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

See all articles by Romain Dambre

Romain Dambre

Shearman & Sterling LLP

Marco Dell'Erba

University of Zurich; New York University School of Law; The Wilson Center

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

Dambre, Romain and Dell'Erba, Marco, A Transalpine Look at Equity Derivatives: Convergence and Divergence in Disclosure and Takeover Regulations in the EU (October 9, 2012). Revue Trimestrielle de Droit Financier, Vol. 3, No. 5, pp. 64-74, 2012, Available at SSRN: https://ssrn.com/abstract=1716827

Romain Dambre (Contact Author)

Shearman & Sterling LLP ( email )

599 Lexington Avenue
New York, NY 10022-6069
United States

Marco Dell'Erba

University of Zurich ( email )

Rämistrasse 71
Zürich, CH-8006
Switzerland

New York University School of Law ( email )

40 Washington Square South
New York, NY 10012
United States

The Wilson Center ( email )

Washington DC
United States

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