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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

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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
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:
DateEvent
August 2012Published
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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