In a time of global banking and financial services, globalized money and capital markets, this is a study of German banking law and practice. The articles are designed to cover the subject and take a systematic approach. They are written by experts from authorities, banks and universities. The idea for the book was born in a conference on German and Chinese banking law, held in Beijing/China on October 6th-8th, 1997, and co-sponsored by the Law Centre for European and International Cooperation, Cologne, and the China University of Political Science and Law, Beijing. Inspired by this conference, the authors wrote their contributions in 1998 with due regard to the comparative and international legal perspective of the subject.

This work comprises discussions of issues impacting on the development of banking activities in the Latin American region, together with various perspectives on possible reform. It presents a comparative study of several Latin American banking systems and their supervisory bodies, and examines the institutional structures put in place following the reforms of the last decade. There is further discussion about the relationship that should exist between regulations and discretionary power when banks face difficulties. These various subjects are explored through national case studies including Brazil, Ecuador, Venezuela, Colombia, Peru, Mexico, Bolivia, Guatemala, Argentina, Costa Rica and by way of comparison, the United States and Canada. In addition, the text covers a general discussion of the wider international context. There is comparative study of the structure of supervisory bodies in developed countries and the implications for developing countries, and of how recent international trends in banking supervision have been reflected in the experiences of Latin American countries. The crises experienced by South East Asian financial systems are examined and the ways in which they could impact on Latin America. The book also investigates the integration of banking markets at an international level and the harmonization of different regulatory frameworks. A study of the European Union experience provides a background for the discussion of harmonization in the Mercosur countries. This book arose out of the Second High Level meeting on the reform of the financial systems in Latin America and the Caribbean, held in Venezuela in October 1997 under the auspices of the Permanent Secretariat of the Latin American Economic System (SELA). In bringing together the various viewpoints presented at this meeting, the book aims to initiate serious reflection on the reform of Latin American banking systems, and in doing so, to contribute to the achievement of safe and efficient banking markets in the region.

The Law of Debtors and Creditors is a new case book for a three-unit law school course focusing on the basic principles of American debtor-creditor law. The book focuses on the law of execution on money judgments, using New York law as a paradigm. It also thoroughly covers fraudulent conveyance law, as it exists under state law and under bankruptcy in general. The book also explores the basic principles of chapter 7 liquidation, as well as a thorough review of the avoidance powers granted to a bankruptcy trustee under the Bankruptcy Code. Excluded from this volume is coverage of issues unique to consumer bankruptcy, on which the author has published a separate case book with Vandeplas Publishing, LLC.About the author: David Gray Carlson is Professor of Law at the Benjamin N. Cardozo School of law. He is the author of a treatise on secured credit in bankruptcy and of over sixty law review articles on various aspects of bankruptcy and debtor-creditor law. Many of these articles have involved procedural and constitutional issues connected with the enforcement of money judgments obtained in state and federal courts and issues involving fraudulent conveyance and voidable preference law, all of which are implicated in the current volume. He has taught a basic debtor-creditor course for over 25 years. Besides teaching at Cardozo Law School, Carlson has taught at the George Washington School of Law, the, University of Miami Law School, the University of Michigan Law School, Washington & Lee School of Law, and the Interdisciplinary Institute at Herzlya, Israel.

The EU is moving towards the full implementation of the Investment Services Directive (ISD). Indeed, in some Member States, implementation has been or will be complemented by further changes to the domestic legal framework in order to cater more effectively for increased competition among financial institutions and markets. This book analyzes these developments from a legal and economic perspective and includes papers written by academics and practitioners from Europe and the US. Some papers examine critical aspects of the ISD from a comparative viewpoint, in particular considering whether further harmonization would be appropriate. Special attention is paid to the regulation of financial exchanges in the new competitive arena and to the need for co-operation between supervisors. The volume is aimed at all those involved in European securities and derivatives markets in either a legal or economic capacity. It will be of interest to banking and financial lawyers, financial economists, regulators, exchanges and intermediaries.

