Papers by Alessandra Chirico, PhD
Yearbook of European Law, 2001
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European Business Law Review
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European Business Law Review, 2010
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financial landscape. They are produced by specialists associated with the European Capital Market... more financial landscape. They are produced by specialists associated with the European Capital Markets Institute, which is managed and staffed by the Centre for European Policy Studies (CEPS) in Brussels. Unless otherwise indicated, the views expressed are attributable only to the author in a personal capacity and not to any institution with which she is associated. Available for free downloading from the CEPS website
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Asset management has quickly become one of the European Commission's key points on the post- ... more Asset management has quickly become one of the European Commission's key points on the post- Financial Services Action Plan (FSAP) agenda. The combination of Europe's demographic decline and the poor state of public finances means that asset management will play an increasingly important role in securing retirement income for the masses, as well as in channeling personal savings to productive investments. At the same time, the internal market for asset management is a project still very much under construction. While the commission's work has largely focused on supply-side considerations with a view to improving overall market integration and efficiency, this report tackles some key demand-side issues. The authors take a longer-term approach to the critical challenges that will arise following release of the European Commission's White Paper in the fall of 2006.
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The objective of this paper is to discuss trends in corporate governance in a European context. T... more The objective of this paper is to discuss trends in corporate governance in a European context. The paper is structured around two goals: (a) the possibility of facilitating an efficient and competitive business in Europe, and: (b) the numerous influences stemming from the inputs of Common Law countries and Civil Law countries in the regulation of their approaches towards contemporary Company Law
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Credit Rating Agencies play a key role in European capital markets today, publishing ratings on t... more Credit Rating Agencies play a key role in European capital markets today, publishing ratings on the creditworthiness of issuers/issues of debt securities. Independent, objective and internationally consistent credit ratings raise the integrity, transparency and competitiveness of capital markets, lower the costs of capital for issuers and contribute to investor protection. Moreover, ratings are widely used by investors as a guide to the creditworthiness of the issuers of debt, and in financial covenants. As a result, credit rating agencies play a major role not only in the pricing of debt securities, but also in the regulatory process. It may well happen, in fact, that regulators co-opt rating agencies as information-producing agents for regulatory purposes. In this way, when ratings serve not just as a tool for investors but become the very foundation for regulation, they become extremely powerful, and as a consequence, the risk that conflicts of interest will arise becomes much sh...
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European Business Law Review, Feb 1, 2010
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On the 3 rd of December 2015, the Danish government held a referendum on stepping up Denmark's pa... more On the 3 rd of December 2015, the Danish government held a referendum on stepping up Denmark's participation in EU police and judicial cooperation in criminal matters, asking its citizens to change the existing Danish opt-out from EU's collaboration on Justice and Home Affairs (JHA) to an opt-in model. 1 Denmark's opt-out from Title V of Part Three of the TFEU (area of freedom, security and justice), according to Protocol 22 of the Treaty of Lisbon, implies that the country does not take part at all in this policy. " In the negotiations of the Treaty of Lisbon, Denmark obtained an option to convert its opt-out into a flexible opt-in modelled on the Irish and British opt-outs " , 2 which would have allowed it to opt in or out of legislation and legislative initiatives on a case-by-case basis. However, the referendum planned to approve the exercise of this option gave a clear response from the voters, who decided to uphold the opt-out with 53 % voting for a No to the opt-in model. This short article will attempt to: i) outline the background for the vote in the light of a broader political European and international landscape, which takes into account increasing fears mainly related to the refugees' crisis; ii) present the arguments for voting Yes or No among the voters with a focus on national Danish politics, more and more tightening on immigration policies, as to the point of compromising the Schengen area; iii) sketch out the possible consequences of the No for Denmark and the European Union as such, both for the JHA's area and with respect to the management of the refugees' crisis in Europe.
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The objective of this paper is to discuss trends in corporate governance in a European context.
... more The objective of this paper is to discuss trends in corporate governance in a European context.
The paper is structured around two goals:
(a) the possibility of facilitating an efficient and competitive business in Europe, and: (b) the numerous influences stemming from the inputs of Common Law countries and Civil Law countries in the regulation of their approaches towards
contemporary Company Law
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Some reflections upon the concepts of independence, accountability and democratic legitimacy for ... more Some reflections upon the concepts of independence, accountability and democratic legitimacy for central banks.
Paper published on European Business Law Review, 17, 2006
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This dissertation provides a doctrinal and “applied” overview of the main developments in the pos... more This dissertation provides a doctrinal and “applied” overview of the main developments in the post-Maastricht transfer of monetary sovereignty from the member states to supranational institutions. In so doing, it concentrates on three areas of particular interest, complexity and tension between different forces. One area is simply the configuration of supranational institutions involved and their relationship, and in particular the tensions among the independent ECB, the national dimension of the broader ESCB and the state-dominated Ecofin Council. A second area concerns the well-known tension between monetary and broader economic union – and in particular the asymmetry between the significantly centralized monetary institutions and the retention of fiscal authority at national level. A third area concerns the internal and external dimension of monetary authority (exchange rates) from broader macro-economic consideration, and, reflecting this, the continuing absence of a definitive legal and institutional resolution of the extent of external monetary sovereignty transferred to central EU institutions. Here there emerges an analysis of the framework of good governance for the new multi-layered system of monetary union. The key question addressed by the author of this study is whether the shift in monetary authority does or should involve a re-conceptualization of the question of where sovereignty lies in Europe, both over monetary matters specifically or more generally.
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This paper discusses legislative intervention in the case of conflicts of interest affecting the ... more This paper discusses legislative intervention in the case of conflicts of interest affecting the activity of credit rating agencies. According to the author, the MiFID, UCITS and Market Abuse Directives represent a significant step forward in creating a European regulatory framework for avoiding, managing and disclosing conflicts of interest in investment and ancillary services. In particular, the MiFID provisions on investment research are presented, in this policy brief, as an example of good regulation.
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This policy brief discusses the implications of the Markets in Financial Instruments Directive (M... more This policy brief discusses the implications of the Markets in Financial Instruments Directive (MiFID) both for investment firms and for investors. The author warns that while the suitability and the appropriateness assessments may share the same goal of enhancing investor protection, they are subject to two different regimes. And, particularly when seen from the investment services providers' standpoint, she emphasizes need for them to be kept separate and to be approached with their clear-cut distinctions in mind.
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Papers by Alessandra Chirico, PhD
The paper is structured around two goals:
(a) the possibility of facilitating an efficient and competitive business in Europe, and: (b) the numerous influences stemming from the inputs of Common Law countries and Civil Law countries in the regulation of their approaches towards
contemporary Company Law
Paper published on European Business Law Review, 17, 2006
The paper is structured around two goals:
(a) the possibility of facilitating an efficient and competitive business in Europe, and: (b) the numerous influences stemming from the inputs of Common Law countries and Civil Law countries in the regulation of their approaches towards
contemporary Company Law
Paper published on European Business Law Review, 17, 2006