E-Commerce is a phenomenon that threads through the whole economy. Its rapid development and the increasing importance of the Internet have led to fundamental changes in the whole services sector. This applies in particular to financial services. The work deals with the legal aspects of this development, as well as those pertaining to legal policy.

Schiffsfonds erfreuten sich bei Anlegern bis vor wenigen Jahren grosser Beliebtheit. Nachdem die Branche zuletzt erheblich in Bewegung und seit 2008 in eine tiefe Krise geraten ist, stehen nunmehr Haftungsfragen, Sanierungskonzepte und Insolvenzen im Vordergrund. Hier setzt dieses Praxishandbuch einen Schwerpunkt, beleuchtet umfassend die rechtlichen Grundlagen und Hintergrunde und bietet Loesungsansatze fur die Praxis an.

The European Union has long sought to create a single financial area across Europe where consumers in one country benefit from financial markets and activities in other countries. With the emergence of the Internet as a platform for the provision of online banking services, the creation of a pan-European market for banking services appeared a realistic proposition. In practice, however, this has not happened. This book asks why and argues that the creation of banking markets via the Internet relies on both available technologies and appropriate laws and regulations. The institutional and legal framework for online banking services in the single European market are examined, as is the level of legal harmonization achieved in the UK, France and Germany under the influence of the EU Directives pertaining to online banking activities.

Law and economics is the field of study devoted to understanding laws and legal institutions using the tools of economic theory. This growing subject has become a mainstream area of study in both law schools and economics departments and this book explores the "law and economics" approach to some of the most interesting questions, issues, and topics in law, order, and justice. Contemporary Issues in Law and Economics considers what economists call the "positive" analysis of the law - that is, using economic theory to explain the nature of the law as it actually exists. As part of this approach the author examines questions such as, what is the economic basis for the predominance of negligence rules in tort law? And, what is the explanation for the illegality of blackmail? Furthermore, another set of questions arises where the law seems to depart from the prescriptions of economic theory, and these issues are also examined in this volume. For example, the deeply rooted norm of proportionality between punishments and crimes, and the use of escalating penalties for repeat offenders, are both explored. With self-contained chapters written in a non-technical style, this book offers a rigorous discussion of the above themes while remaining accessible to those without formal legal or economic training. It offers the ideal introduction to the field of law and economics while also providing a basis for students in more advanced courses.

The Economics of Crime presents a review of economic scholarly research in the ever-growing field of crime and punishment. Without using graphs or mathematical equations, Winter combines theory and empirical evidence relating to public policy concerns over a wide range of controversial topics such as the death penalty, racial bias in the criminal justice system, gun control, the war on drugs, fines versus imprisonment, policing tactics, and shaming punishments. In addition to offering an updated and expanded coverage of these, and other topics, this second edition is more international in scope, with the inclusion of studies that use data from Italy, Australia, the U.K., Singapore, Brazil, and others. Also included is a brand-new chapter on the application of behavioral economics to crime and punishment, providing readers with a succinct introduction to this modern and increasingly important approach to economic issues. By requiring no previous knowledge of economics, this book continues to be the perfect choice for students new to the study of economics and public policy, whether it is in the discipline of economics, political science, criminology, law, or any other field that is concerned with issues in crime and punishment. Furthermore, due to its accessibility, The Economics of Crime can be enjoyed by anyone who follows current public policy debate over some of society's most contentious issues.

This book is a collection of presentations held at the third symposium of the project Economy, Criminal Law, Ethics .The presentations in the first section of this work clearly show how the goals pursued in the financial market compete with other economic duties and that now new coordinating mechanisms must be developed.This is demonstrated in a focused and compact manner in the following section, which contains presentations on selected topics regarding substantive law and procedural law. The symposium concludes with a re-examination of the basics and considers possible regulatory and monitoring reforms. In forward looking discussions, hidden methodological controversies are explored, the realization of which facilitates the understanding of complex processes."

Since the passage of the Prospectus Directive and the Prospectus Regulation by the European authorities in 2003, that legislation has been carefully observed by the capital markets until today. The aim of these regulations is to establish an integrated, efficient and liquid European capital market in order to protect the investors.The author describes in detail the regulations (including the annexes) starting with the genesis of the legislation by using the comitology procedure and interprets them on the basis of the CESR recommendations. He discusses numerous practical examples (e.g. the definition of a public offering, secondary placements or employee stock option schemes) and applies his interpretation.The research on hand is an extensive description and analysis of the Prospectus Directive and the Prospectus Regulation and provides a profound evaluation of one of the key issues of the European legislation of the past years.

