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.

Departing from an International Relations perspective, this book inquires how industry self-regulation affects the role of international law in governing global banks. It provides case studies of the Wolfsberg Principles and the Equator Principles.

Offshore Bank Licensing - Where and How - Regulatory changes during the early years of this millennium left merely a few Offshore Tax Havens that still welcome applications for new International Bank Licenses. Many jurisdictions have stopped accepting new applications altogether while others have decided to issue licenses exclusively to overseas branches and subsidiaries of internationally established banking groups. This book contains a compilation of banking laws and regulations from seven offshore jurisdictions that welcome new private bank startups and offer reasonable qualification and capital requirements. Minimum capital requirements start as low as $25K for a restricted Class B Banking License and from $250K for an unrestricted international license. Information is included about license classes, physical presence requirements and application procedure along with contact information for the regulatory authorities in each jurisdiction.

A wave of regulatory requirements is significantly impacting the transaction banking business. This book focuses on the global and regional regulatory developments that are impacting, or going to impact the transaction banking services industry.

This title is the classic exposition of the origin, history, and intellectual and practical unworkability of par value, stated capital, and other components of legal capital ; the critical owners' equity corner of the balance sheet. Legal Capital is widely credited with pioneering the introduction of the balance sheet, equity solvency tests, and other reforms into the Model Business Corporation Act and corporation statutes in over 30 states. This edition adds new historical material, updates the statutes and caselaw on dividends and other distributions in the U.S., and compares the evolution of legal capital in countries around the world.

The global financial and economic crisis which started in 2008 has had devastating effects around the globe. It has caused a rethinking in different areas of law, and posed new challenges to regulators and private actors alike. One of the emerging issues is the apparent eclipse of boundaries between different legal disciplines: financial and corporate lawyers have to learn how public law instruments can complement their traditional governance tools; conversely, public lawyers have had to come to understand the specificities of the financial markets they intend to regulate. While commentary on financial regulation and the global financial crisis abounds, it tends to remain within disciplinary boundaries. This volume not only brings together scholarship from different areas of law (constitutional and administrative law, EU law, financial law and regulation), but also from a variety of backgrounds (the academy, practice, policy-making) and a number of different jurisdictions. The volume illustrates how interdisciplinary scholarship belongs at the centre of any discussion of the economic crisis, and indeed regulation theory more generally. This is a timely exploration of cutting-edge issues of financial regulation.

The global economy is yet to recover from the aftershocks of the Global Financial Crisis (GFC). In particular many national economies are struggling to adjust to austerity programs that are a direct result of the toxic effects of the crisis. Governments, regulatory agencies, international organisations, media commentators, finance industry organisations and professionals, academics and affected citizens have offered partial explanations for what has occurred. Some of these actors have sought to introduce legislative and other regulatory initiatives to improve operational standards in capital markets. However, the exposure post-GFC of the scandal surrounding the manipulation over many years of the London Interbank Offered Rate (LIBOR) highlighted that the most important obstacles to counter the destructive potential of our global finance system are normative not technical. Regulating the culture of the finance sector is one of the greatest challenges facing contemporary society. This edited volume brings together leading professionals, regulators and academics with knowledge of how cultural forces shape integrity, risk and accountability in capital markets. The book will be of benefit not only to industry, regulatory and academic communities whose focus is upon financial markets and professionals. It is of value to any person or organisation interested in how the cultural underpinnings of the finance sector shape how capital markets actually operate and are regulated. It is a stark lesson of history that financial crises will occur. As national economies become ever more inter-connected and inter-dependent under conditions of global financial capitalism, it becomes ever more important to know how cultural and other normative forces might be adjusted to militate against the effects of future disasters.

ATTORNEY DANIE VICTOR HAS BEEN PRACTICING LAW IN THE STATE OF FLORIDA SINCE 1991. SHE IS AVAILABLE WORLDWIDE FOR LECTURES ON A VARIETY OF TOPICS. FORWARD ALL REQUESTS VIA FACSIMILE: (772) 283-2331

