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Härkönen, Elif
Publications (10 of 10) Show all publications
Härkönen, E. (2018). Conflict Minerals in the Corporate Supply Chain: Is Transparency the Solution to Human Rights Violations in the Tantalum, Tin, Tungsten and Gold Supply Chains?. European Business Law Review, 29(5), 691-727
Open this publication in new window or tab >>Conflict Minerals in the Corporate Supply Chain: Is Transparency the Solution to Human Rights Violations in the Tantalum, Tin, Tungsten and Gold Supply Chains?
2018 (English)In: European Business Law Review, ISSN 0959-6941, E-ISSN 1875-841X, Vol. 29, no 5, p. 691-727Article in journal (Refereed) In press
Abstract [en]

The European Union has recently enacted the Conflict Minerals Regulation, introducing new transparency requirements for importers of tantalum, tin, tungsten and gold from conflict-affected regions. Similar legislation has previously been enacted in the United States. The purpose of the new transparency requirements in both jurisdictions is to cut off funding for armed groups in confl ict areas and thus reduce the suffering of the civil population, with particular reference to the situation in the Democratic Republic of the Congo. The criticism of the legislation centers on the costs to companies in the minerals supply chain. In this article it is argued that the costs to companies subject to the transparency requirements can be minimized with carefully crafted legislation. It is also concluded that progress in achieving the humanitarian objectives of the legislation is slower than expected, mainly due to the lack of participation in the transparency efforts by all actors in the supply chain. Successful transparency regulation has to be supported by a multitude of actors in the international community. Also, mineral supply chain transparency regulation in itself is unlikely to solve armed conflicts in resource-rich but poor countries. Such legislation only provides for one component in a multi-level approach including legislative, economic and political efforts by the international community.

Place, publisher, year, edition, pages
Kluwer Law International, 2018
Keywords
transparency, corporate supply chains, conflict minerals, disclosure, corporate governance, CSR
National Category
Law and Society
Identifiers
urn:nbn:se:liu:diva-151287 (URN)
Available from: 2018-09-15 Created: 2018-09-15 Last updated: 2018-09-20Bibliographically approved
Härkönen, E. (2018). Regulating Equity Crowdfunding Service Providers: An Innovation-Oriented Approach to Alternative Financing. Nordic Journal of Commercial Law (1), 201-230
Open this publication in new window or tab >>Regulating Equity Crowdfunding Service Providers: An Innovation-Oriented Approach to Alternative Financing
2018 (English)In: Nordic Journal of Commercial Law, ISSN 1459-9686, E-ISSN 1459-9686, no 1, p. 201-230Article in journal (Refereed) Published
Abstract [en]

In recent years the advancements in technology have led to an upheaval in many markets. In the financial sector, technological innovations have led to the emergence of technology-enabled financial services, ranging from new product offerings to new business concepts. In this article, the regulatory challenges facing online intermediary platforms, and in particular equity-based crowdfunding platforms, are discussed more in detail. An integral part of crowdfunding is the prevalence of actors who provide crowdfunding services, operating digital crowdfunding platforms, where the business funding interest of investors and companies is matched. Equity-based digital platforms have over the past few years become an important financing alternative, especially for small and medium-sized growth companies. However, such platforms have only recently attracted the attention of regulators. In this article, the regulatory framework covering equity-based crowdfunding platforms in the Nordic countries is discussed in detail. It is concluded that the Nordic countries have very different approaches to regulating crowdfunding platforms, hindering the development of a pan-Nordic market in equity crowdfunding. The proposal for a pan-European opt-in legislation covering Crowdfunding Service Providers (CSPs) is likely to complicate the regulatory framework in the Nordic countries even further. Although the Nordic countries have chosen different paths in regulating equity-based CSPs, the regulatory regime each country has chosen for the registration or authorization of CSPs does not seem to be decisive of the success of local equity crowdfunding markets. This does not mean that regulation of the sector is irrelevant for the success of an alternative finance market. On the contrary, the regulatory requirements on crowdfunding project owners seem to have a significant effect on the development of the market. It is suggested in the article that the dismal development of equity crowdfunding in Norway and Denmark is likely to be caused by the restrictions on offers in private company shares on online intermediary platforms in the two countries, and not by the admittedly burdensome authorization requirements applicable to CSPs. The legal environment is thus of importance for the development of equity crowdfunding in individual Nordic countries, although not in the way it is usually perceived to be of importance.