'Already an accomplished scholar Shen Wei offers a masterly study of the Chinese shadow banking sector in context. The book constitutes a thorough analysis of the nature of the Chinese shadow banking sector and of the political events, economic rationales and institutions that have shaped it. Beyond offering expert legal analysis this book is also very rich on information and research about the institutional and economic necessities that have shaped the Chinese financial system in its present form and gave rise to a mighty shadow banking sector. The book is very well organized and competently drafted, thus, it is easily accessible to both the expert and non-expert reader. I have no doubt that this is bound to become the standard reference work for everybody wishing to study the nature of the Chinese shadow banking sector and of the institutions underpinning it in context.' - Emilios Avgouleas, University of Edinburgh, UK 'Shadow Banking in China: Risk, Regulation and Policy by Professor Shen Wei is a timely book, presenting readers with a comprehensive and coherent conceptualization of shadow banking in China. It systematically defines shadow banking, describes how the different types of shadow banking subsectors -- including wealth management products, peer-to-peer lending, local government financing vehicles, and underground lending -- are growing, and examines how Chinese regulators are responding. It also explains the risk-taking, economics, and behavioral aspects of each of these subsectors, revealing the endogenous market forces driving their expansion and describing how shadow banking is innovatively helping to channel funding to the cash-starved private sector and real economy.' - from the Foreword by Steven L. Schwarcz, Duke University, School of Law In light of the current regulatory regime in China's banking sector, this book investigates the causes, key forms, potential risks and regulation of shadow banking in China. The first China-specific book of its kind, the author takes policy considerations into account whilst providing an analysis of the regulatory instruments tackling the systematic risks in its banking as well as shadow banking sectors. Key shadow banking subsectors discussed include P2P lending, wealth management products, local government debts, and the underground lending market. This book will be of interest to students and scholars in the legal field, as well as those from other disciplines including social science, business, and finance. It will also be of use to lawyers, policymakers and regulators looking for practical solutions in tackling the issues facing a rising shadow banking sector today.

Inspired by the Consumer Credit Act 2006, this detailed work offers practical guidance on the legislation. The scope and impact of the regulation is undergoing fundamental change; for example, financial limits on regulation are being partially removed, the OFT are given the power to fine licensees, an Ombudsman scheme is being introduced and agreements can be reopened where the relationship arising is held to be unfair. This book addresses topics of practical concern and examines the areas most relevant to practitioners drafting, securitising or seeking to defend claims under credit or hire agreements. In particular, the book focuses on the outstanding problems and issues arising from the application of the Consumer Credit Act. In-depth commentary is provided by an expert author team who have appeared in many recent cases where enforceability of rights under credit and hire agreements has been in issue.

Serving as an introduction to one of the "hottest" topics in financial crime, the Value Added Tax (VAT) fraud, this new and original book aims to analyze and decrypt the fraud and explore multi-disciplinary avenues, thereby exposing nuances and shades that remain concealed by traditional taxation oriented researches. Quantifying the impact of the fraud on the real economy underlines the structural damages propagated by this crime in the European Union. The 'fruadsters' benefit when policy changes are inflicted in an economic space without a fully fledged legal framework. Geopolitical events like the creation of the Eurasian Union and 'Brexit' are analyzed from the perspective of the VAT fraud, thereby underlining the foreseeable risks of such historical turnarounds. In addition, this book also provides a unique collection of case studies that depict the main characteristics of VAT fraud. Introduction to VAT Fraud will be of interest to students at an advanced level, academics and reflective practitioners. It addresses the topics with regards to banking and finance law, international law, criminal law, taxation, accounting, and financial crime. It will be of value to researchers, academics, professionals, and students in the fields of law, financial crime, technology, accounting and taxation.

