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1
Kasyanov, R. A. "EUROPEAN EXPERIENCE OF FINANCIAL MARKETS REGULATION AND OPPORTUNITIES FOR ITS APPLICATION IN RUSSIA." MGIMO Review of International Relations, no. 4(31) (August 28, 2013): 267–74. http://dx.doi.org/10.24833/2071-8160-2013-4-31-267-274.
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Large-scale improvement is in store for the European financial regulators. Reforms are being carried out at the supranational level of the European Union whereas the national legislation of the EU member-states is being refined. Similarly, the system of financial regulation in the Russian Federation is about to change prompting creation of a mega-regulator for the financial market on the basis of the RF Central Bank to be launched in August of 2013 with the regulation and supervision shared by the RF Ministry of Finance and Central Bank respectively. As a result, the current regulator, Federal Financial Markets Service, will be abolished with its staff to be employed by the Central Bank. Whether the initiative will be successful depends on a number of factors, among them appropriate application of existing regulation models taking into account the following aspects: participation/non-participation of the market and professional community in the regulation; the subject and the field of regulation. Scrutiny of the European regulators active at the level of the European Union, as well as the national experience of the financial regulators of Luxemburg and Belgium gives a better insight into the prospects of the regulatory reform that is supposed to make the future system intelligible, lucid and self-sufficient, which should be reflected in the underlying legislation.
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van Calster, Geert. "An Overview of Regulatory Innovation in the European Union." Cambridge Yearbook of European Legal Studies 11 (2009): 289–320. http://dx.doi.org/10.5235/152888712802730620.
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AbstractThis chapter reviews the regulatory innovation process in the European Union, with a focus on the environmental sector. It examines the EU documents on regulation and, in particular, the ‘eight pillars of European governance’ listed by the European Commission in its follow-up to the 2001 White Paper on European Governance, as a useful means of categorising the practical consequences which the European Union attaches to the different implications of the governance debate in the EU. It goes on to summarise the initiatives on regulatory innovation as kick-started by the White Paper on Governance, and to map the current state of each of these initiatives. It concludes that no fundamental reform is required, but rather only a slim number of targeted remedies; the only real solution to the regulatory fog is acceptance and deregulation.
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van Calster, Geert. "An Overview of Regulatory Innovation in the European Union." Cambridge Yearbook of European Legal Studies 11 (2009): 289–320. http://dx.doi.org/10.1017/s1528887000001610.
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Abstract This chapter reviews the regulatory innovation process in the European Union, with a focus on the environmental sector. It examines the EU documents on regulation and, in particular, the ‘eight pillars of European governance’ listed by the European Commission in its follow-up to the 2001 White Paper on European Governance, as a useful means of categorising the practical consequences which the European Union attaches to the different implications of the governance debate in the EU. It goes on to summarise the initiatives on regulatory innovation as kick-started by the White Paper on Governance, and to map the current state of each of these initiatives. It concludes that no fundamental reform is required, but rather only a slim number of targeted remedies; the only real solution to the regulatory fog is acceptance and deregulation.
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Kelly, Cliona. "Consumer reform in Ireland and the UK." Common Law World Review 47, no. 1 (March 2018): 53–76. http://dx.doi.org/10.1177/1473779518773639.
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The departure of the UK from the European Union is likely to pose significant challenges for the Irish economy and legal system. This article explores the impact of various possible outcomes of Brexit negotiations on the ‘special relationship’ that currently exists between Irish and UK consumer law. If post-Brexit the Westminster Parliament is free to repeal or replace existing consumer rules of European origin, and courts are not bound to interpret remaining rules in a manner consistent with decisions of the Court of Justice of the European Union, there is likely to be significant regulatory divergence between the two jurisdictions. In Ireland, the increasing impact of the European Union might affect not merely the substance of consumer rights, but also the architecture of statutes and categorisation of consumer rights, the language and conceptual tools used, and how rights are interpreted by the courts. This article also examines how regulatory divergence can be observed even prior to Brexit: the enactment of the Consumer Rights Act 2015 represents a significant change in the regulation of consumer contracts in the UK, and the inability of Ireland to progress a similar consolidation and reform of the law is the first of many divergences which we are likely to see in the coming years.
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Deipenbrock, Gudula. "Trying or Failing Better Next Time? - The European Legal Framework for Credit Rating Agencies after Its Second Reform." European Business Law Review 25, Issue 2 (March 1, 2014): 207–25. http://dx.doi.org/10.54648/eulr2014007.
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Between 2009 and 2013 the European Union ( Union) introduced a regulatory and supervisory regime for credit rating agencies (CRAs) and reformed it twice. The Union left the path of industry self-regulation triggered by the financial crisis with its first peak in autumn 2008, the collapse of Lehman Brothers. The turmoil brought to the financial markets prevailed upon the Union at the same time to redesign the supervision of the European financial market fundamentally by introducing a new European System of Financial Supervision (ESFS). The Union's approach to financial market regulation has changed radically in the wake of the recent financial market crises. The Union continues to face far-reaching changes on its way to an 'ever closer' capital market with pivotal projects such as the banking union on its agenda. This paper discusses the Union's regulatory approach to the credit rating sector. It introduces critically the various legal acts forming the regulatory and supervisory regime for CRAs in the Union with a particular focus on its second reform. The paper explores whether the Union is on track to adequately address the main dysfunctions of the credit rating sector which remained unresolved: the overreliance on credit ratings, the oligopolistic structure of the credit rating sector, the civil liability of CRAs, the conflicts of interest, sovereign rating and a further enhancement of the quality of credit ratings. The paper argues that the regulatory framework for CRAs after the second reform appears to have only marginally improved thereby limiting its potential to achieve its ambitious goals. The analysis of the sector-specific, regulatory developing lines in the credit rating market as presented in this paper might also be considered to exemplify some of the general legal (- practical) challenges in the realm of European financial market law.
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Lange, Bettina, Giuliano G. Castellano, and Alain Jeunemaître. "Reforming European Union Financial Regulation: Thinking through Governance Models." European Business Law Review 23, Issue 3 (June 1, 2012): 409–46. http://dx.doi.org/10.54648/eulr2012023.
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This article examines the relationships between governance structures and regulatory approaches. It develops a typology to explain and fine-tune supranational regulatory models for the governance of markets. The article suggests, firstly, a range of regulatory options which are defined according to two dimensions: (a) the degree of centralization of regulation, which includes networks, meta-organizations, and single central authorities; and (b) the degree of invasiveness of regulation, which ranges from sunshine regulation to command and control approaches. The aim is to relate structural alternatives (considered in terms of centralization) to regulatory approaches (considered in terms of invasiveness). The typology here constructed is applied to analyse the governance structure of EU competition law. Secondly, the article focuses on the recent structural changes reshaping the governance of European financial markets. The reform is discussed through the lens of the typology. It appears that, differently from what was observed in the EU competition law model, the newly established European Supervisory Agencies (ESAs) are part of a complex structural development, in which the separation between a highly invasive regulatory approach and a decentralised supervisory structure adds further complexity. The article concludes by noting a set of possible normative implications, suggested by the typology, to ensure a consistent governance model for financial markets regulation and supervision in the EU.
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Todorović, Violeta, Milena Jakšić, and Lazar Sedlarević. "Redefining the Role of Banking Regulation in the Banking Sector of European Union." Economic Themes 53, no. 1 (March 1, 2015): 18–36. http://dx.doi.org/10.1515/ethemes-2015-0002.
