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Author : Lars Hornuf
Publisher : Unknown
Page : 374 pages
File Size : 49,7 Mb
Release : 2010
Category : Electronic
ISBN : OCLC:734086785
Author : Barbara Gabor
Publisher : Edward Elgar Publishing
Page : 349 pages
File Size : 42,6 Mb
Release : 2013-01-01
Category : Law
ISBN : 9781781003381
"Regulatory competition within Europe and internationally, operates in several fields with different outcomes. This book offers a comparative legal and economic analysis of corporate, securities and competition law, exploring the reasons behind such differences. The books conceptual framework covers the most relevant drivers of competition, including legal actors incentives, channels of competition and governance design. It shows how the different drivers and institutional designs are shaping competitive interactions, drawing relevant conclusions for both general and field specific regulatory policy. Providing a comparative analysis of regulatory competition in three legal fields, this book will be a valuable resource for researchers and academics in law, economics and political science, as well as policymakers legislator, regulator, judiciary at both national and European levels."--Publisher
Author : Iris H.-Y. Chiu
Publisher : Kluwer Law International B.V.
Page : 354 pages
File Size : 46,7 Mb
Release : 2008-01-01
Category : Law
ISBN : 9789041126689
Offers a new approach to the legal issues raised by the drive for convergence in securities regulation. The author offers an informed and insightful examination of the implications for regulatory and policy design if regulatory convergence were to be rigorously implemented.
Author : Robin Eyben
Publisher : GRIN Verlag
Page : 39 pages
File Size : 51,6 Mb
Release : 2013-08-07
Category : Law
ISBN : 9783638730969
Master's Thesis from the year 2006 in the subject Law - Comparative Legal Systems, Comparative Law, grade: Sehr Gut, University of Hamburg (Institut für Recht und Ökonomik), language: English, abstract: In the US it is principally the states that are in charge of regulating the internal affairs of corporations. States allow firms to relocate in other states. Hence, it is argued that states are engaging in a process of competing for corporate charters. In the EU this basic setting is today quite similar: the EU Member States have separately created their own corporate law systems for decades. Though only since the European Court of Justice (ECJ) ruled in a series of famous decisions from Centros to Inspire Art that Member States have to recognize firms who are incorporated under other Member States’ corporate law, the possibility for regulatory competition in corporate is opened in the EU as well. Comparing the situations in Europe and America from a law and economics perspective, the guiding hypothesis of this thesis is that while regulatory competition in corporate law can lead to efficient results, several problems have to be taken into account. Inefficiencies in American and European regulatory competition in corporate law are mainly due to these problems. A possible normative solution to such inefficiencies is assessed. Other findings of this thesis involves the following aspects: Firstly, while regulatory competition in corporate law in the U.S. might have been economically efficient in the past, it now can be identified several factors that lead to suboptimal outcomes which can be explained positively by applying existing theories on the issue as complementary ones. Secondly, the European legal and economic situation resembles important factors of the American one while there are some major differences that will probably lead to different outcomes to those in the U.S. – though these are suboptimal as well. Thirdly, a normative conclusion is drawn from these comparative observations. It can be efficient to restructure the framework in which regulatory competition in corporate law takes place in both, the U.S. and the EU. It is proposed a form of procedural harmonization and a simplification of conflict of laws that will allow states to compete for separate modules of legal sectors in corporate law. Thus innovation and learning processes in corporate regulations will be easier comparable and a sustainable race to the top may begin.
Author : Guido Ferrarini,E. Wymeersch
Publisher : Oxford University Press on Demand
Page : 509 pages
File Size : 41,7 Mb
Release : 2006
Category : Law
ISBN : 0199202915
This collection examines investor protection in Europe, offering a broad and coherent examination of the effects of regulatory competition versus harmonisation. It covers both capital market and company law perspectives and explores clearing, settlement, prospectuses and transparency regulation.
