Nordisk Tidsskrift for Selskabsret

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Nordisk Tidsskrift for Selskabsret behandler aktuelle juridiske og økonomiske emner af betydning for selskabsretten; herunder også konkurrenceret, skatteret, regnskab og revision.

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Forfatter: Therese Strand

This article discusses the EU proposal for a new Directive on Corporate Sustainable Due Diligence that was made public in February 2022. It reviews the content of the new draft Directive compared with the two previous separate initiatives on due diligence and directors’ duties that constitute its base. Parallel, the article highlights problems that still remain, particularly regarding the corporate governance part. Finally, the article discusses the reactions that the draft Directive has so far given rise to. The article is a follow-up to a previous article; ‘EU and Sustainable Corporate Governance’, that was published in NTS no.3 2021 and which reviews the earlier EU proposal on directors’ duties in greater detail.

In both financial law and company law, how we should treat security tokens in relation to initial coin offerings is potentially problematic. This paper examines the legal qualification of security tokens in financial law and the derived consequences it should have for the treatment of security tokens in company law. Through an analysis of the applied approaches in the US and the EU it is argued that both jurisdictions prioritise function over form in the assessment of tokens. This leads to the conclusion that within the EU, security tokens are covered by the definition of transferable securities in Article 4(1)(44) of Directive 2014/65/EU. It is further concluded that this legal qualification should in most cases be applied within company law as the difference between transferable securities and company shares and other financing instruments available to the company is insignificant. Finally, it is recommended that the supervisory authorities in the EU centralise their activities to a higher degree in order to achieve greater harmonisation across Member States.

Forfattere: Jens Andreasson og Erik Lidman

Inthisarticle,we present a mapping of the regulation of the primary and secondary market for corporate bonds in Sweden. We particularly focus on issues of transparency, including prospectus rules, issuers financial information, disclosure of insider information, and equal treatment of bondholders. We then analyse to what extent the regulation secures transparency and equal treatment of bondholders. Our analysis shows a number of issues that deserve attention from policy makers, such as the information given to investors in an issuance in the primary market, the requirement for transparency on trade and pricing, and guidance on how to apply the principle of equal treatment of bondholders in a number of situations. Further research is also needed to better understand how corporate bond issuers should interpret the market abuse regulation’s requirement for disclosure of insider information, and on the role and risks for market makers.

Fodnoter

1

. Denna artikel bygger på texten En rättslig kartläggning av den svenska företagsobligationsmarknaden i Festskrift till Rolf Skog, Norstedts juridik 2021, och forskningen har möjliggjorts av finansiering från Nasdaq Nordic Foundation som vi är ytterst tacksamma för. Vi är tacksamma för de synpunkter vi fått från olika håll på den artikeln. Vi vill särskilt tacka juris doktor Per Henriksson för värdefulla synpunkter. Den i det följande presenterade undersökningen är vidare en del av ett större forskningsprojekt kring den nordiska obligationsmarknaden, Principles for a Regulation of the Swedish Corporate Bond Markets, som även det finansieras av Nasdaq Nordic Foundation. Att kartlägga regleringen av den svenska företagsobligationsmarknaden utgör del ett i detta forskningsprojekt.

2

. Juris doktor, universitetslektor vid Juridiska institutionen, Handelshögskolan vid Göteborgs universitet.

3

. Docent, lektor vid Handelshögskolan i Göteborg och Handelshögskolan i Stockholm, samt avdelningsledare för Swedish Corporate Governance Institute vid Stockholm Centre for Commercial Law.

Institutional investors, including in particular pension funds, play a significant role in financing both listed and unlisted companies and, once invested, frequently act as active investors. The purpose of this article is to describe and analyse the regulation based on the so-called “prudent person principle” which determines how pension funds invest and subsequently manage their investments. The prudent person principle is EU-based. The Danish implementation has primarily taken place in the preparatory work for the relevant Danish acts. This creates ambiguity about the content and scope of the rules. In their oversight the Danish FSA have taken the view that investments in alternative assets possess the highest risk and have issued guidelines relating to such investments. However, in relation to most of the pension funds’ investments, which are made to obtain exposure to the listed markets, the Danish regulation remain silent. The analysis set out in the article includes the requirements which follow from the prudent person principle in relation to both listed and unlisted instruments as well as the considerations that should be made when investing in derivatives.

 

  • Professor, dr.jur., dr. h.c. Paul Krüger Andersen (ansvarshavende), University of Aarhus
  • Professor, dr.jur. Jesper Lau Hansen, University of Copenhagen, Denmark
  • Adj. professor, ekon.lic. Rolf Skog, Justitiedepartementet, Sweden
  • Professor, dr.juris Tore Bråthen, Handelshøyskolen, Norway Associate
  • Professor Andri Fannar Bergþórsson, dr. juris, Reykjavik University Menntavegur, Iceland
  • Professor Matti Sillanpää, dr. juris, Turku School of Economics, Finland LLM Erik Lidman, Handelshögskolan i Göteborg, Sweden.