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Locating Damage in the Securities Market in the EU – The Road to VEB 定位欧盟证券市场的损害——VEB之路
Q2 Social Sciences Pub Date : 2023-05-01 DOI: 10.54648/eulr2023028
Heidi M. K. Yli-Kankahila
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
本文根据欧洲法院(“ECJ”)关于《布鲁塞尔Ia条例》第7(2)条的判例法,分析了证券市场中纯粹的财务损害发生在哪里。关于什么构成与主管法院的必要联系因素的判例法多种多样。根据欧洲法院2021年5月12日在VEB的判决,交易所上市股票二级市场发生损害的地方是发行人负有法定报告义务的地方。欧洲法院认为,这种解释确保了确立国际管辖权所需的可预见性。该判决使损害在二级市场的位置得到了令人欢迎的澄清,并巩固了法定报告义务作为建立国际管辖权的一个连接因素的作用。损害、纯粹经济损失、二级市场、损害发生地、披露义务、管辖权、监管市场
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引用次数: 0
The Evolution of Substantive Protection in EU International Investment Agreements: Taking Stock of the EU’s Early Treaty-Making Practice 欧盟国际投资协定中实质性保护的演变——对欧盟早期条约制定实践的考察
Q2 Social Sciences Pub Date : 2023-05-01 DOI: 10.54648/eulr2023025
Noah A. Barr
This article analyses the evolution of substantive investment protection in EU IIAs, i.e., CETA, EUSIPA, EVIPA, the TCA and the proposed CAI. It argues that the overall ‘balancing’ of ‘new-generation’ IIAs has changed. First, these agreements have reduced the scope of investment protection and prioritised market access, investment liberalisation, and investment facilitation by simplifying the transfer of funds and personnel and increasing transparency. Secondly, EU IIAs embrace a limited, yet predictable, approach to investment protection. Non-discrimination standards, NT and MFN, are comprehensively defined, compared to traditional European BITs. Absolute standards of protection, FET and expropriation, entail a balancing exercise in CETA but are missing in the TCA and the Proposed CAI. Investment liberalisation and pre-establishment market access have therefore outstripped post-establishment protection in importance. This approach suggests a re-evaluation by EU policymakers of the relative importance of openness over investor protection. Accordingly, investors should expect limited protection from these agreements.Investment standards, FET, MFN, European Union, CETA, CAI, TCA, Brexit
本文分析了欧盟国际投资协定(CETA、EUSIPA、EVIPA、TCA和拟议的CAI)中实质性投资保护的演变。它认为,“新一代”国际投资协定的总体“平衡”已经改变。首先,这些协定缩小了投资保护的范围,通过简化资金和人员的转移以及提高透明度,优先考虑市场准入、投资自由化和投资便利化。其次,欧盟国际投资协定采用了一种有限但可预测的投资保护方式。与传统的欧洲双边投资协定相比,非歧视标准、非关税待遇和最惠国待遇得到了全面界定。保护、场效应效应和征收的绝对标准需要在CETA中进行平衡,但在TCA和拟议的CAI中却没有。因此,投资自由化和建立前的市场准入在重要性上超过了建立后的保护。这种做法表明,欧盟政策制定者重新评估了开放相对于投资者保护的重要性。因此,投资者对这些协议的保护应该有限。投资标准,FET, MFN,欧盟,CETA, CAI, TCA, Brexit
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引用次数: 0
Elephant in the Room: CISG, Hardship, and Uniform Application 房间里的大象:《销售公约》、艰难处境和统一适用
Q2 Social Sciences Pub Date : 2023-05-01 DOI: 10.54648/eulr2023027
H. Aksoy
It has long been disputed by scholars, courts, and arbitral tribunals whether or not hardship is covered by Article 79 of the CISG. In 2020, the CISG Advisory Council published an opinion and expressed the view that CISG governs cases of hardship but under Article 79, the parties have no duty to renegotiate the contract; and a court or arbitral tribunal may not adapt the contract or bring the contract to an end. Council’s opinion is primarily based on the aim to prevent recourse to domestic law. In fact, if one accepts that CISG contains a gap concerning hardship, domestic law will apply to fill such gap, and this would undermine the unification of the law. However, this can hardly be a reason to