European Business Organization Law Review最新文献_第2页

CCPs: EU Equivalence and Regulatory ‘Bazookas’ 中央控制点：欧盟等效性和监管 "火箭筒

IF 2.1 4区社会学

European Business Organization Law Review Pub Date : 2024-02-28 DOI: 10.1007/s40804-024-00312-x

Bas Zebregs, Victor de Serière

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引用次数: 0

Third-Country Regime and Equivalence: FinTechs 第三国制度与等效性：金融科技公司

IF 2.1 4区社会学

European Business Organization Law Review Pub Date : 2024-02-19 DOI: 10.1007/s40804-024-00310-z

{"title":"Third-Country Regime and Equivalence: FinTechs","authors":"","doi":"10.1007/s40804-024-00310-z","DOIUrl":"https://doi.org/10.1007/s40804-024-00310-z","url":null,"abstract":"<h3>Abstract</h3> While equivalence decisions are a well-known feature of EU/EEA financial regulation, EU/EEA regulatory law has not yet introduced FinTech-specific equivalence assessments. This article develops a new policy approach that allows to build on the tied-agent concept and extends it to third-country FinTechs in accordance with equivalence principles. This new regime is built on the premise that, within its scope, third-country FinTechs should only be granted market access to an EU/EEA Member State if the advantages of granting such access are so great that they can compensate for the possible risks of reduced direct access by the competent supervisory authorities in the EU/EEA to third-country FinTechs. This requires a substantial interest in the promotion of the corresponding technical solution of the third-country FinTech in connection with the provision of regulated services in an EU/EEA Member State, provided that the European Commission has adopted an equivalence decision with regard to the FinTech’s home country, the FinTech acts as a tied agent of an EU/EEA-based investment firm or credit institution, and the supervisory authority competent for the supervision of such investment firm or credit institution has entered into a cooperation agreement with the competent supervisory authority of the FinTech’s home country.","PeriodicalId":45278,"journal":{"name":"European Business Organization Law Review","volume":"24 1","pages":""},"PeriodicalIF":2.1,"publicationDate":"2024-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139910255","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Equivalence and Insurance 等效和保险

IF 2.1 4区社会学

European Business Organization Law Review Pub Date : 2024-01-29 DOI: 10.1007/s40804-023-00308-z

Arthur van den Hurk

引用次数: 0

Access to the UK Financial Market After the UK Withdrawal from the EU: Disruption, Design, and Diffusion 英国退欧后英国金融市场的准入：中断、设计和扩散

IF 2.1 4区社会学

European Business Organization Law Review Pub Date : 2024-01-15 DOI: 10.1007/s40804-023-00309-y

Niamh Moloney

引用次数: 0

Third-Country Regime and Equivalence: The Swiss Perspective 第三国制度与等效性：瑞士视角

IF 2.1 4区社会学

European Business Organization Law Review Pub Date : 2024-01-08 DOI: 10.1007/s40804-023-00307-0

Aline Darbellay

引用次数: 0

A US Perspective on Equivalence 美国视角下的等效性

IF 2.1 4区社会学

European Business Organization Law Review Pub Date : 2023-12-19 DOI: 10.1007/s40804-023-00305-2

Lissa L. Broome

{"title":"A US Perspective on Equivalence","authors":"Lissa L. Broome","doi":"10.1007/s40804-023-00305-2","DOIUrl":"https://doi.org/10.1007/s40804-023-00305-2","url":null,"abstract":"The EU and the US are more similar than they are different in their approach to equivalence. The world of derivatives is where the equivalence approach is most developed in the US, although in the US, equivalence is referred to as substituted compliance and is found only after a determination that the foreign regulatory regime is comparable to that in the US. US substituted compliance has been developed through the regulatory process, meaning that it is subject to continued development and could change over time at the whim of the regulators who are then in charge. In the case of credit institutions (EU) or commercial/retail banking (US), both the EU and the US largely follow an extra-territorial or territorial approach applying national law to a branch of a foreign entity doing business in the US (the extra-territorial approach) or requiring that a US subsidiary or intermediate holding company be established that is fully subject to US law (the territorial approach). In the provision of investment services, equivalence may theoretically be used to determine whether a third-country firm may offer investment services without a branch throughout the EU. As a practical matter, the only way to access the EU internal market is through a subsidiary established in a Member State (the territorial approach). A few broker-dealer activities may be conducted by foreign firms in the US without registering with the US Securities and Exchange Commission (SEC), but otherwise foreign firms must register with the SEC and become a member of the Financial Industry Regulatory Authority (FINRA) self-regulatory organization to engage in underwriting, private placement, and mergers and acquisitions advisory services.","PeriodicalId":45278,"journal":{"name":"European Business Organization Law Review","volume":"24 1","pages":""},"PeriodicalIF":2.1,"publicationDate":"2023-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138744423","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Sustainable Directors’ Duties and Reasonable Shareholders 可持续董事责任与合理股东

IF 2.1 4区社会学

European Business Organization Law Review Pub Date : 2023-11-30 DOI: 10.1007/s40804-023-00304-3

