TL;DRAbstract
The use and limits of negative integration to further freedom of establishment were discussed extensively in chapter 5. Its application to national measures which restrict free movement of capital is examined in this chapter. This potentially opens the legal aspects of the Member States' corporate governance systems to challenge, albeit that to date the cases considered by the European Court of Justice (ECJ) have been confined to Member State laws granting golden shares to governments. Those decisions have been complemented by a number of directives which harmonise national information disclosure relating to corporate governance, and can be viewed as reflexive regulation of the interaction between capital markets and individual companies. As we saw in chapter 6, procedural regulation of this type allows EC law to avoid making a choice between different models of corporate governance, whilst increasing the level of market integration.
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The use and limits of negative integration to further freedom of establishment were discussed extensively in chapter 5. Its application to national measures which restrict free movement of capital is examined in this chapter. This potentially opens the legal aspects of the Member States' corporate governance systems to challenge, albeit that to date the cases considered by the European Court of Justice (ECJ) have been confined to Member State laws granting golden shares to governments. Those decisions have been complemented by a number of directives which harmonise national information disclosure relating to corporate governance, and can be viewed as reflexive regulation of the interaction between capital markets and individual companies. As we saw in chapter 6, procedural regulation of this type allows EC law to avoid making a choice between different models of corporate governance, whilst increasing the level of market integration.
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