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Abstract During the last two decades there have been significant changes in the structure of the banking sector at the European level. Factors such as globalization, integration and development of information technologies had a significant impact on these changes. In terms of the economic integration of Europe and structural changes, there is a need to redefine the regulatory infrastructure, due to inadequate institutional arrangements. The problem topics about reform of banking regulation and establishment of a banking union, as a new level of economic integration of Europe, has been put in the focus of interest during the global financial crisis. For this reason, the paper attempts to give a comprehensive analysis of the reasons and ways to reform regulation of the banking sector. Using a critical review of the implemented reforms of banking regulation at the national and supranational level will be reconsidered their applicability in specific problem situations and suggest measures for further improvement.
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Nowak-Far, Artur. "The European Union, its Economic and Monetary Union, and the (Apparent) Perception of Crisis Reflected in Immediate Regulatory Actions." Polish Review of International and European Law 9, no. 2 (November 14, 2020): 147–68. http://dx.doi.org/10.21697/priel.2020.9.2.06.
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While neither its institutional, nor legal arrangements fundamentally contributed to the emergence of the Eurozone crisis in the late 10’s of the 21st Century, the crisis exposed significant weaknesses of the EU economic governance, especially its inability to achieve a sustainable level of budgetary discipline. The crisis in particular highlighted the existing divisions of the EU Member States into different integration groups having divergent interests. Notably, it sharpened the division between the Eurozone states and non-Eurozone ones, as well as between the creditor-countries and debtor-countries. The EMU reform agenda adopted after 2008 gave more weighting to the interests of the former states. The emerging post-2008 economic governance-reform arrangements also gave more weight to the ECOFIN Council, at an expense of the European Commission. In the resulting institutional setting, the main aim of the EMU reform agenda was to assure the stability of the Eurozone and to reinforce its resistance to economic shocks. In this context, however, benefits arising from the reformed EMU are unevenly distributed, as they are more likely to avail the Eurozone countries than non- Eurozone countries, and more the creditor countries than the debtor ones.
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Kaiding, Josephine. "The Financial Transaction Tax: The Way Forward for the European Union?" EC Tax Review 23, Issue 1 (February 1, 2014): 30–42. http://dx.doi.org/10.54648/ecta2014004.
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The aftermath of the financial crisis of 2008-2009 has seen considerable pressure for financial sector reform, and thus the European Union has decided to go forward with a financial transaction tax ('the FTT'). As disunity between the Member States resulted in enhanced cooperation being resorted to for the first time in the area of taxation, the measure will be implemented in only eleven Member States. Whilst this article agrees that reform is imperative, it is argued that the proposed FTT is highly unlikely to improve the functioning of the financial sector. Its motivations appear to be primarily political, as the Financial Activities Tax ('the FAT') would have been preferable on legal and economic grounds. The article identifies specific aims for financial sector reform. Thereafter, the traditional dominance of regulation in this field is questioned, and consequently the decision of the EU to adopt a tax instrument is embraced as a step to achieve a combination of regulatory instruments and corrective taxation. However, the decision to go forward with the FTT is criticized, as it appears unable to address the objectives for reform and is likely to adversely impact on financial markets and the prosperity of Europe.
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Zhang, Chi. "Towards a Collective Regulatory System of Private Equity Funds in China: Legislative Progress and Political Challenges." European Business Law Review 30, Issue 1 (February 1, 2019): 183–97. http://dx.doi.org/10.54648/eulr2019007.
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Private equity investment funds have been playing an increasingly significant role in the Chinese economy. Owing to the fragmented financial regulatory regime of the country, however, both the official supervision and self-regulation of private equity funds in China are still problematic, which has increased the potential risk in the market. This article investigates the political logic of the ongoing legislative and regulatory reform of private equity funds in China. It also explores a proposal for the legal reform of the Chinese private equity industry with reference to the experience of the United Kingdom and the European Union. It is suggested that a unified financial regulatory system as a fundamental institutional arrangement is a pre-requisite for establishing an effective and efficient regulatory regime for private equity funds in China. This can only be achieved when the political conflict between different regulators in the Chinese bureaucratic system is removed.
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Nield, Katherine. "Fraud on the European Union Emissions Trading Scheme: Effects, Vulnerabilities and Regulatory Reform." European Energy and Environmental Law Review 20, Issue 6 (December 1, 2011): 255–89. http://dx.doi.org/10.54648/eelr2011022.
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As the European Union Emissions Trading Scheme (EU ETS) has grown in size and value, it has become an increasingly attractive playground for fraudsters. The past two years have seen value-added-tax (VAT) fraud and emissions allowance thefts emerge as major threats to the EU ETS market. This study explores the effects that these forms of fraud have had on parts of the EU carbon market; uncovers vulnerabilities in the regulation of the registries (the ``banks'' of accounts in which emissions allowances are kept and from which they are traded) and the oversight of the EU ETS market; and analyses the adequacy and wider implications of the regulatory reforms recently proposed by the European Commission. A series of semi-structured interviews conducted for this study exposes a significant amount of discomfort amongst stakeholders regarding the proposed reforms to the regulation of the registries system, which is felt could still leave the system vulnerable to fraud and its effects. The potential extension of the EU financial markets oversight regulations has also led to fear that the future regulatory framework may be disproportionately burdensome for some market participants, potentially compromising the cost-efficiency of this emissions abatement tool. Moreover, the paper highlights the difficulties involved in the investigation and prosecution of fraud in the carbon markets and assesses the extent to which recent developments in EU criminal law, in particular since the ratification of the Lisbon Treaty in 2009, hold the potential to overcome some of the existing barriers to the effective criminal law cooperation between the Member States.
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Vodyanov, Andrey. "Legal regulation of the criminalization of money laundering in the European Union: modern trends." Advances in Law Studies 10, no. 1 (April 7, 2022): 41–45. http://dx.doi.org/10.29039/2409-5087-2022-10-1-41-45.
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Countering the legalization (laundering) of proceeds from crime is one of the key priorities of the EU Security Union Strategy. Taking into account the development of European integration and the emergence of new criminal threats, there has been an intensive reform of the regulatory framework of the European Union in the area of preventing and combating money laundering and terrorist financing. The criminalization of money laundering is considered to be a central component of the anti-money laundering regime. The article analyzes the stages of development of the legal framework for combating the legalization (laundering) of money in the European Union. There are considered the modern trends of criminal law regulation in this area. The features of the criminalization of money laundering in the European Union law are revealed.
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Murphy, Enda, and Julien Mercille. "(Re)making labour markets and economic crises: The case of Ireland." Economic and Labour Relations Review 30, no. 1 (February 21, 2019): 22–38. http://dx.doi.org/10.1177/1035304619829015.
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The 2008 economic crisis has had significant impacts on labour markets around the world. In Europe, in particular, the need for internal devaluation within European Union nations in financial difficulty precipitated a wave of labour market reforms alongside the reform of welfare systems struggling to cope with high levels of unemployment. Various analyses have explored the nature of these changes separately for the labour market and welfare systems. Using a conceptual framework rooted in a political economy understanding the social nature of labour, this article takes an inclusive approach to understanding regulatory changes for both employed and unemployed labour. We do this using the case of Ireland, a country that went through a severe economic crisis, was subject to a European Union/European Central Bank/International Monetary Fund bailout in 2010 and witnessed one of the most significant labour market crises in Europe. The Irish case is instructive because it highlights both the range and depth of regulatory interventions utilised by the state during periods of crisis to deal with the social nature of labour and its role under advanced capitalism. JEL codes: J01, J08, J48.
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Rapsikevičius, Jonas, Jurgita Bruneckienė, Rytis Krušinskas, and Mantas Lukauskas. "The Impact of Structural Reforms on Sustainable Development Performance: Evidence from European Union Countries." Sustainability 14, no. 19 (October 3, 2022): 12583. http://dx.doi.org/10.3390/su141912583.
