The Bank of the United States sparked several rounds of intense debate over the meaning of the Constitution's Necessary and Proper Clause, which authorizes the federal government to make laws that are "necessary" for exercising its other powers. Our standard account of the national bank controversy, however, is incomplete. The controversy was much more dynamic than a two-sided debate over a single constitutional provision and was shaped as much by politics as by law. With Reconstructing the National Bank Controversy, Eric Lomazoff offers a far more robust account of the constitutional politics of national banking between 1791 and 1832. During that time, three forces--changes within the Bank itself, growing tension over federal power within the Republican coalition, and the endurance of monetary turmoil beyond the War of 1812 --drove the development of our first major debate over the scope of federal power at least as much as the formal dimensions of the Constitution or the absence of a shared legal definition for the word "necessary." These three forces--sometimes alone, sometimes in combination--repeatedly reshaped the terms on which the Bank's constitutionality was contested. Lomazoff documents how these three dimensions of the polity changed over time and traces the manner in which they periodically led federal officials to adjust their claims about the Bank's constitutionality. This includes the emergence of the Coinage Clause--which gives Congress power to "coin money, regulate the value thereof"--as a novel justification for the institution. He concludes the book by explaining why a more robust account of the national bank controversy can help us understand the constitutional basis for modern American monetary politics.

This book examines a key aspect of the post-financial crisis reform package in the EU and UK-the ratcheting up of internal control in banks and financial institutions. The legal framework for internal controls is an important part of prudential regulation, and internal control also constitutes a form of internal gate-keeping for financial firms so that compliance with laws and regulations can be secured. This book argues that the legal framework for internal control, which is a form of meta-regulation, is susceptible to weaknesses, and such weaknesses are critically examined by adopting an interdisciplinary approach. The book discusses whether post-crisis reforms adequately address the weaknesses in regulating internal control and proposes an alternative strategy to enhance the 'governance' effectiveness of internal control.

For the last few years, Ukraine and its financial sector have gradually sought to apply and comply with EU standards. Most recently, the signing of the EU-Ukraine Association Agreement has given Ukraine's transition towards EU standards a formal basis. Ukraine, with EU support, is in the process of implementing EU regulations according to this Agreement. Against this background, the publication Ukrainian Banking Regulation: Its Challenges and Transition towards European Standards elaborates on this process by providing an in-depth background of the current Ukrainian banking regulation, its economics and the challenges of complying with the new EU standards.

This thoroughly revised and updated new edition provides a practical guide for banks and their lawyers in respect of their regulatory responsibilities, their private law duties, their liabilities to third parties, and their obligations to assist persons seeking the recovery of assets (including regulatory bodies within and without the jurisdiction) as they relate to "tainted money". It also sets the law in its national and international policy context and pays particular attention to the international sources of the relevant law. It draws on the expertise of civil and criminal practitioners, public international lawyers, and overseas (in particular US) lawyers. The second edition addresses recent practice under the main international conventions, including the Sixth Session of the Conference of the Parties to the UN Convention against Transnational Organized Crime (October 2012) and the Fifth Session of the Conference of States Parties to the UN Convention against Corruption (November 2013). UN Security Council Resolutions, in particular resolution 1904 of 17 December 2009 which established the delisting ombudsperson (in response to criticism by national courts), have been considered. The book considers the work of international bodies such as the Financial Action Task Force and new primary legislation at domestic and European level, including the Fourth Money Laundering Directive. Additionally, decisions of the European Court of Human Rights, the Court of Justice of the European Union and national courts are analysed and explained. It also provides a further assessment of the extent to which there has emerged an international law of tainted money to complement the emergence of an international financial system. In a concluding chapter, it gives an overview of the emerging response of courts and regulators (national, EU, and international) to the challenges presented by new technologies such as Bitcoin and other virtual currencies.

Part I of this project overviewed the literature on the Basel Committee of Banking Supervision (BCBS) and provided a primer on the Committee's governance and functions. It also engaged with the current theories on legitimacy and discussed what legitimacy meant for the global governance of banking and how it could be assessed. This part investigates the BCBS's governance, operation, and policy outcomes to determine the extent to which it is and has been legitimate. The assessment is conducted based on three principles of reasoned decision making, transparency, and accountability. Maziar Peihani argues that the BCBS has gradually become a more legitimate institution but there still exists significant room for improvement. He highlights a number of areas for reform and sets out policy prescriptions to enhance the BCBS's legitimacy.

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.

The law of borrowings embraces many different areas of law: contract, company law, trusts, security, insolvency, tax, financial services and regulation. Corporate Borrowing: Law and Practice brings together all of these elements in a practical and concise single volume. It defines the most effective ways of raising debt finance - from bank loan agreements to MTN programmes - and examines the specific legal problems of security and prospectus requirements under the Prospectus Directive. It examines the issues relating to the various types of security, asset backed securities, guarantees, appointment of trustees, attracting lenders and the statutory provisions regarding invitational material, and the tax implications or borrowings by companies. The fifth edition includes: * Changes to prospectus regulation as a result of the EU Amending Directive (amending the Prospectus Directive) * New regime for registration of charges under Companies Act 2006, as 859A-Q * Changes to regulatory capital regime as a result of CRD IV and the Capital Requirements Regulation * Impact of US tax provisions under FATCA * New sections on commercial considerations of debt vs equity, differences between loan agreements and debt securities, and liability for misleading offering documents * Fully updated to reflect case-law, changes in legislation and changes in market practice and documentation since 2009