Hans Tjio

{"title":"Sustainable Directors’ Duties and Reasonable Shareholders","authors":"Hans Tjio","doi":"10.1007/s40804-023-00304-3","DOIUrl":"https://doi.org/10.1007/s40804-023-00304-3","url":null,"abstract":"This paper will examine the sustainability of directors’ duties from two perspectives, namely that the duties are stable in their own right and that they cover enough ground for them to help achieve sustainable goals. First, we will examine how directors’ duties to act in a company’s best interest operate well when shareholder interests are aligned. These duties, when breached, can be ratified by shareholders given the traditional understanding that they are the company. This may, in turn, have been associated with the growing acceptance of shareholder primacy over the past 40 years, seen most recently in the UK Supreme Court decision in BTI v Sequana (2022). The Supreme Court, however, also discussed the limitations of shareholder ratification, and its interaction with the rules protecting creditors, particularly as regards capital maintenance. Those rules have, however, been weakened, and private law has had to step in to address the abuse those rules were aimed at. Where the substantive content of directors’ duties is concerned, the focus everywhere is on how to make directors take account of external constraints such as environmental, social and governance (ESG) concerns and corporate purposes that may contradict enhancing shareholder value (as well as existing shareholder protection) as an established paradigm of company law. We will also analyse the difficulties in accommodating the interests of other internal constituents, like creditors (some of whom may have been externalised). This paper will build on earlier suggestions that the proper purpose rule has a part to play in balancing the interests of corporate constituents both inter and intra se and even in considering the position of future shareholders. The test of what is in the best interest of the company may not provide enough balance in this regard, as seen perhaps from the recent failed derivative action sought by some shareholders of Shell against its directors, and directors should take account of the interest of the reasonable shareholder in capturing the gist of what ESG should aim at.","PeriodicalId":45278,"journal":{"name":"European Business Organization Law Review","volume":"27 1","pages":""},"PeriodicalIF":2.1,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138528974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

EIOPA, Unit-linked Insurance and Polish Product Intervention: A Silent Regulatory Revolution? EIOPA，单位相连保险和波兰产品干预:一场无声的监管革命?

IF 2.1 4区社会学

European Business Organization Law Review Pub Date : 2023-11-20 DOI: 10.1007/s40804-023-00302-5

Lucie Škapová

{"title":"EIOPA, Unit-linked Insurance and Polish Product Intervention: A Silent Regulatory Revolution?","authors":"Lucie Škapová","doi":"10.1007/s40804-023-00302-5","DOIUrl":"https://doi.org/10.1007/s40804-023-00302-5","url":null,"abstract":"When the Polish financial market supervisor Komisja Nadzoru Finansowego (KNF) notified its intention to prohibit certain unit-linked insurance products marketed in Poland, it created an unprecedented situation: for the first time, a financial market supervisor decided to trigger Chapter III of the PRIIPs Regulation and adopt product intervention measures in the insurance sector. If adopted, these measures would regulate not only the investment strategies of unit-linked insurance products offered in Poland, but also their cost structure and terms and conditions. Is such far-reaching product intervention in compliance with the requirements of the PRIIPs Regulation? The European Insurance and Occupation Pensions Authority (EIOPA) tried to answer this question in its opinion on the justification and proportionality of the notified measures. The aim of this contribution is to critically analyse EIOPA’s opinion and explain the legal and practical ramifications of its findings. In particular, this article argues that despite its soft law nature and weaknesses of some of its findings, EIOPA’s opinion constitutes a major regulatory development in the insurance sector and raises several fundamental questions about the place of product intervention in the EU system of investor protection.","PeriodicalId":45278,"journal":{"name":"European Business Organization Law Review","volume":"49 1","pages":""},"PeriodicalIF":2.1,"publicationDate":"2023-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138528973","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Beyond Equivalence: Third Country Regimes in European Financial Regulation—Introduction 超越对等:欧洲金融监管中的第三国制度——导论

4区社会学

European Business Organization Law Review Pub Date : 2023-11-13 DOI: 10.1007/s40804-023-00303-4

Jens-Hinrich Binder, Danny Busch

引用次数: 0

Not Equivalent (Yet?): The Current EU Third Country Regime for Credit Institutions and Incoming Changes 不等同(尚未?):当前欧盟第三国信贷机构制度和即将发生的变化

4区社会学

European Business Organization Law Review Pub Date : 2023-10-26 DOI: 10.1007/s40804-023-00300-7

Jens-Hinrich Binder

{"title":"Not Equivalent (Yet?): The Current EU Third Country Regime for Credit Institutions and Incoming Changes","authors":"Jens-Hinrich Binder","doi":"10.1007/s40804-023-00300-7","DOIUrl":"https://doi.org/10.1007/s40804-023-00300-7","url":null,"abstract":"Abstract As part of the European Commission’s ‘Banking Package’, introducing a series of amendments to the key legal sources of EU banking regulation, a comprehensive proposal for the treatment of third country branches of credit institutions (i.e., branches of institutions licensed by non-EU jurisdictions seeking authorisation in an EU Member State) has been presented. If and when ultimately adopted, this new framework will, for the first time, harmonise the applicable authorisation procedures and substantive conditions for authorisation hitherto left exclusively to the discretion of EU Member States. Under the new regime, the equivalence of third country regulatory and supervisory approaches with EU banking regulation will play a role, albeit a limited one. While taking up, and refining, approaches that have been present in a range of Member States for some time already, the new framework will require others to fundamentally change their existing regimes. The new amendments will be of particular relevance for the future regulatory relationship between the United Kingdom and the European Union, since a bespoke arrangement for continuing access of UK financial intermediaries to the EU markets has not been achieved, and UK credit institutions wishing to continue to operate within the EU other than through legally separate and independently capitalised subsidiaries have to rely on authorisations as third country branches. Against this backdrop, the present paper presents a functional analysis of the incoming regime in light of experiences made with regard to the existing landscape of diverging national laws.","PeriodicalId":45278,"journal":{"name":"European Business Organization Law Review","volume":"175 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136381482","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0