Disclosure is a pivotal element of capital markets law, which performs the function of facilitating price formation and informed investment decision-making. When issuers disclose misleading information, investors may suffer a pure economic loss if there is a fall in the securities price arising from it. The investors who wish to seek compensation for such damages in cross-border scenarios need to answer two questions first: which are the competent courts, and which national law will govern the claim. In the EU, the answer to both questions depends mainly on where the damage occurs, under the Brussels I bis (Art 7.2, the competent courts are those of the place where the harmful event occurs) and Rome II Regulations (Art 4, lex loci damni).The discussion will take as a starting point the dynamic between information, price and damage to propose a solution for the location of the pure economic loss which is specific to scenarios of disclosure of misleading information in capital markets but, at the same time, provides for a single solution for both primary and secondary markets, and international jurisdiction and law applicable questions. For these purposes, I critically examine the (limited) case law of the CJEU on these matters in light of both the objectives of capital markets law (market efficiency, investor protection) and those of private international law rules (predictability, legal certainty), to seek the solution which better balance them all.
Dr Sánchez has been teaching and researching at Universidad Rey Juan Carlos and Universidad Autónoma of Madrid from 2008 to 2013. From 2014 and until 2016, she has been in practice as a lawyer at the law firm Uría Menéndez, specialised in IPOs. Together with this, she worked as corporate governance and company law counsel to Spanish listed companies
- Speaker
- Dr Sara Sánchez Fernández
- Hosted by
- School of Law
- Venue
- Hybrid Event (On Campus Venue - C11)
- Contact
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- Event is free and open to all. For online access to the event please contact law-research@abdn.ac.uk
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