Företagsobligationsmarknaden och likabehandlingsprincipen – en analys av principens tillämplighet och räckvidd
(2023) JURM02 20232Department of Law
Faculty of Law
- Abstract
- The corporate bond market has thrived in the past decade and emerged as a compelling capital source for companies, particularly in light of the tighter restrictions placed on banks following the financial crisis. Notwithstanding its growth, the legal aspects of the market have not received sufficient coverage in Swedish legal literature. This study seeks to examine the presence of a principle of equal treatment in the Swedish corporate bond market.
A key aspect of the analysis is Article 18(1) of the Transparency Directive, as transposed in Sweden via Chapter 18, Section 3 of the Securities Market Act. The analysis assesses whether the equal treatment principle requires substantive equality in addition to an informational requirement.... (More) - The corporate bond market has thrived in the past decade and emerged as a compelling capital source for companies, particularly in light of the tighter restrictions placed on banks following the financial crisis. Notwithstanding its growth, the legal aspects of the market have not received sufficient coverage in Swedish legal literature. This study seeks to examine the presence of a principle of equal treatment in the Swedish corporate bond market.
A key aspect of the analysis is Article 18(1) of the Transparency Directive, as transposed in Sweden via Chapter 18, Section 3 of the Securities Market Act. The analysis assesses whether the equal treatment principle requires substantive equality in addition to an informational requirement. The considered view is that under EU law, the obligation to provide equal treatment is exclusively related to the provision of information. This conclusion is supported by a systematic and teleological interpretation of Article 18(1) and by CJEU case law, particularly the Audiolux case. However, upon examining the interpretations from other Nordic countries at the time of implementation, there appears to be a lack of uniform understanding regarding the provision's interpretation.
The analysis then continues with a focus on Swedish law, which is feasible as the Transparency Directive is a minimum directive. Although EU law likely stipulates solely an obligation for informational equal treatment, the paper argues for the existence of a substantive principle of equal treatment at the Swedish level. This stance is reinforced by illustrating comparable situations in pursuant to Swedish company law, where the significance of the equal treatment principle for a properly operating market is emphasized. The PECL and DCFR also support this view.
The principle of equal treatment must be observed in several relationships within the corporate bond market, specifically in the interactions between issuers and bondholders, as well as between bond agents and bondholders. The legal regulation for the former is primarily located in Chapter 18, Section 3 of the Securities Market Act, while for the latter, it is primarily derived from the Standard Terms and Conditions for Bonds. Even without such terms, it appears that a comparable requirement is probable to exist as a commercial practice between bond agents and creditors. The demand to treat each other in an equally substantial way is also viewed as applicable between creditors, and this stems from the fact that their interactions within a bond loan can be viewed as an unincorporated partnership (Sw. enkelt bolag).
It is noteworthy that the matter discussed in this paper has not been tried by a court in Sweden. Finally, to support a strong and reliable market with efficient capital allocation, the need for further studies to deepen the legal understanding of the Swedish corporate bond market is highlighted. (Less) - Abstract (Swedish)
- Företagsobligationsmarknaden har blomstrat det senaste decenniet och blivit en alltmer attraktiv kapitalkälla för företag, särskilt i ljuset av de strängare restriktioner som införts för banker efter finanskrisen. Trots tillväxten har de rättsliga aspekterna av marknaden fått begränsad uppmärksamhet inom den svenska juridiska litteraturen. Denna uppsats syftar till att utreda huruvida en likabehandlingsprincip finns på den svenska företagsobligationsmarknaden.
En central utgångspunkt för analysen är artikel 18.1 i öppenhetsdirektivet, som har implementerats i Sverige genom 18 kap. 3 § i lagen om värdepappersmarknaden. Analysen undersöker i vilken grad likabehandlingsprincipen, förutom ett krav på lika information, också ställer krav på... (More) - Företagsobligationsmarknaden har blomstrat det senaste decenniet och blivit en alltmer attraktiv kapitalkälla för företag, särskilt i ljuset av de strängare restriktioner som införts för banker efter finanskrisen. Trots tillväxten har de rättsliga aspekterna av marknaden fått begränsad uppmärksamhet inom den svenska juridiska litteraturen. Denna uppsats syftar till att utreda huruvida en likabehandlingsprincip finns på den svenska företagsobligationsmarknaden.
En central utgångspunkt för analysen är artikel 18.1 i öppenhetsdirektivet, som har implementerats i Sverige genom 18 kap. 3 § i lagen om värdepappersmarknaden. Analysen undersöker i vilken grad likabehandlingsprincipen, förutom ett krav på lika information, också ställer krav på materiell likabehandling. Slutsatsen är att likabehandlingskravet enligt EU-rätten endast begränsas till informationsfrågor. Denna slutsats stöds av en systematisk och ändamålsenlig tolkning av artikel 18.1 samt av EU-domstolens praxis, särskilt rättsfallet Audiolux. Genom att undersöka tolkningarna från övriga nordiska länder vid implementeringen framgår dock att det inte råder en enhetlig syn på hur bestämmelsen ska förstås.
