Retail Depositor and Retail Investor Protection under EU Law offers an original perspective on EU financial law in the area of retail investor protection, examining the status of protection awarded by EU law to retail depositors and retail investors in the event of financial institution failure. The analysis of relevant EU law is on the basis of effectiveness and has been elaborated in two levels of comparison. The first comparative approach examines relevant EU law both externally and internally: externally, vis-a-vis relevant international initiatives and developments in the area of financial law, as the latter affect the features and evolution of EU law, and internally by examining relevant instruments of EU law with regard to each other as to their normative structure and content. The second comparative approach also examines the status of retail depositors in relation to that of retail investors under EU law, in the event of financial institution failure, and the relevant legal consequences thereof.

The Routledge Companion to Banking Regulation and Reform provides a prestigious cutting edge international reference work offering students, researchers and policy makers a comprehensive guide to the paradigm shift in banking studies since the historic financial crisis in 2007. The transformation in banking over the last two decades has not been authoritatively and critically analysed by the mainstream academic literature. This unique collection brings together a multi-disciplinary group of leading authorities in the field to analyse and investigate post-crisis regulation and reform. Representing the wide spectrum of non-mainstream economics and finance, topics range widely from financial innovation to misconduct in banking, varieties of Eurozone banking to reforming dysfunctional global banking as well as topical issues such as off-shore financial centres, Libor fixing, corporate governance and the Dodd-Frank Act. Bringing together an authoritative range of international experts and perspectives, this invaluable body of heterodox research work provides a comprehensive compendium for researchers and academics of banking and finance as well as regulators and policy makers concerned with the global impact of financial institutions.

Algorithms permeate our lives in numerous ways, performing tasks that until recently could only be carried out by humans. Artificial Intelligence (AI) technologies, based on machine learning algorithms and big-data-powered systems, can perform sophisticated tasks such as driving cars, analyzing medical data, and evaluating and executing complex financial transactions - often without active human control or supervision. Algorithms also play an important role in determining retail pricing, online advertising, loan qualification, and airport security. In this work, Martin Ebers and Susana Navas bring together a group of scholars and practitioners from across Europe and the US to analyze how this shift from human actors to computers presents both practical and conceptual challenges for legal and regulatory systems. This book should be read by anyone interested in the intersection between computer science and law, how the law can better regulate algorithmic design, and the legal ramifications for citizens whose behavior is increasingly dictated by algorithms.

Since the Great Recession of 2008, the racial wealth gap between black and white Americans has continued to widen. In Predatory Lending and the Destruction of the African-American Dream, Janis Sarra and Cheryl Wade detail the reasons for this failure by analyzing the economic exploitation of African Americans, with a focus on predatory practices in the home mortgage context. They also examine the failure of reform and litigation efforts ostensibly aimed at addressing this form of racial discrimination. This research, augmented by first-hand narratives, provides invaluable insight into the racial wealth gap by vividly illustrating the predation that targets African-American consumers and examining the intentionally obfuscating settlement terms of cases brought by the U.S. Department of Justice, states attorneys, and municipalities. The authors conclude by offering structural, systemic changes to address predatory practices. This important work should be read by anyone seeking to understand racial inequality in the United States.

Although much has been written about innovation in the past several years, not all parts of the innovation lifecycle have been given the same treatment. This volume focuses on the important first step of arranging financing for innovation before it is made, and explores the feedback effect that innovation can have on finance itself. The book brings together a diverse group of leading scholars in order to address the financing of innovation. The chapters address three key areas, intellectual property, venture capital, and financial engineering in the capital markets, in order to provide fresh and insightful analyses of current and future economic developments in financing innovation. Chapters on intellectual property cover topics including innovation in law-making, orphan business models, and the use of intellectual property to protect financial engineering innovations and developing intellectual property regimes in Brazil, Russia, India, and China. The book also covers the tax treatment of venture capital founders, the treatment of preferred stock by the Delaware Courts, asset-backed lending hedge funds, and corporate governance for small businesses after the Dodd-Frank financial reform bill. The book will be of interest to scholars, practitioners, and students in law, innovation, finance, and business.

