This timely book analyzes and discuss the various issues associated with cross-border bank insolvency following the financial crisis. Though financial markets and institutions have become international in recent years, regulation remains constrained by the domain of domestic jurisdictions. This dichotomy poses challenges for regulators and policy makers. If at the national level, bank crisis management is complex (with the involvement of several authorities and the interests of many stakeholders), this complexity is far greater in the case of cross-border bank crisis management, both at the EU level and at the international level. Insolvency procedures are typically nationally based, entity-centric and sector specific. The demise of national frontiers in today's global financial markets shows the limitations and inadequacies of these principles to deal with financial conglomerates, complex financial groups and international holding structures. These inadequacies are particularly evident in the case of cross-border bank insolvency. They are also manifested in the host-home country divide and in the treatment of systemic risk and systemically significant financial institutions. Institutions may claim to be global when they are alive (as in the case of Lehman Brothers); they become national when they are dead. Quite often, financial law specialists lack in-depth expertise on insolvency law and insolvency law specialists lack in-depth expertise on financial law. This book bridges these two areas of law by bringing together distinguished insolvency and banking law experts to provide a unique analysis of the special issues associated with cross-border bank insolvency and an inter-jurisdictional approach combining national, European and international dimensions. The Editor draws on her experience gained during participation in the Basel Working Group to provide a valuable reference for banking and insolvency practitioners, scholars, regulators and the judiciary.

This book outlines the financial services regulatory framework in 42 countries in Europe. 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 Asia Pacific 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.

Property Rights in Money is a systematic study of how proprietary interests in the ownership of and transactions in money are transferred and enforced as part of a payment transaction.
The book begins by considering the different kinds of property recognised by the law which perform the economic functions of money. It describes how the nature of an owner's proprietary interest differs depending on the kind of property that is treated as money.
The main body of the work provides a detailed account of how property rights in money are transferred from one person to another, and the proprietary consequences when a transfer of money is ineffective. For example, the work considers the consequences for the passing of property in money when a person pays the money by mistake, through the fraud of another or through a breach of his or her duties as a trustee or a company director.
The author provides a coherent explanation of the proprietary effect of money transfers whether made via a transfer of coins or banknotes or, as is now more common, through a bank payment system.
The final section of the book considers how a person can enforce his property rights in money, and the legal remedies open to him to recover his money once it is in the hands of a person who is not entitled to it.

This new work provides analysis of the legal and regulatory facets of syndicated loans, secondary loan market practice and other related financial practices. Acknowledging the dynamic growth in the secondary loan market Mugasha covers loan trading, credit derivatives, collateralised debt obligations, mezzanine and hybrid debt solutions - all topical issues for structured finance lawyers. Practices have changed noticeably over recent years and Mugasha addresses new legal issues that have arisen. Firstly, there are new methods of conducting business, through electronic trading platforms, the internet and a wide range of information providers (Capital Data, LoanWare and rating agencies). Secondly, regulatory aspects have evolved and initiatives like Basel II and the Equator Principles 2003, and are examined, as are the roles of significant players such as the Loan Syndications and Trading Association and the Loan Market Association. As multi-bank financing remains a major instrument of commerce and finance in the national and international arenas and is notoriously complex, banking and corporate finance lawyers and in-house counsel at banks will value this practical text

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.

What is Money Laundering (‘ML’)? How has the definition of ML expanded in recent years? Where does AML law and regulation come from? When must I report any ‘suspicion’? Money Laundering Compliance is designed as a detailed reference source both on legal and technical details, as well as practical and procedural points. It provides a technical and practical overview of AML/CFT provisions in the UK and other key international jurisdictions including: - Bahamas - Bermuda - Cayman Islands - Guernsey - Isle of Man - Jersey - Singapore - Switzerland - United States The Fourth Edition has been completely revised in line with recent legislation and case law, with other key areas of change including: - The impact of Brexit on the UK’s position vis-a-vis EU Law, and in particular in relation to the EU Money Laundering Directives covering AML/CFT matters - ‘Economic Substance’ requirements in key jurisdictions - A new chapter on FinTech, the host of AML/CFT RegTech websites/Mobile Apps, and the introduction of new methods of CDD verification - A new chapter on crypto assets and regulation - Current sanctions against defined Russian Oligarchs - The general prohibition against the provision of trust and company services to certain ‘Russian-connected’ trusts This essential resource ensures that finance professionals, private bankers, lawyers, trust and estate practitioners, regulators, compliance officers and other advisers remain up to date with this increasingly complex and crucial area of law. This title is included in Bloomsbury Professional's Banking and Finance online service.

