Market Law Research Articles

International Competitiveness and Financial Regulators’ Mandates: Coming Around Again in the UK

Abstract Using post-Brexit regulatory freedom to strengthen the financial sector has been seen as a priority for the UK government under the Conservative Party following the 2017 general election. The laying before Parliament of the Financial Services and Markets Bill (July 2022) marked the start of a multi-year process aiming to transform the regulatory framework. Adding a competitiveness and growth secondary objective to regulatory mandates was an important part of the reform agenda set out in the Bill. This article draws on theory (regulatory competition, regulatory procyclicality, and regulatory design) and recent history (post 2008-crisis regulatory reform) to question the wisdom of reinstating international competitiveness in regulatory mandates in this way. The key concern is that this change risks opening the door to an excessively deregulatory agenda and the undermining of regulatory independence. That the new competitiveness and growth objective will be used to advance deregulatory agenda was already becoming evident during 2022 as the UK debated the adaptation and evolution of EU-derived prudential and capital market laws to suit its new situation. Since the competitiveness and growth objective bandwagon may have become unstoppable, the article directs attention to the role of accountability in protecting regulatory independence. Regulators need to be able to resist pressure to lower standards unduly, and an effective system of accountability can support them in doing so.

The Factors and Theories on Consumers' Purchase Intention of New Energy Vehicles

In recent years, in order to alleviate the increasingly serious situation of the world's environmental problems and promote the sustainable development of the global economy, the world's major automobile enterprises have been invested in developing and promoting new energy vehicles. By sorting out and analyzing the factors that affect consumers to buy new energy vehicles, this study was based on the consumer-related theory and aims to correctly grasp the consumption behavior and law of the new energy vehicle market. By collation and analysis of the previous studies, this study found that consumer demographics, attitude, perceived behavior control, and social norms are important factors affecting the consumption behavior of new energy vehicles, and explains different effects of each variable on consumer attitudes and behaviors from multiple theoretical perspectives. This study put forward the relevant suggestions to promote the development of new energy vehicles and provided guidelines for promoting the development of sustainable industries.

PENGUPASAN HUKUM PASAR MODAL SYARIAH TERHADAP HUKUM ISLAM

This research will discuss various types of Islamic sharia law that explore the Islamic Capital Market law. This law is based on the Fatwa of the National Sharia Council, Al Quran, Al Hadith and other laws regulated in Islamic sharia. Stripping the law of the is scrutinized through the verses of the Koran, Al Hadith, and the DSN MUI Fatwa. Other basic Islamic laws will not be examined but will provide additional theory and insight into Islamic law governing the Islamic capital market. In discussing Islamic capital market law on Islamic law, it is carried out using research methods based on references, library literature is followed by carrying out a normative juridical approach that is based on legal norms applied by the MUI DSN Fatwa. In addition to the law of fatwas, research is carried out based on sharia law based on the Koran such as Surah Al Baqarah (2:275), Surah An Nisa (4:29), Surah Al Maidah (5:1), Surah Al Jumuah (62:10) by stripping Islamic capital market legal research is also carried out based on the hadith of Rasulullah SAW which regulates the basis for implementing capital markets. With the stipulation of sharia law guided by the DSN-MUI fatwa No. 40/DSN- MUI/X/2003 in which the DSN-MUI fatwa contains a discussion on regulating the Capital Market
 with the backing of applying Islamic religious principles correctly to the laws that have been
 described.

Stock Market Laws

Stock market is seen as a sum total of different happenings, especially if we speak about share price. However, share price, as any other economic phenomenon is a combination of chance and law. Occasional nature of share price is evident in its everyday trading. In this case law is hidden under the opportunity to forecast share prices. For longterm periods law-governed nature of share price can be seen in its trend to growth, which can be accompanied by stock crises. The stock crisis in all its worth, as an even and as a process of share price drop is also a stock market law similar to a trend of its growth in time based on unlimited process of growing profit functioning capital. The law of changing the share price in the long-run period is a combination of opposite laws. Chance built in the growth trend, on the one hand includes uncertainty of both duration of share price growth period and characteristics of its drop during stock crises. On the other hand, long-term dynamics of share price is dynamics of its short-term casual changes.

