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Article

Access_open The Effectiveness Paradigm in Financial Legislation – Is Effectiveness Measurable?

Journal Erasmus Law Review, Issue 2 2020
Keywords effectiveness, effectiveness measurement methodologies, financial legislation, legislative objective, product approval governance
Authors Jeroen Koomans
AbstractAuthor's information

    How can you determine if financial legislation is effective? This article seeks to identify three characteristics that make up the basis for an effectiveness review, being the determination what the legislative objective is, who is it aimed at and what approach is taken to achieve this objective. Determining the legislative objective may prove to be a challenging undertaking, and the uncertainties that come with that affect the other two characteristics as well. And even if a clear legislative objective can be established, how can you be sure that its achievement was in fact attributable to the legislation under review? What do you compare your results to absent a baseline measurement and how can the vast number of variables that affect the effectiveness of the legislation under review be accounted for, if at all? Is effectiveness in financial legislation at all measurable and, when measured, what is its value in practice?


Jeroen Koomans
Jeroen Koomans is affiliated to the University of Amsterdam FEB Academy for Banking and Insurance and employed by ABN AMRO Bank N.V.
Article

Private Regulation in EU Better Regulation

Past Performance and Future Promises

Journal European Journal of Law Reform, Issue 1-2 2017
Keywords Better Regulation, private regulation, self-regulation, co-regulation, impact assessment
Authors Paul Verbruggen
AbstractAuthor's information

    The promotion of private regulation is frequently part of better regulation programmes. Also the Better Regulation programme of the European Union (EU) initiated in 2002 advocated forms of private regulation as important means to improve EU law-making activities. However, for various reasons the ambition to encourage private regulation as a genuine governance response to policy issues has remained a paper reality. This contribution asks whether and to what extent the 2015 EU Agenda on Better Regulation provides renewed guidance on how private regulation might be integrated in EU law-making processes. To that end, it builds on previous (empirical) research conducted on European private regulation and reviews the principal policy documents constituting the new EU agenda on better regulation. It is argued that while the new agenda addresses a number of the shortcomings of the old programme concerning the conceptualization and practice of private regulation in the EU, it still falls short of providing principled guidance on how private regulation can be combined and integrated in EU law-making.


Paul Verbruggen
Tilburg University, The Netherlands, Assistant Professor of Global and Comparative Private Law. I thank the participants to the seminar, the editors of this special issue, and Thomas van Golen for their helpful comments and suggestions. All errors are mine.
Article

Access_open Can Corporate Law on Groups Assist Groups to Effectively Address Climate Change?

A Cross-Jurisdictional Analysis of Barriers and Useful Domestic Corporate Law Approaches Concerning Group Identification and Managing a Common Climate Change Policy

Journal The Dovenschmidt Quarterly, Issue 3 2014
Authors Tineke Lambooy and Jelena Stamenkova van Rumpt
Author's information

Tineke Lambooy
Tineke Lambooy is Professor Corporate Law at Nyenrode Business University and Associate Professor Corporate Social Responsibility at Utrecht University.

Jelena Stamenkova van Rumpt
Jelena Stamenkova van Rumpt, LLM, is Advisor Responsible Investment at PGGM (Dutch Asset Manager for Pension Funds).
Article

Access_open The EU Response to the Trade in Conflict Minerals from Central Africa

Journal The Dovenschmidt Quarterly, Issue 1 2014
Keywords corporate social responsibility, conflict minerals, private regulation, public regulation, European Union
Authors Tomas Königs, Sohail Wahedi and Tjalling Waterbolk
AbstractAuthor's information

    The trade in conflict minerals has led to the eruption and conservation of conflicts and gross violations of human rights, in particular in the central African region. In response, various public and private entities have taken measures to counter this development. The purpose of this essay is to analyze how the European Union, in light of its promotion of corporate social responsibility, should regulate the behaviour of multinational companies dealing with minerals from conflict-ridden areas. In light of recent initiatives taken by the UN, the United States and the mineral-extraction industry, it is examined whether the EU should adopt public regulation or whether it should continue its promotion of private self-regulatory regimes. The authors argue that the EU should promote regulation at the level that provides the strongest incentive for companies to comply with their duties. This article shows that both private and public regulation have their limitations in regulating the trade in conflict minerals and that the EU should thus adopt a mix of both. In doing so, the development of transparency norms can be delegated to companies, stakeholders and other affected parties, while the EU could provide for an effective accountability mechanism to enforce these norms.


