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Investor Protection in EuropeCorporate Law Making, The MiFID and Beyond$
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Guido Ferrarini and Eddy Wymeersch

Print publication date: 2006

Print ISBN-13: 9780199202911

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199202911.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 22 January 2022

How Can Corporate Governance Codes Be Implemented?

How Can Corporate Governance Codes Be Implemented?

(p.143) 5 How Can Corporate Governance Codes Be Implemented?
Investor Protection in Europe

Eddy Wymeersch

Oxford University Press

In most European States, corporate governance rules are laid down in self regulatory instruments, drawn up by different types of specialists or practitioners (academic, stock exchanges, business associations). Legislators have most of the time refrained from intervening in this matter. However, a great variety of factual situations exist: in some States, the corporate governance code is a mere recommendation, without any enforcement mechanism; in others the code is part of the listing conditions. This chapter reviews the different enforcement instruments, going from market-led enforcement, enforcement by civil law instruments, or by name and shame techniques. Most systems are based on the ‘comply and explain’ technique, which is also recommended by the European Corporate Governance Forum. In some States, the securities commission has recently been charged with an unclear mandate for supervising compliance.

Keywords:   corporate governance codes, self-regulation, comply or explain, recommendation, European Union, enforcement, disclosure

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