This article examines external attorneys’ outcome assessments in litigation and arbitration cases in light of the Market Abuse Regulation’s rules on inside information and its disclosure. The article concludes that outcome assessments will often fall outside the scope of “inside information”, but the opposite may also occur. In principle, the possibility to delay disclosure should be considered relatively broadly, but the possibility to delay disclosure has some natural limitations, which are particularly relevant when the outcome assessment differs from the issuer’s previous communication on the matter.
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Eksterne advokaters udfaldsvurderinger som »intern viden« under markedsmisbrugsforordningen?
Niels Anker T. Rostock-Jensen
Erstatningsrettens muligheder og begrænsninger i lyset af retsopgøret efter den finansielle krise i Danmark
Niels Skovmand Rasmussen og Lone Hansen
The article explores the preventive role of tort law in cases of managerial liability within banking law. It addresses two central research questions: (1) How can a revised liability model be developed that captures the range of managerial decisions and their related liability in banks? And (2) How can managerial duties from financial regulation be incorporated into and clarify this liability model? These questions are investigated through a legal-dogmatic analysis of tort, company, and banking law. The article identifies a key issue: in practice, management is only held liable for gross managerial failures at the strategic level, even though the liability rule in company law also covers simple negligence. It then illustrates how financial regulation not only establishes standards for management’s strategic, organizational, and operational decisions but also defines how these decisions are connected across the organization. Consequently, financial regulation provides an integrated framework for courts’ assessment of liability, restricting the scope of the business judgement rule. Ultimately, this leads to a situation where the management of the bank has a greater economic incentive to comply with financial regulation, while the preventive objectives of banking law also assume a more dominant role in tort law.
Handel med derivater – del 2
– Om reguleringen af derivathandel
Tomas Krüger Andersen og Tina Rhe Jannerup
Originally, there was only fragmented regulation relevant to trading in derivatives. It wasn’t until after the financial crisis that a regulatory focus emerged on mitigating the potential risks associated with extensive trading in derivatives. Legislators aimed to prevent systemic risks and enhance the ability of supervisory authorities to monitor market activity to ensure financial stability. The primary measures introduced to achieve financial stability included the implementation of a clearing obligation, a trading obligation, margin requirements, and a reporting obligation. The regulatory focus was particularly on OTC trading in general and specifically on short selling and trading in CDS. Derivatives trading by Danish investors is primarily regulated at the EU level. The key regulations that now affect investors wishing to trade derivatives can be found in EMIR, MiFID II, MiFIR, and the Short Selling Regulation. These regulatory frameworks are the main focus of this article although it also covers a range of other rules relevant to the derivatives market.
Nasdaq Stockholms disciplinnämnd
Beslut från nämnden under 2023
Jesper Zackrisson og Erik Lidman
Under2023 meddelade Nasdaq Stockholms disciplinnämnd (»disciplinnämnden«) elva beslut. I tio av disciplinärendena har övervägandena haft anknytning till Europaparlamentets och rådets förordning (EU) nr 596/2014 (MAR), och i ett av ärendena har god sed på aktiemarknaden berörts. De frågor som haft anknytning till MAR har huvudsakligen avsett tolkning och tillämpning av emittenters offentliggörandeskyldighet enligt artikel 17 i MAR, men även artikel 7 och tillhörande artikel 2.1 i genomförandeförordningen 2016/1055 har berörts. I ett ärende (2023:06) ansåg disciplinnämnden att överträdelserna varit så allvarliga att den ifrågavarande emittentens aktier avfördes från handel på den aktuella handelsplattformen.
I förevarande artikel ges en översiktlig sammanfattning och redogörelse av 2023 års disciplinärenden, där beslut av principiellt intresse ges mer utrymme än övriga. Inledningsvis beskrivs emellertid disciplinnämndens verksamhet i korthet.
Fodnoter
1
. Jesper Zackrisson är doktorand i civilrätt med fokus på aktiemarknadsrätt vid Handelshögskolan i Göteborg och arbetar primärt med frågor kopplade till EU:s Marknadsmissbruksförordning och emittenters offentliggörandeskyldighet. Docenten Erik Lidman är utöver sina uppdrag i akademin sekreterare i Nasdaqs disciplinnämnd och har deltagit i beredningen av samtliga beslut som behandlas i denna artikel. Härvid ska därför tydliggöras att artikelns syfte endast är att sammanfatta disciplinnämndens uttalanden och inte att lämna kommentarer hänförliga till beslutens beredning.
Ny lovgivning – Danmark
Perioden 1. august 2024 - 7. oktober 2024
Christian Th. Kjølbye og Lars Bunch
Ny lovgivning – Sverige
Perioden 1 augusti 2024 - 31 oktober 2024
Alexandra Park Larsson
Ny praksis – Danmark
Perioden 1. august 2024 - 7. oktober 2024
Christian Th. Kjølbye og Lars Bunch
Ny praksis – Norge
Perioden 2. august 2024 - 31. oktober 2024
Tore Bråthen
Ny praksis – Sverige
Avgöranden av principiellt intresse under perioden 1 augusti 2024 - 20 oktober 2024
Robert Einefors
Om avnotering enligt svensk rätt
Erik Lidman
The Swedish stock market has grown significantlyover the last twenty years, with the number of listed companies increasing from just over three hundred to over one thousand, making it the largest market in the EU. As a consequence of the growth of the market and a high activity of takeover bids and mergers, the composition is changing dynamically, and delistings are thus becoming a natural part of the market dynamics. Historically, however, issuers that disappeared from the market had been the subject of a successful takeover bid or, in some cases, as a result of the marketplace’s decision to delist due to insolvency or serious breaches of listing rules. Today, delisting on the issuer’s own initiative has become more common. An orderly delisting procedure is an important element of investor protection in the market, as the consequences of delisting a share are significant in a number of ways: much of the investor protection available in a stock market is lost following a delisting, access to orderly and efficient trading and price formation is generally missing, and for some investors there are also legal barriers to holding securities when they become unlisted. It must also be presumed that anyone acquiring shares in a listed company does so on the assumption that there is a functioning market for the company’s shares and that the company will be subject to the specific requirements of the stock market until the listing requirements are no longer met, and a regime that does not protect this interest is likely to damage confidence in the market and raise the capital cost. No comprehensive review of the Swedish regulation of delisting has been carried out by regulators or legal scholars for a long time. Furthermore, in the practical discussion it has been questioned whether the regulation is adapted to the development of the market, especially with regard to the relatively large proportion of smaller companies that are now listed in Sweden with special challenges in terms of trading depth and liquidity. This article aims to provide a structured description of the Swedish regulation of delisting and, by comparing it with the regulation in our Nordic neighbours and some other European jurisdictions, to say something about possible application problems and point to possible solutions. The conclusion is that Swedish delisting regime aligns with what we see in the larger European and Nordic jurisdictions, but that there may be reasons for slight adjustments.
Fodnoter
* Docent och lektor i civilrätt vid Stockholms och Göteborgs universitet samt föreståndare för Swedish Corporate Governance Institute. Författaren vill tacka Tore Bråthen, Guillaume Jan, Jesper Lau Hansen, Mårten Knuts, Jimmy Kvarnström, Alain Pietrancosta, Andrés Recalde, Anna Sahrakorpi, Rolf Skog, och Evelina Strippoli för insiktsfulla kommentarer på manus samt vägledning i fråga om utländsk rätt.