European Company and Financial Law Review

Published by De Gruyter

Volume 14 Issue 2

Issue of European Company and Financial Law Review

Contents
Journal Overview

August 23, 2017

Opening Remarks

Heribert Hirte

Page range: 236-238

August 23, 2017

Opening Remarks

Søren Pind

Page range: 239-241

August 23, 2017

Capital Markets Union – One Year On From the Action Plan

Miriam Parmentier

Page range: 242-251

Abstract

On 30 September 2015, the European Commission adopted its Action Plan on Building a Capital Markets Union Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions: Action Plan on Building a Capital Markets Union, COM(2015) 468 final of 30 September 2015 (hereinafter, the “CMU Action Plan” or “Action Plan”). . The Action Plan was already accompanied by a set of concrete, legislative proposals. On 14 September 2016, the Commission published a Communication on Accelerating Reform in the Capital Markets Union. Communication from the Commission to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions: Capital Markets Union – Accelerating Reform, COM(2016) 601 final of 14 September 2016. The Communication was timed to coincide with the State of the Union address, in which the President of the European Commission underlined the continuing high priority of the Capital Markets Union. Juncker, State of the Union 2016, 2016, p. 14; cf. also Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions: Commission Work Programme 2017: Delivering a Europe that protects, empowers and defends, COM(2016) 710 final, p. 10. The development of stronger and more integrated capital markets in the European Union is more important than ever in the current political and economic context. The following will provide an overview of the initiatives already set in motion in the first year and beyond and of the initiatives ahead.

August 23, 2017

The Effects of Brexit on the Law of Companies and Financial and Legal Services in Europe: A Summary Overview

Hans-Jürgen Hellwig

Page range: 252-268

August 23, 2017

Symposium Discussion Report: First Session The State of the (Capital) Union

Andreas Sams Kambjerre

Page range: 268-270

Abstract

The president of the meeting, Jesper Lau Hansen (University of Copenhagen), opened the discussion by introducing Miriam Parmentier (European Commission), Vanessa Knapp (Queen Mary University of London) and Hans-Jürgen Hellwig (University of Heidelberg).

August 23, 2017

Market Building and the Capital Markets Union: Addressing Information Barriers in the SME Funding Market

Pierre Schammo

Page range: 271-313

Abstract

The Capital Markets Union (CMU) is one of the flagship policy initiatives of the Juncker Commission. The Commission’s strategy for realizing a CMU is set out in its White Paper on building a CMU. Besides describing the Commission’s vision of a CMU, the white paper includes an action plan which details the measures that are needed to build a CMU. The aim of this article is to consider the Commission’s measures in one particular area of the action plan. Specifically, this article examines the Commission’s strategy for overcoming information barriers to SME investment. By acting in this area, the Commission’s objective is to facilitate access to finance, but also to diversify sources of funding for SMEs, which are traditionally heavily dependent on bank-based finance. This article evaluates the Commission’s strategy and its prospects of success. After assessing the relevant policy measures, it will argue for a paradigm shift which is based on three pillars: a greater emphasis on market building measures; a greater emphasis on information sharing duties as one mechanism that can help to address information barriers; and a market correcting strategy to dovetail greater market building.

August 23, 2017

Symposium Discussion Report: Second Session Improving Access to Finance

Andreas Sams Kambjerre

Page range: 314-315

August 23, 2017

The Cost of Capital – the Normative Foundation of Corporate Law: A Reply

Sarah Paterson

Page range: 316-335

August 23, 2017

Market-based financing in the Capital Markets Union: The European Commission’s Proposals to Foster Financial Innovation in the EU

Christoph Kumpan

Page range: 336-364

August 23, 2017

Symposium Discussion Report: Third Session Developing and Diversifying the Supply of Funding

Andreas Sams Kambjerre

Page range: 364-366

August 23, 2017

Market Abuse Case Law –Where Do We Stand With MAR?