As the transnational character of banking and finance activities becomes ever more pronounced, there is a clear need for lawyers in the field to become conversant with pertinent legal developments in national jurisdictions other than their own. This book takes a major step towards fulfilling that need. It not only provides essential orientation in the banking law of nine countries in which international financial business is commonly transacted, but also offers experienced, high-quality insights into developments and trends in each of these jurisdictions. With origins in the discussions of the Banking and Finance Commission of the International Association of Young Lawyers (AIJA), this work examines the main areas of banking and finance law across a broad spectrum of areas of law from project finance to financial services regulation. Most of the chapters were originally presented as papers at a conference on "Managing Banking Risks and Combating Fraud" which was jointly organised by IBC and AIJA in London in March 1998. These papers have been updated for inclusion in this work, with the addition of a General Report and a new paper on the United States which takes into account the new Financial Services and Modernization Act (FSMA). Each chapter follows a predetermined outline, so the reader can easily make a comparative analysis across the countries covered.

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.

This collection critically explores the use of financial technology (FinTech) and artificial intelligence (AI) in the financial sector and discusses effective regulation and the prevention of crime. Focusing on crypto-assets, InsureTech and the digitisation of financial dispute resolution, the book examines the strategic and ethical aspects of incorporating AI into the financial sector. The volume adopts a comparative legal approach to: critically evaluate the strategic and ethical benefits and challenges of AI in the financial sector; critically analyse the role, values and challenges of FinTech in society; make recommendations on protecting vulnerable customers without restricting financial innovation; and to make recommendations on effective regulation and prevention of crime in these areas. The book will be of interest to teachers and students of banking and financial regulation related modules, researchers in computer science, corporate governance, and business and economics. It will also be a valuable resource for policy makers including government departments, law enforcement agencies, financial regulatory agencies, people employed within the financial services sector, and professional services such as law, and technology.

This collection of essays provides a rich and contemporary discussion of the principle of pacta sunt servanda. This principle, which requires that valid agreements are to be honoured, is a cornerstone of contract law. Focusing on contributions from Asia, this book shows that, despite its natural and universal appeal, the pacta sunt servanda principle is neither absolute nor immutable. Exceptions to the binding force of contract must be available in limited circumstances to avoid hardship and unfairness. This book offers readers new comparative perspectives on the appropriate balance between contractual certainty and flexibility in an era of social instability. Expert authors, mostly from East and Southeast Asia, explore when their domestic legal systems allow exceptions from the binding force of contracts. Doctrines discussed include impossibility, frustration, change of circumstance, force majeure, illegality as well as rights of withdrawal. Other chapters consider the importance of the pacta principle in international law. The challenges posed by the COVID-19 pandemic feature strongly in the majority of contributions.

With the collapse of Barings, the expulsion of Dalwa Bank from the US, and the bankruptcy of Orange County California, derivatives are increasingly intruding into the public consciousness. Key issues are whether derivatives are sufficiently understood and how they can be effectively regulated. These are increasingly acute because, as recent statistics show, derivatives, with a turnover of more than $2 trillion a day, constitute the world's biggest business activity. For lawyers, regulators and compliance officers operating in the international market, it is increasingly important to have a firm grasp of where derivatives fit in the financial services spectrum and how they are regulated in major market centres. This book provides critical information on these issues. It draws on a broad spectrum of legal regulatory, tax, and clearing and exchange trading expertise from both sides of the Atlantic. Consequently, it provides a resource for the views of leading experts from a variety of disciplines. It includes chapters by the market counsel of one of the world's leading exchanges, a managing director of one of the world's most important clearing houses, and the former chief derivatives regulator of the US, in addition to legal analysis and explication of a number of important derivatives issues by UK and US legal experts. Along with Swan's previous volume, "Derivative Instruments", it should help newcomers learn about derivative instruments and help experienced practitioners expand their understanding of the key issues involved.

