Foundations of International Commercial Law provides a fresh analysis of both the contextual features of International Commercial Law and a range of different International Commercial Law instruments. This text covers the various elements which comprise International Commercial Law, the academic debates about the lex mercatoria and harmonisation, as well as a discussion of selected conventions and other instruments. International Commercial Law is concerned with commercial transactions which have an international dimension, for example contracts between parties from multiple jurisdictions. As an area of study, it is characterised by the interaction of a wide range of national and international legal sources which all shape the overall context within which international commercial contracts are made and performed. This book focuses on the international legal sources in particular. It first explores all the different elements which together comprise the context of international commercial transactions, before examining the process of making International Commercial Law. Specific instruments of International Commercial Law discussed in the book include the conventions on the international sale of goods, agency, financial leasing, factoring, receivables financing and secured interests in mobile equipment, together with the UNIDROIT Principles of International Commercial Contracts and documentary credits. There are separate chapters on private international law and international commercial arbitration, and a final chapter exploring the existing and potential impact of the digital economy on International Commercial Law. Offering a detailed overview of the main themes and key aspects of International Commercial Law, this book is for readers who are new to the subject, whether undergraduate or postgraduate students, legal scholars, practitioners or policymakers.

Foundations of International Commercial Law provides a fresh analysis of both the contextual features of International Commercial Law and a range of different International Commercial Law instruments. This text covers the various elements which comprise International Commercial Law, the academic debates about the lex mercatoria and harmonisation, as well as a discussion of selected conventions and other instruments. International Commercial Law is concerned with commercial transactions which have an international dimension, for example contracts between parties from multiple jurisdictions. As an area of study, it is characterised by the interaction of a wide range of national and international legal sources which all shape the overall context within which international commercial contracts are made and performed. This book focuses on the international legal sources in particular. It first explores all the different elements which together comprise the context of international commercial transactions, before examining the process of making International Commercial Law. Specific instruments of International Commercial Law discussed in the book include the conventions on the international sale of goods, agency, financial leasing, factoring, receivables financing and secured interests in mobile equipment, together with the UNIDROIT Principles of International Commercial Contracts and documentary credits. There are separate chapters on private international law and international commercial arbitration, and a final chapter exploring the existing and potential impact of the digital economy on International Commercial Law. Offering a detailed overview of the main themes and key aspects of International Commercial Law, this book is for readers who are new to the subject, whether undergraduate or postgraduate students, legal scholars, practitioners or policymakers.

Few sectors of the global economy have experienced the dynamic and structural change that has occurred over the past several decades in banking and financial services or as much turbulence and damage to the economy and to ordinary people. Regulatory and technological changes have been among the main catalysts of change in the financial industry worldwide, making entrenched competitive structures obsolete and mandating the development of new products, new processes, new strategies, and new public policies toward the industry.
This third edition of Global Banking reassess the continuing transformational process of global banking and finance--its causes, its course, and its consequences. It begins with an overview of the most recent developments and goes on to examine the major dimensions of international commercial and investment banking, including money and foreign exchange markets, debt capital markets, international bank lending, derivatives, asset-based and project financing, and equity capital markets. Later, the various advisory businesses--mergers and acquisitions, privatizations, institutional asset management, and private banking--are analyzed. In each case, the factors that distinguish the winners from the losers are identified. This is brought together in the final section of the book, which deals with problems of strategic positioning and execution, as well as critical risk issues and regulations.

Islam encourages business and financial transactions as a way of securing the basic needs for all human beings, but these need to be conducted in accordance with the principles contained in the Qur'an and Sunnah. However, these legal concepts are not classified subject-wise, and the verses on commercial law, like all other topics, are scattered throughout the Qur'an, making it difficult for readers to gain a full understanding of the topic. This, therefore, is the first comprehensive book to demystify Islamic contract law and specifically Islamic financial contracts, and to examine its roots and history. The book is written in a clear style to allow for a greater understanding of the more challenging and misunderstood areas pertaining to Islamic business and financial contracts. It also contributes a series of chapters which address the market niche and need, concerning Shariah compliance for Islamic financial products and services. The book is divided into 16 chapters in order to provide a holistic and thorough overview of Islamic law of contract. It covers the objections and misconceptions surrounding Islamic business and financial contracts. It also includes the key features and guiding principles of Islamic law of contract and offers technical know-how, illustrating the concept of formation of a contract, as well as the essential elements of a valid contract. The authors also offer a discussion on the system of options under Islamic business and financial contracts and potential solutions to breach of contracts. The book will serve as a handy reference for scholars and students of Islamic business and finance and Islamic commercial law and will also be beneficial for practitioners as well as legal and judicial officers. It will open new doors for further research in the field of Islamic financial contracts.

