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la protection des investisseurs et la gouvernance d’entreprise dans le cadre du droit européen et du droit international (The protection of investors and corporate governance in european and internationallaw system)

Listed author(s):
  • Laurent Muller


    (labrii, ULCO)

Registered author(s):

    En réaction aux multiples scandales en matière de fraude financière, les législateurs américain et européens ont réagi en élaborant de nouvelles lois, ayant comme buts principaux de mieux protéger les investisseurs et de rétablir la confiance sur les marchés financiers. Dans le présent travail, les changements dans les systèmes juridiques européens et américains seront présentés et discutés du point de vue des investisseurs ainsi que de celui d’une bonne gouvernance d’entreprise. Il sera montré que les nouvelles lois sont susceptibles d’atteindre leur but, bien qu’à certains égards elles puissent paraître restrictives et compliquées en ce qui concerne leur application. En plus, il sera montré que l’Union Européenne a besoin de rattraper les Etats-Unis sur le plan institutionnel. En dernier lieu sera élaborée une proposition comment les réglementations européennes et américaines pourraient aboutir vers une reconnaissance mutuelle. Recent scandals of financial fraud forced both American and European legislators to react by setting up several new laws and regulations in order to better protect investors and to re-establish the public’s trust towards the financial markets. In this essay the specific changes in the German, European and American legal systems will be highlighted and discussed from the investors’ perspective as well as from the background of an effective corporate governance. It will be proven that the new rules will probably reach their goals, although they sometimes might be too regulative and complicated in their application. Furthermore it will be shown that the European Union has, in comparison to the United States, also some work to do on the institutional level. At last, a proposal of how the European and American regulations could turn towards a mutual recognition on both continents will be elaborated.

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    Paper provided by Laboratoire de Recherche sur l'Industrie et l'Innovation. ULCO / Research Unit on Industry and Innovation in its series Working Papers with number 76.

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    Length: 31 pages
    Date of creation: May 2004
    Publication status: Published in Cahiers du Lab.RII, Mai 2004
    Handle: RePEc:rii:riidoc:76
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