Property and European Integration : Dimensions of Article 345 TFEU

Peer reviewe

EU Securitisation Regulation : Legal Ordering in Symbiosis with Transnational Bodies

Peer reviewe

Security Rights in Intellectual Property

Finnish law provides for the registrable pledges of patents, trademarks and other registrable intellectual property rights. This part of the legal framework is, by and large, adequate, so that one can reliably obtain fully effective security rights over these types of intellectual property rights. However, statistical data from the Finnish Patent and Registration Office shows that this opportunity is quite rarely used. In turn, copyright and other intellectual property rights that are not registrable under Finnish law are problematic in terms of achieving third-party effectiveness. Solutions proposed in legal literature, such as accepting security transfers of copyright as effective against third parties without any form of publicity, remain disputed and uncertain. Indeed, the most common way of using intellectual property rights as security under Finnish law is through the enterprise mortgage. Enterprise mortgages are frequently used (although often as a supplementary security, due to their limited priority) and they cover all types of intellectual property rights.</div

The Role of the EU in Transnational Legal Ordering: Standards, Contracts and Codes

This Chapter studies the EU Securitisation Regulation of 2017, with particular focus on its criteria for simple, transparent and standardised (STS) securitisation, as an instance of transnational legal ordering. Two discrete aspects of transnationalisation stand out. The first aspect explains why the Securitisation Regulation should be regarded as transnational legal ordering, although it is by form ordinary EU legislation. The explanation is found in what can be described as a symbiotic relationship between the EU and transnational bodies, particularly the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO), and in the involvement of a broad epistemic community in international finance. The second aspect of transnationalisation focuses on the potential extra-EU effects of the Securitisation Regulation. Possible scenarios include fragmentation of global markets, but also the Securitisation Regulation becoming a model for other jurisdictions, and norm export through a future equivalence regime for third-country securitisers.</p

Onko materiaalistuminen mahdollisuus kansainväliselle esineoikeudelle?

Is Materialisation an Opportunity for International Property Law?This article discusses the current state and future of international property law, or the private international law of property, in the light of the materialisation of private international law. Traditionally understood, materialisation refers to the influence of the aims and values of relevant substantive fields of law on the development and application of conflict rules. International property law shows few instances of materialisation in this sense, mainly due to its focus on thirdparty relations and the aim of foreseeability. In some situations, though, the results of the application of conflict rules need to be adjusted in ways that can be understood as materialisation. This article proposes expanding the notion of materialisation to cover the influence of instrumentalist rationality, notably extra-legal aims, on conflict rules. Examples of the possible sources of this influence include the EU’s internal market law and the free movement of goods, on the one hand, and the EU’s Capital Markets Union, on the other. Analysis of these examples in the article suggests both opportunities and risks for the development of international property law. Opportunities include better coordination and reconciliation of domestic and foreign interests through the improved application of existing conflict rules or the introduction of new ones. Risks relate to excessive instrumentalisation, which may undermine the conditions for the proper functioning of the systems of property law and private international law alike. Efforts should be aimed at balancing opportunities and risks

Law-Based Commodification of Private Debt

Peer reviewe

The EMU Rationale for Capital Markets Union

Capital Markets Union (CMU) is a plan towards a single market for capital in the EU. While the plan is not limited to the euro area, some of its stated objectives are aimed at supporting EMU, especially by financial stability through private risk-sharing. The present Article seeks to specify and clarify these EMU objectives. It points out their expressions in official documents, discusses their role in creating legislative momentum for CMU and its individual initiatives, and observes them in the legislative process and content of selected initiatives. The research results include an explanation of the significance of EMU objectives as arguments in debates and decision-making concerning CMU as well as an assessment of their justificatory force.</p