Defining 'Securities' in the European Capital Markets Code

DYBINSKI, Jacek Tadeusz; Oplustil, Krzysztof

doi:10.1093/oso/9780192882660.003.0014

No full text

Contribution to collective works (Parts of books)

Defining 'Securities' in the European Capital Markets Code

DYBINSKI, Jacek Tadeusz; Oplustil, Krzysztof

2024 • In Regulating EU Capital Markets Union: Volume I: Fundamentals of a European Code

Peer reviewed

Permalink
https://hdl.handle.net/10993/64017

DOI
10.1093/oso/9780192882660.003.0014

Files (0)Send to Details Statistics Bibliography Similar publications

Files

Full Text

No document available.

Send to

RIS BibTex APA Chicago Permalink X Linkedin

Details

Keywords :

Codification; Debt securities; Definition of securities; Equity securities; European capital markets law; European securities law; Financial instruments; MiFID II; Securities; Transferable securities; Social Sciences (all)

Abstract :

[en] This chapter examines the state of legislation concerning the definition of 'securities' in the capital markets law of the European Union and explores perspectives of codifying a uniform definition of 'securities' in the European Capital Markets Code. It presents general characteristics, genealogy, and taxonomy of concepts and definitions of 'securities' in the European capital markets laws. An in-depth analysis of 'transferable securities' definitions in the Markets in the Financial Instruments Directive II is accompanied by an assessment of several context-specific definitions from other EU capital markets law acts, eg Prospectus Regulation, Transparency Directive, and Market Abuse Directive. The study tests the feasibility of rethinking the definition of 'securities' in the EU capital markets law by providing a comparative view from the US securities regulation, contrasting perspectives from the Member States' laws and a description of the EU initiatives to harmonize the substantive securities laws. Inquiring whether and how 'securities' could be defined in the European Capital Markets Code involves an evaluation whether there could be a monistic definition of a polymorphic instrument functioning in the multi-centric regulation, or whether the 'unity of multiplicities' should prevail as the feasible model in European securities law. In this context, the study explores three regulatory options of varying intensity and invasiveness which would lead to different outcomes.

Disciplines :

European & international law

Author, co-author :

DYBINSKI, Jacek Tadeusz ; University of Luxembourg > Luxembourg Centre for European Law (LCEL) > LCEL Research ; Jagiellonian University, Krakow, Poland

Oplustil, Krzysztof; Jagiellonian University, Krakow, Poland

External co-authors :

yes

Language :

English

Title :

Defining 'Securities' in the European Capital Markets Code

Publication date :

21 March 2024

Main work title :

Regulating EU Capital Markets Union: Volume I: Fundamentals of a European Code

Publisher :

Oxford University Press

ISBN/EAN :

978-0-19-197685-8
978-0-19-288266-0

Pages :

263-310

Peer reviewed :

Peer reviewed

Additional URL :

https://academic.oup.com/book/chapter-pdf/56842104/oso-9780192882660-chapter-14.pdf

Available on ORBilu :

since 02 February 2025

Statistics

Number of views

75 (3 by Unilu)

Number of downloads

0 (0 by Unilu)

