This work is essential for banking and investment business practitioners and legal advisers working in those fields. It provides an invaluable reference source on current on-exchange and off-exchange market trading, and regulatory issues, in the payments, investments, debt, securities, and derivatives sectors. The coverage relates to the UK, the EU, the USA and to some Asian markets, while also providing an account of the international architecture and systems. The book provides a comprehensive and authoritative analysis on the regulation of financial markets and market infrastructure including the new area of financial technology. It focuses on stock markets and exchanges, associated trading, clearing and settlement, and payment systems, set in their historical and current contexts. The new edition reflects recent changes to the various systems of financial regulation. It examines specific markets including equity, debt, and financial derivatives (both on-exchange and off-exchange), from UK, European, and international perspectives. It also includes associated topics, such as global custody and credit rating, together with a new chapter on transaction reporting. Since the second edition, published in 2012 reflecting the 2007-9 financial crisis, there have been further changes to financial regulatory regimes at national, regional, and international levels. In the UK and the EU generally, the implementation of MiFID II has had a significant impact on the architecture and operation of the markets. Institutional revision within the EU is covered, including the development of the role of the European Securities and Markets Authority (ESMA), and allied developments on listing, prospectuses, payments, and electronic money. The book examines regional developments alongside domestic measures, including the changes to the FCA Handbook (particularly on Listing, Prospectuses, and Disclosure) and the Brexit-driven "on-shoring" into the UK of the EU regime. In addition, there are new chapters on Regulatory Technology and Islamic Capital Markets. This third edition is timely in the UK because of Brexit, and in the EU due to new emphasis on systemically important elements of market infrastructure, and the shift of policy making from the member states to the EU central institutions.

Written by a leading figure in the field, this third edition of the Principles of Banking Law provides an authoritative account of the subject, incorporating all significant changes in banking law, regulation and practice that have occurred since the publication of the second edition in 2002. The book looks at international banking and financial services law, with in-depth expert coverage of global bank regulation, global payment systems, international bond instuments, and foreign exchange systems.

In the years since the 2008 financial crisis, U.S. federal prosecutors have brought dozens of criminal cases against the world's most powerful banks, charging them with manipulating financial indices, helping their customers evade taxes, evading sanctions, and laundering money. To settle these cases, global banks like UBS, Barclays, HSBC and BNP Paribas paid tens of billions of dollars in fines. They also agreed to extensive reforms, hiring hundreds of compliance officers, spending billions on new systems, and installing independent monitors. In effect, they agreed to become worldwide enforcers of U.S. law, including financial sanctions-sometimes despite their own governments' protests. This book examines the U.S. enforcement campaign against global banks across four areas: benchmark manipulation, tax evasion, sanctions violations, and sovereign debt. It shows that U.S. prosecutors have unilaterally carved out a new role as global bank regulators, heralding a fundamental shift in how international finance is overseen. Their ability to do so stems from U.S. control over access to vital hubs of the international financial system. In some areas, unilateral U.S. actions have ushered in important multilateral reforms, such as the rise of automatic tax information exchange and better-regulated financial indices. In other areas, such as financial sanctions, unilateralism has attracted protests from other states and spurred attempts to challenge U.S. dominance of international finance.

Ellinger's Modern Banking Law sets banking law against the background of general legal doctrines and banking regulation, discussing its operation in the context of its wider economic function. The book examines the different types of banks and banking organizations operating in the United Kingdom, also making use of American, Canadian, New Zealand and Australian examples. It provides analysis of the banker and customer relationship, explaining the different types of accounts available, the duties and the liabilities of banks, and the latest processes used in the clearance of checks, plastic money and electronic money transfers. Issues relating to overdrafts, bank loans, credit agreements, and securities for bankers' advances are covered.
This is a significant book for undergraduates and postgraduates alike, as well as practitioners, providing comprehensive and up-to-date coverage.
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Following the chaotic effects of the global financial crisis on European financial markets, the legislative regime introduced by the European Union (EU) represents a dramatic new approach to bank insolvency law, and will have a profound effect on the way banks function. The second edition of EU Banking and Insurance Insolvency evaluates these important developments and their implications for the Eurozone countries. A comprehensive general introduction sets out the EU insolvency law framework and the principles which govern financial institutions. The book provides detailed commentary on the Bank Recovery and Resolution Directive (BRRD) and Single Resolution Mechanism Regulation (SRMR), the legislative instruments central to the EU's response to the crisis, intended to harmonize Member States law. It considers the new powers given to government authorities under the BRRD to write down shares and debt instruments issued by banks, and the function of the newly created 'Single Resolution Board'. Commentary on the Winding-Up Directive (2001/24/EC) and the Insurance Insolvency Directive (2001/17/EC) discusses the significant changes these statutes have undergone as a consequence of the adoption of the BRRD and SRMR, as well as several high-profile court cases decided on the interpretation of these two statutes, including the Landsbanki and Kaupthing cases, and the Lehman Brothers, Isis Investments, and Heritable Bank cases. This is an invaluable practitioner guide to the new European banking insolvency regime, written by experts in the field.

