As announced by the Max Planck Institute Luxembourg, Prof. Dr. Pierre-Henri Conac, Professor at the University of Luxembourg, has been appointed as Max Planck Fellow by the President of the Max Planck Society.
The Max Planck Fellow Programme promotes the cooperation between outstanding university professors and Max Planck Society researchers. The appointment of Professor Conac as Max Planck Fellow is limited to a five-year period and also entails the supervision of a small working group at a Max Planck institute Luxembourg for Procedural Law.
Professor Pierre-Henri Conac will work on the regime of administrative pecuniary and non-pecuniary sanctions in financial markets’ law in the European Union (EU) and as such will contribute significantly to the expertise of the Luxembourg financial centre in this field.
The research that Prof. Dr. Pierre-Henri Conac will carry out will be of global interest. The International Organisation of Securities Commissions (IOSCO), which sets international standards in financial markets, is working on how to achieve “Credible Deterrence in the Enforcement of Securities Regulation”, which is often achieved through administrative sanctions. IOSCO is also working to facilitate cross-border access to financial markets and could play a role in the assessment of equivalence.
Potential review of the administrative sanction system in Luxembourg
The research project will analyse the differences between substantive and procedural rules in order to determine which provisions could benefit from greater harmonisation, with the aim of simplifying and increasing the effectiveness of enforcement. It could have an impact on regulatory practice and legislative developments in the Member States, especially in a major financial centre like Luxembourg, and in the European Union in general, leading to a review of the system of administrative sanctions and, possibly, of the accompanying procedures.
Find the full press release on the Max Planck Institute Luxembourg website.
photo credit: Max Planck Institute