More statistics

Scopus citations^®

Scopus citations^®
without self-citations

OpenCitations

OpenAlex citations

Bibliography

Allen, Franklin et al, Capital Markets Union and Beyond (MIT Press 2019).
Annunziata, Filippo, La disciplina del mercato mobiliare (11th edn, Giappichelli 2021) 104-109.
Annunziata, Filippo, 'Speak, IfYou Can: What Are You? An Alternative Approach to the Qualification of Tokens and Initial Coin Offerings' [2020] ECFR 129-54.
Barneto, Pascal, The Distinction Between Debt and Equity, ANC 2017 research project (Autorité des normes comptables 2017).
Bayles, Michael D, 'Definitions in Law' in Fetzer, James H et al (eds), Definitions and Definability: Philosophical Perspectives (Springer Netherlands 1991) 253-67.
Benjamin, Joanna, Interests in Securities: A Proprietary Law Analysis of the International Securities Markets (Oxford University Press 2000).
Bonneau, Thierry, 'La diversification des valeurs mobilières: ses implications en droit sociétés' [1988] RTD com 535-607.
Callens, Evariest, 'Derivative contracts in EU law: never mind the definition?' (2022) 22 Journal of Corporate Law Studies 26-31.
Casper, Matthias, 'Das Gesetz über elektronische Wertpapiere (eWpG): Quantensprung oder Trippelschritt?' [2022] AG 714-24.
Casper, Matthias, 'Elektronische Schuldverschreibung: es ist Zeit für einen grundlegenden gesetzlichen Neustart' [2019] BKR 209-16.
Castells, Recalde and Juan, Andrés, Acotación del Derecho de los mercados de 'valores' y de 'instrumentos financieros' en tiempos de cambio (supervisión, transparencia y nuevos productos financieros)' (2010) 118 RDBB 9-39.
Coffey, Ronald J, 'The Economic Realities of a "Security": Is There a More Meaningful Formula' (1967) 18 W Res L Rev 367-413.
Cohen, Lewis R et al (eds), The Ineluctable Modality of Securities Law: Why Fungible Crypto Assets Are Not Securities (DLx Law 2022) accessed 22 March 2023.
Conac, Pierre-Henri/ Segna, Ulrich, and Thévenoz, Luc (eds), Intermediated Securities (Cambridge University Press 2013).
Couret, Alain et al (eds), Droit financier (3rd edn, Dalloz 2019).
De Vauplane, Hubert (ed), 20 ans de dématérialisation des titres en France: Bilan et perspec-tives nationales et internationales (Revue Banque 2005).
De Vauplane, Hubert and Bornet, Jean-Pierre, Droit des marchés financiers (3rd edn, Litec 2001).
Dixon, Victoria, 'The Legal Nature of Intermediated Securities: An Insurmountable Obstacle to Legal Certainty?', in Louise Gullifer and Jennifer Payne (eds), Intermediation and Beyond (Bloomsbury Publishing 2019) 47-84.
Dybinski, Jacek, 'Contracts in trading in financial instruments' in Miroslaw Stec (ed), System Prawa Handlowego. Vol 5 (CH Beck 2020) 777-945.
Dybinski, Jacek and Weber, Anne-Marie, 'Mandatory Dematerialization of Shares in Polish Private Companies: A Missed Opportunity to Do Things Right' [2022] ECFR 203-38.
Ebner, Florian, '(R)evolution im Nachbarland: Das deutsche Gesetz über elektronische Wertpapiere' [2021] GesRZ 228-40.
Einsele, Dorothee, Wertpapierrecht als Schuldrecht (Mohr 1995).
Enriques, Luca and Gatti, Matteo, 'Is There a Uniform EU Securities Law After the Financial Services Action Plan?' (2008) 14 Stan JL Bus & Fin 43-82.
Ferran, Eilís, Building an EU Securities Market (Cambridge University Press 2004).
Ferrarini, Guido (ed), European Securities Markets. The Investment Services and Beyond (Kluwer Law International BV 1998).
Ferrarini, Guido, 'Towards a European Law of Investment Services and Institutions' (1994) 31 CML Rev 1283.
Ferrarini, Guido, 'Securities Regulation and Pan-European Securities Markets', in Guido Ferrarini et al (eds), Capital Markets in the Age of the Euro (Kluwer Law International 2002) 241-88.
Ferrarini, Guido and Giudici, Paolo, 'Transferable securities and the scope of the Prospectus Regulation: The Case of ICO's' in Danny Busch et al (eds), Prospectus Regulation and Prospectus Liability (Oxford University Press 2020) 132.