This book brings together the issues surrounding banking secrecy and confiscation of criminal proceeds. The book examines the existing legal agreements at the international, regional and national levels and their interaction in the substantive areas of confiscation, anti-money laundering and banking confidentiality laws. It looks at how these agreements have been applied in offshore financial centers and demonstrates that despite a number of legally binding UN Conventions as well as global anti-money laundering recommendations, the implementation of them is often lukewarm by those Parties who have ratified the Convention and adopted obligations, because of this the confiscation legislation is incompatible with strict banking confidentiality laws. The work draws on the experience of criminologists to offer critical insight into the legislative frameworks designed to deal with banking secrecy and confiscation in offshore financial centers. It goes on to offer suggestions for measures that may be taken by major economies to circumvent the lack of cooperation by offshore financial centers as intolerance towards money laundering grows in light of recent political and economic events. This book will be of particular interest to students and scholars of Law, Finance and Criminology.

The Oxford Handbook of Banking, Second Edition provides an overview and analysis of developments and research in banking written by leading researchers in the field. This handbook will appeal to graduate students of economics, banking and finance, academics, practitioners, regulators, and policy makers. Consequently, the book strikes a balance between abstract theory, empirical analysis, and practitioner, and policy-related material.
The Handbook is split into five parts. Part I, The Theory of Banking, examines the role of banks in the wider financial system, why banks exist, how they function, and their corporate governance and risk management practices. Part II deals with Bank Operations and Performance. A range of issues are covered including bank performance, financial innovation, and technological change. Aspects relating to small business, consumer, and mortgage lending are analysed together with securitization, shadow banking, and payment systems. Part III entitled Regulatory and Policy Perspectives discusses central banking, monetary policy transmission, market discipline, and prudential regulation and supervision. Part IV of the book covers various Macroeconomic Perspectives in Banking. This part includes a discussion of systemic risk and banking and sovereign crises, the role of the state in finance and development as well as how banks influence real economic activity. The final Part V examines International Differences in Banking Structures and Environments. This part of the Handbook examines banking systems in the United States, European Union, Japan, Africa, Transition countries, and the developing nations of Asia and Latin America.

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.

The book sheds light on the perhaps most important legal conundrum in the context of sovereign debt restructuring: the holdout creditor problem. Absent an international bankruptcy regime for sovereigns, holdout creditors may delay or even thwart the efficient resolution of sovereign debt crises by leveraging contractual provisions and, in an increasing number of cases, by seeking to enforce a debt claim against the sovereign in courts or international tribunals. Following an introduction to sovereign debt and its restructuring, the book provides the first comprehensive analysis of the holdout creditor problem in the context of the two largest sovereign debt restructuring operations in history: the Argentine restructurings of 2005 and 2010 and the 2012 Greek private sector involvement. By reviewing numerous lawsuits and arbitral proceedings initiated against Argentina and Greece across a dozen different jurisdictions, it distils the organizing principles for ongoing and future cases of sovereign debt restructuring and litigation. It highlights the different approaches judges and arbitrators have adopted when dealing with holdout creditors, ranging from the denial of their contractual right to repayment on human rights grounds to leveraging the international financial infrastructure to coerce governments into meeting holdouts' demands. To this end, it zooms in on the role the governing law plays in sovereign debt restructurings, revisits the contemporary view on sovereign immunity from suit and enforcement in the international debt context, and examines how creditor rights are balanced with the sovereign's interest in achieving debt sustainability. Finally, it advances a new genealogy of holdouts, distinguishing between official and private sector holdouts and discussing how the proliferation of new types of uncooperative creditors may affect the sovereign debt architecture going forward. While the book is aimed at practitioners and scholars dealing with sovereign debt and its restructuring, it should also provide the general reader with the understanding of the key legal issues facing countries in debt distress. Moreover, by weaving economic, financial, and political considerations into its analysis of holdout creditor litigation and arbitration, the book also speaks to policymakers without a legal background engaged in the field of international finance and economics.