Author : Rüdiger Veil
Publisher : Bloomsbury Publishing
Page : 849 pages
File Size : 43,8 Mb
Release : 2017-04-06
Category : Law
ISBN : 9781782256533
European capital markets law has developed rapidly in recent years. The former directives have been replaced by regulations and numerous implementing legal acts aimed at ensuring a level playing field across the EU. The financial crisis has given further impetus to the development of a European supervisory structure. This book systematises the European law and examines the underlying concepts from a broadly interdisciplinary perspective. National experiences in selected Member States – Austria, France, Germany, Italy, Spain, Sweden and the United Kingdom – are also explored. The first chapter deals with the foundations of capital markets law in Europe, the second explains the basics, and the third examines the regime on market abuse. Chapter four explores the disclosure system and chapter five the roles of intermediaries, such as financial analysts, rating agencies and proxy advisers. Short selling and high frequency trading is described in chapter six. Chapter seven deals with financial services and chapter eight explains compliance and corporate governance in investment firms. Chapter nine illustrates the regulation of benchmarks. Finally, chapter ten deals with public takeovers. Throughout the book emphasis is placed on legal practice, and frequent reference is made to the key decisions of supervisory authorities and courts.
Author : Guido Ferrarini,E. Wymeersch
Publisher : Unknown
Page : 509 pages
File Size : 43,8 Mb
Release : 2006
Category : Financial instruments
ISBN : OCLC:804695625
This collection examines investor protection in Europe, offering a broad and coherant examination of the effects of regulatory competition versus harmonisation. It covers both capital market and company law perspectives and explores clearing, settlement, prospectuses and transparency regulation.
Author : John Armour,Joseph A McCahery
Publisher : Bloomsbury Publishing
Page : 728 pages
File Size : 52,9 Mb
Release : 2006-11-14
Category : Law
ISBN : 9781847312907
At the end of the twentieth century it was thought by many that the Anglo-American system of corporate governance was performing effectively and some observers claimed to see an international trend towards convergence around this model. There can be no denying that the recent corporate governance crisis in the US has caused many to question their faith in this view. This collection of essays provides a comprehensive attempt to answer the following questions: firstly, what went wrong - when and why do markets misprice the value of firms, and what was wrong with the incentives set by Enron? Secondly, what has been done in response, and how well will it work - including essays on the Sarbanes-Oxley Act in the US, UK company law reform and European company law and auditor liability reform, along with a consideration of corporate governance reforms in historical perspective. Three approaches emerge. The first two share the premise that the system is fundamentally sound, but part ways over whether a regulatory response is required. The third view, in contrast, argues that the various scandals demonstrate fundamental weaknesses in the Anglo-American system itself, which cannot hope to be repaired by the sort of reforms that have taken place. "This collection of papers by leading US and European corporate law scholars provides fresh and rigorous analyses of the recent corporate governance scandals and the strategies devised by regulators to guard against future governance failures." Randall Thomas, John Beasley Professor of Law and Business, Vanderbilt University School of Law, Vanderbilt University.
Author : Vassilios Tountopoulos,Rüdiger Veil
Publisher : Bloomsbury Publishing
Page : 589 pages
File Size : 42,8 Mb
Release : 2019-12-12
Category : Law
ISBN : 9781509925544
This edited collection explores transparency as a key regulatory strategy in European business law. It examines the rationales, limitations and further perspectives on transparency that have emerged in various areas of European law including corporate law, capital markets law and accounting law, as well as other areas of law relevant for European (listed) stock corporations. This book presents a clear and accurate picture of the recent reforms in the European transparency regime. In doing so it endorses a multi-dimensional notion of transparency, highlighting the need for careful consideration and contextualisation of the transparency phenomenon. In addition, the book considers relevant enforcement mechanisms and discusses the implications of disparate enforcement concepts in European law from both the private and public law perspectives. Written by a team of distinguished contributors, the collection offers a comprehensive analysis of the European transparency regime by discussing the fundamentals of transparency, the role of disclosure in European business law, and related enforcement questions.
Author : Pierre Schammo
Publisher : Cambridge University Press
Page : 415 pages
File Size : 50,7 Mb
Release : 2011-05-19
Category : Law
ISBN : 9781139496322
Pierre Schammo provides a detailed analysis of EU prospectus law (and the 2010 amendments to the Prospectus Directive) and assesses the new rules governing the European Securities and Markets Authority, including the case law on the delegation of powers to regulatory agencies. In a departure from previous work on securities regulation, the focus is on EU decision-making in the securities field. He examines the EU's approach to prospectus disclosure enforcement and its implementation at Member State level and breaks new ground on regulatory competition in the securities field by providing a 'law-in-context' analysis of the negotiations of the Prospectus Directive.
