Europeanisation Versus Regulatory Competition: The Case Of Business Entities

Abstract

The opposing phenomenon of harmonisation and regulatory competition involved the Business Entities since the European Community foundation, trying to photograph the political, historical and normative reality that accompanied the “European corporate law”.
The article presents the possible definition of the current «European Company Law» situation, overcoming both the model of Europeanisation and, possibly, the model of the Regulatory Competition: coherently, it can be affirmed that the direction taken is towards an «Americanisation» of the company law of Community background. Among the warnings may be the cold reception of the (private) project for a European Model Company Act; the tendency to give priority to issues with cross-border reflexes (configurable in an interstate commerce clause for Europe); the use of soft law instruments; the attitude to the spontaneous convergence of the regulations (as happened with the Fiat-Chrysler case and the fall of the prohibition of multiple voting shares in Italy); the post-Brexit Hamlet-like scenarios.