Focusing primarily on the banking system in the United States, this book offers an innovative framework that integrates a depository bank's liquidity and its capital adequacy into a unified notion of funding that helps to explain how the 2007-2008 crisis unfolded, why central banks succeeded in resolving the crisis, and how the conceptual legacy of the crisis and its resolution led to lasting changes in bank funding regulation, including new objective requirements for bank liquidity. To provide a comparative context, the book also examines the funding models of nonbank intermediaries like dealer banks and insurers. This book provides a nuanced understanding of bank funding practices for legal academics interested in banking regulation or corporate finance and helps place prudential regulation and the private law of funding in the context of the banking business model. Business model scholars, financial academics, and bank regulators will appreciate its readable, integrated approach to understanding some of the most current and conceptually challenging aspects of prudential regulation.

Double Standards travels 25 years back to explore the story of a bank, with roots in the Middle East, that rose to prominence and became the fastest-growing bank in the world. It was called the Bank of Credit & Commerce International, known as BCCI, and became the 4th largest bank in the world by 1991. It became the bridge between the Third World and the West and at its height was bailing out governments in developing countries, like the IMF or World Bank. It was also a favourite port of call for some more notorious clientele, like the CIA, who used the bank to facilitate its covert operations overseas. The Bank of England and US authorities shut the BCCI down amidst allegations of fraud in July 1991, making over 14,000 employees redundant and leaving over 1 million customers out of pocket. Double Standards revisits the actions taken by the Bank of England and the regulatory authorities with regards to BCCI and carries out an academic analysis to compare its treatment with the major banking scandals following the global financial meltdown in 2008. The malpractice that BCCI was accused of was on par with a parking violation compared to the actions of the bigger banks of today, yet the fines and penalties to these banks are not as severe as the punishment meted out to BCCI. Why was the bank shut and, more importantly, who benefitted from its closure? This informative analysis of BCCI's rise and fall will appeal to those with an interest in finance and banking law.

Ever since Korea succumbed to the East Asian economic crisis in 1997, its financial sector has been restructuring itself in accordance with the terms of an IMF bail-out package, in addition to meeting urgent domestic banking needs. All this is taking place in the context of an international convergence of supervisory standards in the banking industry, spearheaded by the General Agreement on Trade in Services (GATS) and the "Core Principles" of the Basel Committee for Bank Supervision. This nexus of events makes the current reform of Korean banking laws of special significance as an example - and a test - of the "new international financial architecture" as it can be observed at work in a developing industrial economy. This text provides an in-depth analysis of Korea's banking law reform programme - its complex sources, its particular rules, the effect of international commitments as well as "soft law", the extent of economic recovery to date, and the trends and developments in banking practice and regulation likely to occur in the near future. In the process the author examines such pervasive issues as the following: the need for both short-term and long-term banking sector infrastructures and the tension this creates; the clear necessity to satisfy deep-seated societal predispositions; the role of foreign banks; ensuring the transparency of bank management; the role of banking regulatory institutions; and the importance of domestic financial stability in the global free market system. By revealing the implications for Korea of the international banking and financial standards and principles that are coming into effect throughout the trading world, the text lays bare the underpinnings of a domestic financial system geared to work efficiently in international financial markets, yet designed to protect its own "safety and soundness".

