European Company and Financial Law Review最新文献_第10页

The right to defence in proceedings in the case of a financial penalty being imposed for infringement of banking law by a supervisory authorities in Germany and Poland 在德国和波兰的监管当局因违反银行法而施加经济处罚的诉讼中获得辩护权

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European Company and Financial Law Review Pub Date : 2022-09-30 DOI: 10.4467/22996834flr.22.018.16527

Weronika Stawińska-Artecka

{"title":"The right to defence in proceedings in the case of a financial penalty being imposed for infringement of banking law by a supervisory authorities in Germany and Poland","authors":"Weronika Stawińska-Artecka","doi":"10.4467/22996834flr.22.018.16527","DOIUrl":"https://doi.org/10.4467/22996834flr.22.018.16527","url":null,"abstract":"The article aims to present the model of proceedings in the case of a financial penalty being imposed for infringement of banking law in Poland and Germany and verify whether the parties' right to defence is ensured. The above issue is extremely topical, especially in light of the number and amount of financial penalties imposed by banking supervisory authorities. The article's thesis assumes that the legal regulations in force in Poland and Germany make the indicated guarantee a reality. The article highlights the role of financial market supervisory authorities, whose activities, including the imposition of financial penalties, translate into the safety of the banking sector. Detecting and then sanctioning banking law violations motivates financial market participants not to commit such violations. First, based on an analysis of judicial decisions and international law norms, the criteria that an exemplary model implementing the principle of the right to defence should meet were established. On the other hand, the following part of the article compares the legal framework in Poland and Germany and verifies whether the legal provisions provide the parties with the guarantees in question when imposing a financial penalty for violations of banking law.","PeriodicalId":54052,"journal":{"name":"European Company and Financial Law Review","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2022-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73469855","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

Golden Power and Anti-Takeover Corporate Mechanisms 黄金权力与反收购公司机制

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European Company and Financial Law Review Pub Date : 2022-08-01 DOI: 10.2139/ssrn.4075962

Francesca Prenestini

引用次数: 0

A New Start for the European Private Company: The Draft Statute for a “Société Européenne Simplifiée” (SES) 欧洲私营公司的新开端：简化欧洲公司（SES）章程草案

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European Company and Financial Law Review Pub Date : 2022-08-01 DOI: 10.1515/ecfr-2022-0021

Dirk A. Verse

{"title":"A New Start for the European Private Company: The Draft Statute for a “Société Européenne Simplifiée” (SES)","authors":"Dirk A. Verse","doi":"10.1515/ecfr-2022-0021","DOIUrl":"https://doi.org/10.1515/ecfr-2022-0021","url":null,"abstract":"Abstract 654 In February 2021, an international group of experts under the auspices of the French lawyers’ association Henri Capitant published a draft statute for a “European Simplified Company” (Société Européenne Simplifiée, SES). The draft intends no less than to revive the idea of a European Private Company (SPE), albeit in a modified manner. Unlike the SPE proposal, the SES initiative does not exclusively aim at adopting an EU regulation under Art. 352 TFEU that requires the consent of all 27 Member States. Instead, it is open for alternatives to EU-wide regulation, be it by way of enhanced cooperation under Art. 20 TEU or an international treaty between the interested Member States. In June 2021, the SES initiative gained the support of the Franco-German Parliamentary Assembly calling on the French and German governments to intensify their efforts in working towards a supra-national private company on the basis of the SES proposal.It is against this background that the present article seeks to analyse the objectives and main features of the Draft SES Statute. In the author’s view, the SES initiative should be welcomed as it seeks to fill an evident gap in the existing EU company law framework. The paper concludes that, despite several concerns that still need to be addressed, the Association Henri Capitant’s Draft SES Statute provides a solid and suitable basis for the consultations to come. 655","PeriodicalId":54052,"journal":{"name":"European Company and Financial Law Review","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45027970","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

A More Socio-Environmentally Responsive Way to Organise the Firm? A Case Study on Danish Social Enterprise Law 一种更具社会环境响应能力的公司组织方式？丹麦社会企业法案例研究

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European Company and Financial Law Review Pub Date : 2022-08-01 DOI: 10.1515/ecfr-2022-0017

J. S. Liptrap

引用次数: 1

Binding Capital to Free Purpose: Steward Ownership in Germany 资本与自由目的的绑定：德国的管家所有权

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European Company and Financial Law Review Pub Date : 2022-08-01 DOI: 10.2139/ssrn.4144623

Anne Sanders

引用次数: 2

Loyalty Shares: an International Perspective. A Suitable Instrument to Fight Short-Termism? 忠诚度股票：国际视角。对抗短期主义的合适工具？

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European Company and Financial Law Review Pub Date : 2022-08-01 DOI: 10.1515/ecfr-2022-0018

