Global systemically important banks (G-SIBs) are the largest, most complex and, in the event of their potential failure, most threatening banking institutions in the world. The Global Financial Crisis (GFC) was a turning point for G-SIBs, many of which contributed to the outbreak and severity of this downturn. The unfolding of the GFC also revealed flaws and omissions in the legal framework applying to financial entities. In the context of G-SIBs, it clearly demonstrated that the legal regimes, both in the USA and in the EU, grossly ignored the specific character of these institutions and their systemic importance, complexity, and individualism. As a result of this omission, these megabanks were long treated like any other smaller banking institutions. Since the GFC, legal systems have changed a lot on both sides of the Atlantic, and global and national lawmakers have adopted new rules applying specifically to G-SIBs to reduce their threat to financial stability. This book explores whether the G-SIB-specific regulatory frameworks are adequately tailored to their individualism in order to prevent them from exploiting overly general rules, as they did during the GFC. Analyzing the specific character and individualism of G-SIBs, in relation to their history, normal functioning, as well as their operations during the GFC, this book discusses transformation of banking systems and the challenges and opportunities G-SIBs face, such as Big Tech competitors, climate-related requirements, and the COVID-19 pandemic. Taking a multidisciplinary approach which combines financial aspects of operations of G- SIBs and legal analysis, the book describes G-SIB-oriented legal frameworks of the EU and the USA and assesses whether G-SIB individualism is adequately reflected, analyzing trends in supervisory action when it comes to discretion in the G-SIB context, all in order to contribute to the ongoing discussions about international banking law, its problems, and potential remedies to such persistent flaws.

In 2020, the G20 proposed a solution for the debt-related issues affecting the world's poorest countries due to the COVID-19 pandemic. However, their initiatives have failed to meet their objectives. The author argues that the reason for this failure is the inability to bring sovereign countries to the table to re-negotiate their debt agreements with private creditors as they fear credit rating agencies and the prospect of a downgrade. The author refers to this as the 'credit rating impasse'. This book proposes a novel solution. The author asserts that there is a need in the literature to unpick the dynamic that exists and creates that impasse, namely the pressures that exist between sovereign states, private creditors, credit rating agencies, and the geo-political backdrop that is massively influential in the dynamic, that is, the adversarial relationship between China and the US. This book addresses the recent history of debt treatment for poorer countries and related successes and failures: COVID-19-related issues and the development of the Debt Service Suspension Initiative and the Common Framework for Debt Treatment. This book examines the reasons for their failure by analysing the positions of the sovereign states, the division between private and official creditors and between multilateral institutions such as the IMF and the World Bank, credit rating agencies, and the competing political entities of China and the US. It presents a wider picture of the systemic underpinnings to such debt-related issues and, when examined through a geo-political perspective, the subsequent chances of future debt treatment-related successes. Licence line: The Open Access version of this book, available at www.taylorfrancis.com, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.

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.

This book focuses on the legal implications of how assets are held on behalf of investors by other parties (such as brokers, investment managers, specialist custodians and central depositaries) and in particular how the chosen method affects the legal rights of the investor over the assets in question. The impact of immobilisation, dematerialisation, fungible holdings and settlement practices are all considered. The book also covers the effect of the use of custody assets for security, the duties of custodians, the remedies of investors, cross-border custody and the regulatory response to custody business. An authoritative work for practitioners, academics and reference libraries specializing in financial services, banking and investment law, both in the UK and internationally, it provides one of the clearest and most up to date analyses of these subjects available.

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.

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.

This collection of essays provides a rich and contemporary discussion of the principle of pacta sunt servanda. This principle, which requires that valid agreements are to be honoured, is a cornerstone of contract law. Focusing on contributions from Asia, this book shows that, despite its natural and universal appeal, the pacta sunt servanda principle is neither absolute nor immutable. Exceptions to the binding force of contract must be available in limited circumstances to avoid hardship and unfairness. This book offers readers new comparative perspectives on the appropriate balance between contractual certainty and flexibility in an era of social instability. Expert authors, mostly from East and Southeast Asia, explore when their domestic legal systems allow exceptions from the binding force of contracts. Doctrines discussed include impossibility, frustration, change of circumstance, force majeure, illegality as well as rights of withdrawal. Other chapters consider the importance of the pacta principle in international law. The challenges posed by the COVID-19 pandemic feature strongly in the majority of contributions.