Jesper Lau Hansen

Page range: 367-390

August 23, 2017

Symposium Discussion Report: Fourth Session Improving Market Effectiveness: Intermediaries, Infrastructures, and the Broader Legal Framework

Andri Fannar Bergþórsson

Page range: 391-395

Abstract

The president of the session, Pierre-Henri Conac (University of Luxembourg, Luxembourg) introduced the subjects and speakers for this discussion.

August 23, 2017

Symposium Discussion Report: Fifth Session SUP, SPE and Beyond (the EMCA Project)

Andri Fannar Bergþórsson

Page range: 396-397

Abstract

The president of this session, Heribert Hirte (University of Hamburg, Member of the Deutscher Bundestag), introduced the subject and the speaker for this discussion.

About this journal

Please note the press release of the editors of May 27, 2021 in Supplementary Materials

In legislation and in case law, European Union law has become a steadily more dominant factor in determining national company laws as well as financial markets and banking law of the member states. However, national law also continues to play a major role in several fields. Such developments are sometimes of high academic interest in other European jurisdictions.

However, the discussion of these European and national developments is still to a great extent restricted to the national communities of experts and is done in their national language. Therefore, there is still a strong publication and language barrier in Europe. ECFR intends to change this situation by being one of the leading European academic platforms for debate across Europe on drafting and application of European and comparative company and financial markets law. It aims at universities, lawmakers on both the European and national levels, courts, lawyers, banks and other financial service institutions, in house counsel, accountants and notaries who draft or work with European company and financial law.

The journal focuses on all areas of European and national company law and of the financing of companies and business entities. This includes the law of capital markets as well as the law of accounting and auditing and company law-related issues of insolvency law. Banking law is also treated through specific articles as part of financial markets law. Finally, ECFR serves as a platform for the discussion of theoretical questions such as economic analysis of company law. It consists of articles and case notes on both decisions of the European courts as well as of national courts insofar as they are of interest from a comparative perspective. This does not, of course, exclude contributions from other parts of the world which may also be of interest for European readers.

Based on an initiative by the editors of Zeitschrift für Unternehmens- und Gesellschaftsrecht (ZGR), ECFR soon gained the support of many sister journals all of them leading company and financial markets law journals in their respective jurisdictions. Thus, ECFR as a European platform for academic exchange is currently edited by the editors of ZGR in co-operation with Ondernemingsrecht, Revista de Derecho de Sociedades, Revue des sociétés, Rivista delle società, and the Revue pratique des sociétés - Tijdschrift voor rechtspersoon en vennootschap.

Annual conference

ECFR holds an annual conference on recent topics of European company and financial law. The annual conference 2019 took place in Cracow (Poland) on 27 September 2019. Academic presentations, amongst other topics, dealt with the European directive on preventive restructuring, with the implications of Brexit and with recent national company law reforms in Belgium and Poland. For further inquiries please contact the editorial board (ecfr@jura.uni-wuerzburg.de).

Volume 14 Issue 2

Issue of European Company and Financial Law Review

Editor’s Note

Opening Remarks

Opening Remarks

Capital Markets Union – One Year On From the Action Plan

Abstract

The Effects of Brexit on the Law of Companies and Financial and Legal Services in Europe: A Summary Overview

Symposium Discussion Report: First Session The State of the (Capital) Union

Abstract

Market Building and the Capital Markets Union: Addressing Information Barriers in the SME Funding Market

Abstract

Symposium Discussion Report: Second Session Improving Access to Finance

The Cost of Capital – the Normative Foundation of Corporate Law: A Reply

Market-based financing in the Capital Markets Union: The European Commission’s Proposals to Foster Financial Innovation in the EU

Symposium Discussion Report: Third Session Developing and Diversifying the Supply of Funding

Market Abuse Case Law –Where Do We Stand With MAR?

Symposium Discussion Report: Fourth Session Improving Market Effectiveness: Intermediaries, Infrastructures, and the Broader Legal Framework

Abstract

Symposium Discussion Report: Fifth Session SUP, SPE and Beyond (the EMCA Project)

Abstract