I. Torres

{"title":"Loyalty Shares: an International Perspective. A Suitable Instrument to Fight Short-Termism?","authors":"I. Torres","doi":"10.1515/ecfr-2022-0018","DOIUrl":"https://doi.org/10.1515/ecfr-2022-0018","url":null,"abstract":"Abstract 556 The Act 5/2021, April the 12th, that modifies the Spanish Companies Act, approved by Royal Legislative Decree 1/2010 of 2nd July (“LSC”) goes beyond the Transposition of Directive 2017/828 and introduces ex novo “loyalty shares” within the Spanish Companies Act (Official Journal, April 13th). This novelty is an evolution in the corporate legislation, the purposes of which is to encourage long-term ownership. Under the self-explanatory heading “Additional loyalty votes”, the law implementing Directive 2017/828/EC introduces a set of rules (Arts. 527 ter to 527 undecies) fundamentally equipollent to the ones already in place in both France and Italy and, more recently, in Belgium. According to the preamble to the Bill, long-term ownership is a new concept promoted by policy makers (including the European Commission), some institutional investors, stakeholders and even issuers who have been facing for a while an increasing pressure to maximize short term results. Against this background, the question that immediately arises (duly discussed in this paper) is whether loyalty shares really promote long-term ownership. More intriguingly, the question is whether short termism is really a problem for listed corporations. The short term vs. long term dichotomy has led us to analyse the rise of the prominent role played by “activist” investors. If short termism exists, are loyalty shares the proper mechanism whereby a real change can really materialise? Moreover, are these new instruments the right solution to overcome the entrenched shareholder apathy and, therefore, the key to achieve their engagement?557","PeriodicalId":54052,"journal":{"name":"European Company and Financial Law Review","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44451837","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

E-Sport and Taxes. Selected Issues 电子竞技和税收。选择的问题

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European Company and Financial Law Review Pub Date : 2022-06-30 DOI: 10.4467/22996834flr.22.015.16322

Michał Biliński

引用次数: 0

SICAV in the Czech Republic – success story of continuing failure? 捷克共和国的SICAV -持续失败的成功故事?

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European Company and Financial Law Review Pub Date : 2022-06-30 DOI: 10.4467/22996834flr.22.013.16320

Filip Horák

{"title":"SICAV in the Czech Republic – success story of continuing failure?","authors":"Filip Horák","doi":"10.4467/22996834flr.22.013.16320","DOIUrl":"https://doi.org/10.4467/22996834flr.22.013.16320","url":null,"abstract":"This paper explores the introduction of SICAV in Czech law, its development and the related difficulties including the tax perspective. Although this legal form helped to boost the collective investment sector in the Czech Republic, in particular for qualified investors’ funds, it is under constant threat of law amendments, which have a negative impact on further progress in the popularity of SICAVs as well as other forms of investment funds.\u0000\u0000SICAV, as a legal form governed by both private (corporate) and public (regulatory) law, presents a good example of how the two sets of partly autonomous rules may clash and cause undesirable effects. The paper highlights the main inefficiencies and discrepancies, which lead to interpretation difficulties and legal uncertainty.\u0000\u0000The hypothesis of this paper lies in investigating how local factors in one country, such as the influence of other pieces of legislation and tax environment, negatively impact solutions and models which are standardised and successfully deployed across the EU.\u0000\u0000It is argued that not only legal and regulatory aspects determine the popularity of investment funds, but a wider landscape, including the activities and approach of the supervisory authority and network of professionals (legal and tax advisors or auditors), plays a crucial role in capital markets development","PeriodicalId":54052,"journal":{"name":"European Company and Financial Law Review","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76606641","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

Plebiscite model of participatory budgeting and public values in Poland 参与式预算的公民投票模式与波兰的公共价值

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European Company and Financial Law Review Pub Date : 2022-06-30 DOI: 10.4467/22996834flr.22.014.16321

Urszula K. Zawadzka-Pąk

{"title":"Plebiscite model of participatory budgeting and public values in Poland","authors":"Urszula K. Zawadzka-Pąk","doi":"10.4467/22996834flr.22.014.16321","DOIUrl":"https://doi.org/10.4467/22996834flr.22.014.16321","url":null,"abstract":"The purpose of this article is to conduct an axiological and legal analysis of the most popular model of participatory budgeting in Poland (the plebiscite model), being a special form of public consultation that allows the residents to decide each year on a part of the commune’s budget expenditure by direct voting. According to the paper’s hypothesis, both the PB legal rules as well as the practice of its application in Poland are not axiologically neutral, which means that they have a positive or negative impact on certain public values, appropriately strengthening or violating them. In the research, the combination of three coherent methods was used: (i) a literature analysis, (ii) the dogmatic and legal method, and (iii) interviews conducted with three groups of PB participants, i.e. municipal officials responsible for the organization of PB procedure, municipal councillors, and residents. The research covers six Polish cities and bases on a catalogue of nodal public values including: human dignity, sustainability, citizen involvement, openness, secrecy, compromise, integrity, and robustness. The research leads to the conclusion that the plebiscite BP in Poland is not axiologically neutral, its rules have both a positive and negative impact on particular nodal public values, however the scale of negative impact is greater than the scale of the positive one.","PeriodicalId":54052,"journal":{"name":"European Company and Financial Law Review","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90512871","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

Efficient Capital Markets: A Review of Specialized Literature and Methodology on Nigerian Stock Market 有效资本市场:尼日利亚股票市场的专业文献与研究方法综述

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European Company and Financial Law Review Pub Date : 2022-06-30 DOI: 10.4467/22996834flr.22.016.16323

J. Ajayi

引用次数: 0