The Oxford Handbook of Banking provides an overview and analysis of state-of-the-art research in banking written by leading researchers in the field. This handbook will appeal to graduate students of economics, banking and finance, academics, practitioners and policy makers. Consequently, the book strikes a balance between abstract theory, empirical analysis, and practitioner and policy-related material.
The handbook is split into five parts. Part I, The Theory of Banking, examines the role of banks in the wider financial system, why banks exist, how they function, and their legal and governance structures. Part II entitled Regulatory and Policy Perspectives discusses monetary policy, prudential regulation and supervision, and antitrust policy. Part III deals with Bank Performance. A number of issues are assessed including efficiency, financial innovation and technological change, globalization and ability to deliver small business, consumer, and mortgage lending services. Part IV of the book provides an overview of Macroeconomic Perspectives in Banking. This part includes a discussion of the determinants of bank failures and crises, and the impact on financial stability, institutional development, and economic growth. Part V examines International Differences in Banking Structures and Environments. This part of the handbook examines banking systems in the United States, Western Europe, Transition countries, Latin America, Japan and the developing nations of Asia.

Given the international nature of the asset management industry, lawyers representing investors, asset managers, and regulators are often confronted with asset management agreements governed by foreign law. This book provides the necessary points of law and practice in the leading jurisdictions allowing lawyers to identify the main pitfalls concerning the foreign law in question. This book is the only comparative analysis of the law of asset manager liability in the major European jurisdictions, the United States, and Canada, each written by specialists from the relevant jurisdiction. This is a much-needed guide on the disparate regulation of asset manager liability in these countries highlighting the absence of uniformity in this area of law despite the implementation of MiFID in Europe. The section on European law provides an overview of the regulation in this field regionally and provides the context in which the national chapters explore the regulation at country level. The comparative evaluation at the end of the book provides a thoughtful assessment of the impact of regulatory frameworks on asset managers private law duties and liabilities. The Introduction situates the country-by-country material within the broader context of questions about regulatory design and effectiveness.

The Independence Principle of Letters of Credit and Demand Guarantees offers a comprehensive and authoritative analysis of the principle of independence, a fundamental element of Letters of Credit and Demand Guarantees. It examines the key issues involved in the practical application of this principle and the increasing exceptions to it, including a detailed account of the rules in this area. Beginning with an elementary account of the law of Letters of Credit and Demand Guarantees, the following chapters guide practitioners on the parameters of the Independence Principle. It will discuss the limitations of the principle, and assess whether new exceptions should be introduced. With English law and practice as the main focus of the work, comparisons to other major common law jurisdictions (including Australia, Canada, USA and Singapore) will be made where relevant and instructive. The landscape of the law in this area has changed markedly as a result of judicial decisions within the last five years,and revisions of the ICC Uniform Customs and Practice for Documentary Credits (2007) and ICC Uniform Rules for Demand Guarantees (2010). The fully updated analysis takes into account all the important developments that have taken place in this field in recent years and will prove a valuable reference tool to practitioners and academics alike.

The depositor run on the Northern Rock bank in September 2007, which led to the bank's subsequent nationalization was the first run on a UK bank for nearly 150 years and was a seminal moment in the unfolding global financial crisis.This book provides a detailed legal analysis of the role played by financial law and regulation during this event, and the impact the episode made on the law. The contributors to the book explore and elaborate upon the legal technique of securitization, and how Northern Rock itself created and employed securitized financial assets. There is also in-depth discussion and analysis of the origin of the problems experienced in the wholesale interbank markets surrounding the Northern Rock crisis. Chapters focus on risk-based financial regulation, depositor protection, and bank rescue and resolution mechanisms in the UK before and after the Northern Rock crisis. State aid implications of the nationalization of Northern Rock, and the future of financial regulation are also considered. This timely new book will appeal to academics, postgraduate and undergraduate students in law and business schools as well as practitioners, regulators and lawmakers. Contributors include: O. Akseli, A. Campbell, F. De Cecco, J. Gray, J. Hamilton Contents: Introduction; 1. Securitisation: Was Securitisation the Culprit?; 2. Risk-based Financial Regulation Before and After Northern Rock; 3. Depositor Protection in the UK Before and After the Run on Northern Rock; 4. Bank Rescue Mechanisms in the UK: Before and After Northern Rock; 5. State Aid Implications of the Nationalisation of Northern Rock

