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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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