accept that cases of hardship are covered by Article 79 CISG. Historical, textual, and teleological interpretation of Article 79 as well as an economic analysis of the concerned remedies show that Article 79 does not cover and/or is not suited to apply to cases of hardship. Therefore, there is an internal gap within the CISG concerning hardship and except for some exceptional cases, where one could find an international trade usage between the parties, the last resort to fill such gap is resorting to the domestic law applicable through private international law.Hardship, adaptation, renegotiation, CISG, external gap, internal gap, pacta sunt servanda, clausula rebus sic stantibus, observance of good-faith in international trade, international trade usage
长期以来,学者、法院和仲裁庭一直对《销售公约》第79条是否涵盖困难存在争议。2020年,《销售公约》咨询委员会发表了一份意见,并表示《销售公约”适用于困难情况,但根据第79条,双方没有义务重新谈判合同;法院或仲裁庭不得调整合同或终止合同。安理会的意见主要基于防止诉诸国内法的目的。事实上,如果人们承认《销售公约》在困难方面存在空白,国内法将适用于填补这一空白,这将破坏法律的统一。然而,这很难成为接受《销售公约》第79条涵盖困难情况的理由。对第七十九条的历史、文本和目的论解释以及对有关补救办法的经济分析表明,第七十九条款不包括和(或)不适合适用于困难情况。因此,《销售公约》在困难方面存在内部空白,除某些例外情况外,当事方之间可以找到国际贸易惯例,填补这一空白的最后手段是诉诸通过国际私法适用的国内法。艰难、适应、重新谈判、《销售公约》、外部差距、内部差距、必须遵守的条约、条款变更、在国际贸易中遵守诚信、国际贸易惯例
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引用次数: 0
Review of Non-Binding Legal Acts (EBA Guidelines): Paradoxes in Legal Reasoning – Comments on Case C-911/19 Fédération Bancaire Française – (FBF), Judgment of the Court of Justice of the European Union of 15 July 2021 审查不具约束力的法律行为(EBA准则):法律推理中的悖论-对欧洲联盟法院2021年7月15日判决的C-911/19号案件(FBF)的评论
Q2 Social Sciences Pub Date : 2023-05-01 DOI: 10.54648/eulr2023024
Christos A. Vasilopoulos
In a case that could be the reference judgment for “actes hors nomenclature”, such as guidelines, the Court has adopted a rather ambiguous reasoning. On the one hand, it states that the acts in question do not produce binding effects, which normally leads to the conclusion that there is no judicial review. On the other hand, the Court considers that even if it cannot exercise its control of legality in the context of a direct action, it can do so via the preliminary ruling on validity. The Court places recommendations and guidelines, which as such do not appear in Article 288, on the same level, and rereads its old Grimaldi case law. The judgment, despite its inconsistencies, is nevertheless of major interest. It highlights that the financial sector has been evolving since the sovereign debt crisis and that the case law still does not provide solutions to the specific problems raised. The evolution of financial law clearly calls for a reshaping of the case law instead of a permanent reference to the rules stemming from the case law process.EBA Guidelines, Article 288 TFEU, unclassified acts, AETR doctrine, Court review, Grimaldi case law, Article 74 of CRD/IV, technical criteria
在一个可能成为“行为或命名法”(如准则)参考判决的案件中,法院采用了相当模糊的推理。一方面,它指出,有关行为不产生约束力,这通常导致没有司法审查的结论。另一方面,法院认为,即使它不能在直接诉讼中行使对合法性的控制,它也可以通过对有效性的初步裁决来行使。法院将第288条中没有出现的建议和指导方针放在同一水平上,并重新阅读了其旧的格里马尔迪判例法。尽管判决前后矛盾,但仍然引起了人们的极大兴趣。它强调,自主权债务危机以来,金融部门一直在发展,判例法仍然没有为提出的具体问题提供解决方案。金融法的演变显然要求重塑判例法,而不是永久引用判例法过程中产生的规则。EBA指南、TFEU第288条、非保密法案、AETR原则、法院审查、Grimaldi判例法、CRD/IV第74条、技术标准
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引用次数: 0
The Oxymoron of the Italian Legal System: The Administrative-Law: From the Collapse of the Genoa Bridge to a Ruling of the Italian Constitutional Court 意大利法律体系的矛盾修辞法:行政法:从热那亚大桥的坍塌到意大利宪法法院的裁决