This book is the first to provide an extensive analysis of the range of defences to payment under letters of credit and demand guarantees.
It considers the extent to which different defences undermine the abstraction of these instruments. This is a fundamental issue, since letters of credit and demand guarantees are designed to be abstract, or autonomous, from the underlying contract that called for their use. The purpose of that abstraction is to provide certainty of payment, but the various defences diminish that certainty. The book examines the spectrum of defences that are frequently litigated and debated in international practice: fraud in the documents, nullity, fraud affecting deferred payment letters of credit, fraud as no honest belief, unconscionable conduct and illegality. Vitally, the book provides analysis of the relevant judicial decisions and offers clear practical guidance on which defences are most suitable for each instrument.
As the instruments are heavily used in international trade, this work is particularly suited to financial and commercial law practitioners who draft agreements, as well as those who advise on disputes concerning these instruments. Accessible and engaging, the book is also relevant for academics and students.

The Oxford Handbook of Banking provides an overview and analysis of state-of-the-art research in banking written by leading researchers in the field. This handbook will appeal to graduate students of economics, banking and finance, academics, practitioners and policy makers. Consequently, the book strikes a balance between abstract theory, empirical analysis, and practitioner and policy-related material.
The handbook is split into five parts. Part I, The Theory of Banking, examines the role of banks in the wider financial system, why banks exist, how they function, and their legal and governance structures. Part II entitled Regulatory and Policy Perspectives discusses monetary policy, prudential regulation and supervision, and antitrust policy. Part III of the book deals with bank performance. A number of issues are assessed including efficiency, financial innovation and technological change, globalization and ability to deliver small business, consumer, and mortgage lending services. Part IV of the book provides an overview of macroeconomic perspectives in banking. This part of the book includes a discussion of the determinants of bank failures and crises, and the impact on financial stability, institutional development, and economic growth. Part V examines International Differences In Banking Structures And Environments. This part of the handbook examines banking systems in the United States, Western Europe, Transition countries, Latin America, Japan and the Developing nations of Asia.

The current global financial system may not withstand the next global financial crisis. In order to promote the resilience and stability of our global financial system against future shocks and crises, a fundamental reconceptualisation of financial regulation is necessary. This reconceptualisation must begin with a deep understanding of how today's financial markets, regulatory initiatives and laws operate and interact at the global level. This book undertakes a comprehensive analysis of such diverse areas as regulation of financial stability, modes of supply of financial services, market infrastructure, fractional reserve banking, modes of production of global regulatory standards and the pressing need to reform financial sector ethics and culture. Based on this analysis, Reconceptualising Global Finance and its Regulation proposes realistic reform initiatives, which will be of primary interest to regulatory and banking legal practitioners, policy makers, scholars, research students and think tanks.

This new edition of The Law of Trusts provides comprehensive and up to date coverage of both the general principles and the application of trust law in specific areas of legal practice.
The book has been fully revised and updated to take into account recent legislation and case law from key trust jurisdictions, and to include new material on the rule in Hastings-Bass; different applications of the constructive trust; trustees' liability for breach of trust; the taxation of trusts and estate planning; trusts of pension schemes and financial regulation. It also contains expanded material on areas that have recently grown in importance, such as the emergence of shams and retention of control of trust assets by the settlor; and the growing use of Special Purpose Vehicles in offshore commercial dealings.
The book is helpfully split into two parts along these lines: Part One considers the general principles involved and includes coverage of: all aspects of express private trusts; the duties and powers of trustees; the variation of trusts; trusts implied by law; and breach of trusts. Part Two puts the general principles to work by covering key practice areas including: insolvency; private client trusts; international trusts; pension funds; financial transactions; commercial transactions; and trusts of land. This is a substantial work written by expert academics who also have experience of practice, supported by contributions from key specialists.