This book tracks the phenomenon of international corporate personhood (ICP) in international law and explores many legal issues raised in its wake. It sketches a theory of the ICP and encourages engagement with its amorphous legal nature through reimagination of international law beyond the State, in service to humanity. The book offers two primary contributions, one descriptive and one normative. The descriptive section of the book sketches a history of the emergence of the ICP and discusses existing analogical approaches to theorizing the corporation in international law. It then turns to an analysis of the primary judicial decisions and international legal instruments that animate internationally a concept that began in U.S. domestic law. The descriptive section concludes with a list of twenty-two judge-made and text-made rights and privileges presently available to the ICP that are not available to other international legal personalities; these are later categorized into 'active' and 'passive' rights. The normative section of the book begins the shift from what is to what ought to be by sketching a theory of the ICP that - unlike existing attempts to place the corporation in international legal theory - does not rely on analogical reasoning. Rather, it adopts the Jessupian emphasis on 'human problems' and encourages pragmatic, solution-oriented legal analysis and interpretation, especially in arbitral tribunals and international courts where legal reasoning is frequently borrowed from domestic law and international treaty regimes. It suggests that ICPs should have 'passive' or procedural rights that cater to problems that can be characterized as 'universal' but that international law should avoid universalizing 'active' or substantive rights which ICPs can shape through agency. The book concludes by identifying new trajectories in law relevant to the future and evolution of the ICP. This book will be most useful to students and practitioners of international law but provides riveting material for anyone interested in understanding the phenomenon of international corporate personhood or the international law surrounding corporations more generally.

"Read this book. It explains so much about the moment...Beautiful, heartbreaking work." -Ta-Nehisi Coates "A deep accounting of how America got to a point where a median white family has 13 times more wealth than the median black family." -The Atlantic "Extraordinary...Baradaran focuses on a part of the American story that's often ignored: the way African Americans were locked out of the financial engines that create wealth in America." -Ezra Klein When the Emancipation Proclamation was signed in 1863, the black community owned less than 1 percent of the total wealth in America. More than 150 years later, that number has barely budged. The Color of Money seeks to explain the stubborn persistence of this racial wealth gap by focusing on the generators of wealth in the black community: black banks. With the civil rights movement in full swing, President Nixon promoted "black capitalism," a plan to support black banks and minority-owned businesses. But the catch-22 of black banking is that the very institutions needed to help communities escape the deep poverty caused by discrimination and segregation inevitably became victims of that same poverty. In this timely and eye-opening account, Baradaran challenges the long-standing belief that black communities could ever really hope to accumulate wealth in a segregated economy. "Black capitalism has not improved the economic lives of black people, and Baradaran deftly explains the reasons why." -Los Angeles Review of Books "A must read for anyone interested in closing America's racial wealth gap." -Black Perspectives

Social science theorists from various scholarly disciplines have contributed to a recent literature that examines how the finance industry has expanded and now wields increasing influence across a variety of economic fields and industries. In some cases, this tendency towards a more sizeable and influential finance industry has been referred to as "the financialization" of the economy. This book explains how what is referred to as the finance-led economy (arguably a more neutral and less emotionally charged term than financialization) is premised on a number of conditions, institutional relations, and theoretical propositions and assumptions, and indicates what the real economic consequences are for market actors and households. The book provides a theoretically condensed but empirically grounded account of the contemporary finance-led economy, in many cases too complicated in its design and rich in detail to be understood equally by insiders-empirical research indicates-and lay audiences. It summarizes the relevant literature and points at two empirical cases, the construction industry and life science venturing, to better illustrate how the expansion of the finance industry has contributed to the capital formation process, and how the sovereign state has actively assisted this process. It offers a credible, yet accessible overview of the economic conditions that will arguably shape economic affairs for the foreseeable future. The book will find an audience amongst a variety of readers, including graduate students, management scholars, policymakers, and management consultants.