"International Finance in Korea is a practical guide for foreigners about the Korean financial system and the Korean law on international finance. The author, former General Counsel of Asian Development Bank and now serving as senior advisor for Kim & Chang, has extensive experience in international finance and legal writing. The book is written in a very concise and informative manner concentrating on matters of particular interest to foreigners. The first chapter of the book reviews the Korean legal system and the Korean governmental structures. The second and third chapters of the book examine relevant provisions in the Civil Code and the Commercial Code of Korea, the two primary basic laws on civil and commercial matters. The fourth chapter of the book takes up the Korean financial system and elaborates on the business scopes and functions of different financial institutions in Korea and their interrelationships. The fifth chapter of the book addresses major international finance-related transactions in relation to Korean law including participation, financial derivatives transactions, infrastructure financing, aircraft financing, foreign investment, disclosure of securities ownership, public offering of securities, tender offer, securities lending, marketing and sale of foreign securities to Korean residents, prohibited securities trading activities, bills of exchange and promissory notes. The remaining chapters discuss other subject matters of relevance to international finance such as foreign exchange regulations, insolvency proceedings, enforcement of rights, conflict of laws, taxation, and legal opinions. The foreign exchange regulations of Korea affect all cross-bordertransactions and, therefore, must be dealt with adequately in any transactions between foreign parties and Korean parties. Insolvency laws have become increasingly important for the sufficient protection of credit-providing institutions. The chapters on enforcement of rights and conflict of laws are concerned with legal remedies available to foreign parties for defaults of Korean counterparties. The taxation chapter provides essential information about the Korean tax laws applicable to international finance-related transactions. The final chapter on legal opinions discusses essential points to look after in obtaining legal opinions from Korea on finance-related transactions. A detailed index by subject matter has been included at the end of the book. The book, thus, provides the answers to all questions frequently encountered by foreigners regarding the Korean law on international finance. "International Finance in Korea is of great interest to not only those engaged in finance-related businesses involving Korea but also lawyers assisting these businessmen and academics in the field of international finance or comparative law. The book is unique in introducing Korean law to the international community since there has been no general publication in English about Korean law.

From modest beginnings in the early 1990's, a reform movement in the regulation of public procurement has mushroomed into a global imperative. Two fundamental values of international free trade policy--value for money and the deterrence of corruption--have brought intense scrutiny to bear on public procurement practices in nearly every country. Now international standards (notably those of the WTO and the EU) must be met if a trading nation is to take its place in the global markets. This collection of essays offers fifteen distinct views on the current status and trends in public procurement and its various aspects. From general discussion of setup, overcoming obstacles, ensuring transparency, and compliance with international rules to specific issues raised in economies as diverse as Kosovo, China, and the United States, "Public Procurement: The Continuing Revolution provides a great wealth of insight and information. Although the emphasis throughout is on legal issues, the contributors include not only lawyers but also economists and specialists in purchasing practice. In addition, this is the first book to note the relatively recent trend, in developed countries, toward a less prescriptive, more flexible approach to regulation in which a degree of transparency is sacrificed. The question of how this trend will affect international procurement regimes is perhaps the most viral and interesting aspect of current theory and practice in the field. "Public Procurement: The Continuing Revolution is of inestimable value not only to public procurement specialists, whatever their profession, but to a much wider audience who will recognise the decisive influence of this important economicactivity on the entire area embracing trade and even international relations. Most of these essays were originally presented as papers at an international conference hosted by the Public Procurement Research Group at the University of Nottingham in September 2001.

Although electronic banking is rapidly overtaking direct bank-to-customer and bank-to-bank contact - and seems to be moving forward without serious problems - the law governing this telecommunication-based business is not always clearly defined in relation to certain issues that arise with ever-greater frequency, especially in cross-border transactions. This book investigates the applicable legal consensus for this issue, based on existing legislation and relevant judicial decisions. The legal issues in question arise from events, activities, and actualities treated in this book. Eighteen authors - bankers, lawyers, and academics - contribute their expertise to elucidate the issues and their implications. They draw their legal analyses from international norms such as the UNCITRAL Model Law, relevant EC directives and draft directives, the United States Uniform Electronic Transaction Act (UETA) and E-Sign Act and other national laws, as well as from numerous court decisions in Europe and the United States. The essays are based on papers originally presented at a conference sponsored by the Law Centre for European and International Cooperation (R.I.Z.) and held at Cologne in April 2001.

Conflicts of interest arise naturally in all walks of life, particularly in business life. As general and indeed inevitable phenomena, conflicts of interest should not be prohibited but properly managed. This book presents indepth analysis of such management in three areas of corporate governance where the conflict-of-interest problems are particularly acute: executive compensation, financial analysis, and asset management. "Conflicts of Interest" presents the results of a two-year-long research project bringing together academics and practitioners in both law and finance from Europe and the US under the auspices of the Centre for Banking and Financial Law of the University of Geneva. This book discusses the following issues: the duty of loyalty; remedies, such as disclosure, incentives, organizational measures; regulation and enforcement; and market considerations. With its intense focus on the material effects of actual conflicts of interest at the core of modern corporate governance and financial markets, this incomparable book will inform not only business people, practitioners, and academics, but also legislators, regulators, and all concerned with the far-reaching ramifications of conflict-of-interest management.