The European Union’s response to the Covid-19 crisis and (the legitimacy of) the Union’s legal order

Abstract In EU legal scholarship, crises are associated with further European integration, often with legal and institutional innovations. Our analysis, covering examples of all aspects of ‘Union Covid law’, investigates two questions. To what extent is this true for the Covid-19 crisis—is Union Covid law what we expected? How has the pandemic re-shaped our understanding of the Union’s legal order, and especially its legitimacy? We draw out three broad overlapping themes, the ‘market/social’, ‘science/politics’, and ‘technocracy/democracy’ dimensions of Union law. We consider both the Union’s health law, and its economic governance, alongside other changes across a wide sweep of Union law including institutional law, and numerous aspects of internal market law, such as competition/state aids and consumer protection law. Overall, we show that Union Covid law is mostly predictable. However, our analysis demonstrates two important surprises. First, a narrow notion of the disciplines of the internal market, usually supposed to be fundamental to Union law, has been profoundly challenged. Second, the Union has not only deployed all its existing redistributive competences to respond to the pandemic. The Union has also effectively redefined its fiscal and economic governance powers to create a redistributive facility which, though formally limited in time, far exceeds in scale and scope any previous Union redistributive activity. Past Union crisis responses involved changes taking place outside Union legal structures, with the law sometimes ‘playing catch up’ in later Treaty amendments. This time, the Union’s Covid-19 crisis response at least purportedly takes place within existing legal constraints. This is new. We show, on the one hand, that the Union’s ‘output’ legitimacy has been enhanced. The Union is not forever condemned to lack legitimacy because of its economic constitutional settlement. The idea of a Union based on a legally encoded dominance of the ‘economic’ over ‘health’ interests—already widely discredited in Union health law scholarship—is replaced by Union law based on creative interpretations of formal competences, designed to meet the needs of human health as well as Union-wide economic recovery. On the other hand, however, the move to executive and technocratic governance associated with the Union’s pandemic response is a step backwards in terms of ‘input’ and ‘throughput’ legitimacy, in terms of both policy substance and law enforcement. The lack of democratic or judicial oversight over Union Covid-19 (soft) law negatively affects the legitimacy of Union law.

Research on the impact of exchange rates and interest rates on carbon price changes in the context of sustainable development

Carbon emissions are closely linked to a company’s production activities. The amount of carbon allowances a company holds determines its carbon emissions. Changes in carbon prices interact with firms’ production activities, while changes in exchange rates and interest rates have a direct impact on firms’ production structure, willingness to produce and scale of production. Under the existing literature, most scholars have selected only one market to be used to study its influence on the carbon market. In this paper, the exchange rate market and the interest rate market are selected for the study of the impact of both on the carbon market, using the following empirical analysis methods: DCC-GARCH, TVP-VAR and GA-BP neural network. The empirical results show that interest rates are positively linked to carbon prices, while exchange rates are more negatively linked to carbon prices; exchange rates are less affected by macro factors and external shocks, while interest rates are the opposite and very sensitive to macro shocks; under the training and simulation of the neural network, carbon prices can fluctuate drastically under the combined influence of exchange rate and interest rate movements, which can provide appropriate early warning of future price fluctuations in carbon trading. This shows that adjustments to exchange rates and interest rates need to be treated with caution, and appropriate adjustments should be made to keep carbon prices stable; the government should build a mechanism to transform the green development of enterprises, pushing them to save energy and reduce emissions to achieve low-carbon transformational development; the government should not only introduce policies to support low-carbon enterprises, but also improve the national carbon market laws and regulations and price regulation mechanisms.