The book presents a collective action perspective to explain how extraterritoriality functions and assess when, and to what extent, extraterritoriality is effective. A collective action perspective provides a new account of foreign anti-bribery laws and their extraterritorial enforcement that draws on theories discussed in the field of economic governance. Within this framework, the book offers an intensive analysis of US foreign anti-bribery law such as the Foreign Corrupt Practices Act (FCPA), international law as it emanates from the OECD Anti-Bribery Convention, and comparative insights into UK law and German law. To test the theory in practice, the book provides a unique data set of more than 40 foreign anti-bribery enforcement actions conducted by the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), and other examples from comparative jurisdictions. Extraterritoriality and International Bribery is ideal reading for academics and students with an interest in global governance, economic crime, criminology, and law and economics, as well as practitioners concerned with foreign anti-bribery enforcement, including compliance officers, lawyers, investigating and prosecuting authorities, and business leaders. The book also discusses governance alternatives existing outside international anti-bribery law and offers policy and legal reforms proposals. The book suggests a decentralized enforcement model with the delegation of some enforcement tasks to an external body as the most appropriate governance alternative.

Compliance is a fundamental control function within regulated industries globally. This book provides an expert introduction to corporate compliance using cases, examples and insights from the financial services sector and beyond. The author, an experienced compliance practitioner and academic, highlights compliance challenges, using examples such as Wells Fargo, whistleblowing in the financial services and the mis-selling of payment protection insurance in the UK banking sector. The book explores strategies for creating compliant cultures and fostering regulatory trust, whilst practical guidance is provided on anticipating regulatory changes. Addressing organisational obstruction and delay, the author presents a series of valuable tools and techniques for real-world practice. An essential professional development resource for board directors, compliance officers and other senior managers, the book also provides a unique learning and development resource for students of corporate compliance globally.

Compliance is a fundamental control function within regulated industries globally. This book provides an expert introduction to corporate compliance using cases, examples and insights from the financial services sector and beyond. The author, an experienced compliance practitioner and academic, highlights compliance challenges, using examples such as Wells Fargo, whistleblowing in the financial services and the mis-selling of payment protection insurance in the UK banking sector. The book explores strategies for creating compliant cultures and fostering regulatory trust, whilst practical guidance is provided on anticipating regulatory changes. Addressing organisational obstruction and delay, the author presents a series of valuable tools and techniques for real-world practice. An essential professional development resource for board directors, compliance officers and other senior managers, the book also provides a unique learning and development resource for students of corporate compliance globally.

Maritime Cross-Border Insolvency is a comprehensive comparative examination of both insolvency regimes (UNCITRAL and EU) in shipping with reference to the main jurisdictions having adopted the UNCITRAL regime, i.e. USA, UK, Greece.

The field of consumer credit law has undergone major and fundamental change in the recent past, due in part to the regulation since 1 April 2014 of consumer credit by the Financial Conduct Authority, and this book provides a clear and complete guide to this difficult area of law. Fully updated for the second edition, the author considers new developments including: the new authorisation process under the Financial Services and Markets Act 2000, including the interim permission regime, and its consequences; the new regime for financial promotions as applied to credit and hire advertising; the new rules controlling high cost short term lending and peer to peer lending; the new provisions of the recently released Consumer Credit Sourcebook (CONC); the new requirements governing mortgage lending as contained in MCOB; the requirements for distance selling and off-premises contracts as applied to consumer credit and consumer hire including the impact of the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013; the jurisdiction of the financial ombudsman service on consumer credit. Also considered is the recent case law on the powerful unfair relationships jurisdiction. This comprehensive and practical guide is essential reading for legal practitioners, finance houses, credit reference agencies and retail organisations.

