Transcending Boundaries in the Age of International Corporate and Financial Law

This article critically examines the dynamic interplay between European corporate law and international corporate law (ICL) against the backdrop of globalization and regulatory competition, offering insights into the former’s multifaceted influences and contributions to the evolving dynamics of the latter. Beginning with an exploration of the impact of ideologies such as nationalism, protectionism, and populism on corporate law, the study investigates the role of legal transplants and implants in comparative company law, highlighting their advantages and challenges, and the key features of ICL. Notably, the influence of U.S. law on ICL prompts an examination of EU corporate law’s role – whether it passively observes the Americanization of international legal systems or expands its own boundaries in response. To gauge the extent of the EU legislation’s reach, this study examines its recent regulatory developments shaping corporate law and governance, as the Market Abuse Regulation (MAR) and its Review, the Corporate Sustainability Reporting Directive (CSRD), the Corporate Sustainability Disclosure Directive (CSDD), and the General Data Protection Regulation (GDPR). In addressing the issue of extraterritoriality, the examination of ECB law becomes imperative, given that the territorial scope of ECB legal acts is intricate and nuanced. Through a comprehensive analysis, this article aims to elucidate the impact of these regulations on the international corporate landscape, providing insights into the current status of EU corporate law and its global influence. In tandem, an exploration of the EU’s emerging role as a standard-setter in technology-related domains is undertaken through an analysis of the AI Act and the Markets in Crypto-Assets Regulation (MICAR). This scrutiny aims to illuminate this tendency (and its far-reaching consequences) on the ICL landscape, providing valuable insights into the current status of EU corporate law and its influence globally. The argument put forth contends that EU corporate law displays attributes that have been adopted by the United States, as well as attributes borrowed by the EU from there. It also highlights a nuanced and dynamic relationship with principles of ICL. Hence, EU corporate law assumes a distinctive role and makes a unique contribution to ICL, underscored by its theoretical underpinnings, regulatory objectives, and normative trends. A traditional top-down and harmonized approach coexists with instances where the EU emerges as a pivotal authority, akin to leading international organizations within the ICL hierarchy. While not upsetting the status quo, this marks a significant step forward and reminds us of legal transplants. As the EU sails the legal seas, it not only unfurls its influence like a rising tide but also orchestrates a harmonious current, weaving through diverse legal landscapes.