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The principle of equal treatment in capital markets law
Editing:
N. Vervessos
Lecturer at the National and Kapodistrian University of Athens,
Attorney-at-law
Abstract: This study focuses on whether there is a general principle of equal
treatment in capital markets law, a question of special interest following the
decision “Audiolux” of the CJEU. The answer is that on top of the specific forms
of equal treatment enshrined in the capital markets legislation or case-law, there
is a general principle of equal treatment which is based on the triangle of justice,
trust and equal opportunities. This result is confirmed by the findings of neo-
institutionalism, where the principle of equal treatment helps address structural
imbalances in the capital market. It also helps to reduce transactional costs and
to address deviations from the “rational investor” standard. The study concludes
with the application of the principle of equal treatment in selected examples
from practice, such as selective information, listing of shares on a regulated
market, the acquisition of treasury shares and payment of consideration when
acquiring blocks of shares.
ISBN 978-960-562-554-2
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