fundamental rethinking of the role played by
financial regulation. That reflection has of course affected EU policy. But the particular
features of the Eurozone crisis, with its feedback loop between sovereign debt and banking
crises, have required an even greater focus on financial markets regulation than in most
other jurisdictions. It is true that the banking sector, on which this volume does not focus,
has been mainly in the spotlight. However, the securities and financial markets branch (as
defined by the author) has also undergone a fundamental transformation. In addition one
should add the Lisbon Treaty to the mix, because of the changes it made to the EU’s system
of administrative lawmaking; as well as the ever increasing role played by EU regulatory
agencies.
It is hazardous for this non-expert to attempt a general assessment of the current direction
of EU financial markets policy. What perhaps stands out from reading this wonderful
treatise, is that the EU’s harmonization and regulation effort is grappling with its original
market integration focus. The objective of ensuring financial stability, which by the way is
insufficiently recognized in the EU’s founding treaties, is seen as requiring greater central-
ization and stronger regulation, rather than mere liberalization. It is at any rate clear that the
EU is becoming an ever more significant actor in financial markets regulation, and that it
pursues several, at times competing, objectives.
There could hardly be a better guide to EU securities and financial markets regulation than
Niamh Moloney’s treatise. Her analysis is clear and lucid throughout the book, and
perfectly accessible even on the most technical topics. It is firmly grounded in the law
and finance literature and in economic and regulatory theory. It is knowledgeable on the
EU institutional context, and contributes to a better understanding of general questions of
EU law. This third edition will, in a word, serve its diverse audiences extremely well.
Piet Eeckhout
July 2014

vi
 PREFACE

EU Securities and Financial Markets Regulation addresses the harmonized regulatory regime,
pan-EU supervisory infrastructure, and EU-level governance arrangements which govern
the EU financial market.
The second edition of this book went to press in early autumn 2008 as the EU financial
system was about to be gripped by a series of monumental crises. From then to the closing
of the crisis-era reform period (which can, roughly, be placed at April 2014) the EU has
been engaged in a reform process of titanic and historic proportions which has sought
not only to achieve the massive repair required to the financial system but also to stabilize
the euro area which came under existential threat as the financial crisis turned into a
sovereign debt and euro-area crisis. EU Securities and Financial Markets Regulation charts,
contextualizes, and reflects on the outcomes of this dramatic period, while retaining the
longer historical and wider regulatory perspectives contained in earlier editions.
The scale of the reforms which have followed over 2008–2014 confounds efforts to identify
appropriate superlatives. It is not an exaggeration to state that the EU regulatory system for
financial markets has been changed out of all recognition. The financial crisis in the EU has
led to a reconsideration of the purpose of markets and of regulation, to a radical redesign of
regulation, and to a reconfiguring of how supervision should be carried out. Related
institutional reform has seen the establishment of the European System of Financial
Supervision and the new EU supervisory authority for financial markets, the European
Securities and Markets Authority (ESMA). For the first time since the EU’s initial foray
into this area in 1966 (with the Segré Report), a breach has been made in the single market
(the construction of which has long been the governing priority of EU securities and
financial markets regulation) with the construction of Banking Union in response to the
euro-area fiscal crisis. This period has led to the final dominance of the EU in this area,
although this dominance has placed and continues to place significant stress on the
foundation constitutional settlement which governs the allocation of power between the
EU and its Member States and between EU institutions. The crisis era has also led to EU
regulation being shaped by (and shaping) international financial governance to an extent
previously unparalleled; the implications for the EU’s role in the international financial
system may be profound.
While this book is therefore formally a third edition, in practice it is an entirely new work,
re-written and re-organized (and longer) in order to reflect the crisis-era reconfiguration of
how the EU regulates financial markets and the new balance of power between the EU and
its Member States which has followed the crisis. It also addresses the new intellectual
architecture for the subject. The first and second editions of this book were written over a
time when the prevailing orthodoxy was to challenge the need for financial market
regulation given the perceived efficiencies of markets in imposing appropriate discipline
and, in the EU context, to question the appropriateness of harmonization given the
perceived benefits of regulatory competition and of market discipline. This edition was
written over a period when these orthodoxies came under sustained attack. The book

vii
 Preface

accordingly seeks to place the EU regulatory regime within the changed intellectual
framework for financial regulation generally and draws on a range of different perspectives,
including from political science, law and finance, and regulatory theory.
At the risk of creating a hostage to fortune, with the closing of the crisis-era Commission
and European Parliament terms in 2014, the new regulatory regime looks to be, broadly,
stable, although it remains to be seen how it will shape the EU financial market over time.
Having said that, it is clear that it continues to deepen, evolve, and be refined; the regime is,
as discussed throughout the book, dynamic and supported by a distinct institutional
apparatus which allows for revision, refreshment, and refinement. The support of newly-
appointed Commission President Juncker on 15 July 2014 of a ‘Capital Markets Union’
suggests that the EU institutions still have ambitions in this area, notably with respect to the
deeper embedding of market finance and to the weaning of the EU from its current
dependence on bank finance (as discussed in Chapters I and II).
A note on scope is warranted. EU Securities and Financial Markets Regulation addresses
market-based financial intermediation between suppliers of capital and firms seeking
capital. It accordingly considers how the array of market actors engaged (including issuers
of securities, investment funds, ‘gatekeepers’ such as credit rating agencies and investment
analysts, intermediating investment firms, and market infrastructures) are regulated and
supervised. It does not address the particular rules and supervisory requirements which
apply to deposit-taking credit institutions; distinct requirements govern these institutions,
reflecting their unique role in the economy and their vulnerability to runs and credit
contractions, as the financial crisis exposed to devastating effect. Brief comparative reference
is, however, made to key requirements, notably with respect to: capital (in relation to credit
risk), liquidity, and leverage requirements (Chapter IV); recovery and resolution (Chapter
IV); structural (ring-fencing) requirements (Chapter VI); deposit protection (Chapter IX);
and supervisory organization, notably Banking Union (Chapter XI). The market-facing
activities of deposit-taking institutions are, however, covered by EU securities and financial
markets regulation which applies on a functional basis. The scale of EU securities and
financial markets regulation means that cognate spheres of regulation, notably rules
governing money-laundering and terrorism financing, rules relating to EU company law
generally (including takeover regulation), and the fiscal and monetary rules and institu-
tional arrangements governing Economic and Monetary Union cannot be considered
within the scope of this book. Similarly, the book does not cover in detail the related
Treaty rules and Court of Justice jurisprudence governing the free movement guarantees
(particularly with respect to services, establishment, and capital), which provide background
support to the single financial market. The scale of the rulebook means that financial
market actors rely on the regulatory regime and its passporting devices, rather than on the
free movement guarantees directly, to access cross-border markets, although, as discussed in
Chapters I and XI, the scale of the crisis-era reform agenda has led to constitutional
challenges, based on the Treaty, to elements of the reform programme.
Much of the book was written over a period of research leave in spring 2013 from the law
department of the London School of Economics and Political Science, for which I am very
grateful. I continue to learn from my LSE students and from my LSE colleagues; the LSE
law department is a most intellectually exciting and supportive place to work. My under-
standing of this subject and its ever-changing subtleties has been deepened by engagement

viii
 Preface

with a wide range of experts. I would like to record my thanks in particular to Dr Despina
Chatzimanoli, Carlo Comporti, Professor Jesper Lau Hansen, Gareth Murphy, Carmine di
Noia, Jonathan Overett Somnier, Peter Parker, Professor Jennifer Payne, and Jane Welch. I
owe a special debt of gratitude to Professors Pierre-Henri Conac, Guido Ferrarini, and, in
particular, Eilís Ferran, with whom I have discussed many of the issues considered in this
book. Oxford University Press has been exemplary in guiding the book through to
publication. I am very grateful to my commissioning editors, Alex Flach and Natasha
Flemming, and I would like to record my particular thanks to my production editor,
Briony Ryles. Any errors or material omissions are my responsibility.
My greatest debt of gratitude is—as it always is—to my wonderful husband, Iain. Without
his constant patience and support, and unflagging interest and enthusiasm, this book could
not have been written.
The book aims to state the law and major policy developments as at 15 April 2014. On this
date (rapidly termed ‘Super Tuesday’), the European Parliament voted on a final suite of
crisis-era reform measures during the last plenary session before its 2009–2014 term
completed. It has, however, been possible to squeeze in some later developments in places.
Niamh Moloney
1 August 2014

ix
 SUMMARY TABLE OF CONTENTS

Detailed Table of Contents xiii

Table of Cases xxii
Table of Legislation xxv
List of Abbreviations lxi

I. Introduction 1
II. Capital-raising 48
III. Asset Management 194
IV. Investment Firms and Investment Services 320
V. Trading Venues 425
VI. Trading 511
VII. Gatekeepers 634
VIII. Market Abuse 699
IX. The Retail Markets 770
X. Law-making 854
XI. Supervision and Enforcement 942

Index 1025

xi
 DETAILED TABLE OF CONTENTS

Table of Cases xxii

Table of Legislation xxv
List of Abbreviations lxi

I. Introduction 1
I.1 EU Securities and Markets Regulation 1
I.2 Securities and Markets Regulation and the Financial Crisis 2
I.3 Securities and Markets Regulation and the EU: Building an Integrated
EU Financial Market 8
I.3.1 The Treaty and the Single Market: the Role of Law 8
I.3.2 Market Finance and Financial Market Integration 13
I.3.3 Harmonization: From Liberalization to Regulation 19
I.4 The Evolution of EU Securities and Markets Regulation 22
I.4.1 Prior to the FSAP 22
I.4.2 The FSAP and post-FSAP Eras 24
I.4.3 The Crisis Era 30
I.5 EU Securities and Markets Regulation After the Financial Crisis 36
I.5.1 The Single Market 36
I.5.2 Harmonization and an Ever Expanding Regulatory Perimeter 39
I.5.3 Market Finance and Market Integration 42

II. Capital-raising 48
II.1 Introduction 48
II.1.1 Introduction 48
II.1.2 The EU Regime 49
II.2 The Capital-raising Process, Regulation, and the EU 51
II.2.1 Regulating Capital-raising and Issuer Disclosure 51
II.2.2 The EU, Market Finance, and the Integration of Capital Markets 59
II.3 The Evolution of the Harmonization Programme 64
II.3.1 The Initial Approach to Harmonization 64
II.3.2 The FSAP and Reform 65
II.3.3 The Crisis Era and the Growth Agenda 66
II.4 The Prospectus Directive 71
II.4.1 The Evolution of the Prospectus Directive Regime 71
II.4.2 The Prospectus Regime, Harmonization, and ESMA 78
II.4.3 Setting the Perimeter: Public and Private Markets 82
II.4.4 Calibration and Differentiation 89
II.4.5 The Prospectus: Structure and Validity 96
II.4.6 The Prospectus: Disclosure 105
II.4.7 Market Integration: Prospectus Approval and the
Passport Mechanism 108
II.4.8 Publication and Dissemination 114
II.4.9 Advertising 116
II.4.10 Supervision and Enforcement 116

xiii
 Detailed Table of Contents

II.4.11 Third Country Issuers 122

II.4.12 Impact 124
II.5 Ongoing and Periodic Disclosure: The Transparency Directive and
the Market Abuse Regime 127
II.5.1 Transparency Directive: Evolution 127
II.5.2 Transparency Directive: Harmonization and ESMA 131
II.5.3 Transparency Directive: An Integrated Regime? 133
II.5.4 Transparency Directive: Scope 133
II.5.5 Transparency Directive: Differentiation, Exemptions, and SMEs 134
II.5.6 Transparency Directive: the Issuer-disclosure Regime 135
II.5.7 Transparency Directive: Ongoing Disclosure on Major Holdings 140
II.5.8 Transparency Directive: Market Integration and Home
Member State Control 146
II.5.9 Transparency Directive: Supervision and Enforcement 148
II.5.10 Transparency Directive: Third Country Regime and Equivalence 150
II.5.11 Transparency Directive: Impact 151
II.5.12 Ad Hoc Disclosure and the Market Abuse Regime 151
II.6 Financial Reporting and International Financial Reporting Standards 151
II.6.1 The EU Financial Reporting Framework: Main Features 151
II.6.2 IFRS and the IAS Regulation 153
II.6.3 Incorporating IFRS in the EU: Risks and Challenges 155
II.6.4 CESR/ESMA and the Financial Reporting Regime 161
II.6.5 Third Country Issuers and Equivalence 165
II.7 Admission to Trading and to Official Listing 169
II.7.1 Regulated Markets and Capital-raising 169
II.7.2 The Admission of Securities to Trading 176
II.8 Filing and Dissemination of Issuer Disclosures 182
II.8.1 Substantive and Operational Harmonization 182
II.8.2 Filing Issuer Disclosures 183
II.8.3 Dissemination of Disclosure 183
II.9 Market Impact of the Issuer-disclosure Regime 185
II.9.1 Issuers and Market Finance 185
II.9.2 Integration Trends 192

III. Asset Management 194

III.1 Introduction 194
III.1.1 Collective and Discretionary Asset Management in the EU 194
III.1.2 The Regulation of Collective Asset Management 196
III.1.3 The Regulation of Discretionary Asset Management 198
III.2 Discretionary Asset Management: The 2014 MiFID II Regime 198
III.3 Collective Asset Management: the UCITS Regime 200
III.3.1 Introduction 200
III.3.2 Rationale for and Forms of Retail Market CIS Regulation 201
III.3.3 The Evolution of the UCITS Regime 204
III.3.4 Harmonization and ESMA 212
III.3.5 Setting the Perimeter: Scope of the UCITS Regime 215
III.3.6 Differentiation and Calibration 217
III.3.7 Market Integration: the Passport and UCITS Mergers 217
III.3.8 Asset Allocation and Investment Limits 224
III.3.9 The Management Company: Ongoing Regulation 239

xiv
 Detailed Table of Contents

III.3.10 The Depositary 242

III.3.11 UCITS Disclosure 247
III.3.12 General Obligations 255
III.3.13 Supervision and Enforcement 257
III.3.14 The Crisis-era Financial Stability Agenda, Shadow Banking,
and UCITS Regulation 260
III.3.15 Impact 268
III.4 Collective Asset Management: the 2011 AIFMD 269
III.4.1 Introduction 269
III.4.2 The Rationale for Regulating CIS Management in the
Alternative Investment Segment 270
III.4.3 The EU and the AIF Sector: the Evolution of the AIFMD 274
III.4.4 The UCITS Directive and the AIFMD 283
III.4.5 Harmonization and ESMA 284
III.4.6 Calibration and Differentiation 287
III.4.7 Setting the Perimeter: Scope 288
III.4.8 Authorization and the AIFM Passport 290
III.4.9 Operational and Organizational Requirements 294
III.4.10 The Depositary 298
III.4.11 Leverage 301
III.4.12 Disclosure and Transparency 303
III.4.13 Private Equity Funds 304
III.4.14 The Retail Markets 306
III.4.15 Supervision and Enforcement 306
III.4.16 The Third Country Regime 307
III.5 Venture Capital Funds, Social Entrepreneurship Funds, and
Long-term Investments 311
III.5.1 Venture Capital Funds and Social Entrepreneurship Funds 311
III.5.2 Long-term Investment Vehicles 315

IV. Investment Firms and Investment Services 320

IV.1 Intermediaries, Regulation, and the EU 320
IV.1.1 The Regulation of Intermediaries 320
IV.1.2 Intermediary Regulation and the EU 325
IV.2 The Evolution of the EU Regime 327
IV.2.1 Initial Developments and the 1993 Investment Services Directive 327
IV.2.2 The Financial Services Action Plan and MiFID I 329
IV.2.3 The Crisis Era and the MiFID I Review 335
IV.3 Harmonization and ESMA 339
IV.4 Setting the Perimeter: Scope 340
IV.4.1 A Functional Approach 340
IV.4.2 Investment Services and Activities 343
IV.4.3 Financial Instruments 344
IV.5 Calibration and Differentiation 347
IV.5.1 Exemptions 347
IV.5.2 Client Classification 352
IV.6 The Authorization Process 355
IV.6.1 Jurisdiction to Authorize and the Home Member State 355
IV.6.2 Scope of Authorization and the Regulatory Passport 356
IV.6.3 Authorization Conditions: Minimum Initial Capital 357

xv
 Detailed Table of Contents

IV.6.4 Authorization Conditions: Governance Requirements 357

IV.6.5 Authorization Conditions: Organizational Structure
and Shareholders 361
IV.6.6 Authorization: Notification of Proposed Acquisitions 362
IV.6.7 Authorization: Investor Compensation Schemes 364
IV.6.8 Authorization: Organizational Requirements 365
IV.6.9 Authorization: Process and Protections 365
IV.6.10 ESMA and the Authorization Process 366
IV.7 Operating Conditions: 2014 MiFID II Prudential and
Conduct Requirements 366
IV.7.1 Operating Conditions: A Multilayered Regime 366
IV.7.2 Organizational Requirements 367
IV.7.3 Conflict-of-interest Management 371
IV.7.4 Transaction Reporting 375
IV.7.5 Trading Rules and Trading Venues 375
IV.7.6 Conduct Regulation 375
IV.7.7 Tied Agents 377
IV.8 Operating Conditions: the 2013 CRD IV/CRR Prudential Regime 379
IV.8.1 Capital, Investment Firms, and Basel III 379
IV.8.2 2013 CRD IV/CRR 381
IV.8.3 2013 CRD IV/CRR: Scope 384
IV.8.4 2013 CRD IV/CRR: Initial Capital 384
IV.8.5 2013 CRD IV/CRR: Risk Management and Systems 385
IV.8.6 2013 CRD IV/CRR: Firm Governance and Remuneration 386
IV.8.7 2013 CRD IV/CRR: Own Funds, Liquidity, and Leverage 391
IV.8.8 2013 CRD IV/CRR: Public Disclosure and Supervisory Reporting 396
IV.9 The Passport 396
IV.9.1 Passport Rights 396
IV.9.2 The Notification Process 400
IV.10 Third Countries 403
IV.11 Supervision and Enforcement in the Investment Services
Market: 2014 MiFID II 407
IV.11.1 2014 MiFID II and 2013 CRD IV/CRR 407
IV.11.2 The 2014 MiFID II Supervisory Framework 407
IV.11.3 NCAs 408
IV.11.4 Supervisory Co-operation 411
IV.11.5 Supervisory Convergence and ESMA 413
IV.11.6 Enforcement and Sanctions 413
IV.12 Supervision and Enforcement in the Investment Services
Market: 2013 CRD IV/CRR 415
IV.12.1 NCAs and the ESFS 415
IV.12.2 Supervisory Co-operation 417
IV.13 Resolution and Recovery 419