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.

- Unique, practical text that gives step-by-step guidance in a growing area of legal practice - Supported by real-life examples, study questions, and multiple choice questions online. - Author is a practising attorney specialising in bankruptcy law, as well as an experience lecturer at a range of US institutions.

This book explores the various considerations for achieving an effective regulatory strategy to improve financial access and usage in Nigeria and beyond. Gaps in the legal and institutional framework for digital financial services (DFS) as well as the barriers that contribute to financial exclusion are identified as are the policy changes needed to provide more extensive, accessible and sustainable financial inclusion value. In addition, the book covers divergent themes around the use of and insights for regulating industry financial services providers and challenger entities that herald industry disruption. The book adopts three research methods. The doctrinal research method is used to buttress the law and development analysis and the themes around regulation, adoption and usage of financial services. To elucidate the application of financial innovations, comparative case studies are drawn from selected jurisdictions including Kenya, South Africa, Ghana, The Philippines, Brazil, Mexico, Uganda, Pakistan, India, and Bangladesh. Lastly, using the empirical research method, the author reports the burden experienced by the residents of a community without banks in accessing finance. Included in this discussion are the barriers to finance as well as the coping strategies adopted by the community residents to access formal and informal finance.

FinTech transformations have brought changes to the global financial markets and merit the attention of financial regulators across jurisdictions. This book is one of the first ones of its kind to look at open banking (OB). It examines regulatory approaches to OB by taking a broad view of comparative legal systems and through perspectives of transaction costs, public choice, and institutional design. The book looks at the legal implications by engaging in a two-tiered comparative analysis: comparing between compulsory and voluntary approaches to OB policies and comparing the legal systems between the West (i.e., the EU and the UK) and an Asian economy (i.e., Taiwan).

How was the Banking Union, the most advanced legal and institutional integration in the single market, created? How does European law impact European integration? To answer these questions, this book provides a sweeping account of the evolution of European law. It identifies five integration periods of the single financial market, intertwined with the development of global finance, from its origins, through its expansion and crisis, to the Banking Union. Each period is defined by innovations to deepen integration, such as the single passport for financial services, soft governance and comitology, agencies, or a single rulebook. Providing a far-reaching explanation of the legal and institutional rationality of the European Banking Union, this book demonstrates that the Banking Union is not an accident of history or simply the product of the existential crisis of the Monetary Union. It has deep roots in the evolutionary process of European law and its drive towards supranational integration.

Tax Avoidance and the Law is a helpful guide for undergraduate and postgraduate students who want a thorough understanding of this dynamic area of law. The book is written in a way which is easy to follow and conveniently summarises complex case law on tax avoidance. Tax Avoidance and the Law explores the evolution of the UK's General Anti- Abuse Rule. It provides a useful comparison with other Western jurisdictions' anti-avoidance legislation, including the United States of America, Australia, New Zealand, South Africa, Canada and the EU. The underlying theme of the book rests on the notion that the taxpayer's subjective motives, intentions or purposes are irrelevant when assessing tax liability. The book enables students to gain a good grasp of the fundamental issues in tax avoidance in a clear manner.

In March 2015, the Institute for Law and Finance in Frankfurt am Main held a full-day symposium which brought together leading representatives of the public and private sectors to deliver the first high level response to the questions posed by the Commission's Green Paper on Building a Capital Markets Union. These responses are collected in this volume.

This volume is a collection of scholarly and practical chapters prepared by experts in the field of banking law. Important changes are taking place in the financial sectors of the Pacific Rim, with vital roles being played by Tokyo, Hong Kong, Singapore and Taipei. The volume deals with the relevant legal questions regarding the changing international financial practices. Designed as a broad foundation for comparative analysis of changes and reforms occurring worldwide in international banking regulation and practice, it should be helpful for understanding both policies and practicalities reflected by these rapid changes and reforms. A separate but related companion volume on international banking regulation and supervision, entitled "International Banking Regulation and Supervision: Change and Transformation in the 1990s" is also available, ISBN 1-85333-989-9, dealing with the broad policy issues entailed in the liberalization and deregulation of the banking industry.

