Eli Business and Financial Law sig’s 2020 WORKSHOP*
For the second year this workshop is organized by the C3RD, the IELS and the Special Interest Group (SIG) on ‘Business and Financial Law’ of the European Law Institute (ELI).
Access to capital, corporate governance and regulatory competition in corporate law :
A union that strives for more?
*éligible à la formation continue des avocats
By fostering free movement of companies throughout the European territories, including by the adoption of the Cross-Border Mobility Directive 2019/2021 of 27 November 2019, EU law provides harmonised
cross-border mobility mechanisms while enabling companies to exercise regulatory arbitrage on the national legislations of Member States in different fields of law such as company, insolvency, labour or
tax law. Also, parliaments might be incited to improve national laws and reduce unnecessary obstacles enshrined in national codes. On the other hand, negative spill-overs on the level of stakeholder protection might be a risk. Therefore, a pressing question is whether we should aim for more mobility and possibly an increase of arbitrage opportunities for companies within the European internal market, enhancing the market for and of company laws, or whether particular rules are need*ed or can at least be justified on the grounds of further protecting particular interests.
Program overview :
Workshop Coordinators: Andra COTIGA, Walter DORALT
SIG Chairs: Yuri BIONDI, Andra COTIGA, Corrado MALBERTI
PANEL 1 ON CROSS-BORDER MOBILITYMECHANISMS FOR COMPANIES WITHIN THE EU
Chair: Andra COTIGA
After a first stage characterized by the lack of action within the field, EU has put in place several mechanisms aimed at increasing crossborder mobility of companies. The first panel will assess the reasons that motivate the use of such mechanisms, as well as the concrete steps that a company has at its disposal in the EU today to cross a border within the EU.
PANEL 2 ON REGULATORY ARBITRAGE AND STAKEHOLDERS PROTECTION
Chair: Nicolas RONTCHEVSKI
One of the critical effects of cross-border mobility mechanisms is to enable companies to exercise regulatory arbitrage between the national laws of the EU Member States. This may trigger negative spill-overs for stakeholder protection. Stakeholders’ rights may be undermined as a result of a choice of less protective legislation. The second panel aims to provide an analysis of the types of regulatory arbitrage in different fields of law and the risks involved for the protection of stakeholders. One key aspect for companies in this context is to reduce transaction costs and more specifically capital costs. Therefore, this panel will also address the costs of debt finance for companies.
Article édité le 17 février 2020