V. Trading Venues 425

V.1 Trading Venues and Regulation 425
V.1.1 Introduction 425
V.1.2 Regulating Trading Venues 426
V.1.3 Regulating Trading Venues and the EU 434

xvi
 Detailed Table of Contents

V.2 The Evolution of the EU’s Trading Venue Regime 435

V.2.1 From Concentration to Competition: 2004 MiFID I 435
V.2.2 2004 MiFID I’s Regulatory Model 438
V.2.3 The Impact of 2004 MiFID I 441
V.3 The MiFID I Review and the 2014 MiFID II/MiFIR Negotiations 445
V.3.1 The MiFID I Review and the Commission Proposals 445
V.3.2 The 2014 MiFID II/MiFIR Negotiations 455
V.4 2014 MiFID II/MiFIR: Harmonization and ESMA 458
V.5 2014 MiFID II/MiFIR: Scope 460
V.6 2014 MiFID II/MiFIR: Venue Classification 461
V.6.1 Regulatory Design 461
V.6.2 Regulated Markets 463
V.6.3 Multilateral Trading Facilities 463
V.6.4 Organized Trading Facilities 464
V.6.5 Own-account Dealing: SIs and Investment Firms 467
V.6.6 Shrinking the OTC Space 467
V.7 Operational Regulation of Multilateral Trading: Regulated Markets 469
V.7.1 A Flexible Regime 469
V.7.2 Authorization 469
V.7.3 Operating Requirements 471
V.7.4 Admission of Financial Instruments to Trading and Suspension
and Removal of Instruments 475
V.8 Operational Regulation of Multilateral Trading: Multilateral
Trading Facilities 475
V.9 Operational Regulation of Multilateral Trading: Organized
Trading Facilities 478
V.10 Operational Regulation of the OTC Sector: Dealing on Own Account 479
V.10.1 Systematic Internalizers 479
V.10.2 Dealing on Own Account 479
V.11 Transparency Regulation and the 2014 MiFIR 480
V.11.1 Regulated Markets, MTFs, and OTFs: Equity Market
Transparency 480
V.11.2 Regulated Markets, MTFs, and OTFs: Non-equity Market
Transparency 485
V.11.3 The Bilateral/OTC Segment: Equity Market Transparency 488
V.11.4 The Bilateral/OTC Segment: Non-equity Market Transparency 491
V.11.5 Liquid Markets 493
V.11.6 Publication Requirements and Data Distribution and
Consolidation 494
V.11.7 An Ambitious Reform 498
V.12 Supervision and Enforcement 499
V.12.1 NCAs 499
V.12.2 Supervisory Co-ordination and Co-operation 501
V.13 2014 MiFID II/MiFIR and Post-trading in the EU 502
V.13.1 Post-trading 502
V.13.2 2014 MiFID II/MiFIR and Post-trading 505

xvii
 Detailed Table of Contents

VI. Trading 511

VI.1 Introduction 511
VI.1.1 Regulating Trading: Financial Stability and Anti-speculation 511
VI.1.2 The EU Trading Regime 516
VI.2 2014 MiFID II/MiFIR: The Regulation of Trading 517
VI.2.1 2014 MiFID II/MiFIR: Setting the Regulatory
Perimeter—Scope and Dealing 517
VI.2.2 Regulating the Order-execution Process: the General Framework 518
VI.2.3 Algorithmic Trading and High Frequency Trading 525
VI.2.4 Market-making 531
VI.2.5 Position Management and Trading in Commodity Derivatives 531
VI.2.6 General Position Management 538
VI.3 The Regulation of Short Selling 538
VI.3.1 The EU Regime 538
VI.3.2 Regulating Short Sales and the Financial Crisis 539
VI.3.3 The Evolution of the EU’s Response 543
VI.3.4 Harmonization and ESMA 549
VI.3.5 Setting the Perimeter: Scope and Exemptions 551
VI.3.6 Calibration and Differentiation 554
VI.3.7 Restricting Short Sales: the Uncovered Short Sales Prohibition 555
VI.3.8 Transparency of Net Short Positions 561
VI.3.9 Intervention in Exceptional Circumstances 564
VI.3.10 Supervision and Enforcement 569
VI.3.11 Third Countries 570
VI.3.12 ESMA and the Short Selling Regime 571
VI.3.13 Impact 572
VI.4 Trading in the OTC Derivatives Markets 573
VI.4.1 The Reform Agenda 573
VI.4.2 2012 EMIR 576
VI.4.3 Derivatives Trading on Organized Venues: 2014 MiFIR 622
VI.5 The Financial Transaction Tax 627
VI.5.1 Evolution of the EU FTT 627
VI.5.2 The Closer Co-operation Mechanism and the FTT 628

VII. Gatekeepers 634

VII.1 Gatekeeper Regulation and the EU 634
VII.1.1 Gatekeepers and Regulation 634
VII.1.2 Gatekeeper Regulation and the EU 636
VII.2 Rating Agencies 637
VII.2.1 Regulating Rating Agencies and the Financial Crisis 637
VII.2.2 The Evolution of the EU Regime 644
VII.2.3 Harmonization and ESMA 653
VII.2.4 Setting the Regulatory Perimeter 654
VII.2.5 Differentiation and Calibration 657
VII.2.6 The Registration Process 657
VII.2.7 Regulating Rating Agencies 658
VII.2.8 Addressing Market Structure and Reliance on Ratings 666
VII.2.9 Ratings and the Sovereign Debt Market 668

xviii
 Detailed Table of Contents

VII.2.10 Supervision and Enforcement: ESMA 670

VII.2.11 Third Countries 677
VII.2.12 ESMA and the CRA Regime 682
VII.3 Investment Analyst Regulation 682
VII.3.1 The Rationale for Intervention 682
VII.3.2 The Evolution of the EU Regime 685
VII.3.3 Investment Analysts and Conflicts of Interest:
The MiFID I/II and 2006 Commission MiFID I
Directive Regime 688
VII.3.4 The 2003 MAD/2014 MAR and Investment
Recommendations 694

VIII. Market Abuse 699

VIII.1 Introduction 699
VIII.2 The Rationale for Prohibiting Insider Dealing and Market
Manipulation and the EU 700
VIII.2.1 The Rationale for Prohibiting Insider Dealing and Market
Manipulation 700
VIII.2.2 The EU and the Prohibition of Market Abuse 705
VIII.3 The Evolution of the Regime 706
VIII.3.1 Early Developments 706
VIII.3.2 The 1989 Insider Dealing Directive 707
VIII.3.3 The FSAP 708
VIII.3.4 The 2003 MAD Negotiations 708
VIII.3.5 The Crisis Era and Reform 709
VIII.4 Harmonization and ESMA 712
VIII.5 Setting the Perimeter: Scope 714
VIII.5.1 Financial Instruments and Commodities 714
VIII.5.2 Venues 716
VIII.5.3 Transactions, Orders, and Behaviours 717
VIII.5.4 Jurisdictional Scope 717
VIII.6 The Prohibition on Insider Dealing 717
VIII.6.1 Inside Information 717
VIII.6.2 Persons Subject to the Prohibition 723
VIII.6.3 The Prohibition: Dealing, Recommending, and Disclosing 724
VIII.7 Disclosure Obligations 730
VIII.7.1 Issuer Disclosure 730
VIII.7.2 Insider Lists 736
VIII.7.3 Disclosure of Insider Transactions: Managers’ Transactions 738
VIII.7.4 Investment Research 739
VIII.7.5 Public Statistics 740
VIII.7.6 Disclosure or Dissemination of Information in the Media 740
VIII.8 Prohibition on Market Manipulation 740
VIII.8.1 The Prohibition on Market Manipulation and
Identification of Market Manipulation 740
VIII.8.2 Extending the Perimeter: Derivatives, Algorithmic
Trading, and Benchmarks 743
VIII.8.3 Calibration and Differentiation 750

xix
 Detailed Table of Contents

VIII.9 Supervision and Enforcement 754

VIII.9.1 Context 754
VIII.9.2 Supervision 755
VIII.9.3 Enforcement 762

IX. The Retail Markets 770

IX.1 Investor Protection, Regulation, and the EU 770
IX.1.1 Regulation and the Retail Markets 770
IX.1.2 Investor Protection, Regulation, and the EU 774
IX.2 The Evolution of EU Retail Market Law and Policy 782
IX.2.1 Initial Developments 782
IX.2.2 The FSAP, the Pre-crisis Period, and the Retail Markets 783
IX.2.3 The Financial Crisis 786
IX.3 Harmonization 790
IX.4 Calibration and Segmentation: Classifying the Retail Investor 791
IX.5 Distribution and Investment Advice 793
IX.5.1 The EU Distribution Market and Distribution Risks 793
IX.5.2 Distribution and the 2014 MiFID II 796
IX.5.3 Distribution and the 2002 IMD 815
IX.5.4 Distribution and Horizontal Consumer Protection 816
IX.6 Disclosure and the Retail Markets 819
IX.6.1 The EU Disclosure Regime 819
IX.6.2 Scope of the Disclosure Regime 820
IX.6.3 Disclosure for Packaged Retail Investment Products 821
IX.7 Product Oversight and Product Intervention 825
IX.7.1 A New Product Intervention Regime: 2014 MiFID II/MiFIR 825
IX.7.2 Product-specific Initiatives 832
IX.7.3 An Ambitious Reform 833
IX.8 The Investor Compensation Schemes Directive 835
IX.8.1 Compensation Schemes, Retail Investor Protection, and the EU 835
IX.8.2 The 1997 ICSD 837
IX.8.3 Reviewing the 1997 ICSD 842
IX.9 Supporting the Rulebook: Education and Engagement 847
IX.10 The Retail Markets and ESMA 849

X. Law-making 854
X.1 Introduction 854
X.1.1 A Complex and Evolving Process 854
X.1.2 Levels and Forms of Intervention 856
X.1.3 Chronology of Developments 858
X.2 The Evolution of the Law-making Process and Institutional Change 861
X.2.1 Early Developments and Comitology 861
X.2.2 The Lamfalussy Model 862
X.2.3 Learning from Lamfalussy 866
X.2.4 The Financial Crisis: Recalibrating the Law-making Process 880
X.3 The Legislative Process 884
X.3.1 Legislation and the Treaty: Competence to Act 884
X.3.2 The Legislative Process: the Ordinary Legislative Process 888
X.3.3 The Legislative Process and the Crisis-era Reform Agenda 891

xx
 Detailed Table of Contents

X.4 Administrative Rule-making 898

X.4.1 Administrative Rule-making, Securities and Markets Regulation,
and the EU 898
X.4.2 The Commission and Administrative Rule-making 900
X.5 ESMA and Administrative Rule-making 907
X.5.1 Introduction 907
X.5.2 ESMA Structure and Governance 909
X.5.3 Objectives and Scope 919
X.5.4 ESMA and Technical Advice 920
X.5.5 Binding Technical Standards 921
X.5.6 Guidelines and Recommendations 929
X.5.7 Supervisory Convergence Measures: Article 29 and Beyond 935
X.5.8 Shaping the Rulebook: Reviews 937
X.5.9 The International Context and ESMA 938
X.5.10 The ESFS Review, ESMA, and Rule-making 939

XI. Supervision and Enforcement 942

XI.1 The European System of Financial Supervision 942
XI.2 Achieving Outcomes: From Rules on the Books to Rules in Action 944
XI.2.1 Supervision and Enforcement 944
XI.2.2 Achieving Outcomes in the EU 948
XI.3 The Evolution of the EU’s Supervisory Model for Financial Markets 951
XI.3.1 The pre-CESR Era 951
XI.3.2 The FSAP, the CESR Era, and Supervisory Convergence 951
XI.3.3 The Financial Crisis 958
XI.4 The ESFS: NCAs 965
XI.4.1 NCAs: Supervision and Enforcement 965
XI.4.2 NCAs and the Home/Host Model 970
XI.5 The ESFS: ESMA 973
XI.5.1 ESMA and Supervision: A New Model 973
XI.5.2 ESMA Structure and Operation 974
XI.5.3 Directing NCAs 976
XI.5.4 Directing and Supervising Market Participants 982
XI.5.5 Supervisory Co-ordination: Colleges of Supervisors,
Cross-border Co-operation, and Cross-sector Co-operation 986
XI.5.6 Supervisory Convergence and Co-ordination and an
EU Supervisory ‘Approach’: the ‘Supervisory Handbook’ 989
XI.5.7 Supervision and the International Market 992
XI.5.8 ESMA’s Operating Environment and Effectiveness 993
XI.5.9 ESMA and the Removal of NCA Discretion 1004
XI.5.10 The ESFS Review and ESMA 1007
XI.6 The ESFS: the ESRB 1009
XI.6.1 The ESRB 1009
XI.6.2 ESRB Functions, Warnings, and Recommendations 1013
XI.6.3 Financial Markets, ESMA, and the ESRB 1015
XI.7 Banking Union and Financial Market Supervision 1019

Index 1025

xxi
 TABLE OF CASES

EUROPEAN COURT OF JUSTICE: ALPHABETICAL LIST OF CASES

Alpine Investments v Minister van Financiën (Case C–384/93) [1995]
ECR I–1141 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10n, 12, 60, 802, 885n
British American Tobacco (Investments) Limited and Imperial Tobacco v Secretary of
State for Health (Case C–491/01) [2002] ECR I–1453 . . . . . . . . . . . . . . . . . . . . . . . . . 885n
Commission v ECB (OLAF) (Case C–11/00) [2003] ECR I–7147 . . . . . . . . . . . . . . . . . . . . . . 915
Commission v Germany (Case 205/84) [1986] ECR 3755 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10n
Commission v Italy (Case C–101/94) [1996] ECR I–2691. . . . . . . . . . . . . . . . . . . .10n, 12n, 328n
Commission v Netherlands (Case C–233/10) [2010] ECR I–170 . . . . . . . . . . . . . . . . . . . . . . . 12n
Einfuhr- und Vorratsstelle v Köster (Case 25/70) [1970] ECR 1161 . . . . . . . . . . . . . . . . . . . . 861n
European Parliament v Council (Case C–70/81) [1990] ECR I–2041 . . . . . . . . . . . . . . . . . . . 885n
Genil 48 SL, Comercial Hostelera de Grandes Vinos SL v Bankinter SA, Banca Bilbao
Vizcaya Argentaria SA (Case C–604/11), 30 May 2013, not yet reported . . . . . . . . . .12n, 344n
Germany v Council (Case C–359/92) [1994] ECR I–3681 . . . . . . . . . . . . . . . . . . . . . . . . . 1002n
Germany v European Parliament and Council (Case C–380/03) [2006] ECR I–11573 . . . . . . 885n
Germany v Parliament and Commission (Tobacco Advertising) (Case C–376/98)
[2000] ECR I–8419 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 885n
Germany v Parliament and Council (Case C–233/94) [1997] ECR I–2405 . . . . . . . . . . .837n, 885n
Grøngaard and Bang (Case C–384/02) [2005] ECR I–9939. . . . . . . . . . . . . . . . . . . . . 702n, 724–5
IMC Securities BV v Stichting Autoriteit Financiële Marketen (Case C–445/09)
[2011] ECR 5917 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 741n
Markus Getl v Daimler AG (Case C–19/11) 28 June 2012, not yet reported . . . . . . . 721, 732n, 734
Meroni v High Authority (Case 9/56) [1957–1958] ECR 133 . . . . . . . .420n, 535, 536n, 569, 650,
657, 672, 674, 674n, 675, 830, 899n, 909–10n, 915, 921, 935,
949n, 979–80, 994, 994n, 995, 995n, 996–1001, 1003
Michael Timmel v Aviso Zeta AG (Case C–359/12) 15 May 2014, not yet reported . . . . . . . . 103n
Oikonomikon and Amfissas v Georgakis (Case C–391/04) [2007] ECR I–3 . . . . . . 702n, 707, 722n
Paul, Sonnen-Lütte, and Mörkens v Germany (Case C–222/02) [2004] ECR I–9425 . . . . . . . 840n
Queen (The), on the application of Swedish Match and Others v Secretary of State for
Health and Others (Cases C–210/03 and C–434/02) [2004] ECR I–11893 . . . . . . . . . . 885n
R ex p Alliance for Natural Health v Secretary of State for Health and National
Assembly Wales (Case C–154/04) [2005] ECR I–6451 . . . . . . . . . . . . . . . . . . . . . . . . . . 909
Rewe-Zentral AG v Bundesmonopolverwaltung für Branntwein (Cassis de Dijon)
(Case 120/78) [1979] ECR 649 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22n, 329, 329n, 858
Romano (Case 89/90) [1981] ECR 1241 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 994, 999, 1001
Spector Photo Group NV and Chris Van Raemdonck v Commissie voor het Bank-,
Financieen Assurantiewezen (CBFA) (Case C–45/08) [2009] ECR 12073 . . . . . . 717n, 727–8n
UK v Council (Case C–209/13), 30 April 2014, not yet reported . . . . . . . . . . . . . . . . . . .12n, 633n
UK v Council and Parliament (Case C–507/13), pending. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12n
UK v Council and Parliament (ENISA) (Case C–217/04) [2006] ECR I–3771 . . . . . . . . 887, 887n,
1000, 1002n
UK v Council and Parliament (Short Selling) (Case C–270/12), 22 January 2014,
not yet reported . . . . . . . . . 12n, 569n, 828n, 861n, 886n, 887, 899n, 901n, 910n, 980, 995n,
998, 999n, 1007
UK v Parliament and Council (Smoke Flavourings) (Case C–66/04) [2005]
ECR I–10553 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .887n, 1002n
UK v ECB (Cases T–93/13, T–45/12, and T–496/11), pending . . . . . . . . . . . . . . . . . . . . . . . 12n
Vodafone, O2 et al v Secretary of State (Case C–58/08) [2008] ECR I–4999 . . . . . . . . . . . . . 885n

xxii
 Table of Cases

EUROPEAN COURT OF JUSTICE:

