卖空、COVID-19和监管机构——经验教训

IF 1.3 Q1 LAW European Company and Financial Law Review Pub Date : 2023-04-01 DOI:10.1515/ecfr-2023-0017

Sebastian Sieder

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引用次数: 0

摘要

针对新冠肺炎疫情，一些国家主管部门和ESMA采取了卖空禁令等限制措施。这种做法在法律和经济文献中都受到了批评。虽然已经克服了COVID-19大流行，或者至少已经找到了应对COVID-19的方法，但如何设计特殊情况措施的法律依据以及监管当局如何处理这些措施，对未来的欧盟卖空监管至关重要。这是有效的，尤其是因为我们生活在一个危机(COVID-19)紧随下一个危机(乌克兰战争，天然气短缺，通货膨胀等)的时代。在此背景下，本文回顾了对所采取的监管方法的学术评估，旨在为(未来)危机中卖空的立法和监管方法的改进做出贡献。386

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Short Selling, COVID-19 and the Regulators – Lessons Learned

Abstract 385 Some national competent authorities (NCAs), as well as ESMA, have responded with short-selling bans and other restrictions to the COVID-19 pandemic. This approach has attracted criticism in both legal and economic literature. Although the COVID-19 pandemic has been overcome, or at least ways of dealing with COVID-19 have been found, it is of crucial importance for future EU short selling regulation how the legal basis of the measures for exceptional situations is designed and how the supervisory authorities will deal with it. This is valid not least because we are living in a time in which one crisis (COVID-19) follows the next (Ukraine war, gas shortage, inflation etc). Against this backdrop, this paper reviews the academic assessment of the supervisory approach taken and aims to contribute to an improved legislative and supervisory approach regarding short selling in (future) crises. 386

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来源期刊

European Company and Financial Law Review LAW-

CiteScore

1.00

自引率

16.70%

发文量

期刊介绍： In legislation and in case law, European law has become a steadily more dominant factor in determining national European company laws. The “European Company”, the forthcoming “European Private Company” as well as the Regulation on the Application of International Financial Reporting Standards (“IFRS Regulation”) have accelerated this development even more. The discussion, however, is still mired in individual nations. This is true for the academic field and – even still – for many practitioners. The journal intends to overcome this handicap by sparking a debate across Europe on drafting and application of European company law. It integrates the European company law component previously published as part of the Zeitschrift für Unternehmens- und Gesellschaftsrecht (ZGR), on of the leading German law reviews specialized in the field of company and capital market law. It aims at universities, law makers on both the European and national levels, courts, lawyers, banks and other financial service institutions, in house counsels, accountants and notaries who draft or work with European company law. The journal focuses on all areas of European company law and the financing of companies and business entities. This includes the law of capital markets as well as the law of accounting and auditing and company law related issues of insolvency law. Finally it serves as a platform for the discussion of theoretical questions such as the economic analysis of company law. It consists of articles and case notes on both decisions of the European courts as well as of national courts insofar as they have implications on European company law.