Pub Date : 2023-11-20DOI: 10.1007/s40804-023-00302-5
Lucie Škapová
When the Polish financial market supervisor Komisja Nadzoru Finansowego (KNF) notified its intention to prohibit certain unit-linked insurance products marketed in Poland, it created an unprecedented situation: for the first time, a financial market supervisor decided to trigger Chapter III of the PRIIPs Regulation and adopt product intervention measures in the insurance sector. If adopted, these measures would regulate not only the investment strategies of unit-linked insurance products offered in Poland, but also their cost structure and terms and conditions. Is such far-reaching product intervention in compliance with the requirements of the PRIIPs Regulation? The European Insurance and Occupation Pensions Authority (EIOPA) tried to answer this question in its opinion on the justification and proportionality of the notified measures. The aim of this contribution is to critically analyse EIOPA’s opinion and explain the legal and practical ramifications of its findings. In particular, this article argues that despite its soft law nature and weaknesses of some of its findings, EIOPA’s opinion constitutes a major regulatory development in the insurance sector and raises several fundamental questions about the place of product intervention in the EU system of investor protection.
{"title":"EIOPA, Unit-linked Insurance and Polish Product Intervention: A Silent Regulatory Revolution?","authors":"Lucie Škapová","doi":"10.1007/s40804-023-00302-5","DOIUrl":"https://doi.org/10.1007/s40804-023-00302-5","url":null,"abstract":"<p>When the Polish financial market supervisor Komisja Nadzoru Finansowego (KNF) notified its intention to prohibit certain unit-linked insurance products marketed in Poland, it created an unprecedented situation: for the first time, a financial market supervisor decided to trigger Chapter III of the PRIIPs Regulation and adopt product intervention measures in the insurance sector. If adopted, these measures would regulate not only the investment strategies of unit-linked insurance products offered in Poland, but also their cost structure and terms and conditions. Is such far-reaching product intervention in compliance with the requirements of the PRIIPs Regulation? The European Insurance and Occupation Pensions Authority (EIOPA) tried to answer this question in its opinion on the justification and proportionality of the notified measures. The aim of this contribution is to critically analyse EIOPA’s opinion and explain the legal and practical ramifications of its findings. In particular, this article argues that despite its soft law nature and weaknesses of some of its findings, EIOPA’s opinion constitutes a major regulatory development in the insurance sector and raises several fundamental questions about the place of product intervention in the EU system of investor protection.</p>","PeriodicalId":45278,"journal":{"name":"European Business Organization Law Review","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2023-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138528973","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-11-13DOI: 10.1007/s40804-023-00303-4
Jens-Hinrich Binder, Danny Busch
{"title":"Beyond Equivalence: Third Country Regimes in European Financial Regulation—Introduction","authors":"Jens-Hinrich Binder, Danny Busch","doi":"10.1007/s40804-023-00303-4","DOIUrl":"https://doi.org/10.1007/s40804-023-00303-4","url":null,"abstract":"","PeriodicalId":45278,"journal":{"name":"European Business Organization Law Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136346701","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-26DOI: 10.1007/s40804-023-00300-7
Jens-Hinrich Binder
Abstract As part of the European Commission’s ‘Banking Package’, introducing a series of amendments to the key legal sources of EU banking regulation, a comprehensive proposal for the treatment of third country branches of credit institutions (i.e., branches of institutions licensed by non-EU jurisdictions seeking authorisation in an EU Member State) has been presented. If and when ultimately adopted, this new framework will, for the first time, harmonise the applicable authorisation procedures and substantive conditions for authorisation hitherto left exclusively to the discretion of EU Member States. Under the new regime, the equivalence of third country regulatory and supervisory approaches with EU banking regulation will play a role, albeit a limited one. While taking up, and refining, approaches that have been present in a range of Member States for some time already, the new framework will require others to fundamentally change their existing regimes. The new amendments will be of particular relevance for the future regulatory relationship between the United Kingdom and the European Union, since a bespoke arrangement for continuing access of UK financial intermediaries to the EU markets has not been achieved, and UK credit institutions wishing to continue to operate within the EU other than through legally separate and independently capitalised subsidiaries have to rely on authorisations as third country branches. Against this backdrop, the present paper presents a functional analysis of the incoming regime in light of experiences made with regard to the existing landscape of diverging national laws.