The Law of Global Custody provides both an introduction to, and a detailed analysis of, the law relating to global custody for all those wishing to review and manage legal risk in the field of global custody and related areas such as escrow services, cross border securities collateral and the post trade infrastructure. With this excellent book you will gain a better understanding of the implications of acting as, or holding assets with, a custodian. It will help you to be more efficient when providing or using custody services, drafting and negotiating custody terms and creating or analysing any structures involving a custody element. This new third edition has been fully updated to take account of the significant legislative changes and developments that have taken place since the last edition, including: An explanation of UK regulatory context updated to reflect changes in the FSA rules, particularly as a result of the implementation of MiFID in the UK; The discussion of the Financial Collateral Directive now contains particular reference to the implementation of the Directive in the UK and relevant issues arising; The summary of the operation of the CREST system (Euroclear UK & Ireland) has been considerably revised and updated; International developments, including the draft UNIDROIT Convention on Substantive Rules regarding Intermediated Securities, and the EU Commission's Code of Conduct for Clearing and Settlement; Up-to-date references to relevant case law and other source materials; Updated tax chapter to reflect the implementation and proposed reform of the EU Savings Directive, recasting of relevant legislation as a result of the tax law rewrite project; Detailed amendments to relevant rules made by successive Finance Acts. Carefully structured and clearly written, with annotations and helpful guidance throughout, this book offers an accessible and authoritative account of this complex area of law. Previous ISBN: 9781847661425

This book shows that a special bank bankruptcy regime is desirable for the efficient restructuring and/or liquidation of distressed banks. It explores in detail both the principal features of corporate bankruptcy law and the specific characteristics of banks including the importance of public confidence, negative externalities of bank failures, fragmented regulatory framework, bank opaqueness, and the related asset-substitution problem and liquidity provision. These features distinguish banks from other corporations and are largely neglected in corporate bankruptcy law. The authors, an assistant professor for money and finance and a research economist at the Dutch Central Bank, propose changes in both prudential regulation and reorganization policies that should allow regulators and banking authorities to better mitigate disruptions in the financial system and minimize the social costs of bank failures. Their recommendations are complemented by a discussion of bank failures from the 2007-2009 financial crisis.

This handbook addresses an important omission in the current financial environment: the lack of a broader, strategic understanding of the possible roles of Employee Stock Ownership Plans, or ESOPs, as a tool for managing a variety of issues facing banks. Banks proportionately make more use of ESOPs than any other industrial classification in the U.S., often without understanding the extent of their potential applications. While an ESOP is not suitable in all circumstances, an ESOP may provide assistance in resolving the following issues, either by itself or in conjunction with other elements of a well-rounded strategic plan: - Augmenting capital, particularly for profitable institutions facing limited access to external capital. - Facilitating stock purchases by creating an "internal" stock market. - Providing employee benefits to reward employees that add to the institution's long-term value. This handbook describes the function of ESOPs in the real world of banks and bank holding companies. Bank directors and managers can use the information in this handbook to make solid, initial decisions regarding the potential merits of an ESOP. Before embarking on a particular strategy to deal with the manifold challenges facing small- to mid-size banks, the decision makers in profitable institutions may wish to consider how an ESOP can assist in addressing issues such as shareholder liquidity, employee ownership and compensation, and capital management.

The Future of Financial Regulation is an edited collection of papers presented at a major conference at the University of Glasgow in spring 2009, co-sponsored by the Economic and Social Research Council World Economy and Finance Programme and the the Australian Research Council Governance Research Network. It draws together a variety of different perspectives on the international financial crisis which began in August 2007 and later turned into a more widespread economic crisis following the collapse of Lehman Brothers in the autumn of 2008. Spring 2009 was in many respects the nadir since valuations in financial markets had reached their low point and crisis management rather than regulatory reform was the main focus of attention. The conference and book were deliberately framed as an attempt to re-focus attention from the former to the latter. The first part of the book focuses on the context of the crisis, discussing the general characteristics of financial crises and the specific influences that were at work this time round. The second part focuses more specifically on regulatory techniques and practices implicated in the crisis, noting in particular an over-reliance on the capacity of regulators and financial institutions to manage risk and on the capacity of markets to self-correct. The third part focuses on the role of governance and ethics in the crisis and in particular the need for a common ethical framework to underpin governance practices and to provide greater clarity in the design of accountability mechanisms. The final part focuses on the trajectory of regulatory reform, noting the considerable potential for change as a result of the role of the state in the rescue and recuperation of the financial system and stressing the need for fundamental re-appraisal of business and regulatory models.

From social media to mortgage-backed securities, innovation carries both risk and opportunity. Groups of people win, and lose, when innovation changes the ground rules. Looking beyond formal politics, this new book by Cristie Ford argues that we need to recognize innovation, and financial innovation in particular, as a central challenge for regulation. Regulation is at the leading edge of politics and policy in ways that we have not yet fully grasped. Seemingly innocuous regulatory design choices have clear and profound practical ramifications for many of our most cherished social commitments. Innovation is a complex phenomenon that needs to be understood not only in technical terms, but also in human ones. Using financial regulation as her primary example, Ford argues for a fresh approach to regulation, which recognizes innovation for the regulatory challenge that it is, and which binds our cherished social values and our regulatory tools ever more tightly together.