This publication represents a collection of scholarly and highly practical chapters prepared by leading experts on banking law. Important changes are taking place in the financial sectors in the Pacific Rim; vital roles are being played by Tokyo, Hong Kong, Singapore and Taipei. This volume deals with the broad policy issues entailed in the liberalization and deregulation of the banking industry and is divided into two parts. Part 1 covers liberalization and the search for an appropriate banking law model; and Part 2 deals with convergence of supervisory standards of international banking. This collection, which was designed as a broad foundation for comparative analysis of changes and reforms occurring worldwide in international banking regulation and practice, should be a useful aid to domestic and international government officials, executives of banking and other financial institutions, professionals (attorneys, accountants and other advisers) representing such institutions and academics, in trying to understand both policies and practicalities reflected by these rapid changes and reforms. A separate, but related, companion volume on international banking operations and practices has also been produced, entitled "International Banking Operations and Practices: Current Developments", which deals with the relevant legal questions regarding the changing international financial practices.

The close of the 20th century saw a remarkably high incidence of bank distress and insolvency. This book seeks to identify the causes of this ongoing financial crisis and to draw lessons for the future, with the aim of assisting developed, transition and emerging economies alike to better cope with future crises. "Banks in Distress" takes as its focus the major financial system crisis experienced by the US in the 1980s, reviewing the evolution of the US banking system and the legislative, regulatory, and monetary policies of the 1980s which set the stage for the crises that followed. The author argues that the financial difficulties in the US, and to some extent the rest of the world, were largely precipitated and exacerbated by government intervention into the American domestic economy through uncoordinated monetary and fiscal policy, as well as the uncoordinated enactment of regulatory, supervisory and enforcement legislation and policy. The book in particular examines the importance of asset valuation, asset value inflation and deflation, and capital adequacy for banking and financial services organizations, an understanding of which is crucial to the development of a coherent regulatory framework. The author considers what can be learned from the US experience and suggests the need for significant changes in the banking law and policy of most developed and emerging economies, arguing that a stable and workable financial system requires transparent, co-ordinated and proactive governmental policies in the banking, fiscal, monetary and national economic areas.

This text provides a comprehensive survey of the law and practice of securitization in the major jurisdictions in which securitizations have been carried out. It reviews the principal assets commonly securitized and the development of the market in each country. Legal aspects of the most important structures are analyzed in detail, involving therefore the establishment of special purpose vehicles, credit enhancement techniques and security issues. The book is also a commentary on specialized issues such as public offerings of asset-backed securities and cross-border considerations. In summary, securitization can be defined broadly as the process of financing assets through the issuance of securities which are "backed" (i.e. secured) by the cash payment streams generated by the assets securitized and by the assets themselves. There are 16 national reports. The book forms a discussion of both market and legal issues. It also allows a quick comparison of different jurisdictions.

The global crises of the early 21st century have tested the international financial architecture. In seeking to ensure stability, governments have regulated financial and capital markets. This in turn has implicated international investment law, which investors have invoked as a shield against debt restructuring, bail-ins or bail-outs. This book explores whether investment law should protect against such regulatory measures, including where these have the support of multilateral institutions. It considers where the line should be drawn between legitimate regulation and undue interference with investor rights and, equally importantly, who draws it. Across the diverse chapters herein, expert international scholars assess the key challenges facing decision makers, analyze arbitral and treaty practice and evaluate ways towards a balanced system of investment protection in the financial sector. In doing so, they offer a detailed analysis of the interaction between investment protection and financial regulation in fields such as sovereign debt restructuring and bank rescue measures. Combining high-level analysis with a detailed assessment of controversial legal issues, this book will provide guidance for both academics and legal practitioners working in international economic law, international arbitration, investment law, international banking and financial law. Contributors include: A. Asteriti, P. Athanassiou, C.N. Brower, A. De Luca, A. Goetz-Charlier, A. Gourgourinis, R. Hofmann, H. Kupelyants, Y. Li, M. Mendelson, M.W. Muller, M