NUMERICAL LIST OF CASES
Case 9/56, Meroni v High Authority [1957–1958] ECR 133 . . . . . . . . . . . . 420n, 535, 536n, 569,
650, 657, 672, 674, 674n, 675, 830, 899n, 909–10n, 915, 921, 935,
949n, 979–80, 994, 994n, 995, 995n, 996–1001, 1003
Case 25/70, Einfuhr- und Vorratsstelle v Köster [1970] ECR 1161. . . . . . . . . . . . . . . . . . . . . 861n
Case 120/78, Rewe-Zentral AG v Bundesmonopolverwaltung für Branntwein
(Cassis de Dijon) [1979] ECR 649 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22n, 329, 329n, 858
Case C–70/81, European Parliament v Council [1990] ECR I–2041 . . . . . . . . . . . . . . . . . . . 885n
Case 205/84, Commission v Germany [1986] ECR 3755 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10n
Case 89/90, Romano [1981] ECR 1241 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 994, 999, 1001
Case C–359/92, Germany v Council [1994] ECR I–3681 . . . . . . . . . . . . . . . . . . . . . . . . . . 1002n
Case C–384/93, Alpine Investments v Minister van Financiën [1995]
ECR I–1141 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10n, 12, 60, 802, 885n
Case C–101/94, Commission v Italy [1996] ECR I–2691 . . . . . . . . . . . . . . . . . . . . 10n, 12n, 328n
Case C–233/94, Germany v Parliament and Council [1997] ECR I–2405. . . . . . . . . . . .837n, 885n
Case C–376/98, Germany v Parliament and Commission (Tobacco Advertising)
[2000] ECR I–8419 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 885n
Case C–11/00, Commission v ECB (OLAF case) [2003] ECR I–7147 . . . . . . . . . . . . . . . . . . . 915
Case C–491/01, British American Tobacco (Investments) Limited and Imperial
Tobacco v Secretary of State for Health [2002] ECR I–1453. . . . . . . . . . . . . . . . . . . . . . 885n
Case C–222/02, Paul, Sonnen-Lütte, and Mörkens v Germany [2004] ECR I–9425 . . . . . . . . 840n
Case C–384/02, Grngaard and Bang [2005] ECR I–9939 . . . . . . . . . . . . . . . . . . . . . 702n, 724–5
Cases C–210/03 and C–434/02, The Queen, on the application of Swedish Match
and Others v Secretary of State for Health and Others [2004] ECR I–11893 . . . . . . . . . . 885n
Case C–380/03, Germany v European Parliament and Council [2006] ECR I–11573 . . . . . . . 885n
Case C–66/04, UK v Parliament and Council (Smoke Flavourings) [2005]
ECR I–10553 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 887n, 1002n
Case C–154/04, R ex p Alliance for Natural Health v Secretary of State for Health
and National Assembly Wales [2005] ECR I–6451 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 909
Case C–217/04, UK v Council and Parliament (ENISA) [2006] ECR I–3771. . . . 887, 887n, 1000,
1002n
Case C–391/04, Oikonomikon and Amfissas v Georgakis [2007] ECR I–3 . . . . . . . 702n, 707, 722n
Case C–45/08, Spector Photo Group NV and Chris Van Raemdonck v Commissie
voor het Bank-, Financieen Assurantiewezen (CBFA) [2009] ECR 12073 . . . . . . 717n, 727–8n
Case C–58/08, Vodafone, O2 et al v Secretary of State [2008] ECR I–4999 . . . . . . . . . . . . . . 885n
Case C–445/09, IMC Securities BV v Stichting Autoriteit Financiële Marketen
[2011] ECR 5917 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 741n
Case C–233/10, Commission v Netherlands [2010] ECR I–170. . . . . . . . . . . . . . . . . . . . . . . . 12n
Case C–19/11, Markus Getl v Daimler AG, 28 June 2012, not yet reported . . . . . . . 721, 732n, 734
Case C–604/11, Genil 48 SL, Comercial Hostelera de Grandes Vinos SL v Bankinter SA,
Banca Bilbao Vizcaya Argentaria SA, 30 May 2013, not yet reported . . . . . . . . . . . . .12n, 344n
Case C–270/12, UK v Council and Parliament (Short Selling), 22 January 2014, not yet
reported. . . . . . . . . . . . . . . . . . . .12n, 569n, 828n, 861n, 886n, 887, 899n, 901n, 910n, 980,
995n, 998, 999n, 1007
Case C–359/12, Michael Timmel v Aviso Zeta AG, 15 May 2014, not yet reported . . . . . . . . 103n
Case C–209/13, UK v Council, 30 April 2014, not yet reported. . . . . . . . . . . . . . . . . . . .12n, 633n
Case C–507/13, UK v Council and Parliament, pending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12n
Cases T–93/13, T–45/12, and T–496/11,UK v ECB, pending . . . . . . . . . . . . . . . . . . . . . . . . . 12n

xxiii
 Table of Cases

NATIONAL CASES

Australia
ASIC v Citigroup Global Markets Australia [2007] FCA 963 . . . . . . . . . . . . . . . . . . . . . . . . . . 372

United Kingdom
R v International Stock Exchange, ex p Else [1993] QB 534 . . . . . . . . . . . . . . . . . . . . . . . . . . 181n

United States of America

Basic v Levinson 485 US 224 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 722n

xxiv
 TABLE OF LEGISLATION

EU LEGISLATION Art 267 . . . . . . . . . . . . . . . . . . . . . . . . 910n

Art 277 . . . . . . . . . . . . . . . . . . . 899n, 1001
Treaties
Art 288 . . . . . . . . . . . . . . . . . . . . . . . . . . 11
European Community Treaty . . . . . .859, 867n, Art 289 . . . . . . . . . . . . . . . . . . . . . . 11, 860
877n, 884 Art 290 . . . . . . 11, 80, 459–60n, 549n, 860,
Art 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 882, 882n, 883, 899–901, 901n, 902–3,
Art 95 (now TFEU Art 114). . . . . . . . . . 887 903n, 904–5, 907, 910n, 920–4, 924n,
Art 202 . . . . . . . . . . . . . . . . . . . . . . . . . 861 925, 925n, 994, 999, 1001–2
Art 308 (now TFEU Art 352). . . . . . . . . 887 (1). . . . . . . . . . . . . . . . . . . . . . . . . . . 901
Maastricht Treaty . . . . . . . . . . . 859, 888, 951 (3). . . . . . . . . . . . . . . . . . . . . . . . . . . 901
Single European Act. . . . . . . . . . . . 328–9, 858 Art 291 . . . . . . 11, 80, 860, 882, 882n, 883,
Treaty of Amsterdam . . . . . . . . . . . . . . . . . 888 899–901, 901n, 902, 904, 910n, 920–4,
Treaty on European Union (TEU) . . 9, 30n, 39 924n, 925, 925n, 994, 999, 1001–2
Art 3(3). . . . . . . . . . . . . . . . . . . . . . . . . . . 9 (1). . . . . . . . . . . . . . . . . . . . . . . . . . . 901
Art 4(3). . . . . . . . . . . . . . . . . . . . . 417, 676 (3). . . . . . . . . . . . . . . . . . . . . . . . . . . 902
Art 5 . . . . . . . . . . . . . . . . . . . . . . . . 11, 884 Art 294 . . . . . . . . . . . . . . . . . . . . . . 11, 888
Art 13 . . . . . . . . . . . . . . . . . . . . . . . . . . 11n Art 300 . . . . . . . . . . . . . . . . . . . . 11n, 889n
Art 16 . . . . . . . . . . . . . . . . . . . . . 11n, 889n Art 326 . . . . . . . . . . . . . . 39n, 631, 631–2n
(4). . . . . . . . . . . . . . . . . . . . . . . . . . 979n Arts 327–331. . . . . . . . . . . . 39n, 631, 632n
Art 20 . . . . . . . . . . . . . . . . . . . . . . 39n, 631 Art 332 . . . . . . . . . . . . . . . . . . . . . 39n, 631
(1)–(4). . . . . . . . . . . . . . . . . . . . . . . . 631 Art 333 . . . . . . . . . . . . . . . . 39n, 631, 632n
Treaty on the Functioning of the European Art 334 . . . . . . . . . . . . . . . . . . . . . 39n, 631
Union (TFEU). . . . . . . . . . . . . 886, 907, Art 352 . . . . . . . . . . . . . . . . . . . . 886, 1000
926n, 928–9, 949n, 1001 Treaty of Lisbon . . . . . . 30n, 39, 50, 79n, 201,
Art 4(2). . . . . . . . . . . . . . . . . . . . . . . . 884n 213, 859–60, 882, 888, 888n,
Art 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 893, 895, 899n, 901, 999
Art 49 . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Treaty of Nice . . . . . . . . . . . . . . . . . . . . . . 888
Art 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
(2)(g). . . . . . . . . . . . . . . . . . . . . . . . . 885 Decisions
Arts 51–52 . . . . . . . . . . . . . . . . . . . . . . . 10 Council Decision 87/373/EEC laying down
Art 53 . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 the procedures for the exercise of
(1). . . . . . . . . . . . . . . . . . . . 885–6, 886n implementing powers conferred
Arts 54–62 . . . . . . . . . . . . . . . . . . . . . . . 10 on the Commission [1987]
Arts 63–66 . . . . . . . . . . . . . . . . . . . . . . 885 OJ L197/33 . . . . . . . . . . . . . . 859n, 861n
Art 83(2) . . . . . . . . . . . . . . . . . . . . . . . . 766 Council Decision 99/468/EC laying down
Art 113 . . . . . . . . . . . . . . . . 627, 631, 632n the procedures for the exercise of
Art 114 . . . . . . . 885, 885n, 886, 886n, 887, implementing powers conferred on the
887n, 888, 949n, 994, Commission (1999 Comitology Decision)
999–1000, 1002 [1999] OJ L184/23 . . . . . . . . 859n, 861n
Art 115 . . . . . . . . . . . . . . . . . . . . . . . . . 885 Commission Decision 2001/527/EC
Art 123 . . . . . . . . . . . . . . . . . . . . . . . . . 30n establishing the Committee of
Art 127 . . . . . . . . . . . . . . . . . . . . . . . . 889n European Securities Regulators
(2). . . . . . . . . . . . . . . . . . . . . . . . . . . 588 (2001 CESR Decision) [2001]
(5). . . . . . . . . . . . . . . . . . . . . . . . . . 951n OJ L191/43 . . . . . . . . 864n, 876–7, 877n
(6). . . . . . . . . . . . . . . . . . . . . . . . . 1019n Commission Decision 2001/528/EC
Art 134 . . . . . . . . . . . . . . . . 11n, 867, 952n establishing the European Securities
Art 236 . . . . . . . . . . . . . . . . . . . . . . . . 899n Committee (European Securities
Art 258 . . . . . . . . . . . . . . . . . . . . . 12n, 589 Committee Decision) [2001] OJ
Art 263 . . . . . . . . . . 899n, 913n, 975, 1001 L191/45 . . . . . . . . . . . . . . . . . . . . . 864n

xxv
 Table of Legislation

Commission Decision 2004/5/EC establishing Council Decision 2013/52/EU authorizing

the Committee of European Banking enhanced cooperation in the area of
Supervisors [2004] OJ L3/28 . . . . . . 866n the financial transaction tax [2013]
Commission Decision 2004/6/EC establishing OJ L22/11 . . . . . . . . . . . . . . . . . . . . 632n
the Committee of European Insurance
and Occupational Pensions Supervisors Directives
[2004] OJ L3/30 . . . . . . . . . . . . . . . 866n 2001 UCITS III Directive (Directives 2001/
Commission Decision 2004/7/EC amending 107/EC [2002] OJ L41/20 and 2001/
Decision 2001/527/EC [2004] 108/EC [2002] OJ L141/35) . . .105, 218,
OJ L3/32. . . . . . . . . . . . . . . . . . . . . 866n 225, 228–30, 232–4, 237–8,
Commission Decision 2004/9/EC 238n, 250, 254, 268, 268n,
establishing the European Insurance 283, 283n, 293n, 319
and Occupational Pensions For specific Articles see these individual
Committee [2004] OJ L3/34 . . . . . . 866n Directives below
Commission Decision 2004/10/EC 2014 UCITS V Directive, Council
establishing the European Banking Document 7411/14, 13 March 2014
Committee [2004] OJ L3/36 . . . . . . 866n (not yet published in the OJ) . . . 36n, 41,
Council Decision 2006/512/EC amending 194–5n, 200–1, 210–11, 218, 225,
Decision 99/468 laying down procedures for 228–9, 232–3, 240, 242, 242n, 243,
the exercise of implementing powers 243n, 244–7, 248n, 257, 257n,
conferred on the Commission 258–9, 284, 298, 414n, 607n, 968
[2006] OJ L200/11 . . . . . . . . 860n, 870n Recital 2 . . . . . . . . . . . . . . . . . . . . . . . 241n
Commission Decision 2006/891/EC on third Directive 78/660/EEC on annual accounts
country issuers and financial reporting of certain types of companies (1978
[2006] OJ L343/96 225 (amending Fourth Company Law Directive) [1978]
the Transparency Directive) . . . . . . . 166n OJ L222/11 . . . . . . . . . . . . 128, 151, 153
Commission Decision 2008/365/EC setting Directive 79/279/EEC coordinating the
up a group of experts on financial conditions for the admission of securities
education [2008] OJ L125/36. . . . . . 848n to official stock exchange listing
Commission Decision 2008/961/EC on the (1979 Admissions Directive) [1979]
use by third countries’ issuers of national OJ L66/21 . . . . . . . . . . 71, 128, 172, 179
accounting standards and International Directive 80/390/EEC coordinating the
Financial Reporting Standards [2008] requirements for the drawing-up, scrutiny
OJ L340/112 . . . . . . . . . . . . . . . . . . 167n and distribution of the listing particulars
Commission Decision C (2009) 176, January to be published for the admission of
2009 establishing the Committee of securities to official stock exchange
European Securities Regulators . . . . . 880n listing (1980 Listing Particulars Directive
Commission Implementing Decision or LPD) [1980] OJ L100/1. . . . . 64, 71–2
2012/627/EU on recognition of the legal Directive 82/121/EEC on information to be
and supervisory framework of Australia published on a regular basis by companies
as equivalent (rating agencies) [2012] the shares of which have been admitted
OJ L274/30 . . . . . . . . . . . . . . . . . . . 681n to official stock exchange listing
Commission Implementing Decision 2012/628/ (1982 Interim Reports Directive or
EU on recognition of the legal and IRD) [1982] OJ L48/26 . . . . . . . . 64, 128
supervisory framework of the US as Directive 83/349/EEC on consolidated accounts
equivalent (rating agencies) [2012] OJ [1983] OJ L193/1 (1983 Seventh Company
L274/32 . . . . . . . . . . . . . . . . . . . . . 681n Law Directive) . . . . . . . . . . . . . .128, 151, 153
Commission Implementing Decision 2012/ Directive 85/611/EEC on the coordination
630/EU on recognition of the legal and of laws, regulations and administrative
supervisory framework of Canada as provisions relating to undertakings for
equivalent (rating agencies) [2012] collective investment in transferable
OJ L278/17 . . . . . . . . . . . . . . . . . . . 681n securities (1985 UCITS Directive)
Commission Implementing Decision [1985] OJ L375/3 . . . . . .23n, 194, 194n,
2012/194 [2012] OJ L103/49, 195, 197, 197n, 201, 203, 205–6,
amending the original 2008 224, 234, 314, 782, 866n
Equivalence Decision . . . . . . . . . . . . 167n Art 21(1) . . . . . . . . . . . . . . . . . . . . . . . 234n