This book seeks to bridge the gap between what is well known in economic research but has become long forgotten in practise. Focusing on the recent banking crisis, Cao looks at why the existing regulatory regime failed to prevent the financial meltdown, and emphasizes the impact of regulatory policies on the risky activities undertaken by individual financial institutions. The systemic risks in the financial system that need to be avoided by the regulatory rules are examined in detail, and Cao establishes a framework of evaluating the instruments in the regulator 's toolbox.

The author covers a range of important issues such as endogenous systemic liquidity risk, the failure of liquidity regulation with Lender of Last Resort policy or capital requirement and the impact of macro policy on micro incentives.

The globalization of the world economy poses significant challenges for policy makers, regulators and legal professionals. The Asian and Brazilian financial crises have shown that difficulties in the banking sectors of some economies can have serious repercussions across world financial markets. It is clear that a sound legal infrastructure is crucial to promote financial stability in this global market. Particularly in the case of international bank failures, the need for harmonized and effective international insolvency procedures is becoming increasingly apparent. It is against this background that the Bank for International Settlements organised a workshop on International Bank Insolvencies in the summer of 1998. This work presents the edited workshop papers by expert lawyers from over 20 national central banks, the European Central Bank, the Basle Committee on Banking Supervision and the UN Commission on International Trade Law. Nineteen country reports provide a comprehensive overview of central banks and other institutions responsible for banking supervision and the co-ordination between authorities involved in insolvency procedures. The authors further discuss the instruments employed for crisis prevention and resolution and issues arising in the aftermath of a bank failure in the respective jurisdictions. In addition, twelve expert papers discuss issues ranging from specific national experiences to attempts at co-operation and harmonisation at regional and international level. The book further includes in annex the text of the UNCITRAL Model Law on Cross-Border Insolvency and the EC Finality Directive.

This work covers the new Netherlands Antillean legislation on money laundering and makes suggestions for improvement. It provides an overview of money that has been obtained from criminal activities and either is used for illegal purposes and/or is used for the infiltration of the legal underworld by making (seemingly legal) investments (also called dirty money). This work also covers the International Agreements, and the legal situation in the USA, and includes some remarks on bank secrecy and other secrecy obligations. This book will serve as a reference manual for staff of financial institutions, government personnel, accountants and legal practitioners, who in their work may be confronted with aspects of money-laundering.

Because of the vast and growing economic powerhouse that is China today, businesses and other investors worldwide are looking more and more to that country's resources. Correspondingly, the Chinese government has developed (and continues to develop) a unique and complex system of banking law and regulation that merits the close attention of anyone doing business in China.In this authoritative book, a leading Chinese expert on financial and economic law thoroughly explains the functions, activities and procedures that characterize the behaviour of financial institutions under current Chinese law. Organizing his presentation under three overarching headings - central banking law, domestic banking law, and foreign banking law - he describes such crucial distinctions and clarifications as the following in detail: control of monetary policy formulation and implementation by the People's Bank of China (PBOC); modern central banking functions of the PBOC; independence and accountability of the PBOC; requirements and procedures for banking entry; specific risk-based regulatory and supervisory requirements of the China Banking Regulatory Commission (CBRC); problem bank resolutions of the CBRC; foreign banking law developments before and post WTO transitional period; and impact of new foreign banking regulations and rules on foreign bank activities in China."Banking Laws in China" is an essential guide for international bankers and their counsel, and a welcome source of important information and insight for business persons interested in the Chinese market or Chinese resources, as well as for international business lawyers. Academics in banking law and related economic disciplines will also find much to interest them here.

Changes in banking and securities regulation in many countries since 1980 have allowed banks to expand their range of financial services far beyond mere lending, an opportunity banks have been eager to grasp. This business development entails a responsibility; offering informed advice on the choices that customers must make. If we are to judge by a steadily increasing stream of lawsuits, as well as the clear results of customer surveys, most banks fail this part of the challenge. Should the law intervene? That is the basic question posed by this important book. In examining and evaluating the complex answer, and its critical implications for the banking industry, the author uses a comparison of legal systems, developments, and events in two major banking jurisdictions, England and Germany, investigating the relations in each system between the relevant legal rules and actual business practices.

