Stefan WRBKA, Kyushu University
On October 11, 2011, the European Commission presented the Proposal for a Regulation on a Common European Sales Law. The Common European Sales Law was drafted as a fully harmonized pan-European sales law regime, applicable inter alia in cross-border business-to-consumer transactions if the contractual parties agree on its applicability.
Erik P.M. VERMEULEN, Tilburg University
Diogo Pereira Dias NUNES, Tilburg University
Venture capital drives innovation, economic growth and job creation. It is therefore not surprising that ‘venture capital’ is an important theme in the legal and regulatory reforms that have gained momentum in the wake of the recent financial crisis. Clearly, the economic downturn had (and still has) a severe impact on the venture capital industry. What can be done to stimulate venture capital investments and make it better and more accessible to emerging growth companies? Policymakers and regulators are convinced that regulatory interventions should aim at creating a virtuous ‘venture capital cycle’ by (1) boosting venture capital fundraising (particularly from institutional investors), (2) promoting venture capital and other risk capital investments in promising, mostly early-stage growth companies, and (3) encouraging access to capital markets in order to improve liquidity and exit opportunities that enable venture capital funds to return capital to their investors.
BETWEEN GOVERNING & GOVERNANCE
POUL F. KJAER
OXFORD: HART, 2010
Reviewed by Mark FENWICK, Kyushu University
Poul Kjaer’s Between Governing & Governance is a provocative contribution to contemporary theoretical debates on evolving forms of governance within the European Union (EU). Kjaer’s contention is that over recent decades three new “governance structures” (following Kjaer, GS) have become increasingly prevalent within the EU – namely commitology, the open method of coordination (OMC) & independent regulatory agencies – and that these new GS can no longer be understood or explained by reference to the inter-governmental/supranational distinction that has traditionally been used to frame discussion. Instead, Kjaer seeks to suggest that EU governance is an evolving “hybrid structure” consisting of “networks” of traditional hierarchical organizations (such as the Commission, Council and Parliament), intermixed with new “heterarchical” organizational forms.
Ryosuke AMIYA-NAKADA, Tsuda College
The aim of the paper is to analyze the EU social and labor policy in relation to the development of the Single Market. This topic is usually discussed using the dichotomy as “neo-liberalism” against “Social Europe,” or the Common Market versus the national welfare states. To the contrary, this paper offers a new perspective to understand the political tension inherent in the EU social policy by differentiating the “social” into the individual social rights and collective rule-making. From this perspective, it is elucidated that different understandings on the role of collective rule-making is harder to reconcile with the construction of the Single Market, where the rights should be universal and beyond a specific national conception.
Junko UEDA, Kyushu University
The European Court of Justice (ECJ) has handed down a number of judgments regarding ‘golden shares’. The cases are brought against the background of liberalisation of the economy of the member states which results in the creation of privatised companies from formerly state-owned enterprises. In these cases, so-called ‘golden shares’ accompanied by special powers including the rights to limit general shareholders’ voting rights, approval rights and vetoes vested with shareholders are issued to the authority, including the relevant ministers and government officials, via the articles of association of the company under the special act of the member state, which may authorise the company to adopt such company articles, or under laws and regulations of the member state. Obviously, the purpose of the issuance is to maintain State control over the company even after its privatisation. The cases are, without exception, brought by the European Commission (Commission) against the member state. The plaintiff, the Commission, argues that the issuance of ‘golden shares’ infringes the obligations under the Treaty Establishing the European Community (EC)/ Treaty on the Functioning of the European Union
(TFEU) provisions of the defendant, the member state. The relevant provisions of the EC/TFEU are the free movement of capital or/and freedom of establishment. This article thoroughly examines the 13 relevant cases (including one joined cases) before the ECJ which have been reported or posted at the EU official website to date, the final judgments of which were made between 1999 and 2010, and reflects upon the theoretical points raised by these cases.