Fornasier, Raffaello, 'The Directive On Insider Dealing' (1989) 13 Fordham International Law Journal 149-84.
Greenberg, Daniel, 'The Avoidance of Circularity' (2022) 43 Statute Law Review iii-iv.
Grundmann, Stefan, 'Europäisierung des Kapitalmarktrechts-Insbesondere Wertpapierhandelsrecht (WpHG)' in Lars Klöhn and Sebastian Mock (eds), Festschrift 25 Jahre WpHG. Entwicklung und Perspektiven des deutschen und europäischen Wertpapier-handelsrecht (De Gruyter 2020) 5-18.
Hacker, Philipp and Thomale, Chris, 'Crypto-securities Regulation: ICOs, Token Sales and Cryptocurrencies Under EU Financial Law' [2018] ECFR 645-96.
Haentjens, Matthias, Harmonisation of Securities Law: Custody and Transfer of Securities in European Private Law (Kluwer Law 2007).
Haentjens, Matthias, 'European Harmonisation of Intermediated Securities Law: Disposses-sion and Segregation in Regulatory and Private Law', in Louise Gullifer and Jennifer Payne (eds), Intermediation and Beyond (Bloomsbury Publishing 2019) 259-87.
Hansen, Jesper Lau, Kapitalmarkedsloven med kommentarer (4th edn, Djof Forlag 2022), 232-41
Hazen, Thomas Lee, Treatise on the Law of Securities Regulation (Thomson Reuter 2016).
Hirte, Heribert and Möllers, Thomas MJ, Kölner Kommentar zum WpHG (2nd edn, Carl Heymanns Verlag 2014).
Kalss, Susanne, 'European capital market law' in Karl Riesenhuber (ed), European Legal Methodology (Intersentia 2017) 490-512.
Kalss, Susanne et al (eds), EU Market Abuse Regulation. A Commentary on Regulation (EU) No 596/ 2014 (Edward Elgar Publishing Limited 2021).
Keller, Christoph, 'Die Wertpapiersicherheit im Gemeinschaftsrecht' [2002] BKR 347-54.
Klöhn, Lars/ Parhofer, Nicolas, and Resas, Daniel, 'Initial Coin Offerings (ICOs)' [2018] ZBB 89-108.
Klöhn, Lars and Mock, Sebastian (eds), Festschrift 25 Jahre WpHG. Entwicklung und Perspektiven des deutschen und europäischen Wertpapierhandelsrecht (De Gruyter 2020).
Laby, Arthur, 'The definition of "security" under the federal securities laws" in Jerry W Markham and Rigers Gjyshi (eds), Research Handbook on Securities Regulation in the United States (Edward Elgar Publishing Limited 2014) 12-46.
Langenbucher, Katja, 'European Securities Law-Are We in Need of a New Definition? A Thought Inspired by Initial Coin Offerings' [2018] RTDF 40-48.
Langenbucher, Katja, 'Vorüberlegungen zur Reformbedürftigkeit des deutschen Wertpapier-begriffs aus Anlass von "initial coin offerings" ' in Alfred Bergmann et al (eds), Recht Und Gesetz. Festschrift Für Ulrich Seibert (Otto Schmidt Verlag 2019) 525-42.
Lehmann, Matthias, Finanzinstrumente. Vom Wertpapier-und Sachenrecht zum Recht der unkörperlichen Vermögensgegenstände (Mohr Siebeck 2009).
Lehmann, Matthias, 'Prospectus Liability and Private International Law-Assessing the Landscape After the CJEU's Kolassa Ruling (Case C-375/13)' (2016) 12 Journal of Private International Law 318-43.
Lehmann, Matthias, 'Zeitenwende im Wertpapierrecht' [2020] BKR 431-38.
Löber, Klaus, 'The Developing EU Legal Framework for Clearing and Settlement of Financial Instruments' (ECB Legal Working Paper Series No 1, February 2006) 1-65 accessed 22 March 2023.
Long, Joseph C (ed), Blue Sky Law (Thomson Reuter 2020).
Loss, Louis/ Seligman, Joel, and Paredes, Troy (eds), Securities Regulation (Wolters Kluwer 2007).
Macagno, Fabrizio, 'Definitions in Law' (2010) 2 Bulletin Suisse de Linguistique Appliquée 199-217.
Marjosola, Heikki, 'Security Tokens and the Future of EU Securities Law: Rethinking the Harmonisation Project', in Emilios Avgouleas and Heikki Marjosola (eds), Digital Finance in Europe: Law, Regulation, and Governance (De Gruyter 2022) 254-79.
Massari, Jai, 'Why Cryptoassets Are Not Securities' (Harvard Law School Forum on Corpo-rate Governance, 6 December 2022) accessed 22 March 2023.