This is a history-though, intentionally, a brief history-of the rise of law and economics as a field of thought in the U.S. college and law school academy, though the field has expanded to Europe and South America and will expand further as other legal systems develop. This book explains the origins of the field and the sources of its growth during its formative period. It describes the intellectual roots of the field, and the field's relationship to the understanding of the role of the legal system in directing the functioning of the economy. It describes the effect of the Great Depression and the expansion of governmental power on advancing the functional approach. The book then addresses the work of Aaron Director, during the late 1950s, on focusing economic analysis as a means of understanding the effects of the legal and regulatory system on the allocation of resources in the society. Then it turns to the subsequent intellectual founders of the field-Ronald Coase, Guido Calabresi, and Richard Posner-and attempts to explain the significance of their work. It also discusses the efforts of Robert Bork and Henry Manne toward the influence of law and economics on public policy. The book ends with the founding of the American Law and Economics Association in 1991. This is an essential companion to law and economics texts for undergraduate law and economic students and, especially, a general supplement to first-year casebooks for law school students.

This book defines and identifies the so-called "financial war on terror." It provides a critical review of the impact of counter-terrorist financing strategies and measures in a number of jurisdictions as well as those enacted by international organizations.

The book analyses the measures introduced by the United Nations, including the UN sanctions against terrorists and the operation of its anti-terrorist sanctions committees. The Special Recommendations of the Financial Action Task Force are also considered. Detailed commentary of the counter-terrorist financing measures of the European Union and the Council of Europe is included. Particular attention is paid to the Framework Decisions on Combating Terrorism, the Council Common Positions on Combating Terrorism and the EU Anti-Terrorism Sanctions Regime.

The book then goes onto to review the measures put in place in the US following September 11th 2001. The roles of the of the Department of Treasury, the Financial Crimes Enforcement Network and the Office of Foreign Assets Control are assessed along with the merger of its anti-money laundering and counter-terrorist financing policies. Looking to the UK Nicholas Ryder considers the UK s history of implementing counter-terrorist financing measures which were used against terrorist groups in Northern Ireland. He then goes on to explore the evolution of the UKs counter-terrorist financing measures to the recent measures against Islamic terrorist groups. The book also explores the counter-terrorist financing measures adopted in Switzerland and the impact of the financial war on terror in Saudi Arabia. The book highlights the levels of compliance in each of the selected jurisdictions with the requirements of the "financial war on terror."

Offering a much-needed legal analysis of the measures enacted under the "financial war on terror" this book is a valuable resource for those researching in law, terrorism studies, criminal justice, and finance."

Bank Regulation, Risk Management, and Compliance is a concise yet comprehensive treatment of the primary areas of US banking regulation - micro-prudential, macroprudential, financial consumer protection, and AML/CFT regulation - and their associated risk management and compliance systems. The book's focus is the US, but its prolific use of standards published by the Basel Committee on Banking Supervision and frequent comparisons with UK and EU versions of US regulation offer a broad perspective on global bank regulation and expectations for internal governance. The book establishes a conceptual framework that helps readers to understand bank regulators' expectations for the risk management and compliance functions. Informed by the author's experience at a major credit rating agency in helping to design and implement a ratings compliance system, it explains how the banking business model, through credit extension and credit intermediation, creates the principal risks that regulation is designed to mitigate: credit, interest rate, market, and operational risk, and, more broadly, systemic risk. The book covers, in a single volume, the four areas of bank regulation and supervision and the associated regulatory expectations and firms' governance systems. Readers desiring to study the subject in a unified manner have needed to separately consult specialized treatments of their areas of interest, resulting in a fragmented grasp of the subject matter. Banking regulation has a cohesive unity due in large part to national authorities' agreement to follow global standards and to the homogenizing effects of the integrated global financial markets. The book is designed for legal, risk, and compliance banking professionals; students in law, business, and other finance-related graduate programs; and finance professionals generally who want a reference book on bank regulation, risk management, and compliance. It can serve both as a primer for entry-level finance professionals and as a reference guide for seasoned risk and compliance officials, senior management, and regulators and other policymakers. Although the book's focus is bank regulation, its coverage of corporate governance, risk management, compliance, and management of conflicts of interest in financial institutions has broad application in other financial services sectors. Chapter 6 of this book is freely available as a downloadable Open Access PDF under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license. https://tandfbis.s3-us-west-2.amazonaws.com/rt-files/docs/Open+Access+Chapters/9780367367497_oachapter6.pdf

In Blockchain Regulation and Governance in Europe, Michele Finck examines the relationship between blockchain technology and EU law and introduces the theme of blockchain governance. The book provides a general introduction to blockchains as both a regulatable and a regulatory technology and outlines the interaction between distributed ledger technology and specific areas of EU law, such as the General Data Protection Regulation. It should be read by anyone interested in EU law, the relationship between law, innovation and technology, and technology governance.

