Efficiency as a Standard in Capital Market Law - The Application of Empirical and Economic Arguments for the Justification of Civil Law, Criminal Law and Administrative Law Sanctions

32 Pages Posted: 16 Nov 2010 Last revised: 24 Nov 2010

See all articles by Thomas M.J. Möllers

Thomas M.J. Möllers

University of Augsburg - Faculty of Law

Date Written: 2009

Abstract

The article examines whether European and German capital market law already contains laws and duties ensuring that capital is invested in the German and European market and not in the U.S. or other securities markets. During this analysis, attention will be called to the availability of measures for enforcing these legal duties. In the process, the classical sanctioning mechanisms of civil, criminal and administrative law must be compared and the private governance debate, i.e. law making through private measures are taken into consideration. Empirical considerations and the economic analysis of law are included in the argument. Whether economic arguments are available for the legislature only or whether those applying the law and judges interpreting the law also have access27 is heavily debated. This article shows that capital market law in particular is a prime area of law for the consideration of economic factors because the legislature consistently accepts economic factors in its legislative proposals and legislative intent.

Keywords: Financial Supervision, Germany, Economic Analysis of Law

JEL Classification: K22, K10

Suggested Citation

Möllers, Thomas M.J., Efficiency as a Standard in Capital Market Law - The Application of Empirical and Economic Arguments for the Justification of Civil Law, Criminal Law and Administrative Law Sanctions (2009). European Business Law Review, Vol. 20, pp. 243-271, 2009, Available at SSRN: https://ssrn.com/abstract=1709855

Thomas M.J. Möllers (Contact Author)

University of Augsburg - Faculty of Law ( email )

Germany

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