xxvi
 Table of Legislation

Directive 88/627/EEC on the information to Directive 97/9/EC on investor compensation

be published when a major holding in a schemes (1997 Investor Compensation
listed company is acquired or disposed Schemes Directive or ICSD) [1997] OJ
of (1988 Substantial Shareholdings L84/22 . . . . . 247, 263, 263n, 351, 351n,
Directive or SSD) [1988] 364, 778, 782, 835–7, 837n, 838,
OJ L348/62 . . . . . . . . . . . . . 65, 128, 141 840–1, 841n, 842–6
Directive 89/298/EEC coordinating the Recital 9 . . . . . . . . . . . . . . . . . . . . . 837–8n
requirements for the drawing-up, scrutiny Recital 11 . . . . . . . . . . . . . . . . . . . . . . . 838
and distribution of the prospectus to be Recital 13 . . . . . . . . . . . . . . . . . . . . . . . 838
published when transferable securities are Recital 23 . . . . . . . . . . . . . . . . . . . . . . . 840
offered to the public (1989 Public Offers Art 1
Directive or POD) [1989] OJ L124/8 (2). . . . . . . . . . . . . . . . . . . . . . . . . . 837n
65n . . . . . . . . . . . . . . . . . . 65, 71, 83, 85 (5). . . . . . . . . . . . . . . . . . . . . . . . . . . 838
Directive 89/592/EEC coordinating Art 2
regulations on insider dealing (1989 (1). . . . . . . . . . . . . . . . . . . . . . . 837, 840
Insider Dealing Directive or IDD) (2). . . . . . . . . . . . . . . . . . . . . . . . . . . 839
[1989] OJ L334/30 . . . . . . . . .702n, 705, (3). . . . . . . . . . . . . . . . . . . . . . . . . . 838n
707–12, 718, 722n, 724, 724n, (4). . . . . . . . . . . . . . . . . . . . . . . . . . 839n
725–6, 728n, 764n Art 4
Art 7 . . . . . . . . . . . . . . . . . . . . . . . . . . 730n (1)–(2). . . . . . . . . . . . . . . . . . . . . . . . 838
Directive 89/646/EEC on the coordination of (4). . . . . . . . . . . . . . . . . . . . . . . . . . . 838
the laws, regulations and administrative Art 5(1)–(2). . . . . . . . . . . . . . . . . . . . . . 840
procedures relating to the taking-up and Art 7(1)–(2). . . . . . . . . . . . . . . . . . . . . . 841
pursuit of the business of credit institutions Art 8(1)–(2). . . . . . . . . . . . . . . . . . . . . 839n
and amending Directive 77/780/EEC Art 9 . . . . . . . . . . . . . . . . . . . . . . . . . . 839n
(1989 Second Banking Co-ordination (1)–(2). . . . . . . . . . . . . . . . . . . . . . . 839n
Directive or BCD II) Art 10
[1989] OJ L386/1 . . . . . . . . . . . . . . . 329 (1). . . . . . . . . . . . . . . . . . . . . . . . . . . 839
Directive 93/6/EC on the capital adequacy (3). . . . . . . . . . . . . . . . . . . . . . . . . . . 839
of investment firms and credit institutions Art 13 . . . . . . . . . . . . . . . . . . . . . 840, 840n
(1993 Capital Adequacy Directive or Annex I . . . . . . . . . . . . . . . . . . . . 838, 838n
CAD) [1993] OJ L141/1 . . . . . . . . . . 329 Directive 98/26/EC on settlement finality
Directive 93/13/EEC on unfair terms in in payment and securities settlement
consumer contracts (1993 Unfair systems (1998 Settlement Finality
Contract Terms Directive) [1995] Directive) [1998]
OJ L95/29 . . . . . . . . . . . . . . . . . . . . . 779 OJ L166/45 . . . . . . . . . . . 505, 505n, 605
Directive 93/22/EEC on investment services Directive 2000/31/EC on certain legal
in the securities field (1993 Investment aspects of information society
Services Directive or ISD) [1993] OJ services, in particular electronic
L141/27 . . . . . . 195, 198, 327–39, 330n, commerce, in the internal market
331, 334n, 341, 345n, 355–6, 365, 400, (2000 E-Commerce Directive or
435, 435n, 436, 436n, 782n, 784, 796, ECD) [2000] OJ L178/1 . . . . . . 783, 817
836, 862–3, 951n Directive 2001/34/EC on admission of
Art 7(1). . . . . . . . . . . . . . . . . . . . . . . . 862n securities to official stock exchange
Art 11 . . . . . . . . . . . . . . . . . . 329–30, 330n listing and on information to be
Directive 94/18/EC amending Directive published on those securities (2001
80/390/EEC with regard to the obligation Securities Consolidated Directive/SCD/
to publish listing particulars (1994 Consolidated Admission Requirements
Eurolist Directive) [1994] OJ L135/1 . . . 72 Directive/CARD) [2001] OJ
Directive 94/19/EC on deposit-guarantee L184/1 . . . . .50, 64, 179–80, 180n, 181n
schemes (1994 Deposit Guarantee Art 1 . . . . . . . . . . . . . . . . . . . . . . . . . . 179n
Directive or DGD) [1994] Art 2 . . . . . . . . . . . . . . . . . . . . . . . . . . 179n
OJ L135/5 . . . . . . 423, 788, 837, 837–8n, (1). . . . . . . . . . . . . . . . . . . . . . . . . . . 180
840n, 843–4, 846, 885n Art 3 . . . . . . . . . . . . . . . . . . . . . . . . . . 181n
Art 38 . . . . . . . . . . . . . . . . . . . . . . . . . 423n Art 5 . . . . . . . . . . . . . . . . . . . . . . . . . . 179n

xxvii
 Table of Legislation

Art 6 . . . . . . . . . . . . . . . . . . . . . . . . . . 179n (1)–(2). . . . . . . . . . . . . . . . . . . . . . . 802n

(1). . . . . . . . . . . . . . . . . . . . . . . . . . . 181 Art 11 . . . . . . . . . . . . . . . . . . . . . . . . . . 817
Art 7 . . . . . . . . . . . . . . . . . . . . . . . . . . 179n Art 13(2) . . . . . . . . . . . . . . . . . . . . . . . . 950
Art 8 . . . . . . . . . . . . . . . . . . . . . . . . . . 179n Directive 2002/92/EC on Insurance
(1)–(3). . . . . . . . . . . . . . . . . . . . . . . . 181 Mediation (2002 Insurance Mediation
Art 9 . . . . . . . . . . . . . . . . . . . . . . . . . . 179n Directive or IMD I) [2003]
Arts 11–12 . . . . . . . . . . . . . . . . . 179n, 181 OJ L9/3. . . . . . 341n, 778, 778n, 779–81,
Arts 13–15 . . . . . . . . . . . . . . . . . . . . . 179n 783, 785–6, 799, 815–16
Art 16 . . . . . . . . . . . . . . . . . . . . . . . . . 179n Art 2(3) . . . . . . . . . . . . . . . . . . . . . . . . 815n
(1). . . . . . . . . . . . . . . . . . . . . . . . . . . 181 Art 12 . . . . . . . . . . . . . . . . . . . . . . . . . 815n
Arts 17–18 . . . . . . . . . . . . . . . . . . . . . 179n (1). . . . . . . . . . . . . . . . . . . . . . . . . . . 815
Art 19 . . . . . . . . . . . . . . . . . . . . 179n, 181n (a)–(e) . . . . . . . . . . . . . . . . . . . . . 815n
(1). . . . . . . . . . . . . . . . . . . . . . . . . . . 181 (2)–(3). . . . . . . . . . . . . . . . . . . . . . . . 815
Art 21(a) . . . . . . . . . . . . . . . . . . . . . . . . 184 Arts 13a–13b . . . . . . . . . . . . . . . . . . . . 816n
Arts 43–44 . . . . . . . . . . . . 179n, 181, 181n Directive 2003/6/EC on insider dealing
Art 45 . . . . . . . . . . . . . . . . . . . . . 179n, 181 and market manipulation (2003
Art 46 . . . . . . . . . . . . . . . . 179n, 181, 181n Market Abuse Directive or MAD I)
Art 47 . . . . . . . . . . . . . . . . . . . . . 179n, 181 [2003] OJ L96/16 . . . . . . . . 27, 27n, 28,
Art 48 . . . . . . . . . . . . . . . . . . . . . 179n, 181 49n, 51, 66, 75, 127–9, 213,
(5). . . . . . . . . . . . . . . . . . . . . . . . . . 181n 637, 637n, 687, 694–5, 699–700,
Arts 49–57 . . . . . . . . . . . . . . . . . 179n, 181 705–6, 706n, 707–9, 709n,
Art 58 . . . . . . . . . . . . . . . . 179n, 181, 181n 710–12, 714, 716, 716n, 717–18,
Arts 59–63 . . . . . . . . . . . . . . . . . 179n, 181 718n, 719, 719n, 721, 723, 723n,
Art 64 . . . . . . . . . . . . . . . . . . . . . . . . . 179n 724, 727–8, 728n, 729–30, 730n,
Art 105 . . . . . . . . . . . . . . . . . . . . . . . . 179n 731–2, 732n, 733, 733n, 734–8,
(2). . . . . . . . . . . . . . . . . . . . . . . . . . . 181 739n, 740, 740n, 741, 741n,
Arts 106–107. . . . . . . . . . . . . . . . . . . . 179n 750–1, 751n, 752–3, 753n, 755,
Directive 2001/107/EC on management 755n, 756–60, 760n, 761–2,
companies and simplified prospectuses 762n, 763–4, 764n, 765n, 866n,
(2001 Management Company and 868n, 870n, 873, 954n, 991
Prospectus Directive or UCITS III) Recital 39 . . . . . . . . . . . . . . . . . . . . . . 762n
[2002] OJ L41/20 . . .201, 201n, 250n, 319 Art 6
Directive 2001/108/EC on UCITS (1). . . . . . . . . . . . . . . . . . . . . . . . . . . 731
investments (2001 Product Directive (4). . . . . . . . . . . . . . . . . . . . . . . . . . . 738
or UCITS III) [2002] OJ L41/35 . . . 201, (5). . . . . . . . . . . . . . . . . . . . . 685, 694–5
201n, 204–6, 208, 211–13, 218, 224, Art 10 . . . . . . . . . . . . . . . . . . . . . . . . . . 731
224n, 237–8, 238n, 319 Directive 2003/41/EC on Institutions for
Art 50(1)(g) . . . . . . . . . . . . . . . . . . . . . . 228 Occupational Retirement Provision
Art 55 . . . . . . . . . . . . . . . . . . . . . . . . . . 232 [2003] OJ L235/10 . . . . . . . . 593n, 595n
(3). . . . . . . . . . . . . . . . . . . . . . . . . . . 232 Directive 2003/71/EC on the prospectus to
Directive 2002/65/EC concerning the distance be published when securities are offered
marketing of consumer financial services to the public or admitted to trading
(2002 Distance Marketing of Financial (2003 Prospectus Directive) [2003]
Services Directive or DMD) [2002] OJ L345/64 . . . . . . . . . 27, 27n, 28, 36n,
OJ L271/16 . . . . . . 27, 27n, 28, 774, 779, 49–50, 50n, 59, 59n, 66–7, 68n,
783, 790, 801–2, 816–17, 822n 71–129, 131–3, 133n, 134, 134n,
Recital 13 . . . . . . . . . . . . . . . . . . . . . . . 790 147–9, 173, 175, 176n, 179,
Art 2 181, 248, 252, 778, 783, 785,
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 816n 785n, 791–2, 866n, 868n, 870,
(d)–(e) . . . . . . . . . . . . . . . . . . . . . . . 816n 870n, 873, 902n, 920n, 934, 950,
(f) . . . . . . . . . . . . . . . . . . . . . . . . . . 817n 954n, 966n, 989, 991
Art 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . 816 Recital 1 . . . . . . . . . . . . . . . . . . . . . . . . 94n
Art 5(1). . . . . . . . . . . . . . . . . . . . . . . . . 817 Recital 10 . . . . . . . . . . . . . . . . . . . . . . . 94n
Arts 6–7 . . . . . . . . . . . . . . . . . . . . . . . 817n Recital 12 . . . . . . . . . . . . . . . . . . . 84n, 94n
Art 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . 817 Recital 14 . . . . . . . . . . . . . . . . . . . . . . . 109
Art 10 . . . . . . . . . . . . . . . . . . . . . . . . . . 817 Recital 15 . . . . . . . . . . . . . . . . . . . . . . . . 78