This book is a practical guide to derivatives, setting out a straightforward and easily understood explanation of the basic concepts, the different types of derivative product, who uses derivatives, and why and how derivatives are used. The book explains both more established products (such as futures, options, and swaps) and more innovative products (such as CPPI structures and those derivative contracts used as financing tools). The expansion of the derivative market to cover different underlying assets (such as freight, power trading, emissions trading, and hedge funds) is explored.
The author provides guidance as to the legal and regulatory treatment of derivatives. The book looks at the key documents that are used in both the exchange-based and over-the-counter (OTC) markets and explores the important materials published by ISDA .The book also discusses other related topics including the accounting and tax treatments of derivatives.
The book considers the background to current legal trends, including the developing strand of English case law on claims for the misselling of derivative products and the retail offer of derivatives, which has recently been the subject of considerable debate within the financial services industry.
The third edition includes a new discussion of the retail offer of derivatives, and discusses a greater number of derivative products (including CPPI structures, derivatives used as financing tools, power trading, emissions trading, multi-asset derivatives, fund-linked derivatives, derivatives based on "computed data," and the different wrappers" in which derivative exposures are made available).
It provides greatly expanded discussion of the ISDA documents used in the over-the-counter (OTC) market and looks in more detail at the duty of care (selling and misselling, including the recent decision in the "Springwell" litigation).

The European Takeover Directive and Its Implementation describes the history and the political and economic objectives of the Directive. Paul Van Hooghten offers detailed commentary on the text of the Directive including a discussion and explanation of each article. He provides insight on national takeover legislation as amended by the Directive in a number of key jurisdictions.
This publication also addresses the optional agreements provided for in the Directive and all of the different provisions that may apply in the various member states. Particular attention is given to new provisions resulting from the Directive, with analysis from attorneys in each member state. Key issues covered include a discussion of the rights of employees under the Directive, a timetable for implementation, the sanctions for not implementing on schedule, and analysis of whether the Directive is compatible with the WTO obligations of the EU. Special attention in given to the Directive's impact on US companies bidding on companies established in the EU.

This book outlines the financial services regulatory framework in 16 countries in the Asia Pacific region. Contributors from leading commercial law firms across the region provide a clear explanation of the relevant regulatory bodies and their powers, with consideration of the effects of each jurisdiction's national legislation.
This title is supported by two companion volumes covering Europe and the Middle East. The series describes the principle regulatory authorities that oversee the banking, insurance and securities activities within each country. A highly practical Questions and Answers section highlights the key issues of practical importance: What enforcement powers do the relevant authorities in each country have? What scope is there for foreign entities to conduct banking, insurance, securities activities and fund marketing activities in or into each country? What is the authorization and registration process in each jurisdiction? Supporting commentary examines the nature and scope of the current regulation and prospective market developments.
The complete three volume series covers over 60 countries and is an essential reference point for those needing a practical insight into international financial services regulation and the regimes operating within jurisdictions other than their own.

This book outlines the financial services regulatory framework in 11 countries in the Middle East. Contributors from leading commercial law firms across the region provide a clear explanation of the relevant regulatory bodies and their powers, with consideration of the effects of each jurisdiction's national legislation.
This title is supported by two companion volumes covering Europe and Asia Pacific. The series describes the principle regulatory authorities that oversee the banking, insurance and securities activities within each country. A highly practical Questions and Answers section highlights the key issues of practical importance: What enforcement powers do the relevant authorities in each country have? What scope is there for foreign entities to conduct banking, insurance, securities activities and fund marketing activities in or into each country? What is the authorisation and registration process in each jurisdiction? Supporting commentary examines the nature and scope of the current regulation and prospective market developments.
The complete three volume series covers over 60 countries and is an essential reference point for those needing a practical insight into international financial services regulation and the regimes operating within jurisdictions other than their own.

