Financial Markets and Instruments in Private International Law

The aim of this book is to describe, from a European and French perspective, the relationship between the law of financial markets and instruments and private international law. Where there is a foreign element, the rules of financial law are most often presented as overriding mandatory rules or administrative rules. The establishment of a national supervisory authority with administrative, normative and repressive powers is likely to amplify this perception, as is the appearance of financial law rules in litigation where they seem to derogate from the normally applicable solution rather than coherently form a new category. However, this presentation by means of the lois de police methodology does not provide an overall view of the body of legislation put in place by financial law, nor does it provide a key to the application of these rules.

In addition to taking place in a renewed legislative and institutional environment, this research does not limit its scope to one or other aspect of the internationalisation of the law of financial markets and instruments. The book covers both institutional aspects (organisation and administrative supervision of market managers and infrastructures, investment firms, including aspects relating to insolvency) and operational aspects (issuance of financial securities, marketing, liability for inaccurate prospectuses, crossing thresholds, takeover bids, market abuse), as well as the study of financial instruments themselves (ownership of financial securities and securities transactions; formation and execution of financial contracts). By taking a systemic look at the rules studied, this book aims to renew the presentation of financial law rules by placing them within rules of conflict whose unity derives not only from the links between the rules, but also from the common objective they pursue. The connecting factors proposed are based, where appropriate, on those of the market infrastructures themselves. The book concludes with a list of forward-looking proposals to ensure more consistent international application of financial law.

Lawyers, in-house counsel, regulators, students and academics interested in international financial law issues will find in this book a systematic account of the substantive rules applicable and their positive or desirable international scope.

Augustin Gridel is an Associate Professor (Maître de conférences) at the Faculty of Law of Nancy (University of Lorraine, France).

The French version of the book benefited from the following awards:

PhD Prize from Université Paris-Panthéon-Assas

PhD Prize 'Berthold Goldman' for European Union Law

PhD Prize from the European Association for Banking and Financial Law

PhD Prize for Company law from the Association française des docteurs en droit

PhD Prize 'Cyrille Bialkiewicz' for Insolvency Law

PhD Prize from the Association internationale de droit économique