Maume, Philipp and Fromberger, Mathias, 'Regulation of Initial Coin Offerings: Reconciling U.S. and E.U. Securities Laws' (2019) 19 Chicago Journal of International Law 548-85.
Micheler, Eva, Wertpapierrecht zwischen Schuld-und Sachenrecht. Zu einer kapitalmarkt-rechtlichen Theorie des Wertpapierrechts. Effekten nach österreichischem, deutschem, englischem und russischem Recht (Springer 2004).
Micheler, Eva, Property in Securities. A Comparative Study (Cambridge University Press 2007).
Micheler, Eva, 'The Legal Nature of Securities: Inspirations from Comparative Law', in Louise Gullifer and Jennifer Payne (eds), Intermediated Securities. Legal Problems and Practical Issues (Hart Publishing 2010) 131-49.
Moloney, Niamh, EC Securities Regulation (Oxford University Press 2002).
Moloney, Niamh, EU Securities and Financial Markets Regulation (4th edn, Oxford Univer-sity Press 2023).
Moloney, Niamh, 'Financial Markets Regulation' in Anthony Arnull and Damian Chalmers (eds), The Oxford Handbook of European Union Law (Oxford University Press 2015) 757-84.
Möllers, Thomas MJ, Legal Methods. How to Work with Legal Arguments (CH Beck 2020).
Orbe III, Lawrence F, 'A Security: The Quest for a Definition' (1984) 12 Sec Reg LJ 220.
Omlor, Sebastian/ Möslein, Florian, and Grundmann, Stefan (eds), Elektronische Wertpapiere (Mohr Siebeck 2021).
Paech, Philipp, 'Market needs as paradigm-breaking up the thinking on EU securities law' in Pierre-Henri Conac et al (eds), Intermediated Securities (Cambridge University Press 2013) 22-64.
Rechtschaffen, AN, Capital Markets, Derivatives and the Law: Evolution After Crisis (Oxford University Press 2014).
Riesenhuber, Karl, European Legal Methodology (Intersentia 2017).
Schäfer, Frank A, 'Das Verhältnis von WpHG und KWG am Beispiel des Begriffs des Wert-papiers' in Lars Klöhn and Sebastian Mock (eds), Festschrift 25 Jahre WpHG. Entwick-lung und Perspektiven des deutschen und europäischen Wertpapierhandelsrechts (De Gruyter 2019) 273-90.
Schwark, Eberhard and Zimmer, Daniel (eds), Kapitalmarktrechts-Kommentar (5th edn, CH Beck 2020).
Schammo, Pierre, EU Prospectus Law (Cambridge University Press 2011).
Schurz, Gerhard, Einführung in die Wissenschaftstheorie (4th edn, wbg Academic 2014).
Steinberg, Marc I, Rethinking Securities Law (Oxford University Press 2021).
Steinberg, Marc I and Kaulbach, William E, 'The Supreme Court and the Definition of "Security": The "Context" Clause, "Investment Contract" Analysis, and Their Ramifi-cations' (1987) 49 Vand L Rev 489-539.
Warren, III, Manning Gilbert, 'Global Harmonization of Securities Laws: The Achievements of European Communities' (1990) 31 Harv Intl LJ 185.
Wymeersch, Eddy, 'The Harmonisation of Securities Regulation in Europe in the New Trading Environment' (2000) 16 Financial Law Institute WP 2 accessed 23 March 2023.
Veil, Rüdiger (ed), European Capital Markets Law (3rd edn, Bloomsbury Publishing 2022).
Veil, Rüdiger, 'Rechtsquellen des Wertpapierhandelsrechts-vom nationalen Flickenteppich zur europäischen Kodifikation', in Lars Klöhn and Sebastian Mock (eds), Festschrift 25 Jahre WpHG. Entwicklung und Perspektiven des deutschen und europäischen Wertpapierhandelsrecht (De Gruyter 2020) 87-100.
Veil, Rüdiger, 'Token-Emissionen im europäischen Kapitalmarktrecht-Grundlagen und Reformperspektiven für ICOs und STOs' [2019] ZHR 346-87.
Veil, Rüdiger et al, 'Disclosure and Enforcement under the EU Listing Act' [2022] ECFR 45-516.
Ventoruzzo, Marco and Mock, Sebastian (eds), Market Abuse Regulation: Commentary and Annotated Guide (2nd edn, Oxford University Press 2021).
Vicari, Andrea, European Company Law (De Gruyter 2021).
Vicari, Andrea and Schall, Alexander, The Company Laws of the EU. A Handbook (CH Beck 2020).
Ziembinski, Zygmunt, Practical Logic (Springer-Science+Business Media, BV 1976).