Place, publisher, year, edition, pages
Turku, Finland: Turun Yliopisto * Oikeustieteellinen Tiedekunta, 2018
Keywords
equity crowdfunding service provider
National Category
Law (excluding Law and Society)
Identifiers
urn:nbn:se:liu:diva-153240 (URN)10.5278/ojs.njcl.v0i1.2490 (DOI)
Available from: 2018-12-04 Created: 2018-12-04 Last updated: 2018-12-11Bibliographically approved
Härkönen, E. (2017). Crowdfunding and the Small Offering Exemption in European and US Prospectus Regulation: Striking a Balance Between Investor Protection and Access to Capital?. European Company and Financial Law Review, 14(1), 121-148
Open this publication in new window or tab >>Crowdfunding and the Small Offering Exemption in European and US Prospectus Regulation: Striking a Balance Between Investor Protection and Access to Capital?
2017 (English)In: European Company and Financial Law Review, ISSN 1613-2556, Vol. 14, no 1, p. 121-148Article in journal (Refereed) Published
Abstract [en]

Small and medium sized enterprises (SMEs) face proportionally higher costs than larger corporations when offering their shares to the public. An alternative to bank financing or an initial public offering is to raise small amounts of capital from the crowd, i.e. crowdfunding. During the past year, both the European Union (EU) and the United States (US) have either proposed or implemented changes to the regulation of prospectuses. The aim in both jurisdic-tions is to promote innovative forms of business financing. Changes in prospectus regulation should however not be at the expense of investor protection regulation. Non-qualified investors are generally seen as less sophisticated and in need of more comprehensive investor protection regulation than institutional and other qualified investors. In this article, the proposed changes to the EU prospectus regulation are examined in light of the newly adopted Regulation A and Regulation Crowdfunding in the US, with a focus on how the proposed changes will affect retail investors as well as SMEs and their ability to raise capital through crowdfunding. A conclusion drawn from the comparative study is that several safeguards intended to protect non-qualified investors in crowdfunding offers are present in the US but not in the EU. It is argued in this article that the changes proposed in the EU, making it easier for SMEs to raise capital on the capital markets, should be accompanied by more robust investor protection regulation.