Tomas Königs
Tomas Königs is a graduate student of the Legal Research Master (LLM) at Utrecht University.

Sohail Wahedi
Sohail Wahedi is a graduate student of the Legal Research Master (LLM) at Utrecht University.

Tjalling Waterbolk
Tjalling Waterbolk is a graduate student of the Legal Research Master (LLM) at Utrecht University.
Article

The Impact of Europeanization of Contract Law on English Contract Law

Journal European Journal of Law Reform, Issue 2-3 2012
Keywords Rome I and II Regulations, Europeanization, contract law, Common European Sales Law, faulty goods
Authors Omar Abdelaziz
Abstract

    The ongoing process of Europeanization for promoting cross-border transactions and conferring better protection for consumers and small businesses has had its impact all over Europe. It represents a new step towards a harmonized set of legal rules to govern cross-border transactions in the field of contract law. So what is its exact scope? Who will benefit from it? What are its risks? What is its methodology? Does it represent a codification of common law rules? What will be its impact especially on common law countries such as the United Kingdom? The effectiveness of Europeanization depends almost entirely on the correct implementation into national law of the various directives; every member state is obliged to fully implement a harmonized measure into its domestic laws. This is accomplished by ensuring that (1) the relevant legal framework meets the requirements of the harmonized measure and (2) the application of the domestic rules giving effect to a harmonizing measure does not undermine the effectiveness of the European measure. English contract law is largely an uncodified law. Accordingly, the approach taken and the methods used by this jurisdiction to implement European directives into its national laws with the aim of harmonization are different. How did the English courts interpret legislations that implement EU legislations? Will Europeanization affect the deep-rooted principles and doctrines of English contract law (issues of commercial agency), good faith in pre-contractual obligations, unfair contract terms and specific performance? Finally, what could be the clash between European contract law, Rome I Regulations and the United Nations Convention on Contracts for the International Sale of Goods? Could this optional instrument be an exclusive law to either national or international mandatory rules for consumers in member states? What will be the qualification for a genuine consent of consumers in cross-border contracts? Will it lead to the development of the internal market as envisaged by the Commission?


Omar Abdelaziz
Article

Access_open Public and Private Regulation

Mapping the Labyrinth

Journal The Dovenschmidt Quarterly, Issue 1 2012
Keywords private regulation, regulatory impact assessment, standard-setting, voluntary certification, sustainabbility reporting, effectiveness indicators, governance indicators
Authors Fabrizio Cafaggi and Andrea Renda
AbstractAuthor's information

    Private governance is currently being evoked as a viable solution to many public policy goals. However, in some circumstances it has shown to produce more harm than good, and even disastrous consequences like in the case of the financial crisis that is raging in most advanced economies. Although the current track record of private regulatory schemes is mixed, policy guidance documents around the world still require that policymakers award priority to self- and co-regulation, with little or no additional guidance being given to policymakers to devise when, and under what circumstances, these solutions can prove viable from a public policy perspective. With an array of examples from several policy fields, this paper approaches regulation as a public-private collaborative form and attempts to identify possible policy tools to be applied by public policymakers to efficiently and effectively approach private governance as a solution, rather than a problem. We propose a six-step theoretical framework and argue that IA techniques should: (i) define an integrated framework including both the possibility that private regulation can be used as an alternative or as a complement to public legislation; (ii) Involve private parties in public IAs in order to define the best strategy or strategies that would ensure achievement of the regulatory objectives; and (iii) Contemplate the deployment of indicators related to governance and activities of the regulators and their ability to coordinate and solve disputes with other regulators.


Fabrizio Cafaggi
European University Institute, Fiesole Università di Trento (F. Cafaggi).

Andrea Renda
LUISS Guido Carli, Rome; Centre for European Policy Studies, Brussels; European University Institute, Fiesole (A. Renda).
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