Locating Damage in the Securities Market in the EU – The Road to VEB

Q2 Social Sciences

European Business Law Review Pub Date : 2023-05-01 DOI:10.54648/eulr2023028

Heidi M. K. Yli-Kankahila

引用次数: 0

Abstract

This article analyses where purely financial damage in the securities market occurs in light of the European Court of Justice’s (“ECJ”) case law on Article 7(2) of the Brussels Ia Regulation. The case law on what constitutes the necessary connecting factor to the competent courts is diverse. According to the ECJ’s judgment of 12 May 2021 in VEB, the place where the damage occurs in the secondary market of exchange listed shares is the place where the issuer has statutory reporting obligations. The ECJ held that such interpretation ensures the foreseeability required to establish international jurisdiction. The judgment brings welcome clarity to the location of damage in the secondary market and consolidates the role of statutory reporting obligations as a connecting factor to establish international jurisdiction. Damage, pure economic loss, secondary market, place where damage occurs, disclosure obligation, jurisdiction, regulated market

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定位欧盟证券市场的损害——VEB之路

本文根据欧洲法院（“ECJ”）关于《布鲁塞尔Ia条例》第7（2）条的判例法，分析了证券市场中纯粹的财务损害发生在哪里。关于什么构成与主管法院的必要联系因素的判例法多种多样。根据欧洲法院2021年5月12日在VEB的判决，交易所上市股票二级市场发生损害的地方是发行人负有法定报告义务的地方。欧洲法院认为，这种解释确保了确立国际管辖权所需的可预见性。该判决使损害在二级市场的位置得到了令人欢迎的澄清，并巩固了法定报告义务作为建立国际管辖权的一个连接因素的作用。损害、纯粹经济损失、二级市场、损害发生地、披露义务、管辖权、监管市场

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Business Law Review Social Sciences-Law

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The mission of the European Business Law Review is to provide a forum for analysis and discussion of business law, including European Union law and the laws of the Member States and other European countries, as well as legal frameworks and issues in international and comparative contexts. The Review moves freely over the boundaries that divide the law, and covers business law, broadly defined, in public or private law, domestic, European or international law. Our topics of interest include commercial, financial, corporate, private and regulatory laws with a broadly business dimension. The Review offers current, authoritative scholarship on a wide range of issues and developments, featuring contributors providing an international as well as a European perspective. The Review is an invaluable source of current scholarship, information, practical analysis, and expert guidance for all practising lawyers, advisers, and scholars dealing with European business law on a regular basis. The Review has over 25 years established the highest scholarly standards. It distinguishes itself as open-minded, embracing interests that appeal to the scholarly, practitioner and policy-making spheres. It practices strict routines of peer review. The Review imposes no word limit on submissions, subject to the appropriateness of the word length to the subject under discussion.