Public vs private enforcement of securities regulation in Europe

Paolo Giudici and Joseph A. McCahery

Chapter 12 in Research Handbook on EU Securities Law, 2025, pp 353-376 from Edward Elgar Publishing

Abstract: Securities and capital markets regulation is made up of a fabric of rules that are subject to public or private enforcement, or both. There has been ongoing debate on whether one form of enforcement is preferable or more suitable in respect of securities regulation, and on what is the right balance. This debate tends to compare the US market with other markets. In this regard, the general view is that US securities regulation uses private enforcement more than European securities regulation. In the area of antitrust law, however, Europe has been moving for around 20 years in the direction of an increase in private enforcement, and one might wonder whether this trend will be followed, at least to a certain extent, by EU securities regulation. This chapter analyses the matter.

Keywords: Public enforcement; Private enforcement; Securities regulation; Securities class actions; Third-party litigation (search for similar items in EconPapers)
Date: 2025
ISBN: 9781800376038
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