Q2 Social Sciences Pub Date : 2023-05-01 DOI: 10.54648/eulr2023029
Piere de Gioia Carabelese, Camila Dela Giustina
The tragic collapse of the Genoa bridge – an event that hit the world headlines few years ago, also for the huge number of casualties caused – has engendered in Italy, more recently, multifarious legal controversies. In addition to whether the Italian Government was legally entitled to terminate the long-term service concession arrangements with the private entity in charge of the maintenance of the bridge, further subtle legal issues, of a public law nature, have followed up too. As to the latter, the contribution discusses the one relating to the legal characterisation of the piece of legislation (the obscure and opaque “administrative-law”) which the Italian Government has adopted in order to rule out, apparently within any legal-contractual justification, from the public contest of the Genoa bridge re-construction, an Italian company. This entity was the one in charge of the maintenance of the Italian motorway network, including the infamous bridge. The same Italian Constitutional Law has been recently required to enter the heated debate, with an ensuing decision which, as dissected in the article, has ascertained whether the different acts of the Italian Government, promoted and implemented in the aftermath of the Genoa Bridge, were legitimate. In this very complex scenario, the contribution is also aimed, from a more theoretical perspective, at shedding a light on the myriad of laws (administrative, executive, proper laws) that in the Italian legal system have blossomed in the last decades.Genoa bridge collapse, Italian motorways and service concession arrangements, right of termination, administrative-laws, constitutional legitimacy, rule of law, due process of law, concessionaire’s rights, European Union Law, competition law
几年前,热那亚大桥的悲剧性倒塌事件也因造成大量人员伤亡而登上了世界头条,最近在意大利引发了各种各样的法律争议。除了意大利政府在法律上是否有权终止与负责维护桥梁的私人实体之间的长期服务特许安排外,还提出了其他具有公法性质的微妙法律问题。关于后者,本文讨论了与立法(模糊和不透明的“行政法”)的法律特征有关的问题,意大利政府采用该法律是为了排除一家意大利公司在热那亚大桥重建的公开竞标,显然是出于任何法律合同理由。这个实体负责意大利高速公路网的维护,包括那座臭名昭著的大桥。同样的意大利宪法最近被要求进入激烈的辩论,随后的一项决定,如文章中所分析的,确定了意大利政府在热那亚大桥之后推动和执行的不同行为是否合法。在这种非常复杂的情况下,本书的贡献还旨在从更理论化的角度,揭示过去几十年来意大利法律体系中涌现的无数法律(行政法、行政权法、适当法)。热那亚大桥倒塌,意大利高速公路和服务特许权安排,终止权,行政法,宪法合法性,法治,正当法律程序,特许权人的权利,欧盟法,竞争法
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引用次数: 0
The Institution of Security Agent: A Comparative Study of Polish and French Laws 担保代理人制度:波兰和法国法律比较研究
Q2 Social Sciences Pub Date : 2022-12-01 DOI: 10.54648/eulr2022049
Tomasz Tomczak
In many continental legal systems it was often problematic to grant a security right to an entity separate from the holder(s) of the secured receivables. Such arrangement was especially desired by the parties in complex lending structures with many creditors. To solve this problem various legal solutions have been created in different countries. In Poland and in France the special institution of a security agent has been introduced. Aim of this article is to compare those two regulations. The conclusion is that the French provisions better deals with the challenges posed by the entity separation problem.Security agent, collective security arrangements, entity separation, unity principle, security rights, security interest, syndicated loan, bond issue, accessoriness of security rights.