Author : Christian Koenig,Bernhard von Wendland
Publisher : Edward Elgar Publishing
Page : 256 pages
File Size : 52,7 Mb
Release : 2017-02-24
Category : Electronic
ISBN : 9781785367595
Increasingly, EU market regulation measures have been introduced in the pursuit of economic justice and welfare. This book illustrates how regulation can help to prevent the abuse of dominance, in particular the abuse of public capital by the state.
Author : Konstantinos Sergakis
Publisher : Bloomsbury Publishing
Page : 447 pages
File Size : 40,9 Mb
Release : 2018-03-07
Category : Law
ISBN : 9781509958498
This authoritative textbook offers a thorough, theoretical and practical overview of the current EU legal framework applicable to capital markets. It is intended to enable a critical analysis of the overall regulatory principles as well as the interaction between market actors and EU law which has shaped the regulatory agenda both at national and EU level. The book gives an overview of the foundations of EU capital markets and touches upon issuer disclosure obligations, inappropriate market practices and gatekeepers. EU law is the main focus, complemented by comparative analysis where applicable, primarily relating to UK, French and German laws. Ideal for upper-level undergraduate or graduate law students taking a module in Capital Markets Law, Securities Regulation, Corporate Finance Law or EU Company Law. Also useful for accounting, business or economics MSc students who need to broaden their understanding of the legal aspects of capital markets, and for academics and policy makers.
Author : Stefano Lombardo
Publisher : Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften
Page : 250 pages
File Size : 54,9 Mb
Release : 2002
Category : Conflict of laws
ISBN : STANFORD:36105063274471
The work challenges the commonly accepted idea that the European single market needs a harmonized company law as a precondition for its correct functioning, on the basis of a law and economics comparison with the American situation. The study critically analyzes the two major reasons advanced to justify harmonization - the race to the bottom argument and the standardization argument - on the basis of the regulatory competition paradigm and concludes that they are basically wrong. Instead of pursuing harmonization of substantive company law, the proposal is to adjust conflict of law rules in favor of the incorporation theory as ruled by the European Court of Justice in its important Centros-decision of March 1999. Companies should be granted freedom of establishment and free movement among jurisdictions in the European Union.
Author : Eilís Ferran
Publisher : Cambridge University Press
Page : 328 pages
File Size : 54,6 Mb
Release : 2004-11-25
Category : Law
ISBN : 9781139456821
This book considers some of the fundamental issues concerning the legal framework that has been established to support a single EU securities market. It focuses particularly on how the emerging legal framework will affect issuers' access to the primary and secondary market. The Financial Services Action Plan (FSAP, 1999) was an attempt to equip the community better to meet the challenges of monetary union and to capitalise on the potential benefits of a single market in financial services. It led to extensive change in securities market regulation: new laws; new law making processes, and more attention to the mechanisms for the supervision of securities market activity and legal enforcement. With the FSAP nearing completion, it is a good time to take stock of what has been achieved, and to identify the challenges that lie ahead.
Author : Michel Tison,Hans De Wulf,Christoph Van der Elst,Reinhard Steennot
Publisher : Cambridge University Press
Page : 1029 pages
File Size : 46,7 Mb
Release : 2009-06-18
Category : Law
ISBN : 9781139473538
This collection of essays has been compiled in honour of Professor Eddy Wymeersch on the occasion of his retirement as professor at Ghent University. His main international academic peers explore developments on the crossroads of company law and financial regulation in Europe and the United States, providing a unique view on the dynamics of regulatory competition in an era of economic globalisation, whether in the fields of rulemaking, organising the mobility of capital or the enforcement of rules. The deepening of European financial integration and the transatlantic regulatory dialogue has generated new paradigms of rule-setting in a multinational framework and reinforced the need to develop adequate instruments for co-operation between regulators. Regulators increasingly use concepts such as equivalence or mutual recognition to regulate cross-border relations.