The Netherlands is one of a handful of countries in which bank enterprise and national financial law give rise to a large number of international financial transactions. It is important then for practitioners in other countries to gain more than a notional understanding of the specific features of Dutch financial law, as well as a clear working knowledge of how Dutch financial law interacts with supranational regulatory and policy regimes affecting financial transactions. Toward this end, this very useful book provides a practical but nevertheless thorough survey of Dutch financial law, with lucid explanations of such topics as the following: A- specific rules applicable to investment institutions; A- specific rules applicable to debt instruments; A- offering securities in both primary and secondary markets; A- set-off and calculation of obligations of market participants (netting); A- structures for custody and book-entry transfer of securities; A- obtaining and terminating listings; A { mandatory bids, competing bids, friendly and unfriendly bids under public offering regulations; A- meaning, jargon and function of derivatives, forwards, futures, options, swaps, etc.; A- securities repurchase and lending transactions; A- covered bond regulations; A- caretaking duties in private and public law; A- structure of legal proceedings of a prospectus liability claim; A- unfair commercial practices rules; A- case law in insider trading and market manipulation; and A- securities litigation in Dutch private, criminal, and administrative law. Written in clear, easy-to-follow English, this book makes Dutch financial law accessible to lawyers, business persons, and others whose work entails financial transactions in the Netherlands. It also serves as an admirable text for students and academics in the field of financial law.

This study adopts a public policy perspective in its examination of the way capital market intermediaries fund their market operations in eight of the most dynamic countries of East and Southeast Asia: Hong Kong, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, and Thailand. Concerns about the ability of securities firms to fund themselves came into prominence in the world's major financial markets during the 1980s. It is striking that similar concerns had not surfaced about the Asian capital markets, particularly given the weakness of their money markets. As the forces limiting demand for funds change in the future, the financial systems examined will encounter problems in responding to the new demands for liquidity.

The essays in this work offer a high-level examination of the most important issues facing financial services regulation,and the far-reaching effects of the Financial Services and Markets Act 2000 on the UK financial sector in the context of rapid global change. Taking an interdisciplinary approach the book includes contributions by many distinguished academic authorities on the law and economics of regulation, and also some of the most influential practitioners, regulators and policymakers. As such it provides an authoritative analysis of the underlying issues affecting the broad development of financial services regulation: the objectives of regulation, the responsibilities of the regulated community, the accountability of regulators, the regulation of electronic financial markets and the impact of stock market mergers, regional regulation within Europe, and the development of global financial regulation.

On December 7, 2017, final agreement was reached on the long-awaited revised bank capital rules known as Basel III. This volume presents the findings of day long symposium hosted by the Institute for Law and Finance on January 29, 2018, dedicated to explaining what has actually been accomplished, what has been left out and what it all means for financial institutions, investors and the public interest.

Regulation of insider trading has changed dramatically in the past few years. In reaction to highly publicized insider trading scandals and the internationalization of securities markets, all European countries have recently either strengthened their existing rules (France and the United Kingdom) or implemented new rules (Denmark, Greece, the Netherlands, Belgium, Ireland, Spain, Portugal, Luxembourg and Italy). The United States continues to refine its insider trading regulations, and Japan has recently enacted legislation in this field. A a result of the increasingly international nature of insider trading, supervisory authorities throughout the world now closely co-ordinate their efforts. Drawing from the experience of law professors, governmental officials and practising lawyers, this book explores the regulations of 18 countries in Europe, the United States and Japan, as well as the EC Directive Co-ordinating Regulations on Insider Dealing and the Council of Europe's Convention on Insider Trading. The book is aimed at practising lawyers, legislators, academics and international business and finance professionals. Combining legal doctrine and practical information, it analyzes for each legal system how insider trading is defined and controlled. It also addresses other stock-related infractions and international law issues such as jurisdiction and international co-operation.

