Capital Markets Law Journal最新文献_第10页

The subtle relationship between paragraphs 1, 4, 7 and 8 of Article 17 of the Market Abuse Regulation 《市场滥用条例》第17条第1、4、7和8款之间的微妙关系

IF 0.7

Capital Markets Law Journal Pub Date : 2020-05-26 DOI: 10.2139/ssrn.3611338

Arnoud Pijls, M. Giltjes

{"title":"The subtle relationship between paragraphs 1, 4, 7 and 8 of Article 17 of the Market Abuse Regulation","authors":"Arnoud Pijls, M. Giltjes","doi":"10.2139/ssrn.3611338","DOIUrl":"https://doi.org/10.2139/ssrn.3611338","url":null,"abstract":"markdownabstract__Key points__ \u0000• Article 17 MAR sets out the legal framework with respect to the disclosure of inside information. Article 17(1) MAR contains the primary duty to disclose inside information and stipulates that the issuer must disclose inside information that directly concerns that issuer. Article 17(4) MAR grants the issuer the possibility to delay the disclosure of inside information if three cumulative conditions are met; once one or more conditions are no longer met, the primary duty revives. \u0000• In addition to the primary duty, two separate duties to disclose have been included in Article 17 MAR: i) Article 17(8) MAR stipulates that the issuer must make complete and public disclosure of inside information that is disclosed to selected parties and ii) if the issuer had opted to delay the disclosure of inside information, Article 17(7) MAR stipulates that the issuer must make complete and public disclosure of that information if it has lost its confidential nature. \u0000• One could raise doubts over the necessity and function of Paragraphs 8 and 7 of Article 17 MAR. However, in this Paper we defend the independent status of these Paragraphs. If the inside information has lost its non-public nature, the duty to disclose that information can no longer be based on Article 17(1) MAR. Paragraphs 8 and 7 of Article 17 MAR contribute to legal certainty and to achieving the goals of the MAR.","PeriodicalId":43720,"journal":{"name":"Capital Markets Law Journal","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44299926","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Necessity and the Covid-19 pandemic 必要性与新冠肺炎大流行

IF 0.7

Capital Markets Law Journal Pub Date : 2020-05-12 DOI: 10.1093/cmlj/kmaa013

W. M. C. Weidemaier, Mitu G. Gulati

引用次数: 1

Is the European Union going to help us overcome the COVID-19 crisis? 欧盟是否会帮助我们克服COVID-19危机?

IF 0.7

Capital Markets Law Journal Pub Date : 2020-05-02 DOI: 10.1093/cmlj/kmaa010

D. Busch

{"title":"Is the European Union going to help us overcome the COVID-19 crisis?","authors":"D. Busch","doi":"10.1093/cmlj/kmaa010","DOIUrl":"https://doi.org/10.1093/cmlj/kmaa010","url":null,"abstract":"The paper discusses the most noteworthy measures taken or yet to be taken by the EU to combat the coronavirus crisis. \u0000 \u0000Basically, the measures fall into four categories: (i) flexible application of EU rules that could hinder member states in their strenuous efforts to save their national economies; (ii) a financial support package put in place by the EU itself, (iii) monetary action by the ECB and (iv) action by European financial regulators, including the ECB (albeit in its capacity of banking regulator rather than monetary authority). \u0000 \u0000This is followed by some comments on the impact of the coronavirus crisis on (i) the intended completion of the European Banking Union, (ii) the plans for a European Capital Markets Union, (iii) Brexit and (iv) the EU climate plans. \u0000 \u0000The paper concludes that it is clear that the crisis has once again laid bare the divisions between north and south in Europe. These divisions are particularly apparent in relation to the issue of financing the European recovery fund and the power struggle that has now flared up between the German Constitutional Court on the one hand and the CJEU and the ECB on the other. Hard times lie ahead for the EU.","PeriodicalId":43720,"journal":{"name":"Capital Markets Law Journal","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/cmlj/kmaa010","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44355106","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

How to restructure Euro area sovereign debt in the era of Covid-19 新冠肺炎时代如何重组欧元区主权债务

IF 0.7

Capital Markets Law Journal Pub Date : 2020-04-28 DOI: 10.1093/cmlj/kmaa015

T. Arnold, Mitu G. Gulati, U. Panizza

引用次数: 0

The regulation of the dual-class share structure in China: a comparative perspective 中国二元股权结构的调整：一个比较视角

