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Class Actions in Het Financieel Recht

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Class Actions in Het Financieel Recht UNIVERSITEIT GENT FACULTEIT RECHTSGELEERDHEID ACADEMIEJAAR 2012-2013 Class actions in het Financieel Recht Masterproef voorgedragen tot het bekomen van de graad van Master in de Rechten Nicolas Boucquey (Studentennummer: 00805829) onder leiding van Prof. Dr. M. Tison DANKWOORD Deze masterproef staat symbool voor het einde van mijn vijfjarige opleiding aan faculteit Rechten van de Universiteit Gent. In deze periode zag ik mijn interesses in twee wegen uitgaan. Enerzijds is er bij een voorliefde voor de fiscale kant van het recht. Anderzijds schuilt mijn grote passie in het financieel-economisch recht waarvan de wortels zich vinden in het L&H-debacle vinden. Afkomstig uit Poperinge en geboren in Ieper bevond ik me niet veraf van de eerste Belgische ‘mass securities claim’. Vandaar ook de snelle keuze voor dit onderwerp als masterproef. Deze was evenwel een werk van lange adem met een aantal moeilijkheden onderweg. Daarom wens ik naar aanleiding van het schrijven van deze masterproef een aantal personen bedanken. In eerste instantie wil ik Prof. Tison bedanken voor zijn bijstand als promotor, evenwel ook voor het doceren van vakken als Handelsrecht en Kapitaalmarktrecht die mij als veruit de meeste boeiende colleges zullen bijblijven. Vervolgens wens ik mijn ouders te danken voor de financiële en morele steun doorheen dit parcours aan de Universiteit Gent. Daarnaast wil ik mijn vriendin bedanken voor het meermaals herlezen van deze masterproef, haar steun en haar onvoorwaardelijk geloof in mijn kunnen. Nicolas Boucquey 16 Augustus 2013, 2 Inhoudsopgave Hoofdstuk 1: Inleiding ............................................................................................................................. 8 1 Doel ............................................................................................................................................. 9 2 Begrippenkader ......................................................................................................................... 10 2.1 Schade in hoofde van de belegger ........................................................................................ 10 2.1.1 Massaschade ................................................................................................................. 10 2.1.2 Directe versus indirecte schade .................................................................................... 12 2.2 Class action ............................................................................................................................ 15 2.2.1 Definitie ......................................................................................................................... 15 2.2.2 Kenmerken .................................................................................................................... 16 2.2.3 Werking ......................................................................................................................... 17 Hoofdstuk 2: Class actions naar Belgisch recht? ................................................................................... 20 1 Complicaties in het Belgisch procesrecht .................................................................................. 20 1.1 Theorie van de rechtsvordering ............................................................................................ 20 1.2 De vereiste van belang en hoedanigheid .............................................................................. 21 1.3 Gezag van gewijsde ............................................................................................................... 22 1.4 Procesidentificatie en tegenspraak ....................................................................................... 23 1.5 Gerechtskosten en de rechtsplegingsvergoeding ................................................................ 24 1.6 Deontologie: de advocaat als ondernemer ........................................................................... 25 2 Belgische alternatieven ............................................................................................................. 29 2.1 Cumulatie van vorderingen en tussenkomst ......................................................................... 29 2.1.1 Cumulatie van vorderingen ........................................................................................... 29 2.1.2 Vordering tot tussenkomst ............................................................................................ 31 2.2 Procesvertegenwoordiging ................................................................................................... 32 2.3 Burgerlijke partijstelling bij het strafproces .......................................................................... 34 3 Verandering op komst ............................................................................................................... 36 3.1 Trigger effect ......................................................................................................................... 36 3.1.1 Lernout & Hauspie ......................................................................................................... 36 3.1.2 Fortis .............................................................................................................................. 37 3.2 Recentste wetsvoorstellen .................................................................................................... 40 3.2.1 Voorstel Orde der Vlaamse Balies ................................................................................. 40 3 3.2.2 Reglement Nederlandstalige orde van de balie te Brussel .......................................... 41 3.2.3 Invoering van het wetboek Economisch Recht ............................................................. 42 4 Besluit ........................................................................................................................................ 43 Hoofdstuk 3: Buitenlandse ervaringen met massaschade in fraudezaken ........................................... 44 1 Amerika ..................................................................................................................................... 44 1.1 Securities Fraud Class Action ................................................................................................. 44 1.1.1 Inleiding ......................................................................................................................... 44 1.1.2 Pre-certificatie-fase ....................................................................................................... 44 1.1.3 Post-certificatie-fase...................................................................................................... 45 1.1.4 Fraud-on-the-market-vermoeden ................................................................................. 46 1.2 Securities Litigation Reform .................................................................................................. 48 1.2.1 Inleiding ......................................................................................................................... 48 1.2.2 Private Securities Litigation Reform Act ........................................................................ 48 1.2.3 Verder hervorming ........................................................................................................ 53 1.2.4 Huidige tendensen ........................................................................................................ 54 2 Europa ....................................................................................................................................... 56 2.1 Inleiding ................................................................................................................................. 56 2.2 Europese initiatieven ............................................................................................................. 56 2.2.1 Inleiding ......................................................................................................................... 56 2.2.2 Beperkt horizontale aanpak .......................................................................................... 57 2.2.3 Brede horizontale aanpak ............................................................................................. 57 2.2.4 Inspiratie ........................................................................................................................ 58 2.2.5 Kritiek............................................................................................................................. 59 2.3 Nederland .............................................................................................................................. 60 2.3.1 Inleiding ......................................................................................................................... 60 2.3.2 Collectieve Actie ............................................................................................................ 61 2.3.3 WCAM ............................................................................................................................ 63 2.3.4 Hervorming .................................................................................................................... 68 2.3.5 Conclusie ....................................................................................................................... 71 2.4 Duitsland ...............................................................................................................................
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