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The International Dimension of Issuer Liability - Liability and Choice of Law from a Transatlantic Perspective


Wolf-Georg Ringe


Copenhagen Business School - Department of Law; University of Oxford - Faculty of Law

Alexander Hellgardt


Max Planck Institute for Tax Law and Public Finance

April 8, 2010

Oxford Journal of Legal Studies, Vol. 31, p. 23, 2011
Max Planck Institute for Intellectual Property, Competition & Tax Law Research Paper No. 10-05
University of Oxford Legal Studies Research Paper No. 37/2010

Abstract:     
The worldwide integration of capital markets makes progress and has led both issuers and investors to being active on various markets on both sides of the Atlantic. In times of financial crises, this brings one question into the centre of attention which had not been discussed exhaustively before: In the situation of a securities liability towards investors in an international context, which is the applicable law to the liability claim? The harmonisation of private international law rules in Europe gives rise to new reflections on the problem of international issuer liability. In the United States, on the other hand, the Supreme Court has just granted certiorari in a ‘foreign-cubed’ securities class action case and will thus rule for the first time on matters relating to the international application of the US securities regulation soon. This paper understands the role of issuer liability in a broader context as a ‘corporate governance’ device and, from this starting point, develops a new approach to the legal problem of cross-border securities liability.

Number of Pages in PDF File: 40

Keywords: Issuer Liability, Issuer Choice, Conflicts Of Law, Securities Law, Corporate Governance, Rome II Regulation, F-Cubed Securities Liability

JEL Classification: F15, G34, G38, K13, K22, K40

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Date posted: April 12, 2010 ; Last revised: March 18, 2011

Suggested Citation

Ringe, Wolf-Georg and Hellgardt, Alexander, The International Dimension of Issuer Liability - Liability and Choice of Law from a Transatlantic Perspective (April 8, 2010). University of Oxford Legal Studies Research Paper No. 37/2010; Oxford Journal of Legal Studies, Vol. 31, p. 23, 2011; Max Planck Institute for Intellectual Property, Competition & Tax Law Research Paper No. 10-05; University of Oxford Legal Studies Research Paper No. 37/2010. Available at SSRN: http://ssrn.com/abstract=1588112

Contact Information

Wolf-Georg Ringe (Contact Author)
Copenhagen Business School - Department of Law ( email )
Solbjergplads 3
Copenhagen, Frederiksberg 2000
Denmark
+45 3815 3808 (Phone)
+45 3815 2610 (Fax)
HOME PAGE: http://www.cbs.dk/en/research/departments-and-centres/law-department/staff/grjur
University of Oxford - Faculty of Law ( email )
Institute of European and Comparative Law
St Cross Building, St Cross Road
Oxford, OX1 3UL
United Kingdom
+44 (0) 1865 281792 (Phone)
+44 (0) 1865 281611 (Fax)
HOME PAGE: http://www.law.ox.ac.uk/profile/georg.ringe
Alexander Hellgardt
Max Planck Institute for Tax Law and Public Finance ( email )
Marstallplatz 1
Munich, 80539
Germany
+49-89-24246-5347 (Phone)
+49-89-24246-523 (Fax)
HOME PAGE: http://www.tax.mpg.de/people.cfm?id=alexander_hellgardt.en
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