Place, publisher, year, edition, pages
Walter de Gruyter, 2017
Keywords
crowdfunding prospectus regulation, US financial regulation EU financial regulation, capital, financing, SMEs, small and medium sized enterprises, shares
National Category
Law (excluding Law and Society)
Identifiers
urn:nbn:se:liu:diva-137688 (URN)10.1515/ecfr-2017-0005 (DOI)
Available from: 2017-05-24 Created: 2017-05-24 Last updated: 2017-06-02Bibliographically approved
Härkönen, E. (2017). Investerarskyddet vid gräsrotsfinansiering: –om intressekonflikter, asymmetrisk information och effektiva marknader. Nordisk Tidsskrift for Selskabsret (1), 45-61
Open this publication in new window or tab >>Investerarskyddet vid gräsrotsfinansiering: –om intressekonflikter, asymmetrisk information och effektiva marknader
2017 (Swedish)In: Nordisk Tidsskrift for Selskabsret, ISSN 1399-140X, no 1, p. 45-61Article in journal (Refereed) Published
Keywords
gräsrotsfinansiering, MiFID, riskkapital intressekonflikter
National Category
Law (excluding Law and Society)
Identifiers
urn:nbn:se:liu:diva-142754 (URN)
Available from: 2017-11-01 Created: 2017-11-01 Last updated: 2017-11-28Bibliographically approved
Härkönen, E. (2017). Investeringsbaserad gräsrotsfinansiering- En expanderande marknad utan reglering. Juridisk Tidskrift (3), 674-698
Open this publication in new window or tab >>Investeringsbaserad gräsrotsfinansiering- En expanderande marknad utan reglering
2017 (Swedish)In: Juridisk Tidskrift, ISSN 1100-7761, no 3, p. 674-698Article in journal (Refereed) Published
Place, publisher, year, edition, pages
Stockholms Universitet * Juridiska Institutionen,Stockholm University, Faculty of Law, 2017
Keywords
gräsrotsfinansiering crowdfunding, småföretag, kapitalanskaffning, finansiering MiFID
National Category
Social Sciences Law (excluding Law and Society)
Identifiers
urn:nbn:se:liu:diva-137687 (URN)
Available from: 2017-05-24 Created: 2017-05-24 Last updated: 2017-06-02
Härkönen, E. (2016). CORPORATE LIABILITY AND INTERNATIONAL CHILD SEX TOURISM –WITH SPECIAL REFERENCE TO THE REGULATION IN THE NORDIC COUNTRIES. Scandinavian Journal of Hospitality and Tourism, 16(3), 315-332
Open this publication in new window or tab >>CORPORATE LIABILITY AND INTERNATIONAL CHILD SEX TOURISM –WITH SPECIAL REFERENCE TO THE REGULATION IN THE NORDIC COUNTRIES
2016 (English)In: Scandinavian Journal of Hospitality and Tourism, ISSN 1502-2250, E-ISSN 1502-2269, Vol. 16, no 3, p. 315-332Article in journal (Refereed) Published
Abstract [en]

Both national and international regulators have focused on criminalizing individuals engaging in child sex tourism (CST). It is, however, just as important to focus on the infrastructure making CST possible. In this article, an evaluation is made of what, if any, responsibility can be attributed to corporations organizing or facilitating CST. An evaluation of international and national regulation shows that progress has been made during recent years in establishing corporate liability for CST crimes. However, there are still significant loopholes in international and national regulation. Also, enforcement of existing regulation is lax.

Place, publisher, year, edition, pages
Routledge, 2016
Keywords
Child sex tourism, corporate criminal liability, corporate civil liability, corporate social responsibility
National Category
Law (excluding Law and Society)
Identifiers
urn:nbn:se:liu:diva-123403 (URN)10.1080/15022250.2015.1108861 (DOI)000375317900006 ()
Note

Funding agencies: Adlerbertska Research Foundation

Available from: 2015-12-15 Created: 2015-12-15 Last updated: 2017-12-01
Härkönen, E. (2015). Juridiska personers ansvar för brott. Om förstärkta sanktionssystem inom värdepappersmarknadsrätten. Juridisk Tidskrift, 2015-2016(1), 145-158
Open this publication in new window or tab >>Juridiska personers ansvar för brott. Om förstärkta sanktionssystem inom värdepappersmarknadsrätten
2015 (Swedish)In: Juridisk Tidskrift, ISSN 1100-7761, Vol. 2015-2016, no 1, p. 145-158Article in journal (Refereed) Published
Place, publisher, year, edition, pages
Stockholm: , 2015
Keywords
juridiska personer straffansvar värdepappersmarknadsrätt brott sanktioner
National Category
Law (excluding Law and Society)
Identifiers
urn:nbn:se:liu:diva-123404 (URN)
Available from: 2015-12-15 Created: 2015-12-15 Last updated: 2017-12-01
Härkönen, E. (2013). Aktiemarknadsbolagets informationsgivning: särskilt om amerikansk och svensk reglering av selektiv information på sekundärmarknaden för värdepapper. (Doctoral dissertation). Jure
Open this publication in new window or tab >>Aktiemarknadsbolagets informationsgivning: särskilt om amerikansk och svensk reglering av selektiv information på sekundärmarknaden för värdepapper
2013 (Swedish)Doctoral thesis, monograph (Other academic)
Abstract [en]