xxviii
Exploring the Variety of Random
Documents with Different Content
Eastern av Gaines Chas W emp Swift Candn Co h 31 Holmesdale rd
(York Twp) --Clinton RCMP r 71 Sparkhall av — Fredk A h 25 Ronan
av — Hazel with Watt & Watt r 31 Holmesdale rd (York Twp) --John
C asst acct Excelsior Life h 12 Douglas av —Lome A Income Tax h 36
McMurrich Gainford Jack emp A V Roe h 4, O Bldg, Norris cres (Mim)
Gainforth A Marie head nurse Tor Western Hosp r same Gainley Alex
J h 16 Mould av (York Twp) Gainor John R teletype opr Bongard &
Co r 170 Lakeshore av (Ward’s Island) Gainore Prospecting
Syndicate D A Drysdale mgr 312, 29 Melinda Gains Cora r 59 Granby
--Geo slsmn Weston Bakeries h 4 Bridgman — Luella (wid Edwd) h
423 Adelaide w Gainsboro Apts, The 607-609 Spadina av --Studio
(Ernest Howard) photo 213 Parliament Gainsborough Kitchens Ltd
John H Hemmings pres, A Lister sec-treas delicatessen 1444
Danforth av, 2030 Queen e, 575 Bayview av1 (Leas) 737 Danforth av
Gainsford Lois r 3 Edgewood av Gaiot Giuseppe h 35 Armstrong av
Gair Arnold furrier r 73 Stephen dr (Etob) --Chas F emp Banner
Printing Co h 70 Portland (Mim) —Chas M elk T Schnaufer Co h 153
Forman av GAIR COMPANY OF CANADA LIMITED, David H Ross,
President and General Manager, W George Cowan Vice-President, A
L Mitchell Vice-President in charge of sales, J S Babbitt Vice-
President, George M Willoughby Secretary, W R Eccles Treasurer, H A
Agar Comptroller, F W Danaher Assistant Treasurer, L F Roberts
Assistant Secretary, Manufacturers of Paper Board, Cartons, Shipping
Cases, Corroflex and Gummed Tape, 9th Floor, 372 Bay, Phone
EMpire 3-9051, Divisions: South Side Poison, Phone GLadstone
2441, 475 Commissioners, Phone GErrard 5957, North Side Ray
Avenue (York Township), Phone Junction 4171 — Donald acct Coca
Cola h 78 Burgess av --Ellen (wid Jas) h 593 Bathurst --Jack jr
plmbr’s apprentice Bennett & Wright r 593 Bathurst --Jack route
slsmn Borden Co r 593 Bathurst --Jas prod mgr Jas Morrison Brass
Mfg Co Ltd res Willowdale — Joseph F (Banner Printing Co) h 73
Stephen dr (Etob) — Lawrence S pckr Eatons h 305, 251 Sackville --
Lewis H vehiclemn CPExp h 262 Princess av --Matthew T J emp
Banner Printing Co r 2 Lido Court (Etob) --May r 355 Walmer rd —
Muriel cash Royce Theatre h 193 Campbell av — Norman (New
Toronto Builders Supplies) h 17 Station rd (Mim) — Phyllis swtchbd
opr McMaster Montgomery & Co r 70 Portland (Mim) --Regd H prntr
Telford & Craddock h 70 High (Etob) --W Lloyd traffic mgr Candn
Hanson & Van Winkle Co Ltd r 17 Station rd (Mim) — Wesley G M
emp Banner Printing Co h B5, 56 Maitland — Wm r 178 George
♦Gairdner, see also Gardener, Gardiner and Gardner --Jas A pres
Gairdner & Co Ltd res Oakville --John S dir Gairdner & Co Ltd res
Oakville Alphabetical, White Page 457 GAL GALARNEAU GAIRDNER -
-Hobena (wid Robt) h 37 Yarmouth gdns GAIRDNER, SON &
COMPANY, J A Gairdner, J P Crysdale, R O Bull, C W MacLean, R P
Howard, J S Gairdner, E J Allman, C Armstrong, G Bray, P W Hume, S
G Sharpe, J D Gibson, H E Neville and J F Plewman, Branches:
Montreal P.Q. Quebec City P.Q., Kitchener Ontario, Hamilton Ontario,
Kingston Ontario, Winnipeg & New York, Stockbrokers. Members
Toronto Stock Exchange and Montreal Stock Exchange, 320 Bay
Street Phone EMpire 68011 GAIRDNER & COMPANY LIMITED,
Directors: J A Gairdner President, J P Crysdale Vice-President, R O
Bull, VicePresident, C W MacLean Vice-President, R P Howard, J S
Gairdner, C Armstrong, G Bray Branches: Montreal: PQ., Quebec City
PQ., Kitchener Ontario, Kingston Ontario, Hamilton Ontario,
Winnipeg and New York, Investment Dealers, 320 Bay Street, Phone
EMpire 6-8011, Cable Address “Gairdnerco” Gairey Harold R
instructor CPR h 30 Barton av --Harry jr studt r 30 Barton av Gairn
Jas emp Minneapolis-Honeywell r 587 Oriole Pkwy Gairns Dora (wid
Jas) h 344 Fair lawn av (Nth Y) — Florence Mrs housemaid Trinity
Coll r St Hilda’s College — Gordon D order elk Cooksville Co h 26
Roberta dr (Nth Y) — Margt S tchr Lawrence Park Coll Inst r 344
Fairlawn av (Nth Y) — Marion (Gift & Toy Shop) r 12 Admiral rd —
Robt M elk Brewers’1 Warehousing h A4, 3270 Bathurst (Nth Y) --
Rosemary elk Can Life r 174 King Edward av (EY) --Sadie h 12 Oriole
gdns — Wm emp Northern Electric h 99 Raglan av (York Twp) —
Wm stablemn Weston Bakeries h 174 King Edward av (E Y)
Gaisbauer Hubert L wall paper dsgnr h 306, 162 Berry rd (Etob)
Gaisch Irma Mrs press opr Sterling Aluminum r 11 Silver av Gaiser
Elsa hrdrssr Monarch Beauty Salon r 412 Pharmacy av (Scar)
Gaisford Montague technical suprvsr Dunlop Tire h E8, 18 Elm Grove
av Gaisson Joseph h 113 Shuter Gait Geo E crane opr John Inglis h
33 Woodmount avenue Gaitanakis Ted h 7, 198 Robert Gaitano
D’Arsie lab Chiarot Plastering Co h 50 Ypres rd (York Twp) Gaitskell C
D dir of art Dept of Educ (Ont) r 349 Blythwood rd — Mildred E asst
cash Bd of Educ r 2, 113 Madison av --W Jessie (wid Wm) h 2, 113
Madison av Gaizauskas Anthony lab h 511 Douglas av (Nth Y) --
Frank tlr Ridley Tailor h 191 Sutherland dr (Leas) --Vytautas studt r
191 Sutherland dr (Leas) Gaizuitis Jerry emp Massey-Harris r 135
Gorevale avenue Gajas John emp Simpsons r 66 Admiral rd
Gajauskaite Brone nursing asst Tor Western Hosp r 438 Euclid av Gaj
da Boleslaw emp Campbells Soup h 404 Quebec avenue --Chester r
263 Dovercourt rd --Eunice A stenog Hinde & Dauch r 404 Quebec
av — Geo emp John Inglis r 404 Quebec av — Jenny swtchbd opr
Eatons r 404 Quebec av —John lab r 18 Grange av --Kazimierz emp
CGE h 58 Shirley --Mary E priv sec Carton, Gilbert & Richardson r
404 Quebec av --Mikolaj emp Ont Hardwood Floor h 113 Massey - -
Peter lab Goodyear Tire h 263 Dovercourt rd --Valentine h 263
Dovercourt rd --Walter r 19 Lakeview av — Wasyl hlpr Addison
Industries r 643 Wellington --Wm hlpr Chocolate Producs r 263
Dovercourt rd Gajdemski J emp Massey-Harris h 498 Riverside dr
(York Twp) --Jos plshr h 4 Evans av --Peter taxi drvr h 229 Crawford
--Ted mech r 4 Evans av — Walter r 4 Evans av Gajdka John h 39
Claremont Gajdos Mike lab Goodyear Tire h 36 Robinson Gajewski
Hillan h 185 High Pk av Gajic Dragomir h 526A Palmerston blvd Gal
Antone tlr Simpsons r 417 Sackville --John h 5 Earnbridge Galafaro
Jos emp CNR r 67 Kings Pk blvd (E Y) Galagher Helen emp Holloway
Paper Co r 672 Huron Galaher Marshall oil refiner Lever Bros h 32
Donlea dr (Leas) Galajda Ann stenog R C Pratt r 125 Mulock av —
Michl plant foremn Specialty Mfg & Distributing Co h 272 Scott rd
(York Twp) --Peter emp Stand Sanitary h 125 Mulock av Galamaga
Peter section man CNR h 284 Ossington avenue Galamb Elizth tchr J
G Workman Pub Schl h 55 Danforth rd (Scar) Galambos Jas drvr h
78 Wolseley --Leslie pntr & dec r 12 Rose av Galambosy Josef mech
Borden Co r 368 Blackthorn av (York Twp) Galamzen Vasil h 215 St
Helen’s av Galan Constantine r 15 Rusholme Pk cres — D service
man Iron Fireman r 96 Gilley av (NthY) --Henry spray pntr John
Inglis r 162 Crawford — Jean elk Bank of Com r 35 Cowley av
(Islington) — Michael emp Neilsons h 182 Dovercourt rd Galanchuk
Nick prntr Marked Co h 38 Lindsey av Galand Eugene W h 43 Jones
av --Frank emp Hill The Mover h 516 Indian gr --Wm E agt
Prudential Ins h 209 Coxwell av Galandiuk Mike r 86 Markham Galant
Edmund h 30 Kensington pi Galanty Theodore with Christie’s Bread r
207 Seventh (New T) Galanyk Andre h 32 Augusta av Galarneau
John ramper Tor Motor Car r 37 Sunset rd (Downsview)
 GAL GALARNEAU 0\g/6 LITHOGRAPHERS & PRINTERS
ROLPH • CLARK • STONE LIMITED TELEPHONE GLADSTONE 4611 •
TORONTO 8, CANADA LABELS - POSTERS - DISPLAYS EXCLUSIVE
ART CALENDARS - MAI,' GREETING CARDS - STATIONER',
GALARNEAU — Rene h 27 St Joseph — Romeo mech Tor Motor Car r
37 Sunset rd (Downsview) Galas Anthony housemn Royal York Hotel
h 9 Claremont — Frank benchmn Eatons r 157 Strachan av — Louis
constn wkr h 167 Fern av Galaskey Dmytro window clnr r 73
Wolseley Galaski Edwd emp A V Roe h 258 Beta (Etob) --John trk
drvr Rogers Fuel Oil h 135 Pitt av (Scar) --Joseph M shear opr
Westeel Products h 781 Adelaide w — Paul laster J D Carrier Shoe r
16 Leeds — Stanley window dec Planters Peanuts r 16 Leeds Galasso
Cesare (Galasso School of Designing) h 240 Bloor w ' — Costantino
ctr Eatons h 16 Lillian — Domenico carp h 406 Vaughan rd (York
Twp) --Joseph A bkpr Candn Bearings r 16 Lillian --Juliette tchr
Galasso Schl of Designing r 240 Bloor w — Leo tile setter h 35
Strader av (York Twp) — Pasquale studt r 16 Lillian --School of
Designing (Cesare Galasso) 240 Bloor w Galata Edwd taxi drvr h 861
Shaw — John waxer Can Foils h 60 Galley av — Richd drvr Future
Bakery r 60 Galley av Galati Ann r 102 Clinton — Bruno (Atlantic
Construction Co) h 166 Clinton — Caspare A lab Jonn T Hepburn Ltd
r 66 Yarmouth road — Domenic uphol Maple Leaf Feather & Down r
746 Adelaide w --Domenico lab John B Smith & Sons h 243 Lisgar —
Dominic (Galati & Galati) r 193 Clinton — Dominico emp John T
Hepburn Ltd r 102 Clinton — Fortunato lab John B Smith & Sons r
243 Lisgar --Francesco (Clinton Restaurant) r 66 Yarmouth rd --
uaspari h 102 Clinton --Gaspere r 243 Lisgar --Giureppi h 1127
College — Giuseppe lab Compass Contracting Co r 270 Lisgar —
Jimmy uphol Maple Leaf Feather & Down r 16 Gore — Rocco r 102
Clinton — Sami r 746 Adelaide w — Steve uphol Maple L--af F-ather
& Down r 2\ Clinton — Vito r 746 Adelaide w --& Galati (Dominic
Galati & Frank Soloton) groc & meat mkt 558 College Galatowsky
John lab Can Packers h 787 Indian rd --Walter emp Can Packers Ltd
r 787 Indian rd Galazachuk Wm bus boy Royal York Hotel r 484
Euclid av Galazewski Louis emp Aluminum Co of Can h 512 Pprth av
GalazKi sieve lab Franxei nroaaway Co n 42 Afton avenue Galbea
Gustof h 130 Dovercourt rd ♦Galbraith, see also Gilbreath --Alex h
601 Indian rd --Alex elect Simpsons h 17 Kitchener av (York Twp) —
Alfred h 32 Edge Pk av (Scar) --Alfred H field serv organizer Genl
Motors Products h 59 Eldon av (E Y) --Alice tphr Rawlinson Pub Schl
r 29, 1602 Bathurst (York Twp) --Anne tchr Bowmore Rd Pub Schl r
120 Roseheath avenue — Anne (wid Wm) h 89 Erskine av --Archd R
emp Ont Hydro res Thornhill --Chas h 46 Orchard cres (Etob) —
Chas r 31 Widmer --Chas servicemn Frigidaire Products r 20
Cleveland --Christina (wid Chas) h 20 Cleveland —Clarence W asst
sis mgr Natl Carbon h 16 Walmsley blvd — Donald C slsmn Hugh
Russel & Sons h 16 Redmount rd (Nth Y) — Donald L acct Bank of
Tor r 14 Pinewood av (York Twp) — Donald W supt Sterling
Aluminum h 1, 74 Melbourne av --Dorothy A compt opr Frank
Stollery r Ranstone gdns (Scar) —Douglas J phy h 217 Forest Hill rd
(Fst H) --Elizth (wid Henry) h 126A Cumberland —Evelyn (wid Chas)
r 245 Glencairn av --Evelyn nursing suprvsr Women’s College Hosp r
70 Grosv^or --Evelyn L (wid wmo) n 126 Rose Pk dr — Fannie Mrs
elk Dept of Highways (Prov) r 390 Brunswick av --Frank C pres &
genl mgr Offset Print & Litho Ltd h 24 Kingsway cres (Etob) —Fred
emD Candn Arsenals h 238 Sixth (New T) — Fredk elk Bank of Com
r 778 Crawford --Fredk A suprvsr development officer Ont Hydro h
79 Hillmount av (Nth Y) — Fredk D h 123 Chester av — G B insp Ins
Co of North America h B, 8 Park av — Geo (Galbraith's Smoke Shop)
h 1103 Victoria Pk av (Scar) --Geo millwright Frigidaire Products h 21
Lauder avenue — Gertrude off elk Eatons r 46 Victor av — Gordon
studt r 26 Joseph (Wstn) — Grace (wid Geo) h 46 Belvidere av (York
Twp) --H Joan r 7 Edmund av (Wstn) — Harry A maint Frank Stollery
h 67 Ranstone gdns (Scar) — Harry D emp Neilsons h 10 Apple
Grove av — Harry W emp Ford Motor Co h 84 Kalmar av ry w en
(Scar) --Helen r 79 Awde — Howard mech Stand Elect r 53 Lynd av
— Ida Mrs opr Eatons r 29 Kimberley --Isa M tchr Grace St Pub Schl
h 202, 807 College — Isabella (wid John W) h 778 Crawford — J
Bowman asst crown attorney h 11, 66 Beech av --J C pres Tinsel Mfg
(1944) Ltd h 203, 10 Benvenuto pi — Jas elect U Chalk r 1011 Shaw
— Jas trucker Galbraith Trucking h 947 Glencairn av (Nth Y) — Jas C
slsmn Robt Elder Ltd h 162 Prince Edward dr s (Etob) --Jas H 47
Robina av (York Twp) — Jas K asst dept head Candn Acceptance
Corp h 8 Lonsdale rd --Jean stenog Candn Mfrs Assn r 78 Grosvenor
av •-Jean E bkpr Hudson Plumbing Supplies r 89 Erskine av
GALBRAITH --Jennie (wia Jas L) h 46A Galley av — Jewellers
(Norman P Galbraith) 162 Lauder av — John h 343 Prince Edward dr
n (Etob) — John h 9, 45 Spadina rd — John C pres Tinsel Mfg (1944)
Ltd h 493 Spadina rd (Fst H) --John E acct Massey-Harris h 26
Joseph (Wstn) — John E drftsmn A V Roe h 9 Parkway dr (Etob) --
John F (Duo Craft Studio) h 78 Binscarth rd --John F with Bank of
Com r 78 Chestnut Pk rd --John K comp Cooper & Beatty r 41 Tyrrel
av — John M slsmn Drew Craft Studios r 78 Binscarth road --John R
h 734 Dovercourt rd — John T emp CPR h 261 Keele --Joseph A trk
drvr Griffin Cartage h 524 Evans av (Etob) --Joseph R accounting
office Loblaws h 123 Chester av --Kathleen h 96 Kenilworth av —
Kenneth I elk Marine Managers res Thornhill --Lawrence (Galbraith’s
Smoke Shop) r 23 Gamble av (Scar) --Leona emp Lambert Lodge r
957 Lansdowne av — Lewis mach Sangamo Elect h 175 Quebec av
— Lillian h 48 Oakwood av — LuciUe R emp Colgate-Palmolive-Peet
h 17 C opeland av — Lydia M emp Eatons h 119 Balmoral av —
Margt Mrs bkpr E H Dickinson Advertising Co Ltd r 62 Robbins av —
Margt h 78 Lincoln av --Margt dietitian Victoria Univ r 85 Charles w --
Mary Mrs r 48 Millicent --Mary r 9, 45 Spadina rd --Mary elk Borden
Cor 5059 Yonge (Willowdale) — Mary elk J Walter Thompson r 119
Balmoral av --Mary winder H Leach & Co r 60 Amroth av — Mary C