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The European Union (EU) is a unique economic integration organization with standard policies that seek common goals among members, such as convergence and sustainable development. It aims to become a climate neutral economy by 2050. With structural reform implementation, each EU member country can work towards these set goals in accordance with their own welfare. However, a trade-off between the individual welfare goals of a country and the common goals of the EU should be reached. This article analyzes the impact of structural reforms on sustainable development performance in European countries. The article contributes to a gap in the literature because, to date, previous research has examined the effects of structural reforms on economic or environmental measures in groups of nations but has often lacked an adequate sustainable development context. In addition, the clustering of European Union countries according to different social policy regimes requires clarification of the perceptions and knowledge about the influence and usefulness of structural reforms for sustainable development performance. The research uses the panel data of the Heritage Index of Economic Freedom and Sustainable Development Goals agenda from the Eurostat database. The data cover 27 countries of the European Union for a period of 11 years (2010–2020). The research panel includes 297 observations. We found different results regarding the influence of structural reforms on sustainable development performance under different social policy regimes and the regulatory trap for homogeneous sustainable development in the European Union. The paper provides original empirical evidence and specifies the targets of structural reforms in relation to sustainable development. The results provide guidance for policymakers to develop more appropriate and efficient sustainable development policies.
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Hancher, Leigh, and Maria Eva Földes. "Revision of the Regulatory Framework for Medical Devices in the European Union: The Legal Challenges." European Journal of Risk Regulation 4, no. 4 (December 2013): 429–35. http://dx.doi.org/10.1017/s1867299x0000307x.
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This special edition of the European Journal of Risk Regulation deals with a highly topical, complex and controversial subject matter – the reform of the regulation of medical devices in the European Union.At first sight, and as further detailed in the following articles, there appears to be a general consensus about the need to improve the EU (and indeed the US) regulatory framework on medical devices, especially for high-risk categories of devices. Stakeholders including representatives of the industry, patient and consumer organizations, national authorities, healthcare professionals, agree that there is a need for change. However, opinions differ on what needs to be changed and how. Three alternatives for reform of the current EU systemof regulation have been debated over the past years: the adoption of a pharmastyle system of pre-market authorisation; maintaining the status quo but strengthening implementation and supervision in the Member States; or finally, introducing common technical specifications together with specific guidelines for certain high-risk devices.
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Choudhary, Muhammad Abbas, and Muhammad Saeed. "International Accounting Rate Reform in Telecommunications." Pakistan Development Review 38, no. 4II (December 1, 1999): 587–602. http://dx.doi.org/10.30541/v38i4iipp.587-602.
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Twenty European countries came together in 1865 to form an organisation, the predecessor to the International Telecommunications Union and to arrive at mechanisms and agree upon a methodology of distributing the revenues from the international telegraph service. The current accounting rate system is a modified version of the then developed methodology for the International telegraph. This international settlement regime based on accounting rates has long been under attack by economists, policy-makers in developed countries and international trade organisations. The ITU, the OECD, the FCC and other regulatory bodies are pursuing various initiatives to reform or replace the existing accounting rate system. These regulatory initiatives are aimed at reducing the current pricing distortions embedded in the accounting rate system. In the wake of the WTO agreement, a system of traffic compensation that is not ‘cost oriented’ is not only unsustainable, it is also in violation of the regulatory principles set out in the WTO reference paper.
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Skok, Oleksandra. ". Current issues of legal education reform in Ukraine." Naukovyy Visnyk Dnipropetrovs'kogo Derzhavnogo Universytetu Vnutrishnikh Sprav 3, no. 3 (September 30, 2021): 348–53. http://dx.doi.org/10.31733/2078-3566-2021-3-348-353.
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This article is aimed at studying issues related to the reform of legal education in Ukraine, taking into account the legal regulation of this area of state activity. Since 2004, since the adoption of the national program of adaptation of Ukrainian legislation to the legislation of the European Union, a process has begun to bring the provisions of national legislation into European standards in order for Ukraine to meet the third Copenhagen and Madrid criteria for membership in the European Union. One of the areas of implementation of this Program is legal reform in Ukraine, which affects the formation of common approaches to creating a regulatory framework for training qualified professionals and creating appropriate conditions for the institutional, scientific and educational process of adaptation of Ukrainian legislation. In addition, the ways of implementing the National Strategy for the Development of Education in Ukraine until 2021 and the National Doctrine of Education Development need special attention. Many domestic scholars have paid attention to the issue of legal education reform in different years. However, this area is becoming increasingly important due to the development of society as a whole and the growing demand for the legal profession, which is reflected in quantitative indicators. Thus, according to the Ministry of Education and Science of Ukraine, in 2021, in the ranking of specialties by the number of applications, the specialty «Law» takes second place. In 2021, 68,124 applications were submitted for this specialty. As a result of the study, the problematic issues related to bringing the regulatory framework to a single model, which must meet both European standards and the Constitution of Ukraine, were identified. Given the demand for legal education, both in Ukraine and abroad, its regulation should be paid attention in the first place.
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Long, Ronán. "Harnessing Offshore Wind Energy: Legal Challenges and Policy Conundrums in the European Union." International Journal of Marine and Coastal Law 29, no. 4 (October 30, 2014): 690–715. http://dx.doi.org/10.1163/15718085-12341333.
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Contemporary trends in European offshore wind power are explored, including: the status of the industry and its future prospects for growth; eu treaty and legislative obligations; as well as regulatory and policy issues pertaining to energy and climate change objectives. Special mention is made of eu case law on national renewable energy support schemes, along with the European Directive on maritime spatial planning; focusing on the need for further eu law reform and Member State legislative action to promote the regionalisation of the sector and the establishment of a new Energy Union.
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Novytsky, V. V. "International legal aspects of internet regulation in the European Union." Uzhhorod National University Herald. Series: Law, no. 65 (October 25, 2021): 370–74. http://dx.doi.org/10.24144/2307-3322.2021.65.67.
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The purpose of the article is to provide a list and briefly analyze international legal mechanisms, as well as legal sources and acts of the EU aimed at regulating the use of the Internet and electronic communication technologies within the organization; identify areas, status and directions of internal and external harmonization of the described regulatory mechanisms. Scientific novelty of the work is to consider the mechanisms and basic regulations of the European Union in the process of their creation and in terms of their role in the formation of a single digital space of the organization. Specific works of domestic scientists in the relevant field were generalized and supplemented, as well as the basis for further research was established. In the early 2000s, EU lawmakers focused on the develop-ment of basic regulations in the field of telecommunications, digital networks and Internet services. As a result, a number of Directives and decisions have been adopted since 2002; at the same time, the development of regulatory mechanisms that would operate within the digital space of the EU actively lasts since 2009. This new stage in the process of developing harmonized mechanisms for regulating electronic communications services and the Internet culminated in the adoption in 2009 of a number of legal documents, including Regulation (EU) 1211/2009, which established the Body of European Regulators for Electronic Communications (hereinafter – BEREC), which took over the role of the national regulatory authority (hereinafter – NRA). In 2018, as part of the creation of a single digital space in the EU, an updated BEREC Regulation was adopted, as well as the Electronic Communications Code (hereinafter – the Code).Now the field of electronic communications and the Internet is undergoing numerous stages of development and reform. The research identified the main directions of EU policies, which include measures to harmonize and unify legislation for more effective interaction within both the EU and external partners: cybersecurity, copyright and personal data, and telecommunications services. These areas, since 2013, have been the focus of efforts, given the complexity of regulation and a rapid development of technologies. In the article, the author covers come theoretical and practical aspects of the European Commission’s activities on Internet regulation and describes the creation of the EU single digital space in terms of the process as a whole.Thus, the result of the study was a descriptive analysis of the process of formation of the EU’s legal framework, roles of organizations and institutions and the status of electronic communications and the Internet regulatory mechanisms.