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 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

European Banking and Financial Law Statutes presents all the key legislation for European banking and financial law in one student-friendly volume. This book is: * up-to-date with the law: based on the official consolidated texts of all relevant European instruments, this book provides a fully current collection of legislation * tailored to course outlines: content has been curated to align with European banking and financial law courses * exam friendly: conforming to regulations, this is an un-annotated text that is suitable for exam use * easy to use: a clear and attractive text design, detailed table of contents and multiple indices provides ease of reference and navigation. Ideal for course and exam use, as well as for reference, this book is a perfect companion resource for student learning and exam success, which is especially tailored for use in combination with the European Banking and Financial Law textbook.

The new German Bond Act has yet to prove itself in practice. As part of a half-day conference, prominent specialists from academia and practice shared their opinions about current problems arising from the new bond legislation. This volume of the conference proceedings documents and archives the delivered presentations. The authors present their views on how to proceed with managing the legal problems that have arisen to date. Similarly, they offer reform suggestions for strengthening Germany s position in the international competition between legal systems."

There are many deep-seated reasons for the current financial turmoil but a key factor has undoubtedly been the serious failings within the corporate governance practices of financial institutions. There have been shortcomings in the risk management and incentive structures; the boards' supervision was at times weak; disclosure and accounting standards were in some cases inadequate; the institutional investors' engagement with management was at times insufficient and, last but not least, the remuneration policies of many large institutions appeared inappropriate. This book will provide a critical overview and analysis of key corporate governance weaknesses, focusing primarily on three main areas: directors' failure to understand complex company transactions; the poor remuneration practices of financial institutions; and, finally, the failure of institutional investors to sufficiently engage with management. The book, while largely focused on the UK, will also consider EU and Australian developments as well as offering a comparative angle looking at the corporate governance of financial institutions in the US.

The books deals with the questions that really matter for green finance: Where will the money to finance the transition to a low carbon environment come from, how far do the banks' balance sheets stretch and where will the rest of the money come from? How much can we rely on the capital markets, especially in the EU, to get money to the parts of the economy which really need it, without greenwashing? How do governments organize not just a transition, but a just transition to a low carbon environment? Is it time to revisit received ideas about the proper role for central banks?

Offering a comparative case study of transitional justice processes in Afghanistan and Nepal, this book critically evaluates the way the "local" is consulted in post-conflict efforts toward peace and reconciliation. It argues that there is a tendency in transitional justice efforts to contain the discussion of the "local" within religious and cultural parameters, thus engaging only with a "static local," as interpreted by certain local stakeholders. Based on data collected through interviews and participant observation carried out in the civil societies of the respective countries, this book brings attention to a "dynamic local," where societal norms evolve, and realities on the ground are shaped by shifting power dynamics, local hierarchies, and inequalities between actors. It suggests that the "local" must be understood as an inter-subjective concept, the meaning of which is not only an evolving and moving target, but also dependent on who is consulted to interpret it to external actors. This timely book engages with the divergent range of civil society voices and offers ways to move forward by including their concerns in the efforts to help impoverished war-torn societies transition from a state of war to the conditions of peace.

The Basel Accord - now commonly referred to as "Basel I" - has exerted a profound influence on international financial politics and domestic prudential financial sector regulatory policy yet great controversy has always surrounded the Accord's impact on the safety and competitiveness of the world's largest financial institutions and the evolution of trans-national regulatory convergence. The author provides a comprehensive examination of the impact of the 1988 Basel Accord on the capital adequacy regulations of developed economies. The study seeks to understand if the Accord affected broad or isolated convergence of 18 developed states' bank credit risk regulations from 1988 to 2000, and also to understand what political economic variables influenced levels of regulatory isomorphism. Quillin creates a quantitative database of developed states' interpretations of the Basel rules which shows that some persistent distinction remained in the way states implemented the Accord. He also explores why convergence emerged among a subset of states, yet not others, by testing a battery of political economic explanations.

The current and comprehensive practical guide to payment law explains payment processes based on the judicature of the BGH (German Federal Supreme Court) and BGH-based sample cases and thereby places its focus on clarifying practical procedures.