Investment Law as Financial Law: From Fund Governance over Market Governance to Stakeholder Governance?

H.S. Birkmose, M. Neville & K.E. Sørensen (eds.), The European Financial Market in Transition, Kluwer Law International December 2011

38 Pages Posted: 30 Oct 2013

See all articles by Dirk A. Zetzsche

Dirk A. Zetzsche

Universite du Luxembourg - Faculty of Law, Economics and Finance; Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC)

Date Written: October 23, 2013

Abstract

The growth of the asset management industry from a niche player in the financial system to one of its fundamental pillars has brought about policy implications and a shift in rationalising regulatory interference in investment law. Thus, this chapter explores the development of policy objectives regarding European investment law puts them into the context of traditional financial law theory and derives recommendations for future regulation.

It starts with a brief summary of the basic premises of investment law (section 2) and the traditional policy objectives of financial law (section 3). It goes on to track the development of policy rationales that regulate the industry, from traditional investor protection (section 4) to a stronger emphasis on the stability and integrity of the financial system (section 5). The next part of this chapter reveals that recent regulatory initiatives go beyond what is established as traditional policy rationales in financial law theory and discusses whether extending the policy objectives of investment law to include stakeholder concerns is desirable (section 6). Section 7 concludes.

Keywords: Investment law, asset management law, fund governance, market governance, stakeholder governance, collective investments, systemic risk, MiFID, AIFMD, UCITSD, IORPD

JEL Classification: G18, G20, G34, K22, K23, K42, M14

Suggested Citation

Zetzsche, Dirk Andreas, Investment Law as Financial Law: From Fund Governance over Market Governance to Stakeholder Governance? (October 23, 2013). H.S. Birkmose, M. Neville & K.E. Sørensen (eds.), The European Financial Market in Transition, Kluwer Law International December 2011 , Available at SSRN: https://ssrn.com/abstract=2344340 or http://dx.doi.org/10.2139/ssrn.2344340

Dirk Andreas Zetzsche (Contact Author)

Universite du Luxembourg - Faculty of Law, Economics and Finance ( email )

Luxembourg, L-1511
Luxembourg

HOME PAGE: http://wwwen.uni.lu/recherche/fdef/research_unit_in_law/equipe/dirk_andreas_zetzsche

Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC) ( email )

Universitaetsstr. 1
D-40225 Düsseldorf
Germany
+49 211 81 15084 (Phone)
+49 211 81 11427 (Fax)

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