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Ortino, Matteo. "The Case for Truly Independent EU Regulatory Authorities in the Field of Financial Regulation." European Business Law Review 29, Issue 3 (June 1, 2018): 465–96. http://dx.doi.org/10.54648/eulr2018018.
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In the wake of the financial crisis, the European Union established the European System of Financial Supervision (ESFS), a ‘hub and spoke’ network of national and Union supervisory authorities, aimed at ensuring a stable and single Union financial market for financial services by linking national supervisors within a strong Union network. The ESFS is composed of three European Supervisory Authorities, as well as a Joint Committee of the European Supervisory Authorities and an European Systemic Risk Board. This article makes two arguments. The first is that the European Supervisory Authorities should be reformed. In order to work more effectively they should possess final regulatory and supervisory powers and, more generally, a higher degree of independence. The second claim is that EU Treaties allow such reforms, provided that they meet the constitutional requirements concerning the delegation of power as clarified in the case-law of the Court of Justice of the European Union.
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Terzi, O. "REGULATORY REGULATION IN THE FIELD OF PROVIDING MEDICAL SERVICES TO THE POPULATION." Scientific notes Series Law 1, no. 10 (July 2021): 55–60. http://dx.doi.org/10.36550/2522-9230-2021-10-55-60.
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The achievements and shortcomings of the first stage of providing medical services to the population are studied. The regulatory framework is analyzed. The consequences of the implementation of the National Strategy for Health Care Reform in Ukraine for 2014-2018 are considered. The main tasks of continuing to reform the domestic health care system are indicated. Measures to test the provision of secondary (specialized) and tertiary (highly specialized) medical care are disclosed. The author concludes that regulations of general and special nature provide medical services to the population. In essence, most legal acts meet European standards and are in line with European Union law. It has been established that the first positive results have been achieved so far: the provision of primary, secondary and tertiary level medical services has been clearly delineated, the primary level of medical care has been formed, and electronic document management in the health care system has been completed.
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Tennyson, Sharon. "Can Regulation Improve Financial Information and Advice?" International Review of Financial Consumers 1, No. 1 Oct 2016 (October 1, 2015): 1–8. http://dx.doi.org/10.36544/irfc.2016.1.1-1.
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Many governments are considering strengthening regulations for financial advisors. New regulations have been enacted in a number of countries, including the United Kingdom, Australia, the Netherlands, Singapore, and United States. Many other countries, including Canada and the European Union as a whole, are actively considering new regulations. Interest in these policies reflects both the disappointing progress on improving consumers’ financial literacy, and the recognition of significant conflicts of interest in these markets. This article discusses rationales for regulatory reform and considers various approaches to reform.
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Baldwin, Robert, Julia Black, and Gerard O’Leary. "Risk Regulation and Transnationality: Institutional Accountability as a Driver of Innovation." Transnational Environmental Law 3, no. 2 (June 26, 2014): 373–90. http://dx.doi.org/10.1017/s2047102514000120.
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AbstractThis article describes the processes that led the Irish Environmental Protection Agency (EPA) to develop a National Inspection Plan for domestic waste water treatment systems, following intervention from European Union institutions. The discussion focuses on two issues: the role of transnational institutional settings in galvanizing innovation and regulatory reform, and the practical challenges of dealing with lower risks. It is argued that multi-level transnational regimes have considerable potential to stimulate high-level reviews of regulatory strategy. As a result, lower risks present challenges that cannot be ignored in favour of policies that focus on the most severe risks. Traditional risk regulation theories, it is contended, do not provide much assistance in selecting intervention strategies in the face of such pressures, but the example of the Irish EPA shows how regulators can address these issues.
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JARLBÆK PEDERSEN, Morten. "Qui Exanimis Nascitur? Can “Better Regulation” in the European Union really be a Servant of Technocracy?" European Journal of Risk Regulation 8, no. 2 (June 2017): 387–402. http://dx.doi.org/10.1017/err.2017.8.
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AbstractBetter regulation is of grave importance to the European Union, as it is seen as a way of obtaining output legitimacy. To achieve this, the European Commission has established a so-called REFIT Stakeholder Platform where stakeholders’ proposals for more effective and efficient EU law are discussed. The central premise for this meta-regulatory instrument is depoliticisation of the REFIT program and the whole better regulation agenda. To ensure this, the European Commission plays a crucial gatekeeping role by only granting access for proposals that echo that premise and by securing depoliticised deliberation afterwards. Utilising a novel typology linking regulatory reform proposals to the risk of politicisation, the argument advanced in this article is that only a minority of the proposals to be considered by Platform members have a low risk of depoliticisation. This, it is argued, is due to the Commission not having a sufficiently well-developed understanding of the premises for REFIT it has itself established.
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Rudik, Oleksandr. "Better regulation in the EU and its member states: experience for Ukraine." Public administration and local government, no. 4(43) (December 25, 2019): 20–30. http://dx.doi.org/10.33287/101903.
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The article examines the experience of better regulation in the EU and its member states. The European Union and the 28 EU member states show a strong political commitment towards regulatory reform. In the European Union, regulatory policy has progressed under the better regulation agenda and played a crucial role in shaping the current regulatory processes. At the same time, all EU member states have adopted an explicit policy to promote the quality of regulations. To this end, the author analyses the key findings of the Organization for Economic Cooperation and Development (OECD) 2019 report «Better Regulation Practices across the European Union». In the report the OECD has analysed the application of all 28 EU member states’ regulatory management tools to EU-made laws and regulations. The article also gives examples of the best regulatory practices of the EU member states such as Austria, Belgium, Croatia, Germany, Ireland, Italy, Malta, the Netherlands, Slovakia, Sweden, the United Kingdom. The article concludes that the experience of the EU and its member states in developing and implementing a better regulation policy, in particular the better regulation agenda, is beneficial for Ukraine. In this regard, the article highlights the following legislative and institutional components of this experience: stakeholder engagement in the process of policymaking and regulatory policy implementation by automatically publishing of draft regulatory acts and accompanying impact assessments on the specially designed interactive government portal; highlighting the preliminary and final stages of regulatory impact assessment of all regulations, except for deregulatory and low-cost measures, thereby taking into account stakeholder comments; regular and systematic conduct of ex ante and ex-post evaluation of laws and regulations on the basis of a specially developed sound evidence-based methodology; conducting of regulatory impact assessment and stakeholder engagement during the process of EU directives transposition into member states’ national legislation; introduction of systematic regulatory oversight and quality control of regulatory management tools, which should cover not only regulatory impact assessment practice but also stakeholder engagement.
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Geringer, Stefanie. "Article: The EU VAT Rate Reform 2022 from an Environmental Policy Perspective." EC Tax Review 32, Issue 1 (January 1, 2023): 16–25. http://dx.doi.org/10.54648/ecta2023003.
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In addition to introducing fundamental changes to the structures of the European Union (EU) value added tax (VAT) rate regime, the EU VAT rate reform 2022 was aimed at aligning the EU VAT rate system with other EU policies, such as the European Green Deal. The environment-related measures are accordingly meant to incentivize eco-friendly supplies and, conversely, discourage environmentally harmful consumption patterns. Therefore, the EU lawmakers introduced options to apply zero, super reduced and/or reduced VAT rates, and a mandatory phasing-out of preferential VAT treatment respectively. Based on the empirical evidence from earlier VAT rate reforms, the author argues in favour of a differentiated assessment: While the effective VAT increases on the supply of certain environmentally harmful goods should send the intended price signal, the effectiveness and efficiency of VAT reductions as a means of promoting green consumption is highly questionable. In order to achieve the latter objective, public investments, direct financial aid, regulatory and targeted tax-related measures are identified as more appropriate measures. VAT, VAT rates, VAT decreases, VAT reductions, VAT increases, incidence, European Green Deal, environmental policy, VAT policy
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Karapinar, Baris. "Export Restrictions and the WTO Law: How to Reform the Regulatory Deficiency." Journal of World Trade 45, Issue 6 (December 1, 2011): 1139–55. http://dx.doi.org/10.54648/trad2011040.
