Browsing by Subject "Contract Law"

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  • Romero Nieto, Pablo (Helsingin yliopisto, 2020)
    Giving the consolidation of a framework that allows for the operations of drones for commercial purposes by the new implemented Regulation (EU) 2019/947 on the rules and procedures for the operation of unmanned aircraft, this thesis introduces the reader to both the origin of the technology, the potential business applications of drones in the civil environment, and the current provisions regarding the risk-based operational characteristics of the Regulation as means to analyse the previously existing air and contractual law’s provisions. Through the exploration of the relevant legal principles and regulatory guidelines available for the interpretation of liability assignment and applicability, and by comparing the regulation to the contractual model in order to provide a deeper understanding of how the technology can be commercialized on a Drone-as-a-Service model, the author presents the relevant need of further legislation addressing the application of liability regimes harmonization between Member States from the perspective of the Unmanned Aircraft Systems Operator to satisfy the modern Cloud-Based Services Agreements model and allow the use of Internet as a platform for cross-jurisdictional performance. The first chapter revolves around the historical development and the growing civil interest in the application of drones to activities as a novel, as well as to already established activities that are currently performed by different technologies. Furthermore, it presents the possibility of its characterisation under the framework currently employed by cloud-based services regarding its commercial contractual format. The second chapter focuses on introducing the new Regulations (EU) 2019/947 and 2019/945, which have set the legal and regulatory frame for the safe conduction of activities of unmanned aircrafts, including the principles that served as base for the development of the provision;, the operational rules; machinery requirements and classifications; and the categories’ classification system that have been created for risk assessment. Overall, the frame serves as a guide for anyone interested in venturing in this business. The third chapter explores the international laws and EU air laws that will influence the ruling and potential jurisprudence regarding liability decisions. It aims at presenting both the relevance of Member States autonomy over regulatory decisions and importance towards contractual liabilities disputes. The focus is strongly focused on Operators that will be employed by service providers under the conceptualised cloud-based services agreements contracts framework. Finally, the thesis presents its conclusions and recommendations towards the commercial parties and legislators.
  • Juurikkala, Oskari (2009)
    Law is important – but not as important as many lawyers believe. Evidence from different countries demonstrates that businessmen rely more on social norms than on legal rights and duties. Sometimes law is even deliberately avoided. Social norms and informal practices can also be enforced through a variety of non-legal sanctions. Law is still relevant, especially in non-continuous relationships and so-called end-game situations. But legal norms are most relevant and efficient when they are well-aligned with social norms.
  • Mainz, Jonathan (Helsingin yliopisto, 2022)
    The crypto-asset market has grown exponentially in recent years, creating a whole new sub-industry to the financial sector. Following this rapid growth, the interest of regulators towards the industry has naturally increased around the world. Indeed, in autumn 2020, the European Commission published its first draft on the Regulation on Markets in Crypto-Assets (COM (2020) 593 final) (“MiCA”). The proposal is part of the EU's digital finance package, which states to create an innovation-friendly environment for market participants while simultaneously ensuring financial stability and investor protection in the markets. This thesis examines the regulation of the crypto-asset markets from a critical perspective. The main focus stands on the question of how to simultaneously enable innovation, market access, free competition and operational efficiency for market participants, while simultaneously ensuring adequate investor protection, market reliability and legal certainty for individual investors in the EU. As the EU has appeared to take quite a similar approach to regulate the industry with the existing MiFID II legislation in traditional finance, comparing the current and upcoming legislation is a natural approach to assess and give some context to the subject in some parts. Due to the cross-border nature of the phenomenon, the review will focus on the EU area's regulation as a whole, and the legislation of individual Member States will not be examined in greater detail. On the other hand, international legislative solutions and regulatory proposals have been covered to some extent, as the market for crypto-assets is focused mainly outside the EU. The thesis concludes that the objectives of the planned legislation are most likely to remain theoretical. Furthermore, the examination indicates that neither the EU legislators nor the proposed regulation would promote innovation or free competition in the markets. Instead, it appears that the regulatory future is most likely going to create barriers for new companies' market entrance while at the same time alleviating the market access to the crypto-asset industry for the major traditional finance market participants. Therefore, implementing the Regulation in its current form is likely to cause more harm than good to the industry. Although investor protection would improve in some parts with the entry into force of MiCA, the new Regulation would also increase the fragmentation of industry regulation, create opportunities for regulatory arbitrage and leave many critical regulatory issues unresolved. Regarding the preparatory work of MiCA, it is particularly striking that the regulators seem to have a great ambition to structure the whole phenomenon to fit within the existing regulatory framework, without even questioning whether it is the most appropriate and effective solution or not. In addition, only the leading market participants and different banking authorities from traditional finance have been consulted and even required to give their opinions in the preparation stage. In contrast, the actual largest market participants in the crypto-asset industry, to whom the Regulation is going to affect the most, have not been heard comprehensively enough. Instead, the measures have been limited to open consultation, which the EU legislators have not even actively tried to market to these market participants. Therefore, it is pretty evident that regardless of the final decisions the regulators are going to make and the form that the Regulation will end up in, the current way of preparing the MiCA makes the Regulation very susceptible to questioning and criticism.