In its Spector judgment, the Court of Justice of the EU held that a primary insider is presumed to have used inside information as soon as he has effected a securities transaction while in possession of inside information. This presumption can however be rebutted under circumstances where, in...

In this paper, we analyze the impact of the Rome II Regulation regarding the law applicable to non-contractual obligations on cases of cross border liability regarding banking and financial services. In view of the current state of harmonization of substantive law in the European Union, which...

The regulatory boom in EU securities law, induced by the Financial Services Action Plan (FSAP) and the Lamfalussy-process of multi-level regulation has seen the emergence of a comprehensive body of law in the field of investor protection rules, notably under the form of information disclosure...

The European harmonization efforts produced under the European Commission's Financial Services Action Plan in the field of capital market regulation have created an impressive body of investor protection oriented rules. Strikingly, the harmonization directives remain largely silent on the...

Over the last decades, bank failures in different EU-countries have increasingly led to liability claims being directed against supervisory authorities for alleged negligence or improper conduct in the course of exercising prudential supervision over banks. The basic assertion of this paper is...

With the entry into force of the Investment Services Directive (ISD) on January 1st 1996, a major move has been made towards the integration of capital markets, by ensuring the cross-border mobility of the intermediaries on the market. This paper examines to which extent the ISD has actually...

This paper looks into the concepts underpinning the current generation of capital market integration directives, that follow the Lamfalussy-approach. In particular, we examine whether the Level 1-directives are based on minimum or maximum harmonization. We submit that the European lawmakers have...

This paper is part of the PHARE-ACE research project (No 96-6009-R), entitled: "The Future of Banking Supervision and Regulation in selected transitional economies in relation to European Monetary Union". The working paper examines how different CEECs (Slovenia, Hungary, Czech Republic) are...