This paper discusses problems of harmonisation and regulation of the European Internal Financial Market. The argument is that the current division of powers between the EU and Member States is not achieving sufficient harmonisation to develop an internal market. The obstacles to the Internal...

Transplantation of laws from a foreign country is an explicit regulatory choice. It is a choice made by governments and influenced by local and international interest groups. This Article analyzes a complex junction where international legal transplantation encounters destructive transactional...

Financial collateral is a concept that starts from the idea of traditional security interests and is then developed considerably further. Security interests are restricted in their scope of application and typically impose a number of requirements and limitations on the creditor (security taker)...

High Frequency Trading is the topic of fierce discussion as the general functioning of financial markets has come under increased scrutiny in times of economic uncertainty. The purpose of this paper is to explain the emergence of High Frequency Trading and to address the problematic of market...

The European Union (EU) has been debating for several years whether to change from the legal capital regime as regulated under the Second Company Law Directive to a solvency test regime as applied in the US, for example. Based on an analysis of direct compliance costs and capital maintenance...

Not sufficiently harmonised national pension systems within the European Union distort the allocation of labour and endanger redistributive activities. This paper identifies the most decentralised level of harmonisation which guarantees efficient allocation and enables redistribution. For this,...

Many legal advisers, scientists and practitioners know since many years, that the Common External Tariff (CET) of the European Community (EC) is being applied non-uniform from the different national customs services and that the economic operators are using this systematic fault of the EC for...