IF 0.7

Capital Markets Law Journal Pub Date : 2020-04-01 DOI: 10.1093/cmlj/kmaa004

Longjie Lu

引用次数: 0

The segmented regulatory system of the bond markets in China: current situation, causes and reform 中国债券市场的分割监管体制:现状、成因与改革

IF 0.7

Capital Markets Law Journal Pub Date : 2020-04-01 DOI: 10.1093/cmlj/kmaa002

Chi Zhang

{"title":"The segmented regulatory system of the bond markets in China: current situation, causes and reform","authors":"Chi Zhang","doi":"10.1093/cmlj/kmaa002","DOIUrl":"https://doi.org/10.1093/cmlj/kmaa002","url":null,"abstract":"China’s bond market has expanded eightfold in the past decade. This rapid growth has transformed it into one of the largest bond markets globally. However, owing to the dual-track policy related to the public and private sectors during the early decades of Chinese economic reform, the regulatory regime of the bonds issued by state-owned enterprises and those that are privately owned has been treated differently and regulated by different authorities. \u0000 \u0000The segmented regulation of government bonds, corporate bonds and financial bonds has seriously raised the transaction cost of issuers and motivated regulatory arbitrage as well. More interestingly, the regulatory system of China’s bond market has diversified during the past two decades. The regulatory regime of listing companies on the Chinese stock exchanges, by contrast, was unified as early as the late 1990s. \u0000 \u0000Although the Financial Committee of the State Council has promised to unify the regulatory system of the Chinese bond markets since 2017, it does not appear to be easy to change the existing institution and there is uncertainty surrounding reform. \u0000 \u0000Based on a detailed review of the origins and evolution of the regulatory regime of the Chinese bond markets, this article suggests that the segmented regulatory regime is rooted in the unequal status of the public and private sectors in the Chinese economy. Therefore, the pre-requisite for unifying China’s bond market regulation is the equal treatment of state-owned enterprises and privately owned companies.","PeriodicalId":43720,"journal":{"name":"Capital Markets Law Journal","volume":"15 1","pages":"175-190"},"PeriodicalIF":0.7,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/cmlj/kmaa002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44435997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The reform of the European Stability Mechanism 欧洲稳定机制的改革

IF 0.7

Capital Markets Law Journal Pub Date : 2020-04-01 DOI: 10.1093/cmlj/kmaa001

J. Aerts, Pedro Bizarro

引用次数: 7

Restructuring Italy’s New York law bonds 重组意大利的纽约法律债券

IF 0.7

Capital Markets Law Journal Pub Date : 2020-04-01 DOI: 10.1093/cmlj/kmaa003

Andrea E Kropp

引用次数: 0

Initial crypto-asset offerings (ICOs), tokenization and corporate governance 初始加密资产产品(ico)，代币化和公司治理

IF 0.7

Capital Markets Law Journal Pub Date : 2020-04-01 DOI: 10.1093/cmlj/kmaa005

Stéphane Blemus,Dominique Guégan

{"title":"Initial crypto-asset offerings (ICOs), tokenization and corporate governance","authors":"Stéphane Blemus,Dominique Guégan","doi":"10.1093/cmlj/kmaa005","DOIUrl":"https://doi.org/10.1093/cmlj/kmaa005","url":null,"abstract":"This paper discusses the potential impacts of the so-called “initial coin offerings”, and of several developments based on distributed ledger technology (“DLT”), on corporate governance. While many academic papers focus mainly on the legal qualification of DLT and crypto-assets, and most notably in relation to the potential definition of the latter as securities/financial instruments, the authors analyze some of the use cases based on DLT technology and their potential for significant changes of the corporate governance analyses. This article studies the consequences due to the emergence of new kinds of firm stakeholders, i.e. the crypto-assets holders, on the governance of small and medium-sized enterprises (“SMEs”) as well as of publicly traded companies. Since early 2016, a new way of raising funds has rapidly emerged as a major issue for FinTech founders and financial regulators. Frequently referred to as initial coin offerings, Initial Token Offerings (“ITO”), Token Generation Events (“TGE”) or simply “token sales”, we use in our paper the terminology Initial Crypto-asset Offerings (“ICO”), as it describes more effectively than “initial coin offerings” the vast diversity of assets that could be created and which goes far beyond the payment instrument issue","PeriodicalId":43720,"journal":{"name":"Capital Markets Law Journal","volume":"52 1","pages":"191-223"},"PeriodicalIF":0.7,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138540246","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

OUP accepted manuscript OUP接受稿件

IF 0.7

Capital Markets Law Journal Pub Date : 2020-01-01 DOI: 10.1093/cmlj/kmaa030

引用次数: 0