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.

The trillion-dollar markets for futures, swaps, commodity options, and related derivatives are extremely important to the global economy because, among other things, they influence the prices that people pay for everything from heating oil and bread to the interest rates connected to mortgages and student loans. Due to technological advances in automation and artificial intelligence, these markets have recently undergone a dramatic transformation away from human-centered trading and operations to control by high-speed automated systems. In this work, Gregory Scopino explains how such changes present challenges to the oversight of these markets and discusses potential ways for authorities to address issues presented by computerized trading and related systems. This book should be read by anyone interested in learning how artificial intelligence is used in the financial markets and how those markets are - and should be - regulated.

The trillion-dollar markets for futures, swaps, commodity options, and related derivatives are extremely important to the global economy because, among other things, they influence the prices that people pay for everything from heating oil and bread to the interest rates connected to mortgages and student loans. Due to technological advances in automation and artificial intelligence, these markets have recently undergone a dramatic transformation away from human-centered trading and operations to control by high-speed automated systems. In this work, Gregory Scopino explains how such changes present challenges to the oversight of these markets and discusses potential ways for authorities to address issues presented by computerized trading and related systems. This book should be read by anyone interested in learning how artificial intelligence is used in the financial markets and how those markets are - and should be - regulated.

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.

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.

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 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.

This comprehensive book begins with a consideration of the nature of the general banker-customer relationship, the obligations it poses and the issues relating to the commencement of the banking relationship. It provides individuals and companies with valuable guidance when assessing the risks in their relationship with banks, and vice versa. The following chapters allow all parties to consider carefully the central issues and underlying general principles that might arise by addressing the various activities undertaken by a lender. The duty of confidentiality, lenders as fiduciaries, the lender's duty to advise borrowers on the imprudence of transactions as well as fraud, and banks as constructive trustees and damages for breach of contract by a lender are all considered. The final chapters explore the duties of security holders and mortgagees of land, the liability of lenders for receivers they appoint, environmental liability and lender liability as shadow directors concerning wrongful trading. The book outlines liability in negligence and contract, with specific reference to existing case law concerning banks in this field from an English law perspective, and also Scottish and Commonwealth law, thus providing valuable applicability to the banking context for practitioners in other fields.

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.

Market abuse and insider dealing remains and always has been a real concern for all those that operate in the financial sector. Some of the earliest laws relating to trade outlaw attempts to artificially interfere with the proper functions of the markets and ensure fairness. With recent changes to both the UK and European regimes the line between what is normal (and sensible) business practice and what may now be classified as market abuse is becoming increasingly fine. This raises questions about communications between financial institutions and investors, and about corporate and analyst access. Market Abuse and Insider Dealing provides guidance on and explanation of the range of potential legal and regulatory responses to this complex area of law. Providing a thorough analysis and assessment of the law relating to market abuse and insider dealing, the new fourth edition includes: - analysis of the impact of Brexit - significant new case law and legislation including MiFID II; Money Laundering Regulations 2017; the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017; Criminal Finances Act 2017 with Unexplained Wealth Orders; The Fifth Money Laundering Directive - the new Corporate Governance Code - new content on: control and senior managers' responsibility/liability; the FCAs competition law jurisdiction where it is appropriate to do so in relation to market abuse; a new table of UK decided market abuse cases

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).

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 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.

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

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

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.

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 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.