This book addresses the questions of discrimination, vulnerable consumers, and financial inclusion in the light of the emerging legal, socioeconomic, and technological challenges. New technologies - such as artificial intelligence-driven consumer credit risk assessment and Fintech platforms, the changing nature of vulnerability due to the ongoing COVID-19 pandemic, as well as the sophistication of digital technologies, which help circumvent legal barriers and protections - necessitate the continuous study of the existing legal frameworks and measures that are capable of tackling these challenges. Organized in two major parts, the first addresses, from multiple national angles, the idea of a human rights approach to consumer law, in order to replace the mantra of economic efficiency that characterizes financial services with those of human dignity and freedom from discrimination and from debt-induced servitude. The second tackles the challenges posed by increased usage of technology in connection with financial services, which tends to solve, but also creates, additional issues for consumers in general, and for vulnerable groups in particular.

The Financial Crisis was a cross-sector crisis that fundamentally affected modern society. Regulation, as a concept, was both blamed for allowing the crisis to happen, but also tasked with developing and implementing solutions in the wake of the crash. In this book, a number of specialists from a range of fields have contributed their insights into the effect of the Financial Crisis upon the regulatory frameworks affecting their fields, how regulators have responded to the Crisis, and then what this may mean for the future of regulation within those industries. These analyses are joined by a picture of past financial crises - which reveals interesting patterns - and then analyses of architectural regulatory models that were fundamentally affected by the Crisis. The book aims to allow sector specialists the freedom to share their insights so that, potentially, a broader picture can be identified. Providing an interesting and thought-provoking account of this societally impactful era, this book will help the reader develop a more informed understanding of the potential future of financial regulation. The book will be of value to researchers, students, advanced level students, regulators, and policymakers.

The steadily rising number of investor-State arbitration proceedings within the EU has triggered an extensive backlash and an increased questioning of the international investment law regime by different Member States as well as the EU Commission. This has resulted in the EU's assertion of control over the intra-EU investment regime by promoting the termination of bilateral intra-EU investment treaties (intra-EU BITs) and by opposing the jurisdiction of arbitral tribunals in intra-EU investor-State arbitration proceedings. Against the backdrop of the landmark Achmea decision of the European Court of Justice, the book offers an in-depth analysis of the interplay of international investment law and the law of the European Union with regard to intra-EU investments, i.e. investments undertaken by an investor from one EU Member State within the territory of another EU Member State. It specifically analyses the conflict between the two investment protection regimes applicable within the EU with a particular emphasis on the compatibility of the international legal instruments with the law of the European Union. The book thereby addresses the more general question of the relationship between EU law and international law and offers a conceptual framework of intra-European investment protection based on the analysis of all intra-EU BITs, the Energy Charter Treaty and EU law, as well as the arbitral practice in over 180 intra-EU investor-State arbitration proceedings. Finally, the book develops possible solutions to reconcile the international legal standards of protection with the regionalized transnational law of the European Union.

Setting forth the building blocks of banking bailout law, this book reconstructs a regulatory framework that might better serve countries during future crisis situations. It builds upon recent, carefully selected case studies from the US, the EU, the UK, Spain and Hungary to answer the questions of what went wrong with the bank bailouts in the EU, why the US performed better in terms of crisis management, and how bailouts could be regulated and conducted more successfully in the future. Employing a comparative methodology, it examines the different bailout and bank resolution techniques and tools and identifies the pros and cons of the different legal and regulatory options and their underlying principles. In the post-2008 legal-regulatory architecture financial institution specific insolvency proceedings were further developed or implemented on both sides of the Atlantic. Ten years after the most recent financial crisis, there is sufficient empirical evidence to evaluate the outcomes of the bank bailouts in the US and the EU and to examine a number of cases under the EU's new bank resolution regime. This book will be of interest of anyone in the field of finance, banking, central banking, monetary policy and insolvency law.

Over the years, a shortage of funds has resulted in a huge deficit in government budgets for infrastructure, especially in developing economies. It is no longer feasible for governments to bear the entire burden of funding public infrastructure. Given that an inadequate supply of public infrastructure poses a challenge for the economic development of any country, partnerships with the private sector to fund public infrastructure procurement has started to be relied on as an alternative to traditional public procurement. Public-Private Partnerships are an arrangement that allow private entities to fund, design, manage and operate public infrastructure for a term in exchange for the payment of tolls by users or the government may well be the solution to the infrastructure crisis in many developing economies. This book examines the role of law in the adoption, implementation and regulation of Public-Private Partnership in selected developing economies including Brazil, India, Nigeria and South Africa to address how to deal with overlapping laws and how the law can protect assets invested in PPP in order to attract private sector interests in infrastructure financing in developing market, showing how law can be used to create, sustain and promote PPP frameworks that take into account local circumstances in developing economies.