{"title":"Not Equivalent (Yet?): The Current EU Third Country Regime for Credit Institutions and Incoming Changes","authors":"Jens-Hinrich Binder","doi":"10.1007/s40804-023-00300-7","DOIUrl":"https://doi.org/10.1007/s40804-023-00300-7","url":null,"abstract":"Abstract As part of the European Commission’s ‘Banking Package’, introducing a series of amendments to the key legal sources of EU banking regulation, a comprehensive proposal for the treatment of third country branches of credit institutions (i.e., branches of institutions licensed by non-EU jurisdictions seeking authorisation in an EU Member State) has been presented. If and when ultimately adopted, this new framework will, for the first time, harmonise the applicable authorisation procedures and substantive conditions for authorisation hitherto left exclusively to the discretion of EU Member States. Under the new regime, the equivalence of third country regulatory and supervisory approaches with EU banking regulation will play a role, albeit a limited one. While taking up, and refining, approaches that have been present in a range of Member States for some time already, the new framework will require others to fundamentally change their existing regimes. The new amendments will be of particular relevance for the future regulatory relationship between the United Kingdom and the European Union, since a bespoke arrangement for continuing access of UK financial intermediaries to the EU markets has not been achieved, and UK credit institutions wishing to continue to operate within the EU other than through legally separate and independently capitalised subsidiaries have to rely on authorisations as third country branches. Against this backdrop, the present paper presents a functional analysis of the incoming regime in light of experiences made with regard to the existing landscape of diverging national laws.","PeriodicalId":45278,"journal":{"name":"European Business Organization Law Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136381482","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-23DOI: 10.1007/s40804-023-00299-x
Eda Şahin Şengül, Serkan Kaya
{"title":"Consumer Collective Redress in Turkey: The Need for Reform in Light of the EU Regime","authors":"Eda Şahin Şengül, Serkan Kaya","doi":"10.1007/s40804-023-00299-x","DOIUrl":"https://doi.org/10.1007/s40804-023-00299-x","url":null,"abstract":"","PeriodicalId":45278,"journal":{"name":"European Business Organization Law Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135413502","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-18DOI: 10.1007/s40804-023-00298-y
Cem Veziroğlu, Abdurrahman Kayıklık
{"title":"The Climate Crisis and Private Companies: How to Address the Sustainability Arbitrage Problem","authors":"Cem Veziroğlu, Abdurrahman Kayıklık","doi":"10.1007/s40804-023-00298-y","DOIUrl":"https://doi.org/10.1007/s40804-023-00298-y","url":null,"abstract":"","PeriodicalId":45278,"journal":{"name":"European Business Organization Law Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135823777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-26DOI: 10.1007/s40804-023-00297-z
Tomasz Regucki
Abstract This paper presents a critical examination of recent Polish takeover regulation from a perspective of evolution of capital market law in Poland. The study is based on both legal analysis and an empirical and statistical approach. Firstly, as a starting point, it briefly describes the mandatory bid rule and Takeover Bids Directive as well as the development of early Polish provisions. Secondly, the paper elaborates on the normative model of takeovers, which was in force until 2022. Using a case study and a comprehensive statistical examination of all mandatory bids carried out between 2008 and 2017, it shows how the unusual and incorrect legislative structure of two thresholds of control (33% and 66% of votes) allowed the actual circumvention of mandatory bids, to the detriment of minority shareholders. The paper also describes political considerations and political influences on the legislative process, which led to the failure of the 2014–2015 takeover law proposal. The core of the paper is devoted to the current takeover rules. Statistical research of ownership structures in Poland shows that the threshold of control set at 50% of votes is undoubtedly too high, which entails risks to investor protection that may arise from the adopted model. Based on research on significant holdings in Polish listed companies, the paper further elaborates on the notion of control over a public company and proposes a regulatory utility function to determine the desired threshold of control. This leads to the conclusion that the optimal regulatory threshold of control, given the characteristics of the Polish capital market, is 30% of votes.