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Trade barriers in the form of export restrictions imposed on various food products and natural resources have been subject to extensive public attention. A notable illustration of the growing importance of export restrictions was the establishment of a panel by the World Trade Organization (WTO) Dispute Settlement Body (DSB) in December 2009 to examine complaints brought by the United States, the European Union (EU), and Mexico concerning China's export restriction policies. While export restrictions undermine the stability of the multilateral trading system by distorting global markets, the WTO law regulating this field arguably represents a case of 'under-regulation' or 'regulatory deficiency'. Hence, stricter WTO regulation in this area of apparently large 'policy space' is needed. However, various reform proposals submitted to the WTO face strong opposition mainly from developing countries. In this context, this article attempts to illustrate how a sufficiently 'differentiated' reform agenda on export restrictions could help maintain the stability of the multilateral trading system while addressing the legitimate concerns of developing countries.
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Sorensen, Daniel P., and Scott E. Miller. "Financial accounting scandals and the reform of corporate governance in the United States and in Italy." Corporate Governance: The International Journal of Business in Society 17, no. 1 (February 6, 2017): 77–88. http://dx.doi.org/10.1108/cg-05-2016-0125.
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Purpose In the 1990s and beginning of the next decade, a series of financial accounting scandals occurred in the United States (USA or US) and in several other countries of the world. The USA and Italy (among others) responded with legislation to reform financial reporting and corporate governance in these jurisdictions. This paper aims to compare the regulatory response of Italy to that of the USA. Design/methodology/approach This paper includes a review of relevant literature and evaluation of the actions of the regulatory authorities. Findings In the case of the financial reporting crises, the rapid response put the USA into the role of the “first mover” with the European Union (EU) reacting to US initiatives and eventually converging to a large degree with the provisions of the US legislation. Italy has adopted many of the same regulatory reforms as the USA and has added some reforms that are directed to the specific needs to Italy. Research limitations/implications In conjunction with legislative initiatives like Sarbanes-Oxley, private enforcement mechanisms, such as shareholder class action suits in the USA, play an important role in discouraging and punishing financial accounting fraud. Practical implications In the absence of significant reforms of the Italian private enforcement system, corporate governance abuses and the potential for accounting scandals may still be persistent. As a whole, cooperative efforts continue between the USA and the EU. Such efforts are needed more and more, as companies become increasingly globalized. Originality/value This paper provides comparison and evaluation of corporate governance reform efforts in the USA and Italy.
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Savchenko, M. "Integration of Ukraine into European Union securities market." Galic'kij ekonomičnij visnik 69, no. 2 (2021): 168–78. http://dx.doi.org/10.33108/galicianvisnyk_tntu2021.02.168.
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The paper deals with the main parameters of the Ukrainian securities market at the current stage, identifies its functioning problems, gives a set of measures for the effective implementation of Ukraine's desire to integrate the national stock market into the European Union. Compared with the stock markets of the EU countries, the domestic securities market is underdeveloped, poorly regulated and illiquid, therefore there is the need to develop it and implement the European legislative initiatives. The paper covers the basic laws in the field of legal regulation of the Ukrainian and EU securities market. The investigation includes the results of the research of the current experience in leading European countries in terms of capitalization of the largest stock exchanges in Europe. The classification of 5 largest European stock exchanges is given and the influence of COVID-19 virus on their activity is analyzed. The main trends in the field of securities investment market of the largest stock exchanges in Europe and Ukraine are led. While examining statistical data concerning the capitalization of European stock exchanges in comparison with the PFTS of Ukraine in 2019, the LSE (London Stock Exchange) ranks 1st with €3.86 bn., 2nd place is taken by Euronext – €3.4 bn., 3rd place by Deutsche Börse having capitalization volume at the level of €1.9 bn., and PFTS Ukraine – €0.17 bn., which indicates that Ukrainian securities market is insufficiently elaborated. Nowadays, the Ukrainian securities market repeats European historical development trends, and at this stage it largely depends on the directions of development that international stock markets can take. Changes in European securities markets are extremely rapid and require competent response from regulatory structures. The rapid development of the European stock market, accompanied by the emergence of advanced technologies in the field of securities and new financial instruments, make it necessary to monitor all the changes and innovations that happen in the Ukrainian securities market in order to develop more effective recommendations for improving its functioning and regulation. In addition, integration with the European Union requires deeper and more radical reforms of the domestic state administration, macroeconomic regulation, property relations, and anti-corruption policy. Only a large-scale and complete reform will enable progressive renewal and effective, socially responsible integration into the EU countries, taking into account national interests.
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Piletta Massaro, Andrea. "The Italian Class Action Reform: A Redesigned Tool beyond Consumer Law." European Review of Private Law 28, Issue 4 (October 1, 2020): 841–64. http://dx.doi.org/10.54648/erpl2020051.
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Given the globalized scale of the current economic system, effective collective redress mechanisms represent a fundamental tool for consumers and citizens. While in the United States collective actions constitute a common instrument, in the European context their development has been more complex. After a Recommendation issued by the European Commission in 2013, several models have been adopted or reformed across Europe. The regulatory competition approach has been preferred in respect of the simple harmonization of the several national rules. In particular, the French system adopted a completely new tool, the action de groupe, in 2014, while in the UK an option for opt-out collective actions has been recently introduced. The debate over reform of collective redress has also flourished in Italy, leading to the adoption of Law No. 31 of 2019, which will enter into force in November 2020 and will completely redesign the Italian collective action model. This reform has broadened the scope of such a remedy, which has also been made available outside the consumer law field. Moreover, the opt-in system has been strengthened, by allowing adherents to join the claim after the decision on the merits issued by the court. The latter solution embodies a transplant of the action de groupe. In the meantime, the European Union has reawakened its interest in the collective redress field and has drafted a directive proposal, which was approved by the Council of the EU in November 2019. This article will analyse the new Italian reform in a comparative perspective with the French model. collective action; class action; collective redress; consumers; damages; tort law; Italy; Italian law; France; French law; reform; compensation; comparative law; European Union.
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Gerlinger, Thomas, and Hans-Jürgen Urban. "From heterogeneity to harmonization? Recent trends in European health policy." Cadernos de Saúde Pública 23, suppl 2 (2007): S133—S142. http://dx.doi.org/10.1590/s0102-311x2007001400003.
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In the European Union (EU), health policy and the institutional reform of health systems have been treated primarily as national affairs, and health care systems within the EU thus differ considerably. However, the health policy field is undergoing a dynamic process of Europeanization. This process is stimulated by the orientation towards a more competitive economy, recently inaugurated and known as the Lisbon Strategy, while the regulatory requirements of the European Economic and Monetary Union are stimulating the Europeanization of health policy. In addition, the so-called open method of coordination, representing a new mode of regulation within the European multi-level system, is applied increasingly to the health policy area. Diverse trends are thus emerging. While the Lisbon Strategy goes along with a strategic upgrading of health policy more generally, health policy is increasingly used to strengthen economic competitiveness. Pressure on Member States is expected to increase to contain costs and promote market-based health care provision.
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Graham, Charles Fergus. "Have EU derivative policy reforms since the 2008 financial crisis been designed effectively?" Journal of Financial Regulation and Compliance 29, no. 3 (January 20, 2021): 256–79. http://dx.doi.org/10.1108/jfrc-09-2020-0085.
