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

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

Law-Based Commodification of Private Debt

Peer reviewe

Property and European Integration : Dimensions of Article 345 TFEU

Peer reviewe

Secured Credit in Europe : From Conflicts to Compatibility

This study seeks the optimal way to promote compatibility between systems of proprietary security rights in Europe. The focus is on security rights over tangible movables and receivables. Compatibility is understood as the absence of cross-border problems, notably uncertain enforceability and unexpected loss of proprietary security rights, or as the availability of workable solutions to them. Current cross-border problems mainly concern enforceability of proprietary security rights against third parties, including a security-provider debtor s other creditors on insolvency. The study organises the concrete means through which compatibility can be promoted into four main groups, or approaches . These are a centralised substantive approach and three gentler approaches , namely a centralised conflicts-approach, a local conflicts-approach and a local substantive approach. Means within the centralised approaches can be introduced at European Union level, and means within the local approaches at Member State level. The substantive approaches seek to eliminate diversity by unification or harmonisation of substantive law, whereas the conflicts approaches mainly rely on private international law. The study introduces and defends the view that current circumstances call for an integrated approach, which attempts to combine the advantages and avoid the disadvantages of all four approaches. The feasibility of an integrated approach can be confirmed, and its content determined, only by way of a division of labour between the four approaches. This requires choices between the concrete means within each of the four approaches. To guide that division of labour, the study proposes a set of objectives with a view to capturing the essence of what can be regarded as desirable development towards greater compatibility. The objectives are: foreseeability, derived from the economic functions of proprietary security rights; responsiveness, derived from certain evolutionary aspects of the law; and division of unforeseeability costs, derived from a transnational conception of justice. Importantly, the tension between foreseeability and responsiveness gives rise to a theory of how to reconcile the need for certainty in credit markets and the more general need for the law to adapt to different and changing economic and social circumstances and value choices. The set of objectives provides criteria for choices between the concrete means within the four approaches. If the proposed objectives are accepted, the choices guided by them can be taken as the optimal way of promoting compatibility, which completes the research.Tutkimuksessa etsitään optimaalista tapaa parantaa eurooppalaisten esinevakuusjärjestelmien yhteensopivuutta, erityisesti irtainten esineiden ja saamisoikeuksien vakuuskäytössä. Yhteensopivuuden parantamisella tarkoitetaan tässä sellaisten kansainvälisen kaupan ja rahoituksen esteiden poistamista, joita kansallisten oikeusjärjestysten aineelliset erot ja lainvalintasäännöt yhdessä nykyisellään aiheuttavat. Nämä esteet ilmenevät esinevakuuksien sivullissitovuutta koskevina epävarmuuksina ja yllättävinä oikeudenmenetyksinä, varsinkin maksukyvyttömyysmenettelyissä. Yhteensopivuuden mahdollisia parantamiskeinoja käsitellään tutkimuksessa neljänä pääryhmänä: keskitetyt aineelliset keinot, keskitetyt konfliktikeinot, paikalliset konfliktikeinot ja paikalliset aineelliset keinot. Keskitetyt keinot edellyttävät Euroopan unionin toimia, paikalliset keinot yksittäisen jäsenvaltion toimia. Aineelliset keinot pyrkivät poistamaan oikeusjärjestysten eroja aineellisella yhtenäistämisellä tai harmonisoinnilla, kun taas konfliktikeinoissa on lähinnä kyse kansainvälisestä yksityisoikeudesta ja lainvalintasääntöjen kehittämisestä. Koska keskitetyt aineelliset keinot usein merkitsevät perustavanlaatuista puuttumista kansallisiin oikeusjärjestyksiin, kolmen muun keinoryhmän kokonaisuuteen viitataan lievempinä keinoina . Tutkimuksessa päädytään suosittamaan integroitua lähestymistapaa, joka pyrkii yhdistämään etuja ja välttämään haittoja kaikista neljästä keinoryhmästä. Integroidun lähestymistavan käyttökelpoisuus voidaan osoittaa, ja sen tarkempi sisältö päättää, vain määrittämällä työnjako neljän keinoryhmän välille. Tämä edellyttää myös valintoja konkreettisista keinoista kunkin keinoryhmän sisällä. Keinoryhmien välisen ja sisäisen työnjaon ohjaamiseksi tutkimuksessa esitetään kolmea tavoitetta, joihin tiivistyy olennainen siitä, millaista kehitystä kohti esinevakuusjärjestelmien suurempaa yhteensopivuutta voidaan pitää toivottavana. Nämä tavoitteet ovat ennustettavuus, joka johdetaan esinevakuuksien taloudellisista funktioista; responsiivisuus, joka johdetaan oikeuden evoluutiota koskevista näkökohdista; ja ennustettavuusvajeen kustannusten jakaminen, joka johdetaan kansallisten oikeusjärjestysten näkökulman ylittävästä oikeudenmukaisuuskäsityksestä. Ennustettavuuden ja responsiivisuuden jännitteestä syntyy teoria siitä, kuinka voidaan sovittaa yhteen luottomarkkinoiden tarve oikeusvarmuudesta sekä yleisempi tarve oikeuden sopeutumisesta erilaisiin ja muuttuviin talous- ja yhteiskuntaoloihin sekä arvovalintoihin. Tavoitteet sisältävät tarkemmat kriteerit, joiden avulla voidaan valita konkreettiset keinot keinoryhmien sisällä. Jos tavoitteet hyväksytään, niiden ohjaamat valinnat voidaan ymmärtää optimaaliseksi tavaksi parantaa eurooppalaisten esinevakuusjärjestelmien yhteensopivuutta