{"title":"Polish Takeover Regulation: The Recent Chapter in the Long Story of Flawed Rules, Legislative Hesitation and Policy Mistakes","authors":"Tomasz Regucki","doi":"10.1007/s40804-023-00297-z","DOIUrl":"https://doi.org/10.1007/s40804-023-00297-z","url":null,"abstract":"Abstract This paper presents a critical examination of recent Polish takeover regulation from a perspective of evolution of capital market law in Poland. The study is based on both legal analysis and an empirical and statistical approach. Firstly, as a starting point, it briefly describes the mandatory bid rule and Takeover Bids Directive as well as the development of early Polish provisions. Secondly, the paper elaborates on the normative model of takeovers, which was in force until 2022. Using a case study and a comprehensive statistical examination of all mandatory bids carried out between 2008 and 2017, it shows how the unusual and incorrect legislative structure of two thresholds of control (33% and 66% of votes) allowed the actual circumvention of mandatory bids, to the detriment of minority shareholders. The paper also describes political considerations and political influences on the legislative process, which led to the failure of the 2014–2015 takeover law proposal. The core of the paper is devoted to the current takeover rules. Statistical research of ownership structures in Poland shows that the threshold of control set at 50% of votes is undoubtedly too high, which entails risks to investor protection that may arise from the adopted model. Based on research on significant holdings in Polish listed companies, the paper further elaborates on the notion of control over a public company and proposes a regulatory utility function to determine the desired threshold of control. This leads to the conclusion that the optimal regulatory threshold of control, given the characteristics of the Polish capital market, is 30% of votes.","PeriodicalId":45278,"journal":{"name":"European Business Organization Law Review","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134960988","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-28DOI: 10.1007/s40804-023-00294-2
Hu Jing
{"title":"Trust Law in Macao: An Organisational Law Account","authors":"Hu Jing","doi":"10.1007/s40804-023-00294-2","DOIUrl":"https://doi.org/10.1007/s40804-023-00294-2","url":null,"abstract":"","PeriodicalId":45278,"journal":{"name":"European Business Organization Law Review","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2023-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42833351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-08DOI: 10.1007/s40804-023-00296-0
B. Sheehy, H. Khan, Paramita Prananingtyas, Philein Sophiana Sunarso Putri
{"title":"Correction: Shifting from Soft to Hard Law: Motivating Compliance When Enacting Mandatory Corporate Social Responsibility","authors":"B. Sheehy, H. Khan, Paramita Prananingtyas, Philein Sophiana Sunarso Putri","doi":"10.1007/s40804-023-00296-0","DOIUrl":"https://doi.org/10.1007/s40804-023-00296-0","url":null,"abstract":"","PeriodicalId":45278,"journal":{"name":"European Business Organization Law Review","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42584735","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-01DOI: 10.1007/s40804-023-00295-1
Pascal Stocker
{"title":"The Potential of Blockchain Technology for Share Transfers in Non-listed Companies in Switzerland and the United Kingdom","authors":"Pascal Stocker","doi":"10.1007/s40804-023-00295-1","DOIUrl":"https://doi.org/10.1007/s40804-023-00295-1","url":null,"abstract":"","PeriodicalId":45278,"journal":{"name":"European Business Organization Law Review","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48770338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-31DOI: 10.1007/s40804-023-00293-3
E. Avgouleas, A. Seretakis
{"title":"How Should Crypto Lending Be Regulated Under EU Law?","authors":"E. Avgouleas, A. Seretakis","doi":"10.1007/s40804-023-00293-3","DOIUrl":"https://doi.org/10.1007/s40804-023-00293-3","url":null,"abstract":"","PeriodicalId":45278,"journal":{"name":"European Business Organization Law Review","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2023-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47812831","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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