The case of the Bank of Credit and Commerce International (BCCI) illustrated the many existing gaps in the international rules and standards governing bank supervision. This book deals with these rules and advocates how they should develop. It is based on the thesis that the rules essentially "percolate" from the national, regional and international levels and that these areas have become integrally interconnected. The book concludes with proposals suggesting ways of better interconnecting the national, regional and international levels through more formal, legalistic and transparent structures. The work is aimed at the financial institutions community, legal practitioners and academics. This is the third volume of a series which has been designed to provide a broad foundation for comparative analysis of changes and reforms occurring worldwide in international banking regulation and practice. It should prove a valuable tool in the comprehension of both policies and practicalities reflected by these rapid changes and reforms.

This work presents a critical analysis and evaluation of the Korean banking regulatory and supervisory system. It identifies the continuing structural weaknesses of the system, which were thrown into sharp relief by the 1997 financial crisis, and focuses on the need for reform in order to achieve financial stability. The study centres around three central questions: who should be the regulator; what substantive standards of supervision should be applied; and administratively, in what manner should these standards be applied? The author argues that the Korean banking system, characterized as a "governmental control system" for credit allocation, should be released from undue governmental and political interference, thus allowing the involvement of banks in commercially oriented practices without exposure to the significant risks incurred by governmental policy directed lending. The author calls for a high degree of transparency and accountability, for a clear, realistic timetable for restructuring, and for an effective exit policy for troubled commercial banks. This text should be of value to practitioners, researchers and academics working in the field of banking law, particularly those with a special interest in the Asia-Pacific region.

Tillmann C. Lauk discusses law-making at the European level and argues that problems with EU legislation, banking regulation and currency debasement are due to a lack of democratic control. He insists on the need for radical reform both of banking and of international money and makes an important contribution to the debate on the future of finance.

This volume is comprised of a collection of papers dealing with various aspects of cross-border secured transactions, an important issue in the development of emerging financial markets and transitional market economies. A sound legal framework for lenders to effect and enforce secured transactions is called for in order to establish an investor-friendly climate. Special attention is paid to the EBRD Model Law on secured transactions, the UNCITRAL Draft Convention on Assignment in Receivables Financing, and the UNIDROIT model. The papers stress the importance to the transition process of the development of a modern framework for secured transactions.

In this urgently needed book, a member of the Eurozone and Sovereign Debt Working Group at Slaughter and May - perhaps the premier law firm involved in cases related to sovereign debt - focuses on the legal implications of default or exit by a euro zone state. Examining separately the consequences for private sector and official sector creditors, the author provides penetrating analysis and commentary on such elements of the crisis as the following: legal limitations on developing or expanding arrangements designed to avert sovereign default; compatibility with EU law of the outright monetary transactions (OMT) programme; implications for euro zone member states of decisions arising out of the 2001 Argentine default; legal implications of the redenomination of euro obligations into a new national currency; impact of capital and exchange controls including their compatibility with IMF, GATT,GATS, and EU law; potential for member state liability to bondholders under bilateral investment treaties; enforcement of judgments against a sovereign defendant; paths to euro zone exit; redenomination in the courts of other EU States; unlawful euro zone exit; expropriation; and enforcement of arbitral awards; and much more.

In the wake of the Asian financial crisis that erupted in 1997, an intense scrutiny of the principles and standards of the world's financial system was inevitable. This book presents the insight and practical proposals of 25 experts, including economists, lawyers, bankers, academics and officials from international financial institutions. The contributions offered here were originally presented at a series of conferences sponsored in 1999 and 2000 by the Asian Institute of International Financial Law of the University of Hong Kong in collaboration with leading law faculties from five continents. The issues confronted in this book include the following: reform of domestic securities regulation; investment insurance and risk management; the role of pension funds; accounting standards; financing real estate and construction projects; global competitiveness in the financial sector; responsibility of private lenders; effective anti-money laundering measures; protection of emerging market economies; corporate governance; and institutional investors.

With the growth in financial activity in and between the People's Republic of China, the Republic of China or Taiwan and the Hong Kong Special Administrative Region, an understanding of the development and status of financial law and regulation in the Chinese Economic Circle is increasingly important. This book provides an overview of the most significant areas of financial regulation in the Greater China Area, bringing together expert essays on banking, insurance, securities and general financial law in the PRC, banking and insurance in Taiwan, and financial law in Hong Kong. This work collects in a single volume, the significant history and development of financial law within the Greater China Area, providing an insight into the development and relationship of these three diverse but inter-related financial systems.