26 May 2016
Venue: ULIP Lecture Theatre, 9-11 rue de Constantine, 75007 Paris, France
The New Voices in Commercial Law is a seminar series which aims to provide a forum for debate and an opportunity for attendees to hear early career academics with outstanding potential discuss their research in an intellectually stimulating environment.
- Dr Marta Simoncini (Post-doctoral Fellow, King’s College, London and University of Antwerp): ‘Legal Boundaries of European Supervisory Authorities (ESAs) in Financial Markets: Tensions in the Developments of True Regulatory Agencies’.
The financial crisis urged the establishment of a European System of Financial Supervision (ESFS) aimed at promoting the stability of financial markets by ensuring a consistent and coherent mechanism of financial supervision at the EU level. Three EU regulatory agencies, the European Supervisory Authorities (ESAs), have been established with the aim of supervising and contributing to the regulation of the sectors of banking, securities and markets, and pensions and insurances.
The proposed article aims to explore the boundaries to the powers of these EU agencies in order to understand the limit and the potential of their action and to highlight the legal tensions that prevent the development of true regulatory agencies in the area of financial markets.
Marta Simoncini is an FWO post-doctoral fellow at the University of Antwerp and King’s College London. Currently, she is also a teaching fellow in EU law at University College London (UCL). Marta obtained her PhD in Administrative Law from the University of Pisa. Subsequently, she was a Max Weber Fellow at the European University Institute (EUI) and an FWO post-doctoral fellow at the University of Antwerp. Her research interests cover EU and comparative administrative law, fields in which she published extensively in international and national law journals. Her research focuses on the administrative protection of fundamental rights in the EU, especially in the area of risk regulation.
- Dr Filipe Fischmann (Research Fellow, Max Plank Institute for Competition and Innovation): ‘Reverse Payments in Europe: State of Play and Expected Future Developments’.
Research-based pharmaceutical companies and generic companies sometimes settle their patent disputes by agreeing that the generic company will stay out of the market, while receiving financial consideration from the patentee. If the patent would prevent competition, a payment (for damages) would normally be made by the alleged infringer (generic company) to the patentee (originator). However, the payments in the mentioned scenario flow in the reverse direction, ie from the originator to the generic company. Hence, they are called “reverse payments”.
The “reverse payment” settlements (or, as some prefer, “pay-for-delay” settlements) represent a controversial issue within competition law. The European Commission decided two cases on this issue, imposing fines of €146 Million (Lundbeck case) and €427 Million (Servier case). Now both cases are under appeal before the General Court. The presentation will address recent case law and discuss theoretical and practical aspects of the “reverse payments” issue under European Competition Law.
- Chair: Dr Andromachi Georgosouli (CCLS, QMUL)
- 17.00 Registration
- 17.30 Seminar
- 19.30 Reception
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