Das Bezugsrecht der GmbH-Gesellschafter und der Kommanditaktionare kann trotz der regelmassig personalistischen Struktur der GmbH und der KGaA ausgeschlossen werden. Erfolgt der Bezugsrechtsausschluss im Rahmen einer genehmigten Kapitalerhoehung, steht er im Spannungsverhaltnis zwischen dem gesteigerten Interesse der Bezugsrechtsinhaber an einem effektiven Schutz ihres Bezugsrechts einerseits und der beschleunigenden Wirkung des genehmigten Kapitals andererseits. Der Autor bietet zunachst eine ubersichtliche Darstellung des Rechtsinstituts des genehmigten Kapitals und des Bezugsrechtsausschlusses. Daran anschliessend stellt er die an einen zulassigen Bezugsrechtsausschluss zu stellenden Anforderungen systematisch fur die unterschiedlichen Rechtsformen und Konstellationen auf.

The 2008 global financial crisis ushered in the biggest explosion in new bank regulation around the world since the Great Depression. Even more so than then, this new regulation has been coordinated on a global basis and reflects global standards as well as local idiosyncracies. Although governments and regulators have sought to put measures in place to prevent the failure of banks, they have acknowledged the need for measures to address what happens when banks fail or are threatened with failure and how to resolve such failure. Bank Resolution and Crisis Management: Law and Practice deals with the measures which European, U.S. and international law and policy makers have sought to put in place to deal with the threat of financial institutions failing, including enhanced supervision, early intervention and so called 'living wills'. Measures such as 'bail-out' (protecting private shareholders and creditors against losses) and 'bail-in' (imposing losses on shareholders and long-term creditors without causing contagion among short-term creditors) are discussed. The work includes comprehensive summaries and commentary on the EU Bank Recovery and Resolution Directive, the UK resolution laws including the Banking Act 2009 and amendments to that act, the Orderly Liquidation Authority under Title II of the U.S. Dodd-Frank Act, proposed new Chapter 14 to the U.S. Bankruptcy Code, and the bank resolution provisions of the U.S. Federal Deposit Insurance Act. The book also provides detailed commentary on the provisions in the Banking Act 2009 dealing with resolution, including discussion of the stabilisation, bank administration and insolvency powers. This includes analysis of secondary legislation such as the Partial Transfers Order. Special emphasis is given to the practical effect of such measures on financial transactions and their impact on arrangements, such as netting and set-off. There is also commentary on the Financial Services Investor Compensation Scheme and its role in returning money to the depositors in a failing bank. The special position of failing investment banks is also a feature of the book. Coverage includes analysis of the legislation adopted to address the particular issues that arose in the failure of Lehman Brothers and the resulting litigation, particularly that relating to the recovery of client assets. This work will be invaluable for regulatory, transactional and insolvency lawyers and other professionals advising banks on their powers and governance processes, in structuring and documenting transactions and in dealing with banks in the course of insolvency proceedings.

This book examines how international investment arbitral awards can be facilitated. It sets out to achieve a fuller conceptualisation and theorisation of awards through a discussion of relevant issues and themes, as well as demonstrating how they can be achieved through a comparative approach that has been conceived and developed with reference to existing deficiencies in the research literature. This contribution is particularly important given the worldwide emergence of investment arbitration as a powerful form of alternative dispute resolution (ADR). The book ultimately seeks to explore and develop solutions that can be directed to an existing oversight and deficit within the international investment architecture. In considering the advantages and disadvantages of each 'solution', it will work towards an approach best-suited to upholding the interest of the victorious party at the enforcement stage. The enforcement of arbitral awards on a voluntary basis has proven to be insufficient, and this created a real and ongoing shortcoming that needs to be addressed. International Investment Dispute Awards: Facilitating Enforcement therefore seeks to directly influence existing practice on the part of international institutions, with the intention of helping to develop a more effective resolution. The readerships for this book will include arbitration practitioners, policy-makers (including treaty drafters), academics and postgraduate students interested in the enforcement of investment arbitral awards.