tchr Earl Beatty Schl h 24 Carmichael av (Nth Y) ^--Mavis off elk
White Bros r 2 Battenberg av --Morris F elk Goodyear Tire r 238
Sixth (New T) --Muriel stenog Candn Kodak h 9 Parkway dr
(Islington) --Norma r 73 Billings av --Norman P (Galbraith Jewellers)
h 7 Edmund av (Wstn) —Oakley E pc York Twp Police Dept h 123
Gothic avenue — R Gordon A vice-pres Canadian Car & Bus
Advertising Ltd h 3 Dunedin dr (Etob) —Rae H elk Acme Carbon &
Ribbon r 3 Battenberg avenue — Rena Mrs elk Official Guardian h
103, 41 Lorindale av — Rhona stenog Dept of Pub Wks r 778
Crawford — Robt trucker h 1135 Glencairn av (Nth Y) — Robt G tree
ctr Pioneer Tree Co r 46 Belvidere av (York Twp) — Robt M sis mgr M
Wintrob & Sons h 347 Brooke av (Nth Y) — Ross G h 1848 Gerrard e
— Ross W emp Tor Elevators r 69 River --Roy A porter Union Station
h 314 Hillsdale av e — Sheldon W h 269 Greer rd — Shirley M sis
correspondent Foodcraft Laboratories r 314 Hillsdale av e --Shirley A
stenog Genl Motors Acceptance Corp res Thornhill — T Herbt sis elk
Minneapolis-Honeywell h 1 D°lwood dr (Scar) — Ted barber Scully
Barber Shop r 307 Woodbine av — Vera asst mgrss Simpsons r 51
Burgess a/ — W J Ross lead opr Tor Elevator r 69 River — Wm A
slsmn McKague Chemical h M, 220 Delaware av --Wm A acct Liquor
Control Bd h 46 Petman av --Wm E emp Telegram h 119 Manor rd e
Galbraith’s Smoke Shop (Lawrence & Geo Galbraith) confy &
magazines 1103 Victoria Pk av (Scar) Galbreath Melvin drvr Can
Bread r 60 Athol av (Etob) — Mina (wid Thos) h 11 Poplar Plains cres
Galco Annie r 130 Claremont --Mike h 130 Claremont Galczyk Stan
wrehsemn Miner Rubber r 80 Markham Galczynski Walter frame
assmblr Chesterfield & Furniture Mfg h 31 Humber Trail (York Twp)
Galda Pe-ter constn wkr r 84 Wolseley Galdikas Antanas emp Candn
Acme Screw & Gear h 165 Gladstone av Galdins Elza druggist G
Tamblyn r 233 Franklin av —Valdamis orderly Lyndhurst Lodge r 233
Franklin av Galdzinski Jos T (Bison Studio) h 314 Yonge Gale Albt
emp Broadview Hotel h 23 Marjory av — Alfred L trk drvr Dept St
Clng r 15 Hillingdon av — Allan r 459 Montrose av — Anne (wid
Richd) h 4 Earl Haig av —Arthur r 45 Wood — Arthur trucker Stand
Sanitary h 35 Homeview av (York Twp) — Arthur wrehsemn A & P r
65 Westlake cres --Blanche Mrs r 29 Pleasant blvd --Bros Ltd Errol R
Bruton John H Rowan sis reps shoes 306, 394 Bay — Bldg 24-30
Spadina av --Burke D mgr Defence Dept, Addison Industries r 9
Cowley av (Etob) — C Sidney elk Candn Kodak h 197 Strathnairn av
(York Twp) — Chas G statistician Dept of Agric (Ont) h 119 Banff rd
— Chas W ins exec Willis, Faber & Co h 55 Southwood dr — Claire
(wid Wm J) h 44 Guthrie av (Etob) --Clifford lab Genl Steel Wares r
11 Lamb av — D Hugh h 235 Berry rd (Etob) — D John acct Bank of
Com h 1609 Queen w —David B order elk CGE h 301, 232 Heath w
(York Twd) 1 — Dorotny circulation Veterans Advocate r 625
Glengrove av w (Nth Y) — Dorothy mlnr Croydon Hat r 255 Avenue
rd --Dorothy A h 30 Morse --Edwd S drvr Hollinger Bus r 4 Earl Haig
av — Edythea h 307, 232 Heath w (York Twp) --Elizth elk City
Registry Off r 555 Markham — Elmer L purch aft Rogers Majestic
Radio h 14 Aileen av (Y Otk Twp) — Erna Mrs r 70 Burnaby blvd --
Ernest tool rm crib attdt Moffats h 29 Edmund av (Wstn) --Etta F
(wid Geo C) h 200 Heath w — Florence Mrs r 732 Dovercourt rd --
Frank maint dept CPR r 31 Kintyre av GALE GEORGE A HON, Justice
High Court Division of Supreme Court of Ontario, Osgoode Hall h 2
Brookfield Road (Nth Y) Phone Hudson 8-0252 —Geo K wldr Comml
& Industrial Sheet Metal h 210 Ranleigh av — Geo T solicitor Can
Life h 71 Highbourne rd — Gerald emp Dept Property r 45 Cowan av
—Godfrey L phy Tor Hosp for Tuberculosis h 57 Joseph (Wstn) —
Gordon A L trk drvr Dept Property h 15 Hillingdon av --Gordon M elk
P O r 17 Watson av (York Twp) — H r 133 Caribou av (Nth Y) —
Harold M with Natl Trust h 50 Courcelette rd (Scar) — Harry T h 31
Kintyre av — Isabelle M sec New Play Society r 233 Joicey blvd (Nth
Y) — Jack (Chromeland Furniture) h 865 Davenport rd — Jas lab
techn Candn Arsenals h 149 Glen Albert dr (E Y) — Jas E emp
Automatic Sprinkler h 83 Banff rd — John display elk Candn Tire r
249 Maria — John emp Ford Parts Depot h 32 Eltham (Etob) — John
laundry rm foremn Sunshine Cleaners r 2173 Gerrard e — John trk
drvr r 289 Bain av --John B asst mgr Dunlop Tire & Rubber h 233
Joicey blvd (Nth Y) --John M pekr Lowe Bros r 282 Old Weston rd —
John R reporter photo Star r 306 Lakeshore av (Centre Island) —
John T elk Candn Kodak h 8 Rosalie av (Nth Y) —Justice pres
Victoria Club r 2 Brookfield rd (Nth Y) — Kenneth L bench hand CCM
r 870 Main n — Lionel G elk Legal Dept (City) h 84 Gormley av --
Margt Mrs r 960 Ossington av — Mary opr Langmuir Mfg Cor 249
Armour blvd (Nth Y) --Mary stenog Candn Standards Assn r 526
Delaware av — Mavd (wid J W) h 503, 83 St-Clair av w — Maurice E
asst mgr Bank of N S h 82 Steeles av e (Newtonbrook) — Mose carp
h 189 Gowan av (E Y) --Nelson C staty mgr Shell Oil h 268 Woodfield
rd --Nina singing tchr h 7, 75 Oriole rd --Norma M typist Mnfrs Life r
32 Eltham dr (Etob) — Regd A enameller Stand Sanitary h 658
Parliament --Rex H h 82 Kilbarry rd — Richd B foremn Bell Tel r 69
Lynwood av — Richd M engineer Inti Bus Mach r 23 Neilson av
(Scar) — Richd S sis rep Addressograph-Multigraph h 625 Glengrove
av w (Nth Y) — Robt W toolmkr Rotor Electric r 29 Edmund av
(Wstn) --Roger maint Norwich Ins h 166 Morse — Ronald r 40 Beaty
av --Ronald emp Prov Police h 15 Savona dr (Etob) — Rose (wid
Arthur) r 83 Banff rd --Sarah typist Encyclopaedia Britannica r 373
Sunny side av --Sidney H with Tor Genl Trusts r 40 Springhurst av --
Sydney F wtchmn Baker Platinum h 35 Pharmacy av (Scar) — T emp
Safety Clothing r 370 Logan av — Thos litho Moore Bus Forms ti 249
Armour blvd (Nth Y) --Thos D slsmn Dom Paper Box h 1 Mattice rd
(Etob) — Vernon B slsmn Farrington Mfg Co h 33 Grafton avenue --
Vivian D stk wkr Simpsons h 30 Morse — Wallace emp Carharts
Overalls h 76 Presley av (Scar) --Walter serv rep Addressograph-
Multigraph h 203 Phyllis av (Scar) --Wm sheet metal wkr h 137
Greenwood av — Wm shpr H C Burton Co Ltd r 370 Logan av — Wm
H L with Tor Hydro h 11 Lamb av Gale’s Hairdressing (Sophia Gale)
35 Pharmacy av (Scar) Galea Andrew grocer 332 Salem av h same
— Anthony emp Equipment Mfg Cor 223 Evelyn av --Anthony J mail
porter P O r 324 Parliament --Carmel emp TTC r 86 Fairview av —
Carmelo beater man Gair Cor 790 Dundas w — Chas beater man
Gair Co r 790|- Dundas w — Chens ina emp Safety Clothing r 324
Parliament — Edmund E purch agt Roxalin of Can r 4019 Bloor
(Etob) — Filomeno hlpr Imp Optical r 24 Grange av — Francis
assmblr Reo Motor Co r 324 Parliament --Frank X grinding hlpr John
Underwood (Can) Ltd r 451 Glendenan av — John emp Air
Conditioning Co h 113 Maria — John pekr & grinder Tor Elevators r
153 Kane av — John wrehsemn R Carrie Storage Ltd r 448 Dundas w
— Joseph emp A C Wild r 213 Fairview av — Jos M mail porter P O r
324 Parliament — Josephine h 790| Dundas w — Lawrence cook
Nell’s h 324 Parliament — Lucy emp Safety Clothing r 324 Parliament
— Manual r 213 Fairview av — Marie Mrs wirer & solderer Addison
Industries r 16, 497A Bloor w — Otto emp Can Steel Improvement h
54 Fourth (New T) — Paul clnr Bank of Com h 26 Rhyf av --Paul
parcel sorter Simpsons h 137 Jameson av — Philip emp A V Roe r
576 Clendenan av — Roeer (Conev Island Lunch) r 30R9A Dundas w
--Sally emp Neilsons r 453 Quebec av --Spiridione litho press hlpr
Rolph-C lark-Stone r 324 Parliament --Victor produce opr Loblaws r
172 Jameson av Galeazza Carmine knife grinder h 132 Greenlaw av
— Domenic lab r 146 Greenlaw av — Dominic grinder r 132
Greenlaw av — Giovanni cement wkr r 132 Greenlaw av — Lucy r
132 Greenlaw av — Nicola A emp DeCarlo Constn h 1102 St Clarens
avenue Galecki Elsie bkr Can Bread r 469 Runnymede rd —
Maryanna bkpr Cook Junior Garments r 158 Midis on av Galek
Bronisto clnr Stand Sanitary h 116 Uxbridge avenue Galeon Peter h
502 Crawford Galeota Nick janitor Candn Breweries h 76 Bristol
avenue dr l 59' GALEOTA --Vincenzo h 594 Oakwood av (York Twp)
♦Galer, see also Gailer --Alan A with Tor Hydro h 13 Northview a —
Cora M h 21, 1A Vermont av — Doreen E typist Anaconda Amer
Brass ] Haig blvd (Pt Credit) —Kathleen payroll elk Beattie Cadillac
Ch • h 21, 1A Vermont av --Mary B Mrs sewing mach opr Cameron
Sammon av (EY) — Miriam Mrs h 304, 501 Mt Pleasant rd — Ronald
lab techn Candn Industries Ltd h Lappin av — Thos E foremn Dept
of Wks h 150 Rose — Victor mech Ossington Garage r 821 Pa
avenue — Wm V suprvsr Ont Hosp Assn Blue Cro; : Ridgemont cres
(Pt Credit) Galerneau Deighton emp Dept Property h : cent Galeska
John bkr Beaver Bread r 209 Mai Gales wski Walter r 16 Lakeview av
Galezo Anthony wtr Royal York Hotel h 28 , avenue —Ruth Mrs press
opr Royal York Hotel h Bartlett av Galfand Louis emp, Croydon Hat h
2239 Qu i Galf ond Albt (A B C Taxi) h 20 Ross Galfund Gloria elk
Geo Hardy Constn r 391 avenue --Paul taxi drvr h 397 Ridelle av
(York T Galia John W assmblr Powerlite Devices 9 Lambton av (York
Twp) — Sarah E h 147 Quebec av Galiauskas Kazys lab Massey-
Harris h 15 haw Galic Louis btehr Can Packers r 228 Sora i?n a1,
Galica John pntr h 28 Peterborough av — Joseph tire repairer
Consumers Tire C ; 153 Dufferin Mil idelj d av ■k T udit Tare ng C<
nisor ,gE) Galichon Geo engraver Lorie Ltd r 735 Ei — Michael chef
Ont Club h 735 Euclid av — Robt elk Lorie Ltd h 107 Belgravia av (
Galik John pntr h 184 Westminster av Galilee John A M sec Canadian
Circulatio Board res Erindale Galimberti Geo M prof engineer Dept of
aU . (Prov) h 18 Glenaden w (Etob) — Jos h 24y Bartlett av Galin
Dave (Dave's Cigar Store) h 1303 Stjai: west —Murray slsmn Kaiman
Dress Mfg Co L St Clements av Galina Kazimierz carp h 26 Wolseley
Galinaitis Albt ertkr Liaudies Balsas r 1( mont — Martin tlr h 626
Euclid av Galinauskas Mecys shpr Natl Iron Corp r Dovercourt rd
Galinis Geo emp Loblaws r 220 Dovercou Galinski Alphonso fryer
Krispak Product; Queen w Galinsky Donald jr elk Central Mort & He r
27 Palmerston gdns — Louis prsr Hannah Ladies Wear h 144 1
avenue — Nathan insp CCM r 91 Baldwin --Sami opr ‘Ont Cloak h 29
Palmerston gc Galipeau Irene M elk Goodyear Tire r 14 av (Long B) -
-John trk drvr r 36 Essex --Lawrence emp B A Oil h 91 Thirtieth 0 —
Napoleon emp Imp Garage h 14 Tamara (Long B) Galipo Carmelo lab
h 28 Scollard Galison Annie (wid Andrew) h 881 Runnyn (Y ork Twp)
— Geo opr A V Roe h 7 Ranwood dr (Nth — John r 881 Runnymede
rd (York Twp) — Thersa M r 881 Runnymede rd (York T Galiti Frank
cement wkr h 193 Clinton Galitsky David slsmn Star Men’s Wear h --
Lillian (wid Jacob) (Lion Clothing) h 13 Queen w — Max h 788A
Dovercourt rd — Philip (The Star Men’s Wear) r 353A St avenue
Galivan Dorothy Mrs opr Bell Tel h 23 R( av (Etob) Galka Anne pekr
Eatons r 130 Claremont — Celia asst cash T H Estabrooks Co r 7( —
Frank h 149 Bellwoods av .--Frank carp h 32 Rowland — John emp
Candn Natl Inst for the Blind Gertrude pi — Josef pntr r 323
Crawford — Joseph h 265 Margueretta --Lillian display Eatons r 70
Fern av — Stanley plshr Coulter Copper & Brass Ravina cres —
Stanley shoe ctr CCM r 1065 Fifth (Lak — Val slsmn Candn Electrical
Supplies r —Walenty emp Scott Jackson Constn h 70 Galkie Kate Mrs
emp Parisian Laundry r Gilmour av Galkin Joseph emp CPR h 316
Wright av — Michael brakemn CNR h 1048 Dovercou ♦Gall, see also
Gaul --Alex H off elk Wm E Coutts h 22 Athlor --Alfred J vice-pres
The Gall Lumber C( 53 Rivercrest blvd (Y ork Twp) — Annie M r 53
Rivercrest rd (York Twp! — Arthur W emp Abitibi Power & Paper '
Eglinton av w --Daisy (wid Hugh) h 37 Maple av — David D emp C P
Exp h 291 Scott rd (Y — Dawson H emp Lever Bros h 24 Briar he
(Scar) — Ebenezer I emp TTC h 456 Whitmore a Twp) — Elizth
nursing aide Queen Elizabeth Ho Dunn_&v --Eva elk Mmrs Life h
314, 2904 Yonge Sulliv .ewy Fern i •rn av 2 rd Ir (Etc td r k )2, ;r :
Twp,' -Frances r 118 Amelia -Geo D vice-pres The Gall Lumber Co
Jane (Nth Y) -Geo G emp Can Packers h 140 Manor ^ -Gunther
purch agt Mason & Risch r 40'. Harbord -Jas V litho Multi-Color- Litho
h 134 Be (Scar) -Jennie r 15 Pinewood av (York Twp) -John r 50
Wright av -John C with Tor Hydro h 673 Hillsdale -John E suprvsr
Christie’s Bread Ltd h every (Mim) -Kar h 283 Major -Larry r 66
Donlands av -458York r 130 h 1964
 E. WILSON & COMPANY LIMITED Lumsden Building
INSURANCE PHONE EMPIRE 4-2175 GAL GALLANT TORONTO nber
Co Ltd Wm C Gall pres & mgr, Alfred J Call 1st vice-pres, W Cameron
Gall vicepres, Geo D Gall vice-pres 1339 Jane (York Twp) E h 53
Rivercrest rd {York Twp) rion (wid John) h 41 Chilton rd (E Y) inie r
144 South dr [■ray E bldr r 200 Glenview av „r (Royal Dressed
Meats) h 38 Jameson av llis statistician Synod Office h 314, 2904
Yonge a F wrehsemn Sun Oil h 189 Sammon av (E Y) t P slsmn h 43
Beatrice Hen carp Price Built Homes h 55 Squires av (E Y) lameron
vice-pres The Gall Lumber Co Ltd h 425 Fair lawn av (Nth Y) 3sel
studt-at-law Tilley, Carson, Morlock & McCrimmon h 4 Highview cres
C pres The GaU Lumber Co Ltd h 200 Glenview av E (Anderson &
Gall) r 37 Maple av her Anthony drftsmn John T Hepburn Ltd :.i 43
Femwood Pk av id tool insp Can Illinois Tools h 46 Balfour av ell h 81
Elmer av i stamper Roden Silversmiths r 140 Duvernet avenue i
steelwkr Dom Bridge h 1 Belvedere av (York Twp) i with Tor Hydro h
1C, 370 Westmount av (York Twp) i C storekpr Powerlite Devices h
128 Miller avenue i M acct Twp of Etob h 1, 52 Emerald cres (New T)