In my dissertation I examine the disclosure obligations of publicly listed corporations on the securities markets. I adress these issues within both the American and Swedish legal contexts. The purpose of this doctoral dissertation is to determine the current state of Swedish law in regards to the regulation of disclosures in publicly listed corporations. I also examine if there is a need of improvement in regards to the Swedish regulation of disclosures by publicly listed corporations. The study is mainly focused on securities law, although some corporate law rules, closely related to the regulation of disclosures on the stock market, are also examined. The subject of this study is corporate disclosures on the secondary market, including both disclosures in financial reports and ad hoc disclosures. In the study, selective disclosures by corporations are examined more in detail. An evaluation is also made of the regulation of damages in securities disclosure cases. It is argued that a proper protection of investors requires that investors have the right to seek redress for damages accrued to them by misleading disclosures. In the study it is proposed that the Swedish legislators enact new tort rules in Swedish law regulating investors’ right to seek redress for pure economic loss resulting from false or misleading corporate disclosures.

Place, publisher, year, edition, pages
Jure, 2013. p. 403
Keywords
disclosures, publicly listed corporations, publicly traded corporations, ad hoc disclosures, financial reporting, damages, pure economic loss, Swedish law, American law, U.S. law, comparative law, comparative method, securities, selective disclosures, due diligence, insider trading, securities law, tort law, IFRS, US GAAP, tender offers
National Category
Law (excluding Law and Society)
Identifiers
urn:nbn:se:liu:diva-106329 (URN)978-91-7223-430-7 (ISBN)
Public defence
2013-05-03, SKF-salen, Handelshögskolan, Vasagatan 1, Göteborg, 13:00 (Swedish)
Available from: 2014-05-05 Created: 2014-05-05 Last updated: 2016-09-29Bibliographically approved
Härkönen, E. (2013). Investerarskydd och skadeståndsansvar: hur väl står sig de svenska reglerna i konkurrensen?. Ny Juridik (3), 1-11
Open this publication in new window or tab >>Investerarskydd och skadeståndsansvar: hur väl står sig de svenska reglerna i konkurrensen?
2013 (Swedish)In: Ny Juridik, no 3, p. 1-11Article in journal (Other (popular science, discussion, etc.)) Published
Place, publisher, year, edition, pages
Karnov Group, 2013
National Category
Law
Identifiers
urn:nbn:se:liu:diva-106336 (URN)
Available from: 2014-05-05 Created: 2014-05-05 Last updated: 2014-05-12
Härkönen, E. (2012). Amerikansk övervakning av europeiska värdepappersmarknader: särskilt om tillämpningen av rule 10 (b) 5 efter Dodd-Frank Act. In: Jan Kellgren (Ed.), Vänbok till Ingrid Arnesdotter: uppsatser i affärsrättsliga frågor och om utbildning i affärsrätt (pp. 70-89). Jure
Open this publication in new window or tab >>Amerikansk övervakning av europeiska värdepappersmarknader: särskilt om tillämpningen av rule 10 (b) 5 efter Dodd-Frank Act
2012 (Swedish)In: Vänbok till Ingrid Arnesdotter: uppsatser i affärsrättsliga frågor och om utbildning i affärsrätt / [ed] Jan Kellgren, Jure, 2012, p. 70-89Chapter in book (Other academic)
Place, publisher, year, edition, pages
Jure, 2012
Keywords
rule 10 (b) 5 Dodd-Frank Act, extraterritorial regulation USA securities law
National Category
Law
Identifiers
urn:nbn:se:liu:diva-106334 (URN)9789172234857 (ISBN)
Available from: 2014-05-05 Created: 2014-05-05 Last updated: 2014-05-12Bibliographically approved
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