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Purpose In response to the 2008 financial crisis, the European Union (EU) comprehensively restructured its derivative regulation. A key component of this new framework is a reporting obligation for every derivative trade. As the reporting requirement does not involve public disclosure of the information, existing academic analysis on reporting regulations to-date, which focusses on public disclosure, is limited in predicting the effectiveness of the reform. This paper aims to assess whether the reform has been designed effectively based on the regulatory setup in the UK. Design/methodology/approach Framing the reporting regulation as a moral hazard problem with asymmetric information, this paper uses a game-theoretical approach to evaluate whether the new derivative reporting obligation effectively induces firm compliance. I also discuss potential extensions of the derivative reporting model, with particular emphasis on how the framework could account for heterogeneous firms and different regulatory tools. Findings Based on the theoretical analysis, this paper finds that while firms are unlikely to comply fully with derivative reporting requirements, it is possible to induce relatively high firm compliance. Although this does not mean we are immune from another financial crisis, the derivative reporting requirements should equip EU regulators to monitor a more transparent and secure derivatives market. Originality/value This paper provides a theoretical foundation for further study of post-crisis derivatives reforms. In particular, the implications of the model point to an empirical strategy to test the accuracy of the model.
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Ruf, Lars. "Re-Addressing the Harmonisation of European Takeover Law post-Brexit." Zeitschrift für europarechtliche Studien 24, no. 2 (2021): 305–40. http://dx.doi.org/10.5771/1435-439x-2021-2-305.
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The EU Takeover Directive from 2004 has attempted to harmonise Takeover Law within the European Union. The UK’s legal framework governing takeovers served as somewhat of a role model for it. Therefore, Brexit gives rise to the question as to whether the Directive could undergo a reform within the foreseeable future. This paper aims to re-address the harmonisation of European Takeover Law post-Brexit by examining how UK and US Takeover Law could potentially influence its reform. It will be made apparent how the UK’s role in European Takeover Law suggests that Brexit might actually lead to its reform, which is most likely going to drive the respective legal frameworks further apart. Another significant finding concerns the comparability of the US and EU governmental system, which indicates that the foreseeable development of European Takeover Law could be prone to issues which appear in the US. In order to overcome several difficulties that European Takeover Law will face, the paper makes two recommendations. With regard to a regulatory reform at the current state of research, the EU should take a neutral approach by providing companies with an optional framework governing Takeover Law. In order to determine which provisions are desirable for the creation of shareholder value, it is submitted that further research in this field should be encouraged. a
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Fruscione, Alessandro. "Italian Customs Penalties: Between Risks, Paradoxes, with Reform in Sight." Global Trade and Customs Journal 15, Issue 8 (August 1, 2020): 401–5. http://dx.doi.org/10.54648/gtcj2020079.
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Customs criminal and administrative penalties in Italy are considered in the light of the general principles set out in the European Union Treaties and the rulings of the European Court of Justice. The Italian regulatory framework, found mainly in Presidential Decree no. 43/1973, including the Consolidated Act on Customs Laws, in addition to appearing at odds with the basic criteria of proportionality of penalties, is notable – following the decriminalization of numerous cases that in the past constituted a criminal matter – for a paradoxical tendency, that is to punish, in some cases, crimes due to simply negligent conduct in a more serious way than malicious behaviour. Probably due to the apparent need to modify a series of obsolete and unclear regulations, in 2019 the Italian legislative body delegated the Government to draft new national customs regulations, including those pertaining to penalties. This paper also examines the tools available to economic operators to minimize any sanctions and knowingly manage customs activities in Italy. Penalties, Customs, Italian, Proportionality, Smuggling, European, Code, Decriminalization, Declaration, Repentance
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Forgács, Imre. "Az Euró joga: Az újraszabályozás néhány elvi kérdése = The Law of the Euro: Some theoretical questions of the re-regulation." Köz-gazdaság 17, no. 2 (August 2, 2022): 61–78. http://dx.doi.org/10.14267/retp2022.02.04.
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A legtöbb pénzügyi szakértő egyetért abban, hogy a közös európai valuta a „gazdag” és a viszonylag „szegény” tagállamok között meglévő gazdasági szakadékot tovább mélyítette. Mindezek ellenére a húszéves euró az európai integráció eddigi történetének legjelentősebb eredménye. A tagállamoknak a Covid-19 és az ukrajnai háború okozta válságok idején elemezniük kell az Európai Monetáris Unió szabályozási rendszerének ellentmondásait. Megfelelő mérlegelés után, akkor is dönteniük kell az euró szabályozási reformjához vezető elkerülhetetlen jogi lépésekről, ha az Európai Unió Szerződéseit nem módosítják. = Most financial experts agree that the common European currency has deepened the economic gap between the ’rich’ and the relatively ’poor’ Member States. Despite this, the twenty years old Euro is one of the most powerful achievements in the history of European integration. In the turbulent times of the Covid-19 and the Ukrainian war, the Member States have to analyze the contradictions of the current regulation of the European Monetary Union. After due considerations, they must decide on the unavoidable legal steps toward a regulatory reform of the Euro even without any amendments of the Treaties of the European Union.
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Yarema, O., and O. M. Ilyushyk. "Legal aspects of electronic document management in telemedicine." Analytical and Comparative Jurisprudence, no. 6 (February 18, 2023): 218–24. http://dx.doi.org/10.24144/2788-6018.2022.06.39.
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In the article from the standpoint of the theory of administrative and information law, based on the current legislation and regulatory requirements of the European Union, the theoretical and practical aspects of electronic document flow in telemedicine are considered. The topicality of the topic determined by the need to improve the legislation with the aim of comprehensive theoretical justification of increasing the effectiveness of telemedicine activities in the conditions of digital transformation of Ukraine. In the course of the study, the methodology of a systematic complex analysis of legal phenomena was applied using factorial and evolutionary methods of research. It is indicated that in the countries of the European Union, three main models of health care information systems have been formed, which differ in the ways of storing medical information and management: decentralized, centralized and patient-oriented. It was noted that the main legal issues of the renewal of the medical system of Ukraine and the directions of activity in the conditions of reform include telemedicine, and its component - electronic document flow. The essence and features of electronic document management in telemedicine in the countries of the European Union have been clarified. The electronic health care systems of individual countries of the European Union considered, attention is paid to the experience of use. The state of legal provision of information security in telemedicine with regard to electronic document flow studied, taking into account the experience of the countries of the European Union. The analysis of ensuring information security in the context of personal data in the medical systems of European countries and Ukraine was carried out. The further vector and direction of the development of the national health care system in terms of the Concept of the development of electronic health care, which is important for medical care and rehabilitation of citizens who suffered during the war, was determined. Important aspects and measures to optimize activities in the field of telemedicine highlighted, which need to be paid attention to during further reform and creation of new digital resources for a more comfortable transition and use of the latest digital technologies in the field of health care.
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Drake, Sara. "Delays, cancellations and compensation: Why are air passengers still finding it difficult to enforce their EU rights under Regulation 261/2004?" Maastricht Journal of European and Comparative Law 27, no. 2 (March 30, 2020): 230–49. http://dx.doi.org/10.1177/1023263x20904235.
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The aim of this article is to identify why air passengers travelling in the European Union, endowed with the highest standard of consumer protection in the world under EU law, are still being denied their rights and finding it difficult to seek effective legal redress. This article argues that the principal cause of airlines’ non-compliance is the poor regulatory design of Regulation 261/2004, which has been compounded by inadequate application by the Member States and regulatory resistance by the airlines. This contribution will then demonstrate how the European Commission (‘Commission’) has responded through the adoption of both deterrence and compliance-based enforcement strategies, and maps out the mechanisms, tools and actors harnessed by the Commission to create a complex hybrid, multi-layered system of enforcement. The article reveals that enforcement gaps persist and argues that the effectiveness of the regime is unlikely to improve without legislative reform.
