A Transalpine Look at Equity Derivatives : Convergence and Divergence in Disclosure and Takeover Regulations in the EU

The difference between the French and the Italian regulatory approaches to cash-settled equity derivatives (CSDs), particularly in the context of takeover regulation, underlines a conflicting relationship with respect to the harmonization of financial market regulations, exacerbated by the complexity of financial innovation and the specific corporate governance and transparency issues raised by CSDs. It demonstrates a dual movement of convergence in disclosure regulations and divergence in takeover regulations from one side of the Alps to the other, which hinders the harmonization of capital markets law in the EU