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Guest Editorial eucrim 3-2024
19 December 2024 (updated 7 months, 1 week ago)
Guest Editorial eucrim 2-2024
21 November 2024 (updated 9 months, 2 weeks ago)Articles
Criminal Liability of Heads of Business A Necessary Pillar in the Enforcement of the Protection of the Financial Interests of the EU
The article examines the concept and scope of criminal (and punitive administrative) liability of heads of business in protecting the EU’s financial interests. While the 1995 PIF Convention innovatively introduced such liability, the subsequent PIF Directive dropped it, leaving a fragmented legal landscape across Member States. Ligeti contrasts this with developments in the financial sector, where post-crisis reforms (e.g., the UK Senior Managers’ Regime, CRD IV) strengthen individual liability of senior officials. She argues that inconsistent national approaches create enforcement gaps and undermine legal certainty for managers operating across borders. The article calls for a coherent EU framework that balances effective enforcement of PIF offences with the legal protection of individual heads of business.
Read moreA Heavily Regulated Industry The Varied Objectives of Financial Regulation
The Evolving Nature of Financial Regulation Until the early 1970s, the various national systems of banking regulation had largely monetary objectives. Controls on commercial banking activity (including administratively set interest rates, quantitative limits on credit expansion, and reserve requirements) were imposed for the purpose of preventing the over- or under-expansion of the money and bank credit supply. In addition, in many countries, including the UK and France, the state sought to direct the flow of available credit towards certain economic areas and activities, and away from others. Another policy concern related to the conditions of competition within the banking industry;… Read more

Editorial for
Issue 4/2015
Editorial Guest Editorial eucrim 4/2015
Dear Readers, The imposition of tight regulatory controls on banks and other financial intermediaries is a universal characteristic of modern economic systems. The frequency and intensity of legislative and administrative measures affecting financial activities demonstrate the state’s incessant concern with the way in which the market operates in this field. However, the precise perimeter of the regulated sector varies from one jurisdiction to another and changes over time. The same is true of the form and direction of the regulatory interventions. This raises important questions about the existence or otherwise of common threads –common objectives and overarching justifications– holding together… Read more
Investigative and Sanctioning Powers of the ECB in the Framework of the Single Supervisory Mechanism Mapping the Complexity of a New Enforcement Model
In most publications that deal with the Banking Union, the global financial crisis of 2008 is mentioned in the introductory paragraph. It is also the unavoidable starting point of this contribution, as it is the collapse of the banking sector that has shown the necessity to rethink the mechanism of banking supervision. Economic growth and financial stability have been seriously damaged by the global crisis that has plagued the world since 2007. The financial and banking crisis shed some light on the need for stronger and more efficient supervision but also on the need for a more effective system of… Read more

Editorial for
Issue 3/2015
Editorial Guest Editorial eucrim 3-2015
Dear Readers, The main concern of the European Court of Human Rights is of course to succeed in its mission to protect fundamental rights in Europe. Criminal law, substantive or procedural, is a domain where the need to protect society, whether at the level of the individual state or that of the organisation of European integration – at the quasi-federal level of the Union – must necessarily be confronted and associated with the need to protect fundamental rights. Such is the imperative arising from the irreversible choices made by European States in acceding to the European Convention on Human Rights… Read more
Le Principe de Légalité aux Termes de l’Article 7 de la Convention Européenne des Droits de l’Homme Un bref aperçu de Jurisprudence
The decision by the European Court of Human Rights in Soros v. France centered on questions regarding the principle of legality in article 7 ECHR. More precisely, the interpretation of “insider trading” was challenged and whether or not it was possible to appraise whether the French national law had forbade this kind of acts at the respective time. As the principle of legality is a fundamental right in the EU Charter, this decision could significantly influence the principle’s interpretation in the European criminal law area.
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