The Reform of the Transparency Directive: Minimum or Full Harmonisation of Ownership Disclosure?

Author:

Fleischer Holger,Schmolke Klaus Ulrich

Publisher

Springer Science and Business Media LLC

Subject

Law,Political Science and International Relations,Business and International Management

Reference134 articles.

1. See, for example, S. Weatherill, ‘Maximum or Minimum Harmonisation: What Kind of “Europe” Do We Want?’, in K. Boele-Woelki and F.W. Grodheide, eds., The Future of European Contract Law, Liber Amicorum E.H. Hondius (Alphen aan den Rijn, Kluwer Law International 2007) p. 133; T. Wilhelmsson, ‘Introduction: Harmonization and National Cultures’, in T. Wilhelmsson, E. Paunio and A. Pohjolainen, eds., Private Law and the Many Cultures of Europe (Alphen aan den Rijn, Kluwer Law International 2007) p. 3; recently, L. Niglia, ‘Of Harmonization and Fragmentation: The Problem of Legal Transplants in the Europeanization of Private Law’, 17 Maastricht Journal of European and Comparative Law (2010) p. 116; see also the comprehensive volume edited by B. Gsell and C. Herresthal, eds., Vollharmonisierung im Privatrecht (Tübingen, Mohr Siebeck 2009)

2. See, for example, G. Howells and R. Schulze, eds., Modernising and Harmonising Consumer Contract Law (Munich, Sellier, European Law Publishers 2009); B. Gsell and H.M. Schellhase, ‘Vollharmonisiertes Verbraucherkreditrecht — Ein Vorbild für die weitere europäische Angleichung des Verbrauchervertragsrechts?’, 64 JuristenZeitung (JZ) (2009) p. 20.

3. Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EG, OJ L 390 of 31.12.2004, p. 38.

4. See European Commission, Proposal for a Directive of the European Parliament and of the Council on consumer rights of 8 October 2008, COM(2008) 614 final; now more cautiously, European Commission, Green Paper on policy options for progress towards a European Contract Law for consumers and businesses, 1 July 2010, COM(2010) 348 final, at p. 6; see M. Stürner, ‘Editorial’, Zeitschrift für Gemeinschaftsprivatrecht (GPR) (2010) p. 157.

5. There is full harmonisation when the application of a directive requires a regulatory result that cannot be made stronger or weaker by the Member States’ implementation; in greater detail, W.-H. Roth, in Gsell and Herresthal, eds., supra n. 1, p. 13, at p. 18 et seq. In the view of some authors, however, the term maximum harmonisation describes cross-border processes and forbids the host state to enact stricter national regulations; see T.M.J. Möllers, in Gsell and Herresthal, supra n. 1, p. 247, at p. 250; J. Herbst, ‘Revision of the Investment Services Directive’, 11 Journal of Financial Regulation and Compliance (2003) p. 211, at p. 213; M. Tison, ‘Financial Market Integration in the Post FSAP Era. In Search of Overall Conceptual Consistency in the Regulatory Framework’, in G. Ferrarini and E. Wymeersch, eds., Investor Protection in Europe (Oxford, Oxford University Press 2006) p. 443, at p. 446 and n. 6. It seems though that both terms are quite often used interchangeably, see, for example, T. Ackermann, ‘Buying Legitimacy? The Commission’s Proposal on Consumer Rights’, 21 European Business Law Review (2010) p. 587; V. Mak, ‘The Degree of Harmonisation in the Proposed Consumer Rights Directive: A Review in Light of Liability for Products’, in Howells and Schulze, eds., supra n. 2, p. 305; A. Johnston and H. Unberath, ‘European Private Law by Directives: Approach and Challenges’, in C. Twigg-Flesner, ed., The Cambridge Companion of European Union Private Law (Cambridge, Cambridge University Press 2010) p. 85, at p. 88 et seq.

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1. Synergies, Risks and the Regulation of Stock Exchange Interconnection;Masaryk University Journal of Law and Technology;2017-09-30

2. United in diversity: maximum versus minimum harmonization in EU securities regulation;Capital Markets Law Journal;2012-05-30

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