Jopie: Jurist, Mentor, Supervisor and Friend - Essays on the Law of Banking, Companies and Suretyship is published in honour of Professor Jopie Pretorius, who will be retiring from his chair in banking law at UNISA at the end of 2017. The collection comprises personal tributes by family members, friends and colleagues, and academic essays that deal with banking law, company law and suretyship.

Why and in what ways have lawyers been importing economic theories into a legal environment, and how has this shaped scholarly research, judicial and legislative work? Since the financial crisis, corporate or capital markets law has been the focus of attention by academia and media. Formal modelling has been used to describe how capital markets work and, later, has been criticised for its abstract assumptions. Empirical legal studies and regulatory impact assessments offered different ways forward. This book presents a new approach to the risks and benefits of interdisciplinary policy work. The benefits economic theory brings for reliable and tested lawmaking are contrasted with important challenges including the significant differences of research methodology, leading to misunderstandings and problems of efficient implementation of economic theory's findings into the legal world. Katja Langenbucher's innovative research scrutinises the potential of economic theory to European legislators faced with a lack of democratic accountability.

With almost 6,300 commercial banks, significantly more than in any other country, the world of US banking is unique, fascinating, and always in flux. Two principal pieces of legislation have shaped the banking structure in this country: The McFadden Act of 1927, which prohibited banks from branching into other states, and The Glass-Steagall Act of 1933, which separated commercial and investment banking activities. The repeal of the Glass-Steagall Act in 1999 was one of the main contributing factors behind the global financial crisis of 2008. This measure resulted in the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which once again prohibited commercial banks from making certain types of speculative investments. The Changing Face of American Banking analyzes the impact of both these acts - as well as that of their subsequent repeal - in depth, examining the real effects of government regulations on the US commercial banking sector. Ray Chaudhuri pinpoints the evolving nature of US commercial banks and banking regulations and explores their impact on the economy. Instead of just focusing on banks and regulations, this work considers the correlations and causality between banking performance and economic growth and productivity. It also brings the banking literature up to date with the 2008-2009 financial crisis and its aftermath, including the passage of the Dodd-Frank Act of 2010 and its effect on American banking.

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.

There is little literature on the development of banking regulation in Nigeria, or the scope of powers of the Central Bank of Nigeria, which is its core banking sector regulator. The critical impetus of this book is to contribute to the literature of this area, with a detailed exploration of the Nigerian regulatory architecture. In addition, the book also engages in a comparative analysis with two emerging economies in Africa: South Africa and Kenya. It also considers the UK and the US as comparator jurisdictions in light of their regulatory responses to the global financial crisis of 2008. This book contributes to the ongoing discourse in this area by exploring, in detail, the theoretical underpinnings of regulation and supervision, to determine whether there is an understanding of what constitutes effective regulation in these jurisdictions. Given that Nigeria is the core jurisdictional focus, a historical account of banking exchanges from the pre-colonial era to more recent times is provided. Offering an understanding of how political, local and economic settings, in conjunction with the theories of regulation, have impacted and influenced regulatory development in Nigeria, the book engages in an examination of Nigeria's historical experiences with bank failures, including the banking crisis it experienced in 2008. The newly enacted Banks and Other Financial Institutions Act 2020 is also explored as part of this discourse. Through a critical analysis of the law, the book demonstrates that the Nigerian regulator has historically adopted a reactionary strategy, instead of a proactive and pragmatic approach, which is imperative for an effective regulatory regime. The outcome of this analysis is that there are lessons to be learned, and proposals are discussed in order to rethink the act of banking regulation.

Beyond identifying and characterising the particular types of risk and liability that may arise in decentralised digital economies, this book suggests safeguards for different types of distributed networks. It explores relationships between people and will be of interest to academics, practitioners, and students.

