This doctoral thesis project aims to investigate the sectors in which private enforcement for breach of securities market law has been explicitly regulated under European Union law. This includes areas such as the information contained in public offerings prospectuses, as well as the transparency requirements for securities issuers in primary markets. Specifically, the analysis will focus on the applicable legal framework, and the rulings and interpretation issued by the Court of Justice of the European Union, the national jurisdictions and other additional competent authorities.

The objective is to examine common elements and legal reasoning that could consistently support the analogical extension of such regulatory framework to other segments of the securities markets that lack specific legislation. Initially, two areas have been further studied by scholars –market abuse and the obligation to issue a public takeover bid–, but this thesis project seeksto analyse other less explored fields. In addition, in such sectors that lack specific legislation, the thesis will examine how private enforcement is handled by main EU Member States –both legally and by national courts and authorities– as well as by other third countries with higher investor protection standards, such as the United Kingdom and the United States. 

This will specifically aim at determining whether there is sufficient legal reasoning to support private enforcement actions within national jurisdictions under their respective contractual and tort liability regimes, following the European principles of equivalence and effectiveness. The research will also explore procedural aspects such as the nature and quantification of damages, standing to bring claims, and class actions admissibility, amongst others.

Furthermore, the research will adopt a pragmatic standpoint to explore the potential inclusion of a securities market tort law within a single European code, considering the opportunity of the European Union's Capital Markets Union project. The investigation will compare the legal approach to competition tort law, which may provide justification for such a regulatory framework within securities markets.

On a broader level, the thesis will identify specific areas of improvement in micro-prudential supervision that may enhance the protection of investors. This encompasses strengthening the powers of the European Securities and Markets Authority and improving the exchange of information between national competent authorities.