The last thirty years have witnessed a fundamental shift away from real property mortgages towards personal property security interests (in particular, security interests over intangibles such as bank deposits, book debts, bonds, and shares) as the preferred means of securing the repayment of debts or the performance of obligations. This book provides a comprehensive survey of the legislative regimes regulating security interests over personal property in the United Kingdom and the major common law jurisdictions of Australia, Canada and New Zealand. The economically important common law jurisdictions of Hong Kong, Malaysia, and Singapore will also be considered.

The second edition of this major reference work on banking law continues to provide authoritative analysis of current practice and the law that applies to it. Known for its broad coverage including topics such as syndicated loans, security structures, derivative products and mis-selling claims, the book tackles areas which have particular relevance to current practice. Amongst these are cross-border matters such as world-wide freezing injunctions, foreign disclosure orders, the bankers' duty of confidentiality and the impact of sanctions on banking transactions. In particular, the book provides detailed examination of various matters arising out of the Lehman collapse and the failure of the Icelandic banking system. The second edition reviews a significant accumulation of case law in these areas. Reflecting the continued growth of the Islamic finance market, there is also a detailed section on this highly specialized but increasingly important area. The new edition provides detailed consideration of the new UK and EU regulatory regimes, analysing the respective responsibilities of the PRA and the FCA, and the establishment of new banking authorities in the EU. A separate chapter examines the new capital adequacy and liquidity regimes that will apply to banks in the wake of Basel III. It also reflects on the impact of the crisis following on from the initial assessments made in the first edition. The book examines extensively the new regimes for "ring-fencing" of retail banking business and for the resolution of failing banks, introduced at both the UK and EU levels. The text also includes a new chapter examining the challenges that the banking system would face in the event that a Member State elected to withdraw from the Eurozone - a fate which appeared to hang over Greece during the crisis and which could recur if the single currency zone faces renewed strains. Written by the editor of the leading work on monetary law, Mann on the Legal Aspect of Money, 7e, this is the most comprehensive assessment of current banking practice and the law that applies to it. It is a work of great scholarship set in practical context and benefits from the consistency and rigorousness of approach that a single author can provide.

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 (academia, 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. '...a very welcome addition to the limited European legal literature on the global financial crisis...it constitutes an important contribution in the field and it is certainly to be applauded for paving the way for further cross-disciplinary discussion amongst lawyers'. Mihalis Dekastros, European Journal of Legal Studies, 2014, Vol 7 '...Ringe and Huber's book provides important, if not indispensable elements for a coherent theory and doctrine of the law within the financial crisis'. Matthias Ruffert, Common Market Law, 2015, Vol 52 (1) '[T]his book is interesting for anyone working in a dynamic area of law. Academics will want to go through it in its entirety...' Dimitrios Kyriazis, Law Quarterly Review, 2015, Vol 131

Banking Law Day 2009 in Frankfurt focused on the topics Implementation of the Payment Services Directive under Civil Law and The Financial Market Crisis and the Implementation of the Consumer Credit Directive. Under the direction of Walther Hadding and Mathias Habersack, participants from academia, daily practice and legislation contributed to discussions."

The Banking Law Day 2008 in Mainz dedicated itself to the topic of consumer protection in the credit business and compliance in the banking industry. Speakers from the fields of business, practice, and judicature debated under the guidance of Rainer Metz and Michael Berghaus.

The Banking Law Conference 2007 in Hanover was dedicated to the subjects of current insolvency law problems of the banking industry and investor protection within structured products. Speakers from academe and practice discussed these subjects under the direction of Karsten Schmidt and Katja Langenbucher.

This book explains the legal principles, rules, concepts, and developments that underpin the practice of financial law in common law countries, and by extension across the world. One of the aims of the book is to explain clearly the basis of the concepts applied by the common law to financial transactions. As part of this aim the third edition analyses in detail the interface between common-law and civil law approaches in areas such as the distinction between property and personal rights. The section on the ability of States to control the use of their money has also been substantially rewritten to address increasing demands in the US that sanctioned persons and states should be denied access to the US monetary system, recording both the increased incidence of activity by the US authorities, and also explaining in more detail the rationale of these actions. Since the last edition was written there have been a number of developments in the technology used in the financial markets that question the legal principles on which they operate. In particular, the impact of Distributed Ledger Technology (e.g. Blockchain) on the transfer of intangible assets and the effect on the rights of parties involved is considered from both a legal and practical position. Additionally, the legal implications of the use of cryptocurrencies, including their use as Initial Coin Offerings, are also considered. This is an essential work for both experienced lawyers and those who are relatively new to international financial law. It provides the more experienced lawyer with an aide memoire on the existing law and a reference source for new ideas when tackling innovative structures or products. For those new to practice or postgraduate students this book delivers a firm foundation upon which to build knowledge of the law and practice of financial law.