This book examines the regulatory framework, regulatory objectives, regulatory logics, regulatory instruments, regulatory failures, and regulatory responses in China's financial market after the global financial crisis. The book provides an in-depth analysis of China's contemporary financial regulatory system, focusing on risks, regulation, and policies in practice. By drawing on public and private interest theories relating to financial regulation, the book contends that the controlled development of the banking sector, and the financial sector generally, has transformed China's banks into more market-oriented institutions and increased public sector growth. However, China's financial market and financial regulation have some inherent weaknesses and deficiencies. This book also offers insights into how this can be improved or adapted to minimize systemic risks in China's financial sector. This book tries to prove that financial regulation is not just a vehicle for maintaining efficient financial markets but a primary tool through which the Chinese government achieves its political and economic objectives. More fundamentally, according to the law and finance theory, strong market and vibrant judicial systems are needed to further modernize China's financial markets and market economy. The book will be a useful reference for anyone interested in learning from the Chinese experience.

Corporate Liability for Insider Trading examines the reasons why there have been no successful criminal prosecutions, or successful contested civil proceedings, against corporations for insider trading, and analyses the various rationales for prohibiting insider trading. It reviews the insider trading regulatory regime and describes its key features, using both national and international examples. The book inspects a variety of criminal and civil models of corporate liability and considers the historical and theoretical basis on which corporations are subject to insider trading laws. The specific elements of the insider trading offence and the manner in which they are attributed to corporations are analysed in detail. Defences available to corporations such as Chinese Walls are explored, and the obligations that are imposed on businesses as a result of insider trading regulation - security trading policies and notifications, continuous disclosure obligations, and duties concerning conflicts of interest - are detailed and examined. The book concludes with reform proposals intended to remedy the many legal and commercial difficulties identified, in order that a new regulatory regime might be adopted to better serve regulators, businesses, investors, and the broader market. This volume addresses these corporate law topics and will be of interest to researchers, academics, financial institution compliance officers, investment bankers, corporate and comparative lawyers, and students and scholars in the fields of commercial law, corporate law, financial crime, company law, and white collar crime

This book examines the case of nominal income targeting as a monetary policy rule. In recent years the most well-known nominal income targeting rule has been NGDP (level) Targeting, associated with a group of economists referred to as market monetarists (Scott Sumner, David Beckworth, and Lars Christensen among others). Nominal income targeting, though not new in monetary theory, was relegated in economic theory following the Keynesian revolution, up until the financial crisis of 2008, when it began to receive renewed attention. This book fills a gap in the literature available to researchers, academics, and policy makers on the benefits of nominal income targeting against alternative monetary rules. It starts with the theoretical foundations of monetary equilibrium. With this foundation laid, it then deals with nominal income targeting as a monetary policy rule. What are the differences between NGDP Targeting and Hayek's rule? How do these rules stand up against other monetary rules like inflation targeting, the Taylor rule, or Friedman's k-percent? Nominal income targeting is a rule which is better equipped to avoid monetary disequilibrium when there is no inflation. Therefore, a book that explores the theoretical foundation of nominal income targeting, comparing it with other monetary rules, using the 2008 crisis to assess it and laying out monetary policy reforms towards a nominal income targeting rule will be timely and of interest to both academics and policy makers.

Through a rational reconstruction of orthodox legal principles, and reference to cutting-edge neuro-science, this book reveals some startling truths about the criminal law, its history and the fundamental doctrines that underpin the attribution of criminal fault. While this has important implications for the criminal law generally, the focus of this work is the development of a theory of corporate criminality that accords with modern theory of group agency, itself informed by advancements in contemporary philosophy and social science. The innovation it proposes is the theoretical and practical means by which criminal fault can be attributed directly to the corporate actor, where liability cannot or should not be reduced to its individual members.