Letters of credit and bank guarantees are the most important financial instruments in international exchange. Matti S. Kurkela, a leading expert in the field, presents an advanced, extensive study and guide to letters of credit. The author analyzes the material rules and principles applicable to them; conflict of laws as well as law merchant applied regardless of place of operation or nationality of the parties involved.
Letters of Credit and Bank Guarantees under International Trade Law is the only true guide whose focus is on international law and choice of applicable law, with comparisons of the UCP, the UCC and selected national laws. Bank attorneys, international bankers, commercial bankers, international trade and finance attorneys in law firms, in-house counsel, financial institutions, and academia will find this a clearly written, invaluable guide to the latest rules, case law and practice relating to these financial instruments.
The new, expanded Second Edition includes:
Analysis and comparison of commercial and standby credits, bank guarantees and bonds in use in international exchange
Introduction to the various sets of rules in use in international operations and banking
Changes made to the UCC Article 5 and UCP 600 New development and landmark decisions and case law since the publishing of the first edition
Guidance to and analysis of inter bank relationship, indemnity agreements and reference to sample documentation, and numerous sample clauses
Reference to statutory laws of lcs in various countries

The Foreclosure Echo tells the story of the ordinary people whose quest for the American dream was crushed in the foreclosure crisis when they were threatened with losing their homes. The authors, Linda E. Fisher and Judith Fox - each with decades of experience defending low-to-moderate-income people from foreclosure and predatory lending practices - have employed a range of legal, economic, and social-science research to document these stories, showing not only how people experienced the crisis, but also how lenders and public institutions failed to protect them. The book also describes the ongoing effects of the crisis - including vacant land and abandoned buildings - and how these conditions have exacerbated the economic plight of millions of people who lost their homes and have increased inequality across the country. This book should be read by anyone who wants to understand the fallout of the last financial crisis and learn what we can do now to avoid another one.

Based upon the work done to prepare and implement a Model Law drawn up for the European Bank for Reconstruction and Development (EBRD), this book provides a comparative account of the laws relating to secured lending in the 27 EBRD member states in Eastern Europe (including Bulgaria, the Czech Republic, Hungary, Poland, Romania, Russia and the Slovak Republic). Since many of the former Soviet-bloc countries have joined the EU, increasing amounts of money are being invested by western companies and financial institutions into Eastern Europe generally. Knowledge of the applicable laws relating to security is vital to such investment and lending.
This is an explanatory and practical book. Throughout the book the theme will be what characteristics make a security law useful from a practical point of view. Hence, the purpose of the book is not merely to describe existing rules on security but to concentrate on how those rules can be made practical. The EBRD's Model Law on Secured Transactions and the EBRD's Core Principles for a Modern Security Law serve as basic reference points. In addition, the author introduces a comparative perspective in order to make the reader aware of significant differences between various national security laws. The main reference systems are English, German and US-American law. The principles of security law developed under western legal systems are contrasted with the principles of security law as they can now be described after 15 years of legal reforms in central and eastern European countries.

The 2007 to 2009 financial crisis resulted in the re-emergence of the debate on financial regulation and its relationships with other macroeconomic policies, particularly monetary policy. In Europe, the financial crisis was followed by the sovereign debt crisis, as the bail-out of the financial sector put strains on public finances in several countries. The sequence of events called for a strengthening of the union, ranging from a common framework for supervisory policy that could minimize the risk of unforeseen bank or country defaults to a common resolution mechanism that could set equal rules across countries and reduce ex-ante mis-incentives to risk-taking and moral hazard. This analysis of the state of and prospects for financial regulation examines the lending and saving behavior of banks and households as well as their borrowing activities in order to understand the conflicting priorities and complicated decisions involved in the development and implementation of financial legislation.