The Luxembourg Centre for European Law (LCEL) invites you to an international conference exploring how to improve the effectiveness of enforcement in the European financial markets law. While effective enforcement is indispensable for proper functioning of the financial markets, in the EU enforcement poses a particular challenge and has not received enough research attention. Despite efforts towards greater harmonisation, the current legal landscape remains fragmented and, in some areas, practically incoherent, justifying the questions how to improve the legal system to achieve efficient enforcement.
The conference aims at examining which substantive and procedural rules in the EU financial markets law, with particular focus on administrative sanctions for misrepresentation, could benefit from greater harmonisation at the EU level and what reforms could improve the Member State financial markets law, with the aim of achieving credible deterrence in the enforcement of securities regulation as requested also by the International Organisation of Securities Commissions (IOSCO). Several key jurisdictions will be covered. The effectiveness of sanctions is important not just from perspective of financial system integrity but also from an overarching context of societal demands for accountability in the financial sector and by the growing concerns from failures of national financial supervisors to prevent the financial scandals and questions about the market outlook of the diverging supervisory practices.
The conference will bring together leading scholars, experts and financial market supervisors who will examine the topics of supervisory convergence of the EU capital markets law enforcement, the evolution, effectiveness and challenges of administrative sanctions in European capital markets law, improving and reforming of the enforcement of the EU capital markets law, national designs, differences and experiences with administrative sanctions and enforcement, transatlantic and global view on securities enforcement, challenges of credible deterrence of securities regulation, and intersection of public and private enforcement of the EU capital markets law.
20 June 2024
-
9.00 – 9.15
Welcome address
- Prof. Pierre-Henri Conac (Acting Director Luxembourg Centre for European Law, University of Luxembourg & Max Planck Fellow, MPI Hamburg)
- Prof. Katalin Ligeti (Dean Faculty of Law, Economics, and Finance, University of Luxembourg)
-
9.15 – 10.15
ESMA´s supervisory convergence, supervision and enforcement of the EU capital markets law
Chair: Prof. Pierre-Henri Conac (University of Luxembourg, MPI Hamburg)ESMA’s perspective on supervisory convergence of EU capital markets law enforcement
Ms Amandine Zelenko (European Securities and Markets Authority, ESMA)Improving the effectiveness of enforcement of the EU capital markets law (lessons from financial regulation?)
Prof. (em.) Eddy Wymeersch (Ghent University)Discussion
-
10.15 – 10.45
Coffee break
-
10.45 – 12.00
Evolution and effectiveness of administrative sanctions in European capital markets law
Chair: Prof. Pierre-Henri Conac (University of Luxembourg, MPI Hamburg)Evolution of system of administrative sanctions in the EU capital markets law: the past, present and the future
Dr Jacek Dybinski (Luxembourg Centre for European Law, University of Luxembourg)Reforming the EU capital markets law enforcement after Wirecard
Prof. Rüdiger Veil (Ludwig-Maximilians-University)Pathways for achieving convergence in the enforcement of EU capital markets law in the capital markets union
Prof. Tobias Tröger (Goethe Universität, Frankfurt am Main)Discussion
-
12.00 – 13.00
Lunch
-
13.00 – 14.15
Capital markets law sanctions from national perspective
Chair: Prof. Eilis Ferran (University of Cambridge)Administrative sanctions in capital markets law for misrepresentation in Germany
Dr Julia von Buttlar (European Securities and Markets Authority, ESMA)Criminal sanctions in capital markets law for misrepresentation in Denmark
Prof. Jesper Lau Hansen (University of Copenhagen)Administrative sanctions in capital markets law for misrepresentation in the United Kingdom
Prof. Niamh Moloney (London School of Economics)Discussion
-
14.15 – 14.45
Coffee break
-
14.45 – 16.00
Capital markets law sanctions from national perspective – Part II
Chair: Prof. Silvia Allegrezza (University of Luxembourg)Administrative sanctions in capital markets law for misrepresentation in Italy
Prof. Matteo Gargantini (University of Genoa)Administrative sanctions in capital markets law for misrepresentation in Spain
Prof. Isabel Fernandez-Torres (University of Complutense)Discussion
-
16.00 – 16.30
Coffee break
-
16.30 – 17.20
Capital markets law sanctions from national perspective – Part III
Chair: Prof. Rüdiger Veil (Ludwig-Maximilian-University)Administrative sanctions in capital markets law for misrepresentation in France
Prof. Pierre-Henri Conac (University of Luxembourg, MPI Hamburg)Administrative sanctions in capital markets law for misrepresentation in Belgium
Prof. Michel Tison (Ghent University)Discussion
-
17.20 – 17.30
Closing remarks of the first day
21 June 2024
-
9.00 – 10.30
Transatlantic and global view on securities enforcement
Chair: Dr Jacek Dybinski (University of Luxembourg)Enforcement by the Securities and Exchange Commission (SEC) in the US for false disclosure and misrepresentation
Prof. Marc Steinberg (SMU Dedman School of Law)Securities enforcement in Canada for false disclosure and misrepresentation: between the common and civil law
Prof. Stephane Rousseau (University of Montréal)Credible deterrence in the enforcement of securities regulation. Revised IOSCO 2024 report
Ms Jessica Heyse (International Organization of Securities Commissions, IOSCO)Discussion
-
10.30 – 11.00
Coffee break
-
11.00 – 12.15
Comparative practice and experiences
Chair: Prof. Michele Siri (University of Genoa)Challenges of the administrative enforcement of ESG disclosure in the EU capital markets law
Prof. Kern Alexander (University of Zurich) (online presentation)Global enforcement in the financial industry: A new dataset
Ass. Prof. Roy Gava (University of Saint Gallen)Switzerland: Does FINMA need fines and a senior management regime?
Adj. Prof. Urs Zulauf (University of Geneva, former general Counsel Swiss Financial Market Supervisory Authority, FINMA)Discussion
-
12.15 – 13.15
Lunch
-
13.15 – 14.30
Public/Private enforcement and the courts
Chair: Dr Damjan Kukovec (Judge of the General Court)How and why public enforcement works? Lessons from US for the EU
Prof. Howell Jackson (Harvard Law School) (online presentation)Procedural aspects of European financial regulation and enforcement
Prof. Marco Lamandini (University of Bologna, European Securities and Markets Authority, ESMA Board of Appeals)Regulatory Agencies and Private Damages in European Financial Markets Law
Prof. Olha Cherednychenko (University of Groningen) (online presentation)Discussion
-
14.30 – 15.00
Coffee break
-
15.00 – 16.30
Administrative enforcement of the EU capital markets law: the way forward
Achieving credible deterrence and efficiency of sanctioning with administrative sanctions in the EU capital markets law
Prof. Pierre-Henri Conac (University of Luxembourg, MPI Hamburg)Roundtabel
Chair: Prof. Pierre-Henri Conac (University of Luxembourg, MPI Hamburg)- Prof. Eilis Ferran (Cambridge University)
- Prof. Niamh Moloney (London School of Economics, LSE)
- Prof. Rüdiger Veil (Ludwig-Maximilian-University)
- Ms Amandine Zelenko (European Securities and Markets Authority, ESMA)