The emergence of mobile money and other new forms of payment has changed the sovereign foundations of money. Starting as a Department for International Development funded project in Kenya, mobile money has now spread to many developing countries. This book looks at the regulatory issues that mobile money poses, and the potential risks to the financial system. It undertakes a comparative study of mobile money regimes in Kenya, Malawi, Tanzania, and South Africa. Although the main study is on Malawi, the lessons learnt are valuable to Sub Saharan Africa in understanding the regulatory issues surrounding mobile money. The main argument that this book makes is that the traditional regulatory architecture of supervising the financial services is ill-suited to supervise new forms of money like mobile money. With no requirement for a bank account, mobile money is not subject to prudential regulation. Mobile money is now considered a key developmental tool to achieve financial inclusion among the poor, rural based, unbanked, and underbanked. As opposed to traditional additive forms of financial inclusion, mobile money is transformative. In most jurisdictions where it has been launched, mobile money has largely been regulated using light-touch, with regulation following innovation. This work, however, proposes an approach based on the concept of really responsive regulation. This approach is best suited to embrace mobile money as it passes from the pre-financial inclusion to the post-financial inclusion phases of its evolution. This book will appeal to students and academics in the financial regulation field.

This book is the first academic contribution that deals with international taxation of income sources from sports events. Using an interdisciplinary approach, with in-depth analysis of both sports law and international tax law, it is notably the first academic work to conduct a thorough analysis in the fields of international taxation of eSports, sports betting as well as illegal/unlawful income sources that may be obtained in relation to a sporting event, such as kickback payments. After describing the general methodologies of income tax and VAT from an international standpoint, defining key terms such as 'eSports' and 'bidding procedure', the book examines in detail the taxation of the services that are rendered and the goods that are sold, thereby the income obtained, in relation to an international sports event from both income tax and VAT perspectives. Also analysed are government funding in the sports sector, along with its taxation modalities, as well as specific tax exemption regulations enacted for the purposes of mega sporting events. Highlighting the absence of an acceptable level of certainty in the field of taxation of international sports events, the work makes pertinent suggestions as to the future of international sporting event taxation law. With international appeal, this comprehensive book constitutes essential reading for tax and sports law scholars.

In a context of neoliberal globalization, have the processes of elaboration and implementation of foreign investors' responsibilities by intergovernmental organizations reached the realm of legality? Using an analytical framework and a methodology that combines international law with international relations, this book provides a twofold answer to this question. First, it demonstrates that the normative integration of foreign investors' responsibilities in international investment law is fragmented and consistent with the interests of the most powerful actors. Second, while using the interactional theory of international law to assess the normative character of several international instruments elaborated and implemented by intergovernmental organizations, it highlights the sense of obligation that each instrument generates. The analysis demonstrates that such a codification process is marked by relations of power and has resulted in several social norms, with relatively few legal norms.

The over-the-counter (OTC) derivatives market has captured the attention of regulators after the Global Financial Crisis due to the risk it poses to financial stability. Under the post-crisis regulatory reform the concentration of business, and risks, among a few major players is changed by the concentration of a large portion of transactions in the new market infrastructures, the Central Counterparties (CCPs). This book, for the first time, analyses the regulatory response of the United Kingdom and the United States, the two largest centres of OTC derivatives transactions, and highlights their shortcomings. The book uses a normative risk-based approach to regulation as a methodological lens to analyse the UK regime of CCPs in the OTC derivatives market. It specifically focuses on prudential supervision and conduct of business rules governing OTC derivatives transactions and the move towards enhancing the use of central clearing. The resulting analysis, from a normative risk based approach, suggests that the UK regime for CCPs does not fulfil what would be expected if a coherent risk based approach was taken. Our comments on the Dodd-Frank Act highlight that the incoherent adoption of risk-based approach to regulation affects the effectiveness of the US regime for CCPs. Such a regime does not follow the pace of events of 'innovation risk'; in particular, the foreseeable changes FinTech will bring to the OTCDM and central clearing services. The second inadequacy of the US regime concerns the dual regulatory structure of the CFTC and the SEC, and the inadequate adoption of different and not well-coordinated regulatory strategies. We also analyse the cross-border implications of the US regime for non-US CCPs that provide clearing services to US market participants. Finally, we study the negative effects of the absence of a clearly defined resolution regime for CCPs.