Is the effect of drop limit order policy of the real estate industry in Yue yang city in line with expectations—Empirical analysis based on difference in difference

In recent years, the spread of covid-19 has led to a decline in residential consumption levels and a decrease in demand in the housing market. In order to maintain, some housing enterprises started to reduce prices significantly, this move destroyed the market law, and the local government set up the policy of limit drop order in order to restrict the malicious price reduction without following the market law, and it is not known whether the policy of limit drop order can promote the development of the real estate industry while limiting the malicious downgrade, according to the general rule, through the regulation of the real estate market should help the development of the real estate industry, this paper through This paper analyses Yue yang City, the first city to implement the drop restriction policy, through the double difference method. The results show that the drop restriction policy has a certain suppressive effect on the local real estate industry in the short term, while the impact on the market in the long term is yet to be studied.

Social inquiry for higher education in Russia: Sociological context

The purpose of the work is to determine the characteristics of the social demand for higher education in Russia. The methodological basis of the research is built around the neo-institutional theory, namely D. North's theory of institutional evolution. A theoretical model of the social inquiry for higher education in Russia was developed; four factors with the greatest influence on the social demand were formulated: 1) social inertia; 2) market laws; 3) students' intentions; 4) fashion and trends. The research was conducted and the results of comprehension of features of the social demand for higher education in Russia were presented. The qualitative empirical research aimed at verification of the proposed model of the social inquiry along with the analysis and comparison of the importance of the formulated factors. The theoretical model of the social demand for higher education in Russia was developed; a comparison of concepts of the social inquiry was made.

The New Law of the European Data Market: Demystifying the European Data Strategy

The New Law of the European Data Market: Demystifying the European Data Strategy

Rizici planskog upravljanja kineskom ekonomijom

Based on official PRC statistics and analytical data obtained from modern scientific and public research, it follows that the so-called Chinese economic miracle has ended. The rapid development of China was driven using cheap labor and the open-door policy for Western investment under the rules of basic market laws after Deng Xiaoping's 1977 reforms. All three factors have exhausted their resources. Further growth in living standards and education began to pose a danger to the Communist regime. Ignoring the laws of the free market economy, creating artificial plans for stimulating growth, repressing the entrepreneurs, sanctions pressure, an arms race, aggressive plans in the region and demographic changes inevitably lead to dangerous consequences - a slowdown in economic growth, debt load and capital outflow.

Vaspitno-obrazovna uloga učeničke zadruge

Student cooperatives were introduced into the educational system in 2018. However, they are not new. They functioned in the second half of the 20th century, mostly in vocational high schools, and then they gradually lost importance until they were completely shut down. Rapid technical and technological development and market laws, which make entrepreneurship imperative in the economic aspect of life, once again led to the need for student cooperatives. The student cooperative imposes itself as a unique, one could even say a universal form of student organization and work that contributes to the overall development of students. In accordance with the modern circumstances and challenges of the modern age, student cooperatives have become somewhat modernized. They encounter difficulties, but they successfully adapt to social trends. In all these complex circumstances, student cooperatives have achieved their main goal, which is the educational impact on students, which is its priority role. The aim of this paper is to corroborate and, relying on theoretical foundations and legal provisions, to point out the great training and educational importance of student cooperatives, which again has the effect of increasing the quality of education.

Public Listed Companies Takeovers Comparison Under Indonesian and Malaysian Law

The current condition of business competion is getting tighter. This causes the company to compete to maintain its existence. One way to do that is by restructuring the company. Takeover is one type of corporate restructuring. Takeover is a legal action carried out by a legal entity or individual to take over company shares resulting in a transfer of control over the company. The purpose of this legal research is to increase knowledge in the field of public listed companies takeovers based on Indonesian and Malaysian Law which can be benefit to legal practitioners. This research is a normative legal research using statutory and comparative approach. The data used in this research is secondary data. The results of the study are a public listed company that undertakes a takeover in not only subject to the laws and regulations regarding limited liability companies, but also must comply with the provisions of the capital market laws and regulation. After the takeover process occurs, the expropriating party must carry out a mandatory tender offer process. There are differences in terms of public listed companies takeover process between Indonesian and Malaysian Law including the requirements to become a new controller, minority shareholder rights, and takeover’s impact regulation on business competition.

