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Towards a general framework for a common definition of “securities” : financial markets regulation in multilingual contexts
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Castellano, Giuliano G. (2012) Towards a general framework for a common definition of “securities” : financial markets regulation in multilingual contexts. Uniform Law Review, Volume 17 (Number 3). pp. 449-481. doi:10.1093/ulr/17.3.449 ISSN 1124-3694.
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Official URL: http://dx.doi.org/10.1093/ulr/17.3.449
Abstract
This article aims at providing a linguistic and comparative perspective on
financial markets governance by investigating the meanings and legal
categories underlying the term “securities” in a multilingual society. It first
illustrates how the term “securities” is not a straightforward legal concept and
requires clear definition – both at the national and transnational levels – to
limit regulatory arbitrage and forum shopping phenomena that might
endanger investor protection and financial stability. Subsequently, moving
from the economic function of securities, the article analyses the legal
techniques adopted to define the term “securities” in the United States and in
selected European countries, with particular attention to France, Italy and the
United Kingdom. The legal and linguistic comparison reveals hidden
similarities, converging towards a common a set of shared components related
to the concepts of investment, negotiability and value. Notwithstanding this
common core, several discrepancies emerge when finally the study focuses on
the application of EU securities law and on the legal standardisation efforts
carried out by the International Organization of Securities Commissions
(IOSCO). The article shows that in a globalised and multilingual society, the
meanings attributed to the term “securities” have a direct impact on the
overall soundness of the financial system and that any legal definition of the
term must consider the implicit cognitive processes, embedded in language,
that are necessary to interpret and apply securities law.
Item Type: | Journal Article | ||||
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Divisions: | Faculty of Social Sciences > School of Law | ||||
Journal or Publication Title: | Uniform Law Review | ||||
Publisher: | Oxford University Press | ||||
ISSN: | 1124-3694 | ||||
Official Date: | August 2012 | ||||
Dates: |
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Volume: | Volume 17 | ||||
Number: | Number 3 | ||||
Page Range: | pp. 449-481 | ||||
DOI: | 10.1093/ulr/17.3.449 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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