Symposium Discussion Report: Fourth Session Improving Market Effectiveness: Intermediaries, Infrastructures, and the Broader Legal Framework by ANDRI FANNAR BERGÞÓRSSON* The president of the session, Pierre-Henri Conac (University of Luxembourg, Luxembourg) introduced the subjects and speakers for this discussion. The Upcoming Harmonization of Insolvency Law as Part of the Capital Markets Union Sebastian Mock (Universität Hamburg, Germany) and Lorenzo Stanghellini (University of Firenze) presented the upcoming harmonization of insolvency law as part of the Capital Markets Union (CMU). Mock explained the current framework and the need for harmonization of insolvency law at EU level. Even though there had been some major reforms in many of the Member States in the last decade there was no harmonization of national insolvency laws in the EU except in special areas, such as in banking law. Some harmoni- zation had taken place at EU level in 2000 when the Council adopted a regulation which improved and accelerated insolvency proceedings by laying down common rules on jurisdiction, recognition and applicable law. 1 The aim was to create legal certainty for cross border insolvencies. Mock then presen- ted several arguments for going further in harmonizing the rules at EU level. For example, he pointed out that there was a certain legal uncertainty for creditors (and also shareholders) regarding applicable insolvency law. Stanghellini presented the main points (or hints on what will be the main points) of the upcoming EU proposal on insolvency law which would intro- duce common principles and standards in order to ensure that national insol- vency frameworks function better, especially in a cross-border context. He started by introducing the policy background of this work, from the European * Ph.D. Fellow, University of Copenhagen, Faculty of law. 1 Council regulation (EC) No 346/2000 of 29 May 2000 on insolvency proceedings [2000] OJ L 160/1. Brought to you by | Utrecht University Library Authenticated Download Date | 9/20/17 11:50 AM