Analysen fortsätter sedan med fokus på svensk rätt. Detta är möjligt eftersom öppenhetsdirektivet är ett minimidirektiv. Trots att EU-rätten endast fastställer ett krav på informationsmässig likabehandling, argumenterar uppsatsen för existensen av en materiell likabehandlingsprincip på svensk nivå. Denna tolkning stöds av jämförelser med likabehandlingsprincipens funktion inom associationsrätten och aktiebolagsrätten, där dess betydelse för en välfungerande marknad understryks. Även PECL och DCFR stödjer detta synsätt.
Den beskrivna likabehandlingsprincipen är tillämplig i flera relationer på den svenska företagsobligationsmarknaden, inklusive i förhållandet mellan emittent och obligationsägare samt mellan obligationslånagent och obligationsägare. Regleringen av den första situationen återfinns främst i 18 kap. 3 § i lagen om värdepappersmarknaden, medan den senare situationen härleds från SSMA-villkoren. Även utan sådana villkor antyder analysen att ett liknande krav sannolikt föreligger enligt handelsbruk mellan obligationslåneagent och fordringsägare. Kravet att behandla varandra materiellt lika anses även gälla fordringsägare emellan, och detta härleds direkt från att deras interaktioner under ett obligationslån ofta kan betraktas som ett enkelt bolag.
Det är viktigt att påpeka att frågan som behandlas i uppsatsen ännu inte har prövats i allmän domstol i Sverige. För att stödja en stark och pålitlig marknad med effektiv kapitalallokering framhålls avslutningsvis behovet av ytterligare studier för att fördjupa den rättsliga förståelsen av den svenska företagsobligationsmarknaden. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/9142253
- author
- Carlberg Johansson, William LU
- supervisor
- organization
- alternative title
- The Corporate Bond Market and the Principle of Equal Treatment - An Analysis of the Applicability and Scope of the Principle
- course
- JURM02 20232
- year
- 2023
- type
- H3 - Professional qualifications (4 Years - )
- subject
- keywords
- avtalsrätt, civilrätt, associationsrätt, förmögenhetsrätt, företagsobligationer, EU-rätt, företagsobligationsmarknaden, obligationsmarknaden, obligationer, likabehandling
- language
- Swedish
- id
- 9142253
- date added to LUP
- 2024-01-19 16:26:46
- date last changed
- 2024-01-19 16:26:46
@misc{9142253,
abstract = {{The corporate bond market has thrived in the past decade and emerged as a compelling capital source for companies, particularly in light of the tighter restrictions placed on banks following the financial crisis. Notwithstanding its growth, the legal aspects of the market have not received sufficient coverage in Swedish legal literature. This study seeks to examine the presence of a principle of equal treatment in the Swedish corporate bond market.
A key aspect of the analysis is Article 18(1) of the Transparency Directive, as transposed in Sweden via Chapter 18, Section 3 of the Securities Market Act. The analysis assesses whether the equal treatment principle requires substantive equality in addition to an informational requirement. The considered view is that under EU law, the obligation to provide equal treatment is exclusively related to the provision of information. This conclusion is supported by a systematic and teleological interpretation of Article 18(1) and by CJEU case law, particularly the Audiolux case. However, upon examining the interpretations from other Nordic countries at the time of implementation, there appears to be a lack of uniform understanding regarding the provision's interpretation.
The analysis then continues with a focus on Swedish law, which is feasible as the Transparency Directive is a minimum directive. Although EU law likely stipulates solely an obligation for informational equal treatment, the paper argues for the existence of a substantive principle of equal treatment at the Swedish level. This stance is reinforced by illustrating comparable situations in pursuant to Swedish company law, where the significance of the equal treatment principle for a properly operating market is emphasized. The PECL and DCFR also support this view.
The principle of equal treatment must be observed in several relationships within the corporate bond market, specifically in the interactions between issuers and bondholders, as well as between bond agents and bondholders. The legal regulation for the former is primarily located in Chapter 18, Section 3 of the Securities Market Act, while for the latter, it is primarily derived from the Standard Terms and Conditions for Bonds. Even without such terms, it appears that a comparable requirement is probable to exist as a commercial practice between bond agents and creditors. The demand to treat each other in an equally substantial way is also viewed as applicable between creditors, and this stems from the fact that their interactions within a bond loan can be viewed as an unincorporated partnership (Sw. enkelt bolag).
It is noteworthy that the matter discussed in this paper has not been tried by a court in Sweden. Finally, to support a strong and reliable market with efficient capital allocation, the need for further studies to deepen the legal understanding of the Swedish corporate bond market is highlighted.}},
author = {{Carlberg Johansson, William}},
language = {{swe}},
note = {{Student Paper}},
title = {{Företagsobligationsmarknaden och likabehandlingsprincipen – en analys av principens tillämplighet och räckvidd}},
year = {{2023}},
}