In the specially adapted and updated versions of the papers given at the Siena Conference of March 2000, the contributors attempt to investigate the relationship between company law, securities markets and securities regulation, or 'Capital Market Law'. This is an interdisciplinary project, involving scholars and practitioners of law and economics, policy makers, and corporate finance and management specialists from both sides of the Atlantic. It illustrates the increasing competitive pressure under which regulatory systems are developing, driven by market forces and regulatory competition. As markets are increasingly moulding the framework, the question arises to what extent a global regulatory system is being developed. European company law harmonization will increasingly have to take account of these market forces.