Capital-intensive projects throughout the world - including large-scale energy, infrastructure, toll road, solid waste, and recycling projects - rely on project finance as the most important financing technique available. But the complexity of project finance requires that the practitioner predict and resolve a number of potential risks involving bankruptcy, currency, and political issues, among others, and often in emerging economies. Drawing on the author's 15-plus years of experience in all types of project finance, this text is a comprehensive, multidiscipline book addressing these risks and their resolution and detailing each of the elements necessary for a successful project financing. Mirroring the structure of an actual project finance deal, this all-in-one handbook examines each step of the process, from the rationale for the project finance, through risk allocation and mitigation, to dispute resolution. Topics discussed include: financing sources; environmental issues; bilateral and multilateral support; contract aspects and typical contract terms; project contracts as credit support; project finance loan documents; collateral documents; and permits. All participants in project financing - including lenders, developers, investors, host governments, governmental agencies, multilateral and bilateral agencies, off-take purchasers, input suppliers, contractors, and operators - should find this text an accessible tool and a research database. Its combination of practical features includes: a checklist of key considerations to assist the practitioner in structuring, negotiating a reviewing a project finance transaction; a detailed glossary of project finance terms; references to legal and business books and articles relating to project finance; and sample project finance clauses and provisions with discussion and suggestions implementation. These features should enable practitioners and non-practitioners at all levels to understand the components and language of project finance and to recognize and avoid potential pitfalls.

This book deals with banking integrations, which are now becoming crucial not only because of the increased number of economic integrations, but also in view of the qualitative improvement of such banking integrations. It compares the European Union (EU), as the most successful union, which was able to move from a common financial market to the prime example of banking integration; the Banking Union; and the Eurasian Economic Union (EAEU) as a relatively young one but with several of the prerequisites for becoming an influential union, and which was established by five countries - the Russian Federation, Kazakhstan, Belarus, Armenia, and the Kyrgyz Republic - in 2015. The key research question is whether the single market in banking services or a banking union is an achievable goal or merely a utopia. In this regard, the book reveals the bottlenecks and obstacles that the EU and EAEU policymakers faced during the difficult process of establishing a single market and banking union. However, along with the problems of banking integration, it identifies many peculiarities of the harmonization of banking legislation among the EU Member States. Recognizing and acknowledging these peculiarities can be very beneficial for young unions and help to guide their integration processes. In particular, the book concludes that evolutionary (not revolutionary) harmonization is required in order for the EAEU to become a full-fledged union.

This book analyses the legal regimes governing bank crisis management in the EU, UK, and US, discussing the different procedures and tools available as well as the regulatory architecture and the authorities involved. Building on a broad working definition of 'bank crisis management' and referring to several cases, the book explores the techniques and approaches employed by the authorities to deal with troubled banks on both sides of the Atlantic. The legal analysis distinguishes between procedures and tools aimed at liquidating the bank in crisis vis-a-vis those aimed at restructuring. In this regard, attention is paid to the rules allowing for the use of public money in handling banks in trouble as well as to the role that deposit insurance schemes can play. Considerations on the impact on banks of the current crisis provoked by the COVID-19 pandemic are advanced, primarily focusing on the expected surge of non-performing loans as well as on ways to effectively manage these assets. The book approaches these issues from a comparative law perspective, providing law and economics considerations and focusing on strengths and drawbacks of the rules currently in force. The book advances policy considerations as well as reform proposals aiming at enhancing the legal regimes in force, with particular reference to the Consultation promoted in 2021 by the European Commission on the adoption of a new bank crisis management and deposit insurance framework in the Union.

Restitution and Banking Law, written by leading practitioners and commentators, combines their experience in the field of restitution law and banking law to discuss major issues.

