This paper is the outcome of a related broader project, exploring the explanatory power of the Legal Theory of Finance, which proposes a new institution-based analytical framework for the analysis of phenomena of financial markets. One of its most important theoretical assumptions, the legal...

Over recent years, a number of regulators have launched proposals to expand the obligation to disclose major share ownership in listed companies. This article shows that these are not stand-alone developments. Using a unique dataset comprising data from 25 countries over 11 years (1995-2005) and...

Section 913 of the Dodd-Frank Act requires the U.S. Securities and Exchange Commission to conduct a study regarding gaps or deficiencies in the regulation of broker-dealers and investment advisers. These firms often perform similar functions but are regulated differently under an antiquated...

The European Commission's Proposal for a Regulation on European Crowdfunding Service Providers (ECSPs) for businesses, since its presentation, has faced difficult trilateral negotiations among the European Commission, the European Parliament and the Council of the European Union. The length of...

The European Commission's Proposal for a Regulation on European Crowdfunding Service Providers (ECSPs) for businesses, since its presentation, has faced difficult trilateral negotiations among the European Commission, the European Parliament and the Council of the European Union. The length of...

Marketplace lending and investing have been recently attracting increasing regulatory attention. However, regulatory responses to such phenomenon have been extremely varied, even in Europe, characterized by maximum harmonization in the field of financial regulation, continuous efforts in...

Decentralised finance (DeFi) represents an extremely interesting and continuously growing area of the financial sector. The present paper analyses varied types of digital platforms, expression of different degrees of decentralisation/disintermediation, focusing on capital raising ones since...

The ECSPR covers only financial-return crowdfunding-FRC. Nonetheless, crowdfunding goes beyond monetary incentives: reward-based and donation-based crowdfunding represent the ‘other side of the moon’ in the crowdfunding universe. The Chapter, after describing the main features of...

Marketplace lending, enabled by technological innovation, represents a new opportunity for raising capital. It is regarded by the EU as having the potential to expand the financing options of SMEs and improve the integration of the Internal Capital Market. However, applying traditional legal...