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Bast, Jürgen. "New Categories of Acts after the Lisbon Reform: Dynamics of Parliamentarization in EU Law." Common Market Law Review 49, Issue 3 (June 1, 2012): 885–927. http://dx.doi.org/10.54648/cola2012034.
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The Lisbon Treaty has introduced new categories of acts that cut across the familiar typology of instruments provided for in Article 288 TFEU. The three main innovations are "legislative acts", "regulatory acts" and "delegated acts". The article critically analyses these legal concepts in the light of the institutional practice recently developed under the EU Treaties. It includes the first generation of "special" legislative acts adopted by the Council, the landmark rulings of the General Court in Inuit and Microban, the Comitology Regulation of February 2011 and the "Common Understanding on delegated acts" concluded in March 2011. The theme common to the three studies is the progressive parliamentarization of the Union. The Lisbon Treaty's re-arrangements in the system of legal acts are part of the difficult process of reworking the EU's constitutional settlement in view of a powerful European Parliament and the demand to translate this new political reality into the operations of the legal order. For instance, Parliament's persistent objection to the previous regime of supervising the Commission's law-making powers through a system of committees was the driving force behind the new rules of Articles 290 and 291 TFEU. In the case of "regulatory acts", however, the parliamentarization of the Union has provoked a dysfunctional spillover into EU procedural law.
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Sjåfjell, Beate. "Reforming EU Company Law to Secure the Future of European Business." European Company and Financial Law Review 18, no. 2 (April 1, 2021): 190–217. http://dx.doi.org/10.1515/ecfr-2021-0009.
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Abstract The world faces a complex convergence of social and ecological crises: climate change, biodiversity loss, resource scarcity, human rights violations, rising inequality and societal instability. The United Nations adopted Sustainable Development Goals (SDGs) for ‘the future of humanity and of our planet’, calling on business to contribute to solving these pressing challenges. Yet business in aggregate is a driver of the current convergence of crises and the discussion of how to promote sustainable business is therefore high up also on the agenda of the European Union (EU). The EU increasingly shows recognition of the need for regulatory initiatives to promote the integration of sustainability into European business, resonating with the EU’s high-level commitment to sustainability. This article is a contribution to the discourse on how to regulate European business so that it contributes to a sustainable future for all, including for European business itself. The article briefly outlines the basis in the EU treaties for reform of EU company law and the risks of continued unsustainability, moving on to the argument for including company law in the legislative toolbox, and outlining ideas for how such a reform could be shaped.
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Martino, Giuseppe Di, Grazia Dicuonzo, Graziana Galeone, and Vittorio Dell'Atti. "Does the New European Banking Regulation discourage Earnings Management?" International Business Research 10, no. 10 (September 7, 2017): 45. http://dx.doi.org/10.5539/ibr.v10n10p45.
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In the recent past, the financial crisis has shown important lacks in the EU regulation relating to the banking sector, making the introduction of a unified regulatory framework necessary. Since June 2009 the European Council has recommended a “Single Rulebook”, that is a unique and harmonizing discipline applicable to all financial institutions in the Single Market, become effective on January 2014. This prudential discipline requires much more minimum capital, liquidity and information transparency and it defines format and minimum standards of contents.The aim of this research is to investigate the relation between the new mandatory disclosure and earnings management policies in banking sector realized through Loan Loss Provisions (LLP), the component of income statement mainly subject to manipulations, especially in form of earnings smoothing. Because the new integrated regulatory framework requires a more transparent disclosure, we expected that accruals manipulation (basically LLP) could be discouraged. The empirical analysis is based on a sample of 116 listed European banks over the period prior (2011-2012-2013) and after (2014-2015-2016) the effective date of the Single Rulebook. The evidence confirm our hypothesis suggesting that this banking reform discourages earnings manipulation and improves earnings quality, making financial reporting more useful for investors. The results are important to the regulatory institutions (such as European Union and European Central Bank) supporting more stringent discipline introduced by Basel III.
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Broughel, James. "What the United States Can Learn from the European Commission's Better Regulation Initiative." European Journal of Risk Regulation 6, no. 3 (September 2015): 380–81. http://dx.doi.org/10.1017/s1867299x00004815.
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In May of 2015, the European Commission released a package outlining the vision for its Better Regulation initiative, a program aimed at improving outcomes of European Union (EU) regulation. The move represents a step forward for regulatory reform in the EU, and signals a potential shift in world leadership roles among countries promoting evidence-based policy. The United States (US), once at the forefront of regulatory science and analysis, may now be lagging behind. If Better Regulation is implemented as its ambitious designers envision, this could signal a new role for the EU in advancing 21st century policymaking.Better Regulation seeks to improve the EU regulatory process in several ways. The initiative allows for more meaningful citizen and stakeholder participation at all stages of the policymaking process; it seeks to institutionalize the use of economic analysis throughout the lifecycle of a policy; and it sets up a process for reviewing the existing stock of regulations to ensure old rules do not become excessively burdensome or obsolete. All this is done in a manner intended to inform legislators as they periodically review funding levels for new and existing programs.
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Chyla, Łukasz. "The crowdfunding regulatory framework in the European Union and the United States." Fundamental and applied researches in practice of leading scientific schools 44, no. 2 (April 30, 2021): 48–57. http://dx.doi.org/10.33531/farplss.2021.2.7.
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Both in the US and the EU, crowdfunding legal framework has lately been subject to many regulatory changes. In the EU, the Regulation on European Crowdfunding Service Providers (ECSP) for business entered into force on 10 November 2020. and will enter into application on 10 November 2021, applying directly across the EU. The initiative was part of the European Commission’s fintech action plan and the mid-term review of the capital markets union action plan. At the same time, in the US, in 2020 the Securities and Exchange Commission decided to amend its rules in order to harmonize, simplify, and improve the multilayer and overly complex exempt offering framework, including crowdfunding. These amendments will promote capital formation and expand investment opportunities while preserving or improving important investor protections. The main objective of this article is to analyze and evaluate, from a comparative perspective, the EU and the US legal frameworks for crowdfunding offers- especially in light of the latest reforms. The article is based mostly on scrutinizing sources of law, academic literature, reports and data published by market authorities.
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Kleftouri, Nikoletta. "Rethinking UK and EU Bank Deposit Insurance." European Business Law Review 24, Issue 1 (February 1, 2013): 95–125. http://dx.doi.org/10.54648/eulr2013004.
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The purpose of this paper is to examine the regulatory reforms of deposit guarantee schemes in the UK and EU, following the recent financial crisis. It documents the main relevant provisions, and identifies the debates and rationales behind their adoption. European deposit guarantee schemes are in need of a more substantial harmonization in line with a European banking union.
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Zurek, Karolina. "Indicating Reasons for National GM “Opt-Outs”: The Way Forward or a Dead End Street?" European Journal of Risk Regulation 2, no. 2 (June 2011): 241–44. http://dx.doi.org/10.1017/s1867299x00001185.
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Cautious skepticism rather than euphoric joy surrounds the activities of the European Commission developing its new – flexible – approach towards cultivation of Genetically Modified Organisms (GMOs). Following its announcement in the summer of 2010, new elements of the reform unravel at the beginning of 2011.GMO regulation has experienced a rather uneasy track in the European Union. The specificity of the sector, with its economic importance, its social controversies as well as the high levels of uncertainty as to the long-term effects, have all contributed to various political and regulatory troubles in Europe and worldwide. After the revision of the first wave of regulation in 2001-2003, the de facto moratorium, and ensuing conflicts under the WTO adjudication, the situation seemed to be settling down.
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Alhadab, Mohammad, and Bassam Al-Own. "Earnings management and equity incentives: evidence from the European banking industry." International Journal of Accounting & Information Management 27, no. 2 (May 7, 2019): 244–61. http://dx.doi.org/10.1108/ijaim-08-2017-0094.
