European Regulatory Private Law Going Global? The Case of Product Governance

Marcacci, Antonio

doi:10.1007/s40804-017-0068-0

Cited by 15 publications

(4 citation statements)

References 31 publications

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“…The term European Regulatory Private Law was first used by Micklitz (2009). 50 Wallinga (2020), p 5; Marcacci (2017), pp 305-332. 51 Wallinga (2020), p 5.…”

Section: Methods Of Regulation Of the Eu Green Bond Standard-comparis...mentioning

confidence: 99%

The EU Green Bond Standard: A Plausible Response to the Deficiencies of the EU Green Bond Market?

Pyka

2023

Eur Bus Org Law Rev

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The article elaborates on the EU Green Bond Standard, a cornerstone of the Proposal for a Regulation on European green bonds that was put forward by the European Commission in July 2021. Within the analysis, three research questions are posed. First, the article deals with the question of whether the EU Green Bond Standard is really needed; particularly, whether there is a need for EU regulatory intervention on the EU green bond market. Second, it examines the method of regulation which was adopted for the EU Green Bond Standard. Specifically, does this standard differ and offer any added value compared to private standards for the issuance of green bonds? Finally, the article discusses the impact of the EU Green Bond Standard on the EU green bond market. Within this section, the questions of fragmentation and regulatory competition between public (EU) and private regimes are dealt with. The article ends with proposals for modifications of the EU Green Bond Standard. It has been suggested that the EU Green Bond Standard should have a mandatory character for all issuances of green bonds on the EU green bond market. Private standards should not be replaced by the EU Green Bond Standard but only reconciled with it. With regard to its content, the EU Green Bond Standard should constitute a mixture of public and private obligations; yet, some necessary regulatory space should be left for private standards.

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“…The term European Regulatory Private Law was first used by Micklitz (2009). 50 Wallinga (2020), p 5; Marcacci (2017), pp 305-332. 51 Wallinga (2020), p 5.…”

Section: Methods Of Regulation Of the Eu Green Bond Standard-comparis...mentioning

confidence: 99%

The EU Green Bond Standard: A Plausible Response to the Deficiencies of the EU Green Bond Market?

Pyka

2023

Eur Bus Org Law Rev

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“…As investment products are credence goods, their engineering may not yield as predictable results as physical consumer goods subject to product liability. The EU product governance rules 149 is a starting point that seek to align product design with demand-side needs. However, more can be done to refine these rules to engage with investors' welfare needs and expectations.…”

Section: Proposal For Post-sale Care For Investors and Welfare Consequencesmentioning

confidence: 99%

More paternalism in the regulation of consumer financial investments? Private sector duties and public goods analysis

Chiu¹

2021

Legal stud.

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Paternalistic forms of regulation for the retail investment market have been gradual and restrained, even though significant gaps exist between investors’ needs and market-based provision. As ordinary citizens reckon with a variety of savings needs and become financial citizens responsible for their own financial welfare provision, financial health is not merely an issue of individual fortunes but a social need. Adverse financial welfare consequences can at scale become a social issue, as is reflected in the social demands and critique entailing from the collapse of London and Capital Finance in the UK. The need for more regulatory paternalism goes beyond preventing mis-selling, and the outworking of welfare beyond point-of-sale remains relatively unconsidered. Post-sale welfare is, however, increasingly recognised for consumer credit and is slower to catch on in relation to savings needs and investments. This paper advocates that the regulator should not remain ambivalent about the need for more paternalistic interventions. Paternalistic protection is not only about shifting more burdens to the industry but also about the provision of public goods where there are standardised baseline needs for retail investors. This paper unpacks the roles of both the public and private sectors in addressing retail investors’ financial welfare needs.

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“…23 Yet, a closer look at EU retail financial market regulation through the 'private law' lens reveals that the link between the regulatory dimension and traditional Fig. 1 The Legal Matrix for Relationships between Private Parties in the Financial Sector 22 See also Marcacci (2017). 23 For Germany, cf., e.g., BGH 6 July 1993, BGHZ 123, 126 = NJW 1993, 2433.…”

Section: Eu Retail Financial Market Regulationmentioning

confidence: 99%

Two Sides of the Same Coin: EU Financial Regulation and Private Law

Cherednychenko

2021

Eur Bus Org Law Rev

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Today, legislators, courts, financial regulators and other actors at the EU and national level face major new challenges in safeguarding public and private interests in an increasingly digital and sustainability-minded environment surrounding financial markets. Innovative ways of addressing tensions between the common good and the individual preferences of market actors are needed to address these challenges. However, at present, the efforts to develop workable solutions are seriously hampered by the gap between the two areas of law that profoundly shape the financial markets—financial regulation and private law—in the current European policy discourse and legal scholarship. This article is an attempt to systematically rethink the role of private law in the regulatory and enforcement landscape for financial markets and its relationship with public regulation more generally. It argues that financial regulation and private law are not two parallel universes, but rather two sides of the same coin, each of which has a critical role to play in safeguarding public and private interests. Examining EU financial regulation through the ‘private law’ lens would enable us to unveil a complex interplay between the regulatory dimension, contractual settings and private law remedies that we need to better understand in order to be able to better regulate financial markets. Conversely, examining national private law through the European ‘regulatory’ lens would allow us to unpack the potential of traditional private law to contribute to the objectives of EU financial regulation, while at the same time realising justice between private parties.

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European Regulatory Private Law Going Global? The Case of Product Governance

Cited by 15 publications

References 31 publications

The EU Green Bond Standard: A Plausible Response to the Deficiencies of the EU Green Bond Market?

The EU Green Bond Standard: A Plausible Response to the Deficiencies of the EU Green Bond Market?

More paternalism in the regulation of consumer financial investments? Private sector duties and public goods analysis

Two Sides of the Same Coin: EU Financial Regulation and Private Law

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