Financial Torts and Investor Protection: Is the Europeanisation of Third State Cases a Viable Solution?

• Autores: Giorgio Risso
• Localización: Netherlands international law review, ISSN 0165-070X, Vol. 63, Nº. 3, 2016, págs. 313-334
• Idioma: inglés
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• Resumen

  • Due to the growing globalisation of financial markets, non-EU market operators which act outside the EU are increasingly causing direct harm to European investors. This issue, and its relevant impact on investor protection, has already been considered by the European legislature at the substantive level. This article seeks to demonstrate that, at the private international law level, the Europeanisation of third state cases would increase both the degree of investor protection and investors’ equal access to justice. Focusing exclusively on financial torts, the advantages arising from the application of Brussels I bis heads of jurisdiction to non-EU defendants are assessed with regard to insider trading and Credit Rating Agency liability cases. The paper also examines the main critical elements related to such an extension of the Brussels I bis regime, especially from a systematic perspective, and suggests possible future approaches to this issue.