•y r 214 Cosburn av (E Y) ;ick h 1297 Dufferin •ick emp Dunlop Tire
r 140 Duvernet av t elect h 1638 Gerrard e t press feeder Y ork Litho
h 27 Dane av (Nth York) \ M forelady De-Fly-er of Canada Ltd r 40
Westgate blvd (Nth Y) 1 Mrs stenog-clk The Advertiser r 52 Emerald
cres (New T) snce T opr TTC r 1297 Dufferin wrehsemn Eatons h
140 Duvernet av an Joseph r 14 Hogarth av er Austin emp Mimic o
Hydro r 89 McDonald (Mim) han Theresa h 23 Boulton av hee Geo E
project co-ordinator MasseyHarris r 1738 Keele gher, see also
Gallaher and Gallaugher 2S r 59 Chesterhill rd 3S dept mgrss Wm R
Warner. & Co r 509 Lansdowne av 5S wtrs Royal York Hotel r 103
Maitland e M (wid Thos) h 515 Spadina rd (Fst H) n M elk Anaconda
Amer Brass h 232 St 'Clarens av n jr emp Anaconda Amer Brass r
232 St Clarens av •ew constn wkr r 307 Harbord e Mrs bkbndr
Sampson-Matthews Press r 65 Elm Grove, av istus foremn Stronach
& Sons h 20 Loxna rd (Etob) Tadette (wid Joseph) h 115 Langford av
lice A stenog Imp Oil r 69 Woodycrest av -t e tchr Bd of Educ h 330,
150 Farnham av -C :thur emp HEPC r 23 Delwood dr (Scar) sis
suprvsr Coulter Copper & Brass r Porter cres (Scar) :ol elk C P Tel r
82 Emerson av roll P suprvsr Candn Comstock h 25 Claremore rd
(Scar) erine priv sec Ideal Electric r 305 Ontario 3 h 30 Fourteenth
(New T) 3 studt embalmer Gif fen Mack Funeral Chapel r 8 St Joseph
3 A slsmn CGE r 165 Steele’s av e (York Mills) 3 D despatcher P O h
16 Rockcliffe blvd (York Twp) ■ H elk A V Roe h 23 Kings way s
(Swan) 3 J h 13 Hallam S immigration officer Dept of Citizenship &
Immigration (Dom) h 128 Park rd rail lab O’Keefe's h 3lJ Myrtle av
imp Globe & Mail r 73 Pauline av emp A V Roe r 28 Porter av (York
Twp) stmftr Universal Plumbing tk Heating h 4, 1555 Egiinton av w
(York Twp) id h 3, 561 Jarvis ;d G drftsmn Shepherd & Powell r 1185
Sylva rd (Pt Credit) id H Rev D D sec United Church of Canada Bd of
Overseas Missions h 12 Glenwood av time emp CNR h 242 S 1 xth
(New T) argt h 78 Normandy blvd lund furn insp Eatons hill
Kenwood av (York Twp) 'und G field engineer Dunlop Tire h 31 Glen
Stewart av d janitor Dom Oxygen r 1327 Bay d patrol sgt Tor Police
Dept h 76 Woodmount avenue d layout Stand Iron & Steel r 28
Fernbank av d with Ont Hydro h 23 Delwood dr (Scar) d P insp Can
Illinois Tools h 46 Balfour av d S sis mgr Candn General Filters Ltd h
•239 Forest Hill rd (Fst H) d W with Tor Hydro r 184 Madison av th G
tchr Riverdale Coll Inst h 330, 150 Farnham av pekr Benj Moore &
Co r 1, 410 Keele sst E barr h 25, 412 Jarvis sst L cond TTC h 197
Bayview av f1 M Eatons h 87 Pauline av lyn r 84 Rose mount av Gas
Cor 913 Logan av " HJ Rev pastor St Thomas Aquinas (R C) Church
h 626 Glenholme av (York Twp) \|ence A Income Tax r 78 Normandy
blvd -prices V elk Simpsons r 100 Winona dr ncis shpr Dom Analines
&ChemLtdh61 Earl Grey rd n“is D J sis support Chas A Smith h 1210
jerrard e 1 k emp Union Stockyards h 495 Keele ! ■' emp Rogers
Silverware h 240 King Edward av (E Y) r f heating & tinsmithing r
406 Leslie _"S , Exhibition Grounds h 19 Withrow av - — l.'ljUTiPch h
540 Mill wnnrt rd GALLAGHER --Frank stkpr Natl Carbon Co h 1046£
Bathurst --Frank storekpr Natl Carbon h 176 Walmer rd --Frank trk
drvr Vetere Bros r 810 Indian rd --Frank B cash aud S S Kresge h
2422 Queen e (Scar) --Frank C patrol sgt CNR h 145 Lansdowne av
—Fred asst supt Soc for Crippled Civilians h 97 Caledonia Pk rd — G
field engineer Dunlop Tire & Rubber h 31 Glen Stewart av --Geo
apprentice Candn Rogers Eastern Ltd r 43 Ecker dr --Geo dispatcher
Can Bldg Materials r 242 Keele — Geo A emp TTC h 16 Batavia av Of
ork Twp) --Geo F foremn CNR h 100 Winona dr --Gerald I lab Dept
of City Planning r 198 St Helens av — Gerry M prntr Ont Hydro r 27
Pretoria — Gertrude Mrs emp Can Steel Improvement r 116 Brown’s
Line (Etob) —Gertrude stenog Goodyear Tire h 17, 35 Jane —
Gordon r 29 Beaconsfield av — Harry winder Allison Armature r 61
Earl Grey road — Harvey J cartage man Northern Miner Press h 260
Sumach --Henrietta typist J Stevens & Son r 74 Glen rd --Henry E r
216 Willard av (Swan) --Howard mgr F W Woolworth Co Ltd
(Lawrence Plaza) 516 Lawrence av w (Leas) r 154 Hanna rd (Leas)
— Hugh lab CGE h 630 Mortimer av (E Y) — Irene priv sec Harris
Litho r 1415 Yonge — Irene stenog Union Station r 84 Deloraine av
— Irene stenog Dingle, Davidson, Ltd r 4, 118 Roncesvalles av —
Irene B stenog CNR r 84 Deloraine av — J M emp McFarlane
Gendron h 12 Albermarle av — Jas (Gallagher Variety Shop) h 1756
Egiinton av w (Y ork Twp) — Jas caterer h 88 Caroline av — Jas emp
A V Roe Co h 1323B Davenport rd — Jas mason r 565 Sherbourne --
Jas trk drvr r 261 Dovercourt rd --Jas wtchmn Candn Kodak h 52
Kingdon (Wstn) — Jas A sr drftsmn John T Hepburn Ltd r 43
Fernwood Pk av --Jas J messr Bank of N S h 127 Hazelton av — Jas J
messr McLeod, Young, Weir & Co h 1 Maribeth av — Jas W stk elk
Coca Cola h 71 Herbert av --Jane Mrs r 279 Bingham av --Jean (wid
Walsh) h B, 464 Bloor w --Jean Mrs r 98 Spadina rd — Jean Mrs
machine girl Bradshaw’s r 810 Indian road — Joan Mrs cash
Industrial Acceptance r 1, 46 Everest rd (Scar) — John income Tax h
43 Luverne av (Nth Y) --John brass wkr Anaconda Amer Brass h 125
Church (Mim) —John clearing elk McFetrick-Scarlett & Co r 19
Withrow av — John deputy sherriff County of York r 205, 790
Egiinton av w (fFst H) --John emp CNR h 495 Keele — John emp
Dunlop Tire h 406 Leslie — John emp Terminal Warehouse h 313
Wellesley e --John insp Massey-Harris h 14 Barrie av (York Twp) —
John lumber piler Moore Bros h 157 Coleman av — John mgr Revue
Theatre r 34, 150 Fermanagh av — John plmbr Universal Plumbing &
Heating r 21 Plaxton dr (E Y) --John p c Pol Dept r 495 Keele — John
rubber wkr Goodyear Tire h 309 Melrose (Mim) --John slsmn Union
Stock Yards h 692 ‘Willard av (York Twp) --John B h 47 Oakmount rd
— John E bus sec Knights of Columbus h 69 Woodycrest av — John
E elk Duplate Canada Ltd r 239 Forest' Hill rd (Fst H) --John H mgr
Woolworths h 154 Hanna rd (Leas) — John J h 70 Jedburgh rd --
John J h 69 Oakcrest av — John R plshr. Roden Silversmiths h 2, 78
West av --John T dsgnr Cooper Florist h 242 Gainsborough road —
John T mgr Cooper Florist h 242 Gainsborough rd --John W engineer
h 3, 1494 Avenue rd n (Nth Y) — John W r 5 Cardiff rd --Joseph r
413 Church --Joseph r 348 Crawford --Joseph elk A & P r 561
Milverton blvd --Joseph emp Simone’s Fruit Market h 132 Lake Shore
rd (Mim) --Joseph emp Dearbourne Chemicals h 85 Riverdale av --
Joseph hosp attdt r 38 Rusholme dr — Joseph lab Dept St Clng r 161
Woodfield av — Joseph tractor opr Miller Paving res Oriole --Kathleen
V tchr Lawrence Park Coll Inst h 330, 150 Farnham av --Kenneth C M
elk Sheffield Bronze Powder h 125 Lee av --Lawrence (Simone’s Fruit
Market) h 132 Lake Shore rd (Mim) — Leo T elk Ont Eauip & Supply
h 1, 46 Glen Everest rd (Scar) --Leslie B emp B A Oil r 51 Fulton av -
-Lillian r 509 Lansdowne av — Loletia (wid Jas) r 523 Briar Hill av --
Louis J supt constn Ont Hydro h 51 Brookmount road --Lucy B r 4
Baby Point rd (York Twp) -^Madelaine Mrs techn Microfilming
Services r 33 Wineva av --Malcolm S vendor Liquor Control Bd h 21
Glen Ames — Margt (wid Frank) h 1327 Bay — Margt r 2850
Danforth av --Margt hsekpr r 18 Teddington Pk av — Marian S T
assmblr Flash Fasteners r 175 Lakeshore rd (Mim) — Marion r 1, 8
Ridge Hill dr (Fst H) --Martha (wid Thos) h 4, 118 Roncesvalles av —
Marvin hlpr Candn Wirebound Boxes h 205 Emerson av --Mary r 17
Bonnie Brae blvd (E Y) — Mary (wid Joseph) r 117 Go wan av (E Y) -
-Mary (wid Patrick) h 913 Logan av — Mary Mrs h 305 Ontario —
Mary elk Simone’s Fruit Market r 132 Lake Shore rd (Mim)
GALLAGHER --Mary dist cash London Life h 205, 790 Egiinton av w -
-Mary hsekpr r 301 Russell Hill rd --Mary B (wid Michael) r 64
Sullivan --Mary M r 71 Herbert av — Mary T ticket seller CNR r 25
Hutton av —Maureen A Income Tax r 81 Madison av --Maxine Mrs
elk Langley’s r 161 Woodfield rd — Melville B tchr Lansdowne Pub
Schl r 47 Parker av (Etob) — Michl J trav frt agt Chesapeake & Ohio
Rly Co h 35 Bowmore rd — Minnie r 3l£ Myrtle av — Monica Mrs
nurse r 25, 412 Jarvis --Monica A Mrs elk Royal-Liverpool Ins Group r
3, 561 Jarvis — Murray F asst timekpr CPR r 76 Woodmount av --
Norman emp Ont Hydro r 131 Oak Pk av (E Y) --Norman prsr r 336
Dundas w — Norman E elk Bank of Mont r 2 Heslop dr (Etob) —
Norman J wtr Ulster Arms Hotel h 97 Redwood avenue — Norman M
purch elk Ont Hydro h 27 Pretoria av — Norman W insp Massey-
Harris h 109 Walnut av — Pamiella emp Willard’s r 240 King Edward
av (E Y) --Patricia priv sec Osier, Hoskin & Harcourt r 69 Dunblaine
av (Nth Y) — Patrick r 372 King w — Patrick h 122 Rhodes av —
Patrick emp A V Roe r 19 Doel av --Patrick emp Stand Sanitary r
1297 Dufferin — Patrick maint Can Bread h 35 Lockwood rd —
Patrick press, hlpr Eatons r 805 Danforth av — Patrick F pntr Confed
Life Assn h 100 Corbett av (York Twp) — Patrick J firemn CPR h 808
Runnymede rd (York Twp) — Patrick J steward & mgr Trinity Truck
Drivers Club h 397 St Clarens av --Patrick P litho hlpr Rolph-Clark-
Stone h 200 MacPherson av — Peter drvr slsmn Findlay Dairy h 218
Main n (Wstn) --Peter mach John Inglis Co h F, 1120 Dundas w — R
V slsmn McCormick’s Ltd res Bowmanville --Ralph trk drvr r 382
Dundas e --Ray r 117 Pembroke — Raymond A elk Bank of N S h 60
FoxweU av (York Twp) — Rebecca Mrs sorter Scythes & Co r 1311
King w — Richd comp Globe & Mail r 73 Pauline av — Richd opr TTC
h 58 Denison av — Rita Mrs A & M billing Cockfield Brown & Co —
Robt emp Can Steel Improvement h 22 Park blvd (Long B) --Robt
emp CPR hr 7, 59 Roncesvalles av --Robt opr TTC h 4, 49-51 Denison
av --Robt E elk P O h-1638 Gerrard e — Robt E elect Dept Property r
1638 Gerrard e — Rose r357 Pacific av --Rosemarie stenog Ideal
Electric r 305 Ontario --Ross J (Town Taxi) h 175 Lake Shore rd
(Mim) --Roy emp Genl Motors r 78 Raglan av (York Twp) — Sheila B
(wid Harvie) bkpng mach opr Gevaert (Can) Ltd r 366 Kingswood rd
— Stan firemn CNR h 4, 330 Chisholm av (E Y) — Stephen hob
grinder Can Illinois Tools r 100 Winona dr --Susan Mrs r 59
Chesterhill rd — T Farrell elk Burns Bros & Co r 81 Elmer av — T
Helen r 87 Pauline av — Theresa stenog Omemee Tanning Co Ltd r
51 Brookmount rd — Thos r 49 Isabella — Thos engineer CPR h 193
Kingsway s (Swan) — Thos opr TTC r 47 Manor rd e — Thos sec G M
Gest Ltd h 5 Cardiff rd --Thos H mgr, dir & treas Handy & Harman of
Canada Ltd h 168 Coldstream av — Thos J h 82 Emerson av — Thos
J elk h 68 Dingwall av — Thos J incinerator stoker Dept St Clng h
290 Jones av — Thos J mgr Chassis Service Parts Co h 569
Roehampton av — Thos J p c Pol Dept h 32 Sutton av — Variety
Shop (Jas Gallagher) magazines, tob & conf.y 1756 Egiinton av w
(York Twp) --Verola M poster CNR r 19 Withrow av — Violet nurse h
94 Highland av — Violet pekr Lehn & Fink (Can) r 15 Maple Grove
avenue — W h 47 Parker av (Etob) — W J Rev genl sec Canadian
Council of Churches h 47 Oakmount rd — Wallace emp Prov Police h
70 Howard — Walter steelwkr h 505 Glenholme av (York Twp) —
Wm emp Sagamo Co h 88 Galley av — Wm h 169 Gilbert av — Wm
mach r 413 Bartlett av — Wm wtchmn Candn Kodak h 83 Fourth av
(Wstn) — Wm E mach repr Cober Elevators r 78 Normandy blvd —
Wm G chief estimator Perini & Sons Can Ltd h 53 Kingsway s (Swan)
— Wm I emp A V Roe h 108 Regent (York Twp) — Wm J bkr
Dempsters h 2850 Danforth av --Wm J genl sis mgr Gas Co r 37
Thorncrest rd (Islington) --Wm J printing dept mgr Carswell Co h 34
Webb avenue — Wm L assmblr Amalgamated Electric r 51
Brookmount rd Gallagher’s Flowers (Gertrude Gallagher) florist 1430
Gerrard e Gallagly Jas stk Eatons r 29 Lockwood av Gallahan Charley
r 197 Church Gallaher Alfred stmftr John Ritchie h 326 Gainsborough
rd — Bernedette housemaid Royal York Hotel r 115 Langford av —
Eileen A priv sec Mutual Life h 29 Miles rd (Mim) * --Elmer engineer
CNR h 110 Robert (Mim) — Florence r 801 Palmerston av — Harry F
emp Moffats r 29 Miles rd (Mim) --Lillian J r 6 Baseball pi — Wm J
emp Jack’s Corner h 1, 2794A Dundas w --Wm R emp West Toronto
Plumging h 60 Burlingame rd (Etob) Gallallo Frank r 358 Bleecker --
Joseph h 358 Bleecker --Nick r 358 Bleecker Gallamore Sidney emp
Case win Window Co h 69 Olive av GALLAN Gallan Gordon E trk drvr
Nicols Constn h 115 Hearst Circle (Nth Y) — Jas emp Harbor Commn
r 639 Ontario --Jas B drill hand Gas Co h 5 Haslett av --Nick h 1064
Glengrove av w (Nth Y) --Walter N r 572 Harvie av (York Twp)
Galland Agnes r 149 McCaul — Gerrald r 337 Bleecker Gallander Albt
(Gallander Lumber Co) h 37 Hawarden cres (Fst H) --Benj h 53
Braemar av — Harold P (Gallander Lumber Co) h 208 Vesta dr (Fst
H) --Lumber Co (Albt & Harold P Gallander) 881 Egiinton av w (York
Twp) Gallanger Frank emp Dept Property h 111 Glen Albert dr (E Y) -
-Wm S elk Bruce’s Men’s Wear h 120 Geoffrey Gallangher Geo emp
Can Builders r 242 Keele Gallanough Clemens (wid Ronald W) h 2,
1446 Avenue rd n (Nth Y) --Fredk h 287 Riverside dr (Swan) —
Harold F slsmn A D Gorrie & Co h 79 Albany av Gallant Adoris sr drvr
B A Oil r 332 Symington av --Agnes M elk Doubleday Can Ltd r 34
Montrose av — Alfred attdt Cole’s Service Stn r 512 Salem —Alice r
19 Maitland — Alier carp r 151 Dowling av — Allison dyehouse lab R
W Matthewman & Son r 516 Indian gr — Alyre carp h 1, 36
Winchester — Alyre pottery Stand Sanitary h 32 Monteith --Angus r
13 Bernard av — Ann D Mrs radio adv rep Simpson-Sears h 231, 3
Earl — Annette T elk Woqlworths r 109 Edgewood av --Arthur lab h
