A Transalpine Look at Equity Derivatives: Convergence and Divergence in Disclosure and Takeover Regulations in the EU
Revue Trimestrielle de Droit Financier, Vol. 3, No. 5, pp. 64-74, 2012
11 Pages Posted: 4 Feb 2013
Date Written: October 9, 2012
Abstract
The difference between the French and the Italian regulatory approaches to cash-settled equity derivatives (CSDs), particularly in the context of takeover regulation, underlines a conflicting relationship with respect to the harmonization of financial market regulations, exacerbated by the complexity of financial innovation and the specific corporate governance and transparency issues raised by CSDs. It demonstrates a dual movement of convergence in disclosure regulations and divergence in takeover regulations from one side of the Alps to the other, which hinders the harmonization of capital markets law in the EU.
Keywords: equity derivatives, cash-settled, takeover directive, transparency directive, financial innovation, securities regulation, corporate law, harmonization
JEL Classification: K22
Suggested Citation: Suggested Citation