Environmental and Climate Crises as a Factor in the Development of Modern Constitutionalism and Environmental Security

Due to the significant and often deliberate human impact on the natural environment, there are serious problems facing both present and future generations of people. Today, ethical, religious, political and economic arguments in favor of preserving and protecting the environment are unfortunately not taken seriously enough in society. Our responsibilities towards other people explain why we have responsibilities towards the environment. On the other hand, there is a growing voice in favor of recognizing that our duties to nature derive from the rights of the very components of nature, its flora and fauna. This raises the question of recognizing the rights of nature. The constitutions of individual states interpret nature as a subject of rights. The assumed interconnectedness of humans and nature introduces a systemic worldview. This shift to a holistic narrative serves as a catalyst for the growing acceptance of the new systemic worldview. The "rights of nature" embody a distinctive position of agricultural and environmental ethics that sets limits on human activity and justifies a partnership with the planet. Legal equality is perceived as a prerequisite for a symmetrical conceptualization of human relations with the planet.The environmental policy of the "green state" is aimed at ensuring sustainable development, which, among other things, includes ensuring environmental human rights, reducing socio-economic inequalities, eradicating environmental injustice (both within nation-states, regionally and globally, as well as between generations) and ensuring that the needs of the human economy do not exceed the regenerative capacity of the ecosystems on which this economy depends. In this context, there is a need for research on the political and institutional dynamics of the nation-state towards moving away from unsustainable development paths. Living in a sustainable ("green") political order, different from the current liberal-democratic one based on the laws of the free market, requires new legal, primarily constitutional, and institutional innovations. The purpose of this article is to invite a broad debate on the nature of the ecological state, its content and correlation with traditional principles of constitutionalism, and its impact on national security policy. Such a discussion will contribute to the recognition that the greening of the constitution is aimed at protecting national environmental interests and will contribute to improving environmental security.

The Change of Directors by New Shareholders After Acquisition Under the Limited Liability Company Law

The dismissal or replacement of a company's board of directors has become a frequently discussed thing in the business world. A new shareholder replaces the board of directors or the shareholder rejects the board of directors' accountability report as a reason for the replacement of the board of directors. The Board of Directors is an important part of a company. This study aims to discuss the position of directors, the process of dismissal or replacement of directors, and compensation due to directors been replaced. This study uses a normative juridical method. This study concluded that the directors are organs of the company not workers in the company. The relationship between directors and companies is based on the Limited Liability Company Law, the Capital Market Law, and the Anti-Monopoly and Business Competition Law. This relationship does not refer to the Labor Act. The position and process of replacing the board of directors based on the Limited Liability Company Law. Fired directors may receive compensation as stipulated in the agreement between the board of directors and the company. The Company can be represented by the board of commissioners as agreed in the General Meeting of Shareholders.

Editorial: A special issue in honour of Alison McDonnell: basso continuo of the Common Market Law Review

Editorial: A special issue in honour of Alison McDonnell: basso continuo of the Common Market Law Review

PUMP AND DUMP CRIMINAL OVERVIEW ACCORDING TO CAPITAL MARKET LAW NO. 8 YEAR 1995

This study aims to look at the Juridical Review of the Pump and Dump crime in capital market transactions on the Indonesia Stock Exchange based on the Capital Market Law. The main problem that the author discusses and analyzes in this research is the form of the Pump and Dump crime in capital market transactions on the Indonesia Stock Exchange based on the Capital Market Law and the proof of the Pump & Dump crime in the capital market (Case Study of TAXI and LUCK Issuers). The research method is a normative legal research method with a law approach and a case approach. Based on the analysis and provisions of the Capital Market Law, the author concludes that the Pump and Dump crime in capital market transactions on the Indonesia Stock Exchange, can be seen in its form based on certain patterns and methods. The form of the pump and dump pattern and method is in accordance with the elements of market manipulation as stipulated in the provisions of Articles 90 to 93 of the Capital Market Law. To prove that a pump and dump crime has occurred, evidence can be used as regulated in the Criminal Procedure Code.

Death by 1000 ‘true fans’: Do marketing laws apply to music listening?