155 Winchester ■—Basil X mech Shell Oil h 68 Hillside dr — Benney
asst shpr Snider Furniture h 71 Castleton av (Y ork Twp) — Bertha
server Childs of Can r 125 Springhurst av --Bradford emp Massey-
Harris h 54 Northcote av — Camille J prsmn Nor Baker Ltd h 331
Delaware avenue — Clarence r 13 Bernard av — Cleo r 149 Essex —
Clifford caster Stand Sanitary r 32 Monteith — Danl investigator
Barnes Investigation Bureau Ltd h 68 Howland av --Donald A mech
Berkel Prod r 1162 College --Doreen swtchbd opr cash Tor Radio &
Sports r 26 Geoffrey --Doris emp CGE r 689 Dovercourt rd — Earl F
ctr Aristocrat Leather Goods r 68 Fuller av --Edgar emp Massey-
Harris r 31 Albani (Mim) — Edgar J mech Cole’s Service Stn r 512
Salem av — Edwd lab r 123 Sunnyside av — Eileen r 891 Davenport
rd — Elda emp Loblaws r 155 Close av --Elmer h 113 Symington av
— Elmer serv stn attdt r 338 Ossington av — Elmer J mach Christie
Brown r 1377 Wilson av (Beverley Hills) — Eric r 195 Claremont —
Eric J opr TTC h 900 Dundas e --Ernest emp John Inglis r 46 Burgess
av — Ethel Mrs h 244 Brock av — Eva dom r 246 Dunvegan rd (Fst
H) --Eva M Mrs bkpr Royal-Liverpool Ins Group r 6 Arden cres (Nth
Y) --Frank h 36 A & B, 194 Jarvis --Frank h 414 Lansdowne av —
Fred graphic card fnshr Rolph-Clark-Stone r 5 Scarborough rd —
Fred lab Acme Box Co h 378 Jones av — Fredk carp Ed Siekierko h
105 O’Hara av --G Arthur h 24 Silver av --Grace emp Underwood Ltd
r 1243 King w — Gustave precision caster A V Roe h 1211 A St Clair
av w — Harold carp r 83 Wellesley e — Harry G acct exec Muter,
Culiner, Frankfurter & Gould h 121 Roxborough dr — Horace mech r
106 Springhurst av — Hypolite emp W R Key Ltd r 24 Elm, grove av
— Irene wtrs Silver Palms Rest r 35 Nelles av --Ivan shpr Lens on
Celery Ltd r 408 Jones av --J E comp Globe & Mail h 611, 22
Englehart cres (Scar) — Jack emp Acme Steel Works r 531
Clendenan av --Jean graphic card fnshr Rolph-Clark-Stone r 184 First
av --John asst shpr Vernon G Snyder r 71 Castleton av --John attdt h
27 Glen Ames — John carp h 114 Sixteenth (New T) — John emp
Frigidaire Products r 71 Hepbourne --John C emp Tor Genl Hosp r
244 Brock av --Joseph ertkr Eatons r 569 Church --Joseph emp
Stevens Hardware r 194 Osier --Joseph hand sander Addison
Industries r 140 Dowling av --Joseph hlpr Highland Dairy r 619
Ontario --Joseph J r 135 Sherbourne — Joseph Z emp Dom Paper
Box h 1211A St Clair av w --Kathleen r 244 Brock av --Kaye T payroll
elk Trans-Northern Pipe Line r 410, 68 Hillside dr — Lawrence J lab C
A Dunham h 512 Salem av — Leo lab h 19 Maitland --Leona emp
Loblaws r 155 Close av '-Leonce J emp Dom Paper Box h 1211 St
Clair av west --Leonide drum reconditioner McColl-Frontenac r 36
Winchester --Leslie G stenog TTC h 301 Monarch Pk av (E Y) --Lou
clnr Dept Property h 212 Brock av --Lucian carp Dom Packaging r
193 Indian rd — M B Miss cik Confed Life Assn r 52 Aberdeen
avenue --M Ruth stenog Public Trustee r 64 Cresce nt rd — Mable
Mrs h 1162 College --Manuel r 908 Dovercourt rd --Margt Mrs wtrs
Eatons r 567g Church — Mary emp Etob Hand Laundry r 1063
Eastmount av --Mary sr elk Metro Life r 64 Crescent rd --Peter emp
Stand Sanitary h 195 Claremont --Ray prntr Loblaws r 53 Waniska av
(Etob) --Raymond C emp Inti Harvester r 244 Brock av — Raymond J
chkr Woolworths r 32 Monteith --Rita emp Childs of Can r 14
Dundonald --Rita Mrs server Childs of Can r 125 Springhurst avenue
—Rita wtrs r 18 Oak Pk av Alphabetical, White Page 459
 GAL GALLANT GALLANT — Rita M bkpr Our Lady of Mercy
Hosp h 59, 150 Fermanagh av — Robt emp Edwd Hawes & Co r 33
Tiverton av — Ruth elk Royal Tru£t r 66 Standish av --Simon P hlpr
Candn Wirebound Boxes r 48 Boultbee av — Stella emp Loblaws r
155 Close av — Stephen repairmn Candn Wirebound Boxes r 8
Myrtle av — Steve r 35 Prospect — Tennis drvr Hill the Mover h 5
Hillary av (York Twp) — Vincent J stk elk CGE r 244 Brock av —
Violet T pekr Thos J Lipton r 219 Wellesley — Wm r 101 Dupont
Gallas Fred with Underwood Ltd h 242 Rusholme rd — Sonja Mrs
kitchen aide Tor Western Hosp r 61 Major Gallaugher E L prin
Centennial Rd Pub Schl h 16 McCowans rd (Scar) —Edna tchr
Frankland Pub Schl h 74A Hogarth av — Fred R clearing elk Bongard
& Co r 1, 1 Triller avenue — Harold R mgr A Armstrong h 1, 1 Triller
av --Hugh r 569 Fairlawn av (Nth Y) — Jean compt opr A & P r 44
Roxborough w --John F emp John Ritchie & Co h 38 Robbins av —
Nellie M E sec H S Crabtree Ltd h 15, 7-19 Nanton av — Olive emp
Rogers Majestic h 77 Cardiff rd (Nth Y) — Orme H btehr Pickering
Market h 42 Sherwood av — Thos P mgr Hertz Drivurself Stns of Ont
Ltd (passenger car div) h 108 Church av (Willowdale) --Truman
slsmn G F Potter Real Estate r 44 Huntley --Verna (wid Elmer) h 95
Guestville av (York Twp) Gallaway Thom s steel wkr David Baines r
583 Dundas e --Wm ertkr Eatons h 206 Oakwood av Gallay Luella r 1
Stonehouse cres Galle Horst mach Cruthers Engineering r 266 Old
Weston rd Gallello Nick lab Piggott Lumber Co h 49 Pendrith — Sam
constn wkr h 708 Ontario Gallen Gilbert slsmn S Godfrey Ltd h 2,
1236 Avenue rd n Gallent Jas lab Carter’s Constn r 205 Jarvis Galler
Helga Mrs wax caster Libman & Shaw r 256 Boston av — Henrich
mach Wilson Motor Bodies r 3, 26 Thirty-Sixth (Long B) — Israel h
321 Euclid av — Klaus elk Howell Warehouses r 145 Indian rd — R r
56 Isabella — T r 56 Isabella Gallerno Gene prsr Paramount Cleaners
r 4 Avon av (Y ork Twp) — How carp CNR r 4 Avon av (York Twp)
Gallery Kate (wid C A) r 230 Wright av Galletly Jas S sec-treas
Malvern Construction Co Ltd h 107 Twenty-Seventh' (Long B) Gallett
Henry ertkr North York Bd of Educ h 857 Glencairn av (Nth Y) —
Thos ertrk North York Twp h 855 Glencairn av (Nth Y) Galley A Harry
vice-pres Alloy Metal Sales Limited h 22 Ivor rd (Nth Y) —Albt J elk P
O h 74 Seventeenth (New T) — Barbara elk Bank of Com r 37
Heintzman av —Edwd clnr Gas Co r 98 Park Home av (Willowdale) —
Frank H janitor Ont Hydro r 22 Villa rd (Long B) — Fred pntr CNR
Terminals h 163 Robina av (York Twp) —Fredk h 163 Robina av (York
Twp) — Jewell E h 207, 110 Wellesley e --John Co Ltd iuxene &
stainless steel sinks 5 St Clair av e — Joseph cab drvr r 16, 497A
Bloor w — Kathleen elk McConnell & Eastman r 31 Kenneth avenue -
-Lorraine elk Belle Ewart Ice r 117 Cedric av (York Twp) — May Mrs
emp Lambert Lodge r 31 Kenneth av — Sami trk drvr Shell Oil Co h
37 Heintzman av --Wilfred W depot mgr Belle Ewart Ice h 117 Cedric
av (Y ork Twp) --Wm A desp P O h 3 Douglas Dr cres (Brown’s Line)
Gallhaher Andy slsmn Cochrane Motors r 85 Riverdale av Gallher
Alliardyce slsmn Beattie Motors h 2 Golf Club rd (Scar) Galli Camillo
prsr Cook Clothing r 146 First av — Enzo tile setter Gaspare Galli r
142 Lyon av (Y ork Twp) — Filberto floor boy Star Fur r 146 First av
— Gasper tile setter h 142 Lyons av (York Twp) — Georgio floor boy
Star Fur r 146 First av — Ivo bkr Women’s Bakery h 60 Malvern av —
Maria r 44 Bicknell av (York Twp) —Sergil pntr h 96 Annette GaLLiah
Ami r 549 Sherbourne Galliano Anthony A lab Dept of Wks r 65 Lee
av Gallichan Anne Mrs h 67, 1213-25 King w — Annie E mach opr
Natl Carbon h 38, 1223 King w — Chas wrehsemn Liquor Control Bd
res Long Branch — J Allan life supt Royal Ins Co Ltd h 19 Esgore dr
(Nth Y) — W Jack real estate 1199 Weston rd (York Twp) h same
Gallici Bartolo bricklayer contr h 443 Symington av — Vittorio
apprentice brklyr Bartolo Gallici r 443 Symington av Gallie Hugh R
surg 607-8, 170 St George h 72 Hudson dr — J Gordon h 113
Buckingham av (Nth Y) --W Edwd surg 607-8, 170 St George h 181
Teddington Pk av Galliene Alfred shoe repairs 1366 Queen e h same
--Barbara M typist Ont Hydro r 37 Coady av —Thos H p c Pol Dept h
206 Coxwell av --Walter H elk P O h 37 Coady av Gallienne Adrian H
elk A E Ames & Co r 600 Huron Gallier Alfred fnshr Rogers Majestic h
4, 708 Danforth av — Alfred radio mech h 168 Wolverleigh blvd —
Alfred trk drvr Price Air Conditioning Co r 9 Simpson av — Jobe emp
CNR h 142 Withrow av --Joseph elk CNR r 134 Spears av (York Twp)
Galliford Sidney hardwood floors 226 Rosethorn av (Y ork Twp) h
same Galligan Andrew slsmn Lincoln Shoes r 457 Jones avenue —
Justine A with Bell Tel h 16 Rowanwood av Gallimore C Wilfred
master Upper Can Coll h 21 Duggan av --Fannie (wid Wm) h 17
Jones av GALLIMORE — Fanny (wid Wm) labeller Geo Allen Co r 198
Hallam — Peter emp A V Roe r 54 Glenwood av — Ralph J asst
foremn Natl Carbon hill Helendale avenue — Therese G elk Natl
Carbon r 111 Helendale av --Wm E maint elect Frigidaire Products h
711 Rhodes av Gallln A h 8, 172-174 Vaughan rd (York Twp) —
Grace Mrs emp Eatons r 320 Spadina av --Wm taxi drvr r 2, 1963^
Queen e Gallinetto Giordano brklyr r 1414 Davenport rd Gallinger
Alma emp Progress Paper Box r 265 Sherbourne — Annie r 105
Emerson av —Cassie Mrs slsldy Metro Stores r 23 Criscoe (York Twp)
— Chas r 95 Brookdale av —Chas tchr McKay Driving Schl h 95
Brookdale av --Cyril mech Ont Automobile h 326 Kenilworth av --
Duke h 105 Marjory av --Edwd M (Gallinger & Bird) h 126 Robina av
(York Twp) — Eldon slsmn W C Warburton r 1641 Forest rd (Pt
Credit) — Eleanor priv sec Candn Johns -Manville r 126 Robina av
(York Twp) — Harold slsmn Kilgour Motors r 1038 Roosevelt rd (E Y)
--Harold E aircraft elect A V Roe h 102 Branstone rd (York Twp) —
Harry h 505, 1654 Bathurst (York Twp) --Joseph A emp Genl
Bakeries h 79 Northcote av — Kenneth elk Roden Silversmiths r 67
Seymour av — Leona Mrs h 147 Delaware av — Leonard emp Drug
Trading r 93 Bonnington av n (Scar) — Marie emp Household
Finance Cor 681 Pharmacy av (Scar) --Melville J W slsmn Christie’s
Bread h 66 McDonald (Mim) — Milton slsmn H E Simpson Motors r
37 Elmwood av n (Pt Credit) — Robt mech r 658 Ontario --Robt tour
boss Gair Co h 681 Pharmacy av. (Scar) --Rose (wid Chas H) h 658
Ontario — Roy I wtchmn Gooderham & Worts h 77 Parliament --
Walter r 658 Ontario — Wm G M ftr Dom Watch Case h 157i Tyrrel
av — Wm R comp Southam Press h 521 Hopewell av (Y ork Twp) —
Wm T slsmn Puddicombe Motors h 23 Criscoe (Y ork Twp) — & Bird
(Edwd M Gallinger & Ernest Bird) serv stn 1130 Davenport rd Galliott
Fredk emp Simpsons h 87 Tiago av (E Y) Gallipeau John r 35
Beverley — Laurene B Natl Health & Welfare r 122 Front w Gallipoli
Olive M Mrs billing typist Blue Ribbon Ltd r 228 Emerson av Galli van
Anne B receptionist Club Lyndhurst r 264 Bloor e — Barbara nurse r
51 Mimico av (Mim) --Jas D hlpr Colgate-Palmolive h 12 Napier —
John T wrehsemn F C Burroughes Furn r 297 Wolverleigh blvd --Leo
F sis mgr Royal Typewriter h 83 Prennan av (Etob) — Mary E h 297
Wolverleigh blvd --Olive I stenog Economical Mutual Ins r 12
Felstead av --Walter P slsmn Wonder Bakers h 12 Felstead av Gallivo
A Richd emp A V Roe h 2088A Dundas w Gallman Edna M Mrs fnshr
Henry Davis & Co h 372 Rhodes av Gallo Andrew wldr h 153
Dovercourt rd — Chas (Gallo Construction Co) h 196 Clinton --Chas
elk J R Meggeson & Co r 547 Logan av --Construction Co (Chas
Gallo) (rear) 196 Clinton --Danl h 710 Ossington av — David bldr h
70 Royal York rd s (Etob) --Dominic h 25 Jersey av —Elvira (wid
John) r 258| Shaw --Eugenio carp r 109 Robert --Frank h 23 Jersey
av --Frank lab Porter Constn Co h 213 Albany av — Frank lab h 386
Roxton rd — Frank A dsgnr Eatons h 188 Westmount av (York Twp) -
-Ida Mrs dish room Eatons r 98 Strathcona av —John h 153
Dovercourt rd --Joseph h 588 Palmerston av --Luigi fruit merchant h
2047 Eglinton av w (York Twp) --Mario h 229 Howland av --Michael
finer Imp Optical r 213 Albany av --Mike emp Neilsons r 386 Roxton
rd --Peter springer Troisier Cor 213 Albany av --Ralph emp CGE h
1399 Dundas w — Rita T stenog Can Customs r 188 Westmount av
(York Twp) --Robt opr Tip Top Tailors r 386 Roxton rd — Rose emp
Tip Top Tailors r 386 Roxton rd --Sam pntr r 386 Roxton rd Galloghy
Bridgett r 109 Gloucester Gallop Andrew A nursing orderley h 158
Bingham av --Bernard emp Young & Apperley r 101 Millicent --Fredk
A H dist sis mgr Candn Johns -Manville h 126 Strath av (Etob) —
Fredk G h 42 Elm rd --Geo C jr mech TCA h 100A Rowntree av —
Geo G slsmn Victoria Paper & Twine h 105 Colbeck --Gregory studt r
105 Colbeck — Harold H colour-matcher Bush-Federal h 11 Park
Lane (Humber Bay) — Harry A carp Bradford Hoshal h 101 Millicent -
-Sherman maint Tor Terminal Rly h 49 Highfield road --Stanley C acct
Ont Steel Products h 99 Woodycrest avenue — Susannah Mrs r 28
O’Connor dr (E Y) — Wm J elect drftsmn Can Electric h 1141
Greenwood av (E Y) Galloro Fioramante emp Frank Cosentino r 270
Lisgar --Michael lab Sguigna Contr r 270 Lisgar — Nick emp Smith
Mfg r 16 Maitland --Vincent mech h 452 Bathurst ♦Gallow, see also
Callow --Arthur L slsmn h 90 Winchester — Bruce A slsmn r 90
Welcome to our website – the ideal destination for book lovers and
knowledge seekers. With a mission to inspire endlessly, we offer a
vast collection of books, ranging from classic literary works to
specialized publications, self-development books, and children's
literature. Each book is a new journey of discovery, expanding
knowledge and enriching the soul of the reade

Our website is not just a platform for buying books, but a bridge
connecting readers to the timeless values of culture and wisdom. With
an elegant, user-friendly interface and an intelligent search system,
we are committed to providing a quick and convenient shopping
experience. Additionally, our special promotions and home delivery
services ensure that you save time and fully enjoy the joy of reading.

Let us accompany you on the journey of exploring knowledge and

personal growth!

textbookfull.com