Marco Ventoruzzo, Sebastian Mock
Edited By: Marco Ventoruzzo, Sebastian Mock
The Market Abuse Regulation (MAR) is one of the centrepieces of the new Capital Market Union (CMU) of the European Union. In terms of legislative technique, the choice of a direct-ly applicable regulation to replace the old Market Abuse Directive (MAD), which had to be implemented by the single Member States with ad hoc statutes, is itself a major step towards a more uniform legal framework. The impacts on law practice and research are far-reaching. From now on, the focus of the interpreters, no matter in what jurisdiction they operate, will be on a single text, with very limited, if at all, local variations. This will inevitably foster a more international legal debate and contribute to lower the barriers that still now might separate jurists from different countries within the European Union. Of course, path dependence and inertia will still determine differences among Member States in the way the Directive is read and interpreted, but it is now fair to say that continental Europe now speaks a common legal language in the area of market abuse and that the cross-border dialogue will contribute to make these differences fade away.
We decided to contribute to this pan-European dialogue with an approach that aspires to bring together different legal genera used in different legal traditions. The book you are holding has in fact a ‘mixed format’: part essays on specific concepts, and part analytical commentary, provision by provision, of the MAR, an approach that is not equally common in all jurisdictions. Our goal is to combine a thorough technical analysis of the provisions of the MAR, which hopefully will be helpful for practitioners, academics, and law students; with a general part on selected topics that cuts across more specific details, offering a broader systematic view.
The book is inherently international also because we were fortunate enough to obtain contributions from leading authors in the field from several European jurisdictions. We believe that the diverse perspectives and voices of the different authors has enriched the polyphony of the analysis, and we owe them special gratitude for the passion with which they have engaged in our shared effort.
Marco Ventoruzzo/Sebastian Mock