{"title":"Locating Damage in the Securities Market in the EU – The Road to VEB","authors":"Heidi M. K. Yli-Kankahila","doi":"10.54648/eulr2023028","DOIUrl":null,"url":null,"abstract":"This article analyses where purely financial damage in the securities market occurs in light of the European Court of Justice’s (“ECJ”) case law on Article 7(2) of the Brussels Ia Regulation. The case law on what constitutes the necessary connecting factor to the competent courts is diverse. According to the ECJ’s judgment of 12 May 2021 in VEB, the place where the damage occurs in the secondary market of exchange listed shares is the place where the issuer has statutory reporting obligations. The ECJ held that such interpretation ensures the foreseeability required to establish international jurisdiction. The judgment brings welcome clarity to the location of damage in the secondary market and consolidates the role of statutory reporting obligations as a connecting factor to establish international jurisdiction.\nDamage, pure economic loss, secondary market, place where damage occurs, disclosure obligation, jurisdiction, regulated market","PeriodicalId":53431,"journal":{"name":"European Business Law Review","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"European Business Law Review","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.54648/eulr2023028","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"Social Sciences","Score":null,"Total":0}
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Abstract
This article analyses where purely financial damage in the securities market occurs in light of the European Court of Justice’s (“ECJ”) case law on Article 7(2) of the Brussels Ia Regulation. The case law on what constitutes the necessary connecting factor to the competent courts is diverse. According to the ECJ’s judgment of 12 May 2021 in VEB, the place where the damage occurs in the secondary market of exchange listed shares is the place where the issuer has statutory reporting obligations. The ECJ held that such interpretation ensures the foreseeability required to establish international jurisdiction. The judgment brings welcome clarity to the location of damage in the secondary market and consolidates the role of statutory reporting obligations as a connecting factor to establish international jurisdiction.
Damage, pure economic loss, secondary market, place where damage occurs, disclosure obligation, jurisdiction, regulated market
期刊介绍：
The mission of the European Business Law Review is to provide a forum for analysis and discussion of business law, including European Union law and the laws of the Member States and other European countries, as well as legal frameworks and issues in international and comparative contexts. The Review moves freely over the boundaries that divide the law, and covers business law, broadly defined, in public or private law, domestic, European or international law. Our topics of interest include commercial, financial, corporate, private and regulatory laws with a broadly business dimension. The Review offers current, authoritative scholarship on a wide range of issues and developments, featuring contributors providing an international as well as a European perspective. The Review is an invaluable source of current scholarship, information, practical analysis, and expert guidance for all practising lawyers, advisers, and scholars dealing with European business law on a regular basis. The Review has over 25 years established the highest scholarly standards. It distinguishes itself as open-minded, embracing interests that appeal to the scholarly, practitioner and policy-making spheres. It practices strict routines of peer review. The Review imposes no word limit on submissions, subject to the appropriateness of the word length to the subject under discussion.
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