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EC Reforms of Corporate Governance and Capital Markets Law: Do They Tackle Insiders' Opportunism?

We provide an overview of the numerous corporate governance and securities reforms enacted or currently discussed by the European Community. After identifying the drivers of these policy initiatives, we separately describe the measures enacted to implement the Financial Services Action Plan, those ensuing from major US and European corporate scandals, that in many respects emulate some of the Sarbanes-Oxley Act's provisions, and finally those aimed to modernise EU company law. Finally, we evaluate such initiatives in terms of their ability to curb insiders' (dominant shareholders) opportunism.