在许多大陆法系中,将担保权授予与担保应收款的持有人分开的实体往往是有问题的。有许多债权人的复杂贷款结构的各方特别希望有这种安排。为了解决这个问题,不同的国家制定了不同的法律解决方案。在波兰和法国,设立了特别的安全机构。本文的目的是对这两项规定进行比较。结论是,法国的规定较好地处理了实体分离问题带来的挑战。担保代理、集体担保安排、实体分离、统一原则、担保权利、担保利益、银团贷款、债券发行、担保权利的附属性。
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引用次数: 0
‘Average’ Consumers Navigating the New Digital Food Chain: Influencers, Online Reviews and Rankings “普通”消费者驾驭新的数字食物链:影响者、在线评论和排名
Q2 Social Sciences Pub Date : 2022-12-01 DOI: 10.54648/eulr2022045
Amina Lattanzi
With more and more consumers relying on online platforms to buy groceries and meals, traditional food labelling has been trumped by information arising from new features of today’s digital commerce. Instead of being affected by objective data on products’ origin, nutrition characteristics and allergens, individuals are increasingly drawn to feelings and perceptions conveyed by influencers’ experiences, online ratings, and rankings. In this sense, food information has become a different and larger notion than that on which EU Food Law is based on. This article examines the dynamics affecting the behaviour of food consumers online and how – and better yet, whether – EU law is responding to the challenges they raise.Food information, delivery platforms, behavioural consumer protection, influencers, online review, online rankings, Food Information to Consumers Regulation, Digital Services Act, Better Enforcement and Modernisation Directive, Platform-to-Business Regulation
随着越来越多的消费者依赖在线平台购买食品杂货和餐饮,传统的食品标签已经被当今数字商务新功能产生的信息所取代。个人不再受产品来源、营养特性和过敏原等客观数据的影响,而是越来越多地被网红的经历、在线评分和排名所传达的感受和看法所吸引。从这个意义上说,食品信息已经成为一个不同于欧盟食品法所依据的更大的概念。本文考察了影响在线食品消费者行为的动态,以及欧盟法律如何——更好的是,是否——应对他们提出的挑战。食品信息、配送平台、消费者行为保护、影响者、在线评论、在线排名、食品信息消费者监管、数字服务法、更好的执行和现代化指令、平台对企业监管
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引用次数: 0
An Introduction to Factoring Law in China 我国保理法概论
Q2 Social Sciences Pub Date : 2022-12-01 DOI: 10.54648/eulr2022050
Meiling Huang, Yongkang Yuan
With the growth of international trade activities, the business volume of factoring in the Chinese market has shown a significant upward trend. Before the promulgation of the Chinese Civil Code in 2020, the factoring contract did not receive due attention, while its legal nature has sparked heated debate due to the complex legal relationships contained in its internal structure. However, the factoring contract is stipulated in the Contract Book as a new nominate contract in the Chinese Civil Code, which is a distinctly important milestone. The relevant provisions of the factoring contract are contained in Articles 761 to 769 of the Code, which have outlined a preliminary regulatory framework for factoring activities. However, controversies still exist in the legal interpretation and judicial practices related to factoring. This paper introduces the legislation and the related judicial practices of factoring with a detailed interpretation of the relevant articles in the Chinese Civil Code, which one could consider a remarkable example of the fusion of the Civil law and Common law systemsFactoring contract, Chinese Civil Code, nominate contract, assignment of creditor’s claims, secured transaction, fabricated receivables, notification requirements, recourse factoring, non-recourse factoring, priorities of factoring
