Who ShouldMake Corporate Law?EC Legislation Versus Regulatory Competition

This paper makes a case for the future development of European corporate law throughregulatory competition rather than EC legislation. It is for the first time becoming legallypossible for firms within the EU to select the national company law that they wish togovern their activities. A significant number of firms can be expected to exercise thisfreedom, and national legislatures can be expected to respond by seeking to make theircompany laws more attractive to firms. Whilst the UK is likely to be the single mostsuccessful jurisdiction in attracting firms, the presence of different models of corporategovernance within Europe make it quite possible that competition will result inspecialisation rather than convergence, and...