The True and Fair View in the European Union

Abstract

This paper explores the issue of the true and fair view (TFV) and the overriding principle within the European Union (EU), via a legally-based analysis of the relationship between EU and national laws. We apply the supremacy of European law to methods of incorporating the TFV into national legislation, using Austria as a detailed case study, showing that all countries - maybe against their original intention - either have an override (as does Austria, contrary to the prevailing local opinion), or have failed to honour their EU commitments. As part of our argument, we explain the importance of the Roman law teleological principle in legal application and interpretation, as is well-known in continental countries. We show that the effect of the UK TFV override is in principle exactly analagous, only arguably even more powerful, which is not at all well-known in Anglo-Saxon countries. We suggest reasons why the status quo ante in particular countries may be adhered to, and generalise the implications of our arguments.

Keywords: true and fair, override, Austria, telos

JEL Classification: M40, K22