The EU Commission’s Action Plan on Financing Sustainable Growth reflects a pivotal shift in policy priorities, spurred by a fast-moving international agenda, and specifically the adoption of the Paris Agreement and the UN Sustainable Development Goals. The ambitious goals of the Action Plan require private capital to be reoriented to more sustainable investment purposes. To this end, one key objective in the Action Plan is to foster transparency and long-termism in financial and economic activity, implemented among others through imposing new requirements on ESG-related disclosure on companies and financial market actors. This article investigates whether and how that policy objective is impacted by the ubiquitous market practice of high-frequency trading (HFT). Evidence suggests that HFT may have an inbuilt focus on short-term pricing signals. Furthermore, HFT can hamper the uptake of the new ESG-related disclosure requirements with negative effect for sustainable market outcomes. Neither the new regulatory initiatives nor the current regulatory measures in Directive 2014/65/EU (MiFID II) will alleviate these shortcomings. This constitutes a gap in the policy agenda relating to the institutional and organisational features of the current market structure. These issues should be given consideration in future policy-making assessments and efforts aiming to improve long-term sustainability in financial markets.
Twentieth-century cartel registers, operated in a number of countries predominantly from around 1950 to the early 1990s, are a new international field of research. Such registers provide empirical data for research in a variety of fields, including law and economics. This article gives an overview of Norwegian cartel regulation, policy, registration and practice from 1954 to 1993, that is the period in which the Norwegian Price and Competition Act 1953 remained in force. To do so, we combine legal sources, historical accounts and a unique dataset collected and coded from the Norwegian Cartel Registry. In 1957 and 1960, vertical and horizontal price fixing respectively was generally prohibited. Using Norwegian cartel register data, we discuss whether and how these regulatory changes affected Norwegian cartel activity and organisation. We find that Norwegian cartels were long-lived, and that the typical cartel was a pure pricing cartel. Notwithstanding a lenient exemption policy, the prohibitions reduced the number of pricing cartels. The reduction was largely caused by the composition of entering cartels, as well as pricing cartels leaving the market. Very few cartels seemingly changed their cartel agreements. Our data suggests that established cartels were, perhaps surprisingly, non-flexible with regard to alternative modes of anti-competitive coordination.
This article examines the decisions on religious and gender discrimination handed down by two quasi-judicial monitoring bodies in Denmark and Norway, mapping similarities and differences between the two bodies. While the monitoring bodies tend to arrive at similar results, their modes of reasoning and understanding of what constitutes ‘religion’ for legal purposes differ considerably. Looking in particular at the decisions on religious headgear and handshaking, the article suggests that these differences may be due to a range of different factors, from the legal framework on anti-discrimination in the two countries, to the staffing of the monitoring bodies, and the financial support available for their work.
Oslo Law Review
2-2020, volume 7
Oslo Law Review was established in 2014, and publishes research articles from all areas of legal scholarship, as well as interdisciplinary articles or articles that engage with law from the perspective of other related disciplines (e.g. political science, anthropology, sociology, linguistics and philosophy).
Professor Lee A. Bygrave, Department of Private Law, University of Oslo
Luca Tosoni, Norwegian Research Center for Computers and Law, Department of Private Law, University of Oslo
Professor Vidar Halvorsen, Department of Criminology and Sociology of Law, University of Oslo
Doctoral Research Fellow Anders Narvestad, Department of Public and International Law, University of Oslo
Professor Alla Pozdnakova, Scandinavian Institute of Maritime Law, University of Oslo
Professor Shaheen Sardar Ali, University of Warwick
Professor Bert Jaap Koops, University of Tilburg
Professor Elise Poillot, University of Luxembourg
Professor Giovanni Sartor, European University Institute/University of Bologna
Professor Emeritus Carsten Smith, University of Oslo
Professor Lawrence Solum, Georgetown University
Design and typesetting: Type-it AS, Trondheim
Cover design: Scandinavian University Press, Sissel Tjernstad
ISSN online: 2387-3299
The journal is published by Scandinavian University Press (Universitetsforlaget) on behalf of the Faculty of Law at the University of Oslo.