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Purpose This study aims to examine the effect of equity incentives on earnings management that occurs via the use of loan loss provisions by using a sample of 204 bank-year observations over the period 2006-2011. Design/methodology/approach The authors use the data of 39 European banks to test the main hypothesis. Several valuation models and regressions are used to measure the main proxies for executives’ compensation and the determinant factors of loan loss provisions. Findings The empirical results reveal that earnings management that occurs via discretionary loan loss provisions is associated with equity incentives in the banking industry. In particular, European banks’ executives with high equity incentives are found to manage reported earnings upwards by reducing loan loss provisions. The results therefore show that income-increasing earnings management via discretionary loan loss provisions is widely practised by the executives of European banks and that this is partly motivated by executives’ compensation. Practical implications The findings of this paper present important implications for regulators in the European Union, who should take further steps to reform the regulatory environment to monitor and mitigate the earnings management practices that occur via the manipulation of loan loss provisions. Earnings management practices do not just negatively affect subsequent performance but are also found to lead to firms’ failure. Thus, regulators should take the necessary reforms to protect the wealth of stakeholders (investors, creditors, etc.). Originality/value This study provides the first evidence on the relationship between equity incentives and earnings management in the European banking industry. The study sheds more light on an issue of great interest to a broad audience that does not receive much attention in the prior research, thus opening new avenues for future research.
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Kasyanov, R. A. "Main Initiatives of the European Union in Combating Market Abuse." MGIMO Review of International Relations, no. 4(37) (August 28, 2014): 244–52. http://dx.doi.org/10.24833/2071-8160-2014-4-37-244-252.
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In the European Union combating insider violations and market manipulation is one of the key tasks in the domain of legal regulation of the finance market. The EU takes a systems approach to the solution of this problem, as the development of the legal regulation in this field goes the way of enhancing a respective complex of legal norms. In 7 989 the first stage of the development of the EU legal base in the area of combating insider violations was undertaken. In the mentioned year a Council Directive 89/592/EEC on insider dealing was adopted which created the basis for the legal regulation in this field. The document, despite its progressive nature for that time, soon became outdated and no longer could meet the demands of modern finance markets. In 2003 the European Union decided to enhance its legal base and adopted a new Directive 2003/6/ EC of the European Parliament and of the Council on insider dealing and market manipulation (market abuse). This secondary law act, which is still in force, has a much wider scope because its key notion "market abuse" comprises two forms of unlawful actions: insider dealing and market manipulation. In 20 7 7 drafts of new regulatory acts were elaborated - a regulation on insider dealing and market manipulation (market abuse) and a directive on criminal sanctions for insider dealing and market abuse. Should these acts be adopted, the third stage of development of the legal base in this area will begin. This article is aimed at analysing specific features of the second-stage development of the EU legal base and attempting to characterise the main directions of the upcoming reform.
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Godfrey, Jayne M., and Ian A. Langfield-Smith. "Regulatory Capture in the Globalisation of Accounting Standards." Environment and Planning A: Economy and Space 37, no. 11 (November 2005): 1975–93. http://dx.doi.org/10.1068/a3790.
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The Australian Financial Reporting Council recently shocked the world business community by unexpectedly announcing a change in the nation's approach to global-accounting-standards development. The change involved switching from ensuring consistency of Australian accounting standards with International Financial Reporting Standards (IFRSs) developed by the International Accounting Standards Board to outright adoption of IFRSs by 2005. At the time of the announcement, Australia had the most developed international harmonisation programme of any country with a well-developed financial reporting system. Events surrounding the change demonstrate how political the accounting standard-setting process can be as it continues to receive front-page media attention, and as it provides a platform in parliamentary and electoral debate. In the meantime, the US role in the global accounting standard-setting arena has moved through phases of indifference to potential active dominance, and European influences have waxed and waned. We examine whether swings in political and regulatory influences that occur when globalisation becomes a national and international goal are explained by regulatory capture theory. We also address the extent to which a subset of a single nation's regulatory system plays a key role in a series of larger national and international games. Drawing upon experiences in Australia, the United States, and the European Union, we identify political influences on initiatives to reform accounting-standard-setting environments, policies, and processes.
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Veil, Rüdiger, Marc Wiesner, and Moritz Reichert. "Disclosure and Enforcement under the EU Listing Act." European Company and Financial Law Review 19, no. 3 (June 1, 2022): 445–516. http://dx.doi.org/10.1515/ecfr-2022-0012.
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Abstract Efficient capital markets improve the financing options for corporations and enhance the efficiency of the real economy. A single market for capital for European Member States boosts these macroeconomic benefits. This is the basic idea of the Capital Markets Union (CMU). With the Targeted Consultation on the Listing Act, the European Commission aims to further develop the CMU and strengthen European capital markets. The Consultation focuses, among other things, on the attractiveness of European capital markets (especially for SMEs), the efficient design of disclosure on the primary and secondary markets, and enforcement. We welcome the European Commission’s initiative and consider it useful to capture the prevailing opinion of market participants on European capital markets law being in need of reform. However, more courageous, and balanced steps are needed to further develop the CMU in an effective and meaningful way. The European legislator can do more to overcome fragmentation of Member States’ capital markets (e. g. establishing a ‘Single European Market’ as an optional ‘28th regime’). Furthermore, we consider how the regulation of European capital markets law can help to facilitate capital market-based financing in the European Union. To that end, we address key regulatory issues of primary markets law as well as the regulation of insider trading and ad hoc disclosure. Finally, the Consultation is an opportunity to discuss the issue of capital markets law enforcement from a holistic perspective. The time is ripe for a European discussion on a coherent and efficient enforcement concept.
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Dickson, Moses Oruaze. "Rebalancing international investment agreements in favour of host states." International Journal of Law and Management 60, no. 2 (March 12, 2018): 452–69. http://dx.doi.org/10.1108/ijlma-01-2017-0007.
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Purpose The purpose of this study is to examine the nature of the protection afforded to foreign investors and whether this protection has been exercised to the detriment of host states. In other words, is the regulatory authority of host states being compromised by the content of the investment agreements entered into? If so, is there scope for reform? The need to reform investor-state arbitration was recently pushed forward by the European Union Commission in the Transatlantic Trade and Investment Partnership. Design/methodology/approach It is conceptual. Findings It proposed an investment court system as a replacement for investor-state arbitration. However, there is great ambivalence on whether these reforms would result in a rebalance of investment agreements in favour of host states. Thus, this paper provides a range of solutions to the challenges posed by investor-state arbitration through proposals for a regional and world investment court. Research limitations/implications The findings made in this research will inform both academics and practitioners in the field of international law on whether the investment court proposal will bring about the desired changes. Originality/value Secondary sources
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Frank, Veronica. "Consequences of the Prestige Sinking for European and International Law." International Journal of Marine and Coastal Law 20, no. 1 (2005): 1–64. http://dx.doi.org/10.1163/157180805774851553.
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AbstractThe Prestige sinking in 2002 triggered a call for a re-evaluation of the existing regime governing merchant shipping. The European Union (EU) played a crucial role in the resulting regulatory reform. This article examines the public international law issues raised by the accident and the main initiatives taken at the European and international level, especially within the International Maritime Organization (IMO). It discusses, inter alia, the suggestion to amend the United Nations Convention on the Law of the Sea, new developments in the field of Particularly Sensitive Sea Areas, phasing out of single hull tankers, EU membership of IMO, flag State control and enforcement and "places of refuge". It is concluded that, despite the positive post-Prestige outcomes, some gaps still remain. For the time being, however, there is no need for new rules but rather for taking full advantage of, clarifying and effectively enforcing the existing ones.