TOWARDS AN EU DIRECTIVE ON PROTECTIVE FUNDS. Ed by S C J J Kortmann, D J Hayton, N E D Faber, K G C Reid, and J W A Biemans Deventer: Kluwer, Law and Business Finance vol 10, 2009. xxiv + 358 pp. ISBN 9789013065893. £120.
| DOI | 10.3366/elr.2012.0091 |
| Date | 01 January 2012 |
| Published date | 01 January 2012 |
| Pages | 130-132 |
Whilst it would be unnecessarily dramatic to think of the trust as a frightful hobgoblin, it may be plausible to claim that it currently stalks through Europe. To change metaphors, the confluence of academic interest in comparative trusts law with legislative initiatives to introduce trust-like devices may have created a flood tide, which an appropriately-crafted general instrument can ride to its fortune. Book X of the Draft Common Frame of Reference, recently the subject of a symposium in this journal ((2011) 15 EdinLR 462), constitutes one attempt to draft such an instrument; the draft Directive on Protected Funds, the centre-piece of
It should immediately be noted that the draft Directive, with its accompanying commentary and introduction, takes up only the first 42 pages of the book. It thus shares, albeit to a lesser degree, one of the difficulties of Book X. Certainly, this reviewer would have wished for some digging into the details of the draft Directive itself, as well as an explanation of what other options were considered, and why those options were rejected. It may perhaps be true that a lapidary draft is easier to present as a clear way forward, but many academic readers would also have liked to listen in on, and benefit from, the discussions (and, presumably, occasional disagreements) of the members of the International Working Group on European Trust Law.
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