27 April 2018

Legal Systems for the 21st Century: Markets and Fairness

  • The seminar ‘Legal Systems for the 21st Century’ aims to unravel some of the (complementary) weaknesses and strengths of several mechanisms in regulating corporate behaviour, especially in light of non-legal (e.g. psychological) factors that might influence such behaviour.
    Questions to be addressed are, e.g., what elements of which of the regulatory mechanisms in place are actually useful for a 21st century legal system? What is wrong with command-and-control legislative interventions? How to circumvent over-arching regulatory and enforcement policies?
  • When: 27/04/2018
  • Where: HEC Alumni House, 9 Avenue Franklin Roosevelt, 75008 PARIS

During this seminar the emphasis will be on developments within private enforcement (by citizens) on the one hand and public enforcement (by governmental agencies) on the other. As to private enforcement, i.e. litigation by private actors, the focus is on the challenges that various traditional mechanisms have in performing well in their enforcement task, illustrated by evidence that (a) for several reasons certain types of disputes have moved out of expensive and slow court procedures into apparently more effective alternative dispute resolution (ADR) mechanisms (i.e. forms of dispute settlement without involving the judiciary; examples range from consumer-trader, personal injuries, to B2B sectors), and that (b) collective actions are far less effective than ‘new regulatory mechanisms’ or ‘legal technologies’ like redress powers used by regulators and by consumer ombudsmen.

These approaches require academics, corporate leaders and policy makers to revise their understanding of the goals, efficiency, techniques, structures and desired outcomes of regulatory regimes

As to the public enforcement part, the seminar looks at changes in (a) the practice of enforcement and compliance away from deterrence to supporting performance and compliance, (b) the understanding of the empirical evidence on underlying theories, such as deterrence and supportive or performance-based approaches, (c) the regulatory structures, such as the UK’s co-regulatory model of ‘regulated self-assurance’, and (d) the understanding of the policy implications of behavioural psychology. Some elements of the developments within both approaches are already visible in some countries and sectors.

As will be addressed during the seminar, the combination of these two approaches and the developments within them, requires academics, corporate leaders and policy makers to revise their understanding of the goals, efficiency, techniques, structures and desired outcomes of regulatory regimes and to consider the implications for our understanding of accountability and fault based liability regimes.
This seminar is jointly organized by HEC Paris Law Department, KU Leuven, Oxford University and Erasmus University Rotterdam School of Law.


13:55 - Opening and Welcome by the Organizing Committee
Prof. Alberto Alemanno (HEC Paris) & Dr. Alexandre Biard (Erasmus University Rotterdam)
14:00 - First Session: Regulatory Techniques
Prof. Christopher Hodges (Oxford University) & Prof. Stefaan Voet (KU Leuven)
1. Regulatory Techniques, Structures, Policies and Theories
2. The Shift in Enforcement Policy from Deterrence to include Support for Performance
3. The Impact of Behavioural Science, and Empirical Evidence on ‘No Blame’ and Culture
4. The Ethical Business Practice and Regulation Model
15.30 - Coffee/Tea Break
15.20- Second Session: Settling Disputes
Prof Dr. Stefaan Voet (KU Leuven) and Prof Dr. Christopher Hodges (Oxford University)
5. Dispute Resolution: The Shift from Litigation to A(C)DR or different intermediaries
6. Collective Redress and new Techniques for Dealing with Mass Harm Challenges
7. An Integrated Model: The role of Private Systems, Regulated Systems and the Courts in a Pluralistic Dispute Resolution Landscape
8. Conclusions: Political, Cultural, Economic, Social and Legal Perspectives on Markets and Fairness
17.30 - Invited Comments & General Discussion
- Mr. Guy Canivet, President of Haut Comité Juridique de la Place Financière de Paris (HCJP), Honorary First President of the Cour de Cassation, former Member of the Constitutional Council.
- David Restrepo Amariles (Assistant Professor in Law, HEC Paris)
- Prof. Horatia Muir Watt (Professor in Law, Sciences Po Paris)
18.30-19h30: Drinks
Registration: Participation is free of charge, but please register by sending an e-mail to Ms. Olfa Mzita ( Limited places available.