While Western economies generally display dispersed shareholding in listed companies, Asian economies commonly have concentrated shareholding also in publicly listed companies. The principal analysis in Comparative Takeover Regulation relates to the role of takeover regulation in different economies. In the Asian context, the nature of takeover regulation may necessitate a different approach, with greater emphasis on the mandatory bids and disclosure of substantial shareholding. The likelihood of hostile takeovers will be minimal. It is these differences among various jurisdictions that strike at the heart of Varottil and Wan's new work. Ideal for educational institutions that teach corporate law, corporate governance, and mergers and acquisitions, as well as for law firms, corporate counsel and other practitioners, Comparative Takeover Regulation provides students and scholars with brand new analysis of this increasingly important field of study.

Reprint. Originally published in New York: F.A. Stokes, c1914. xv, 223 p. The book was based on the revelations of the House of Representatives' Pujo Committee about the predatory practices of J. P. Morgan and other big bankers. "Other People's Money" influenced both Woodrow Wilson's New Freedom agenda and Franklin Roosevelt's New Deal. It also offers valuable lessons for today.

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.

The European Union regime for fighting market manipulation and insider trading - commonly referred to as market abuse - was significantly reshuffled in the wake of the financial crisis of 2007/2008 and new legal instruments to fight market abuse were eventually adopted in 2014. In this monograph the authors identify the association between the financial crisis and market abuse, critically consider the legislative, policy and enforcement responses in the European Union, and contrast them with the approaches adopted by the United States of America and the United Kingdom respectively. The aftermath of the financial crisis, ongoing security concerns and increased legislation and policy responses to the fight against irregularities and market failures demonstrate that we need to understand, in context, the regulatory responses taken in this area. Specifically, the book investigates how the regulatory responses have changed over time since the start of the financial crisis. Market Manipulation and Insider Trading places the fight against market abuse in the broader framework of the fight against white collar crime and also considers some associated questions in order to better understand the contemporary market abuse regime.

Despite fears that regulators around the world would act to curtail securitisation severely in the aftermath of the collapse of Enron, WorldCom, and Parmalat, the securitisation industry has witnessed what can only be described as relentless innovation. Securisation remains one of the most important means for financial institutions to diversify their funding, transfer credit risk and manage solvency requirements. This volume, the second in a series focusing on the latest innovations in the global securitisation industry, provides advisers with detailed guidance on key structural and legal issues of innovative securitisations, as well as describing the most recent developments in the accounting and risk-capital treatment of securitisation transactions. The contributors represent a wide range of expert participants in the design, execution, and regulation of securitisation transactions. Among the critical features of contemporary securitisation covered are the following: project finance CLOs; securitisation of equity risk; securitisation of commodity risk through commodity trigger swaps; the convergence of structured credit and securitisation markets; innovation in RMBS: negative equity transactions; innovation in CMBS: A/B structure; new markets in Europe, Japan, and Islamic countries; catastrophe risk securitisation; effect of recent US bankruptcy legislation on synthetics; microfinance loan securitisation in emerging markets; public sector securitisation; securitisable intellectual property; application of accounting standards in a rapidly changing environment, and updated analysis of Basel II. The practical perspective of the contributions, combined with the extensive use of case studies of key transactions, should make this volume an invaluable resource for lawyers as well as legal and business academics interested in the very latest developments in the global securitisation markets.

Recent developments in law, public policy, and regulation have ensured that questions regarding the relationship between banks and their customers have seldom been out of the spotlight. This important book provides a timely, original, and critical examination of the role of the law in regulating banks in the interests of the consumer. The work examines the social and economic rationales for, and the objectives of banking regulation. In so doing, it focuses on the crucial role of regulation in the protection of the consumer. The book then provides a critical appraisal of the principal techniques by which regulation is delivered and protection ensured. Such techniques include prior approval by licensing, continued supervision, and information remedies such as disclosure. The work also looks at how the law protects depositors of insolvent banks through financial compensation schemes, and how it provides consumer redress through mechanisms for ensuring access to justice, in particular ombudsmen. Finally, the book looks at the topical question of consumer access to banking services, and considers the extent to which the law can justify placing social obligations on banks in the consumer interest. This is the first monograph to examine these important topics in this way.

In declaring the war against terrorism President George W. Bush also declared war on the financing of terrorism. The call to arms has been complemented by a concerted effort world-wide to track down and freeze the assets of suspected terrorists and financial institutions have risen to these challenges over the last year contributing their expertise gathered mostly through techniques to combat money laundering. In this book bankers, regulators and academics pose a variety of questions from their individual perspectives: To what extent are new laws really new? What can financial institutions realistically contribute to the suppression of terrorist financing? Can individual rights be protected in these circumstances? These questions are analysed by experts who come up with some thought provoking answers.

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.