AbstractThe advice to musicians and marketers is to focus on what they love: a truism for practitioners is to find 1000 ‘true fans’ and make $100 from each of them (Kelly, 2008.1000 True fans. The Technium). If this advice is correct, we should see musicians with loyal user bases engaging more with their favourite artists and less with other music, suggesting a narrow targeting strategy would suffice. On the other hand, the established marketing laws indicate that the listeners of very different genres should overlap more than conventional wisdom would suggest, supporting the need for a much broader approach to targeting potential audiences. Given these conflicting views, musicians need to know if they should market to their existing listeners, the listeners of music similar to theirs (i.e., the same genre), or if they should try to reach a much wider audience. We turn to established choice patterns from the marketing literature to address these questions in the music context. This study examines 84,000,000 observations of music listening from 27,000 unique global users between 2013 and 2014 and survey data from 2019 containing music listening from over 1000 representative respondents in the United States. The results show that listening follows the Duplication of Purchase law for genres, artists, albums, and songs, at an annual, 6‐months, 3‐months, 1‐month, and 1‐week period, with no indication of partitioned music listening. The implication is that musicians should try to reachallpotential listeners, regardless of what they already listen to. These findings contribute to the theoretical knowledge about duplication analyses of various durations, extend the contexts of choice behaviour that exhibit this pattern, and managerially, to knowledge about the extent of potential audiences and ‘share of ear’ competition.

The Application of Law to New Acts of Unfair Competition on the Internet

Affected by the epidemic in recent years, the Internet economy continues to flourish, showing a vibrant phenomenon. The continuous emergence of many new industries, new models and new technologies of the Internet economy, such as live streaming and online takeout, have brought great changes to the market economy. On the one hand, the new competitive behavior in the Internet field has brought huge benefits to the economy and ensured people's lives, but on the other hand, it is accompanied by risks, how to maintain the market economic order, how to protect the legitimate rights and interests of operators, and how to protect the rights and interests of consumers. Due to the limitations of Internet articles, it often occurs to escape to the "general terms" in practice; the lack of a clear standard of legitimacy of behavior leads to the problem of different judgments in the same case. On the basis of fully respecting the technical law and market law, defining the applicable conditions of the Internet special clause and determining the behavior legitimacy by the method of measuring interests is conducive to the protection of competition.

Procedural Customization & the Limits of Internal Market Law: The ECJ Conducting the Judicial Dialogue

Analyses on the limits of EU internal market law mainly focus on substantive evolutions regarding the underlying concepts. However, once the European Court of Justice (ECJ) has clarified the scope of the free movement principles, the ball is then passed to the national judiciary. In the future application of these boundaries, the judicial dialogue remains crucial to ensure an effective and correct implementation of EU law. This interaction is based on a set of procedural guidelines. Whereas such rules might appear as fixed circumstances, this article will demonstrate how the ECJ – through different dynamics – ensures the correct interaction between substantive and procedural evolutions. This ‘procedural customization’ will be uncovered regarding two central limits of EU internal market law: de minimis thresholds, and the purely internal situation doctrine. internal market law, field of application, limits, de minimis, purely internal situation, preliminary references, European Court of Justice, procedural customization

Analisis Komparatif Persepsi Kualitas Pelayanan Provider Telkomsel dan Indosat (Studi pada Pengguna Layanan Provider Telkomsel dan Indosat di Surabaya)

The telecommunications sector is the most important as a supporter of the economic growth of a city, especially the city of Surabaya. And a city that has a very rapid growth, is a potential market for the telecommunications industry. Both have become a law of reciprocity market. This study aims to identify and analyze differences in perceptions of service quality between Telkomsel providers and Indosat providers. The population used in this study were users of Telkomsel and Indosat service providers in the Surabaya area. The sample required is 50 respondents, namely 50 users who are currently or have used the Telkomsel and Indosat provider services. The sampling method used in this research is quota sampling. The type of data used in this study is primary data, namely data collected or obtained directly from the research object. The data collection technique used in this study was a questionnaire. The data analysis technique used in this research is comparative analysis. Thus, the results of this study are that there is a significant difference in the results of the assessment of service quality perceptions of Telkomsel Providers and Indosat Providers.