随着国际贸易活动的增长,保理业务在中国市场的业务量呈现出明显的上升趋势。在2020年《中国民法典》颁布之前,保理合同并没有得到应有的重视,而其内部结构所包含的复杂法律关系,使其法律性质引发了热议。然而,保理合同在《合同书》中被规定为中国民法典中一个新的指定合同,这是一个明显的重要里程碑。保理合同的相关条款载于《法典》第761条至第769条,其中概述了保理活动的初步监管框架。然而,在有关保理的法律解释和司法实践中仍然存在争议。本文介绍了保理的立法和相关司法实践,并对《中国民法典》中的相关条款进行了详细解释,认为这是民法和英美法系融合的一个显著例子,伪造应收款、通知要求、追索权保理、无追索权保理和保理优先级
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引用次数: 0
The Protection of Platform Work in the Perspective of EU Law, between Individual and Collective Rights 欧盟法律视角下的平台作品保护:个人权利与集体权利之间的关系
Q2 Social Sciences Pub Date : 2022-12-01 DOI: 10.54648/eulr2022048
M. Peruzzi
From the perspective of labour law, the analysis of the topic of digital platforms focuses on the reconstruction of the protections applicable to platform work, which requires a distinction between individual and collective rights, i.e. between the question of the enforceability of individual rights provided by law in the employment relationship and the question of the recognition of collective rights that may allow for the introduction of rules throughout a negotiation process and the conclusion of collective agreements. The aim of this essay is to address the issue of the protection of platform work on both sides of individual and collective rights, from the perspective of European Union law and in the light of some useful insights from Italian case law and legislative interventions. This will help to understand the importance of the regulatory initiatives proposed and launched on this issue by the European Commission in 2021.European Union, Labour law, competition law, digital platform, platform work, worker, self-employed persons, collective agreements, data processing, private international law.
从劳动法的角度来看,对数字平台主题的分析侧重于重建适用于平台工作的保护,这需要区分个人权利和集体权利,即在就业关系中法律规定的个人权利的可执行性问题和承认集体权利的问题之间,这可能允许在整个谈判过程和缔结集体协议中引入规则。本文的目的是从欧盟法律的角度,并根据意大利判例法和立法干预的一些有益见解,解决个人权利和集体权利双方平台工作的保护问题。这将有助于理解欧盟委员会在2021年就这一问题提出和启动的监管举措的重要性。欧盟、劳工法、竞争法、数字平台、平台工作、工人、个体经营者、集体协议、数据处理、国际私法。
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引用次数: 0
Competition Law and Digital Markets: Adaptation of Traditional Categories or New Rules? Some Reflections Arising from the Amazon Cases Regarding the Access to Non-Public Data 竞争法与数字市场:适应传统类别还是新规则?亚马逊案对非公开数据获取的几点思考
Q2 Social Sciences Pub Date : 2022-12-01 DOI: 10.54648/eulr2022044
Caterina Fratea
The present paper is intended to analyse if alleged exclusionary abuses perpetrated by big digital platforms, with particular reference to the access to non-public data dealt with in the Amazon Marketplace case, can be assessed applying the legal standards that the Court of Justice developed around the refusal to deal and the margin squeeze practices. It also shows how the new Digital Markets Act, despite representing a step forward in the regulation of the activity of these economic operators, still leaves a few questions open, especially regarding its non-sectoral approach. Finally, the interplay between access to data and privacy rules is investigated.Digital single market, digital platforms, competition law, abuse of dominance, selfpreferencing, access to non-public data, essential facilities doctrine, margin squeeze, digital markets act, GDPR
本文旨在分析大型数字平台涉嫌的排他性滥用行为,特别是在亚马逊市场案件中涉及的非公开数据的访问,是否可以应用法院围绕拒绝交易和利润挤压做法制定的法律标准进行评估。它还表明,尽管新的《数字市场法案》在监管这些经济运营商的活动方面迈出了一步,但仍有一些问题有待解决,特别是在其非部门方法方面。最后,研究了数据访问和隐私规则之间的相互作用。数字单一市场,数字平台,竞争法,滥用主导地位,自我偏好,获取非公开数据,基本设施原则,利润挤压,数字市场法案,GDPR
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引用次数: 0
期刊
European Business Law Review
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