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...

The Council is a crucial intergovernmental institution of the European Union. However, the complex, opaque and consensual character of the decision-making process in the Council puts its legitimacy into question. Intergovernmentalist theory posits that it is sufficiently legitimised, indirectly,...

This comment is on a paper by Christian Kirchner and Wulf Kaal, which proposes a variety of post-financial crisis regulatory reforms under a common theme of minimizing “regulatory arbitrage.” The comment focuses on one of their proposals, hedge fund regulation, and then picks up on the theme...

The paper conducts a critical review on the issue of applicable law in cross-border securities transactions, focusing on the issue of interests in securities in cross-border exchanges. We present the European regulatory framewrok and the european efforts for the harmonisation of the applicable...

This article investigates the transnational flow of state, non-state and supranational norms governing over-the-counter (OTC) derivatives at both the contractual and regulatory levels. Our analysis reveals that the flow of these norms has fashioned a multi-layered transnational legal order. The...

From March 3 to March 5, 2010, the German Association for Law and Society and the University of Bremen hosted a Conference on "Transnationalism in Law, State and Society". Part of this conference was a panel on transnational financial markets regulation. The aim of this panel was to ask some...

Sketched in the aftermath of the financial crisis of 1929, US capital markets law was in large parts an example to the relatively young European capital markets law. After another financial crisis which showed the fragility of the financial markets in recent times, this article seeks to sketch...

Money laundering has become a phenomenon of financial market regulation. The obligation to identify the ultimate beneficiary, or the beneficiary owner, which need not be entirely synonymous terms, has been the focus for both national authorities and international organizations. However, such...

As a response to multiple financial shocks, international standards have disappointed. Consensus-seeking has stifled innovation, perpetuating outdated regulatory concepts at a time of rapid market change. Different forces are at work now. Markets are complex and idiosyncratic; they may not be...