Crypto-Finance, Law and Regulation investigates whether crypto-finance will cause a paradigm shift in regulation from a centralised model to a model based on distributed consensus. This book explores the emergence of a decentralised and disintermediated crypto-market and investigates the way in which it can transform the financial markets. It examines three components of the financial market - technology, finance, and the law - and shows how their interrelationship dictates the structure of a crypto-market. It focuses on regulators' enforcement policies and their jurisdiction over crypto-finance operators and participants. The book also discusses the latest developments in crypto-finance, and the advantages and disadvantages of crypto-currency as an alternative payment product. It also investigates how such a decentralised crypto-finance system can provide access to finance, promote a shared economy, and allow access to justice. By exploring the law, regulation and governance of crypto-finance from a national, regional and global viewpoint, the book provides a fascinating and comprehensive overview of this important topic and will appeal to students, scholars and practitioners interested in regulation, finance and the law.

What are the criteria used by Financial Action Task Force (FATF) and the European Union to blacklist jurisdictions at high-risk of money laundering? What are the countries at highest risk according to Panama Papers and FinCEN files? Where do criminals move their illicit money, according to judicial and investigative evidence? This book answers these questions. It is an unprecedented study on the countries at highest risk of attracting money laundering and organised crime proceeds - and how they are identified as such by scholars, policy-makers and anti-money laundering (AML) practitioners. It targets an issue which is central to the policy debate, in the media, but is under-studied. This book is divided into two parts. Part I discusses the concept of money laundering risk, its main determinants, and carries out a review of extant country ratings, ranging from official blacklists and grey lists, to media leaks and scholarly papers. Part II discusses the weaknesses and the myths behind the current ratings and proposes a new approach to assess the risk of money laundering across countries. With a critical research perspective, empirically driven, this book aims to satisfy both scholars and students - in particular from criminology, economics, and international relations - and practitioners from banks, professional firms, and AML authorities.

Focusing on the Global Financial Crisis 2007-2010 and the new emerging Covid-19 crisis in 2020, this book examines the discourse on risk and uncertainty in the markets through the lens of financial crises. Such crises represent a failure of the law to regulate, and constitute the basis through which a new theory of legal constants can be introduced in comparative law. Crisis impose a dramatic reformulation of the law, the Covid-19 confirms this trend, and new out-of-law instances are appearing beyond a paternalistic approach of direct State regulation. Restructuring procedures are playing a vital role in businesses' survival, and new out-of-law mechanisms such as moratorium agreements and private workouts have become essential to preserve businesses. It is clear that the role of the law has completely changed, and this book argues that constants outside of the law are new ways to promote an "uncodified-codification" of the law. The case for uncodified uncertainty in the Covid-19 crisis is a primary example of how no codification process can ignore the importance of out-of-law instances in the act of making law. This book explores how this approach influences the harmonisation process of international economic law between national insolvency regimes and international agreed frameworks, demonstrating the role of comparative law in formulating legal constants using Covid-19 and the complexity of modern financial markets as the criterion to introduce the reader to this new theory, which claims a new role for comparative law in policy making processes within the framework of international economic law.

Moral Hazard is a core concept in economics. In a nutshell, moral hazard reflects the reduced incentive to protect against risk where an entity is (or believes it will be) protected from its consequences, whether through an insurance arrangement or an implicit or explicit guarantee system. It is fundamentally driven by information asymmetry, arises in all sectors of the economy, including banking, medical insurance, financial insurance, and governmental support, undermines the stability of our economic systems and has burdened taxpayers in all developed countries, resulting in significant costs to the community. Despite the seriousness and pervasiveness of moral hazard, policymakers and scholars have failed to address this issue. This book fills this gap. It covers 200 years of moral hazard: from its origins in the 19th century to the bailouts announced in the aftermath of the COVID-19 outbreak. The book is divided into three parts. Part I deals with the ethics and other fundamental issues connected to moral hazard. Part II provides historical and empirical evidence on moral hazard in international finance. It examines in turn the role of the export credit industry, the international lender of last resort, and the IMF. Finally, Part III examines specific sectors such as automobile, banking, and the US industry at large. This is the first book to provide an interdisciplinary analysis of moral hazard and explain why addressing this issue has become crucial today. As such, it will attract interest from scholars across different fields, including economists, political scientists and lawyers.