This book focuses on market law and policy in sub-Saharan Africa, showing how markets can be harnessed by poorer and developing economies to help make the markets work for them: to help them integrate into the world economy and provide a better standard of living for their people while preserving their values of inclusive development. It explores uses of power both by dominant firms, often multinationals, and incumbent governments and cronies, to ring-fence their market positions and deprive rivals - often the indigenous people - from fair access to markets and highlights how competition authorities are pushing back and winning fair access, lowering prices of goods and services especially for the poorer population. The book also examines the next level up - regionalism - and provides the facts that show how regionalism has so far failed to meet its promise of freeing markets from cross-border restraints by large firms that operate across national borders. On the more technical side, the book takes a deep look at the competition policies of sets of nations in sub-Saharan Africa - West, South-eastern, and South. It examines the performance of the competition authorities of particular nations, including how they handle cartels, monopolies, and mergers; their standards of illegality, and their methodologies for incorporating public interest values into their analyses. Observing the good works by a number of the national competition authorities, the book is optimistic about the role of the national competition authorities in protecting the people from abuses of economic power, and, perhaps in the future, the role of regional authorities and less formal networks in promoting an African voice in defence of competition.

This book explains the legal principles, rules, concepts, and developments that underpin the practice of financial law in common law countries, and by extension across the world. One of the aims of the book is to explain clearly the basis of the concepts applied by the common law to financial transactions. As part of this aim the third edition analyses in detail the interface between common-law and civil law approaches in areas such as the distinction between property and personal rights. The section on the ability of States to control the use of their money has also been substantially rewritten to address increasing demands in the US that sanctioned persons and states should be denied access to the US monetary system, recording both the increased incidence of activity by the US authorities, and also explaining in more detail the rationale of these actions. Since the last edition was written there have been a number of developments in the technology used in the financial markets that question the legal principles on which they operate. In particular, the impact of Distributed Ledger Technology (e.g. Blockchain) on the transfer of intangible assets and the effect on the rights of parties involved is considered from both a legal and practical position. Additionally, the legal implications of the use of cryptocurrencies, including their use as Initial Coin Offerings, are also considered. This is an essential work for both experienced lawyers and those who are relatively new to international financial law. It provides the more experienced lawyer with an aide memoire on the existing law and a reference source for new ideas when tackling innovative structures or products. For those new to practice or postgraduate students this book delivers a firm foundation upon which to build knowledge of the law and practice of financial law.

Banking Law and Regulation is the ideal textbook to accompany a modern course at undergraduate and post-graduate levels. A truly contemporary textbook, it fully addresses the current landscape of banking law and regulation post the 2008 financial crisis. Coverage is expertly balanced between transactional, regulatory, and private law topics across UK banking law, as well as European and international law, ensuring that this book covers everything needed for a full understanding. Packed with features, including diagrams, questions, key takeaways, and key bibliographies, student learning is supported and consolidated. _ Digital formats and resources This textbook is available for students and institutions to purchase in a variety of formats, and is supported by online resources The e-book offers a mobile experience and convenient access, along with functionality tools, navigation features, and links that offer extra learning support: www.oxfordtextbooks.co.uk/ebooks The text is also supported by online resources, which include web links to enhance research and updates to the law.

At a time when financial crime routinely crosses international boundaries, this book provides a novel understanding of its spread and criminalisation. It traces the international convergence of financial crime regulation with a uniquely comparative approach that examines key institutional and state actors including the European Union, the International Organization of Securities Commissions, as well as the United States, the United Kingdom, Switzerland, France, Italy and Germany, all countries that harbour some of the most influential stock exchanges in the Western world. The book describes and documents the phenomenon of internationalisation of securities frauds - such as insider trading and market manipulation - and the laws criminalising those acts, most notably those responding to recent dramatic transformations in securities markets, high frequency trading, and benchmark manipulation. At the European level, it shows the progressive uniformisation of laws culminating in the 2014 European Union Market Abuse Regulation. The book argues that criminal prohibitions against internationalised market abuse must be understood as an economic and legal imperative to protect financial markets against activities that imperil its integrity, compromising the confidence of investors and thus affecting the economy as a whole. The book is supported by an extensive review of the most significant scholarship in each country.