Securitization-once a fairly straightforward means of offering collateral for investment-has mushroomed into a massively complex area of financial practice. The central role occupied by such risk-distributing products as collateral debt obligations (CDOs), credit default swaps (CDSs), collateral loan obligations (CLOs), and credit derivatives has given rise to one of the most crucial inquiries of our era: Is the financial collapse that threatens the world financial system due merely to rogue traders? Or is there something in the derivative idea itself that spells inevitable disaster? Most important, can we isolate the truly productive aspects of securitisation and learn to recognise pitfalls in advance? As always in such ideational minefields, it is the legal practitioners who are expected to provide guidance to distressed investors and asset dealers. Hence this vital new book.Written from a distinctly practical point of view by Jan Job de Vries Robbe with contributions from Paul Ali and Tim Coyne-all three leading authorities with extensive experience as counsel both in-house and in private practice, in addition to sterling academic credentials-the book sheds clear light on every aspect of today's securitization techniques, including welcome guidance on the following:A* understanding the nature of the risk in CDO squared transactions;A* keeping track of exposure to the CDO market; andA* evaluating such emerging asset classes as commodity risk, microfinance, and project finance risk. In the course of the analysis the book proceeds from the relevant framework and guiding legal principles, through key risks and building blocks in securitisation transactions, to the various product classes and sub-classes and their differences and common denominators. Non-credit risk and niche products (such as fund and insurance securitization) are also covered. The final chapters are devoted to the applicable rules as laid down in Basel II and International Financial Reporting Standards.Securitization Law and Practice introduces order, clarity, and renewed confidence into a troubled area of the law. Its combination of sound information, insightful knowledge, and practical wisdom will make it a highly valuable resource for lawyers and students in an indispensable field of international practice.

Banking regulation and the private law governing the bank-customer relationship came under the spotlight as a result of the global financial crisis of 2007-2009. More than a decade later UK, EU and international regulatory initiatives have transformed the structure, business practices, financing models and governance of the banking sector. This authoritative text offers an in-depth analysis of modern banking law and regulation, while providing an assessment of its effectiveness and normative underpinnings. Its main focus is on UK law and practice, but where necessary it delves into EU law and institutions, such as the European Banking Union and supervisory role of the European Central Bank. The book also covers the regulation of bank corporate governance and executive remuneration, the promises and perils of FinTech and RegTech, and the impact of Brexit on UK financial services. Although detailed, the text remains easy to read and reasonably short; pedagogic features such as a glossary of terms and practice questions for each chapter are intended to facilitate learning. It is a useful resource for students and scholars of banking law and regulation, as well as for regulators and other professionals who are interested in reading a precise and evaluative account of this evolving area of law.

Compliance is a fundamental control function within regulated industries globally. This book provides an expert introduction to corporate compliance using cases, examples and insights from the financial services sector and beyond. The author, an experienced compliance practitioner and academic, highlights compliance challenges, using examples such as Wells Fargo, whistleblowing in the financial services and the mis-selling of payment protection insurance in the UK banking sector. The book explores strategies for creating compliant cultures and fostering regulatory trust, whilst practical guidance is provided on anticipating regulatory changes. Addressing organisational obstruction and delay, the author presents a series of valuable tools and techniques for real-world practice. An essential professional development resource for board directors, compliance officers and other senior managers, the book also provides a unique learning and development resource for students of corporate compliance globally.

The global crises of the early 21st century have tested the international financial architecture. In seeking to ensure stability, governments have regulated financial and capital markets. This in turn has implicated international investment law, which investors have invoked as a shield against debt restructuring, bail-ins or bail-outs. This book explores whether investment law should protect against such regulatory measures, including where these have the support of multilateral institutions. It considers where the line should be drawn between legitimate regulation and undue interference with investor rights and, equally importantly, who draws it. Across the diverse chapters herein, expert international scholars assess the key challenges facing decision makers, analyze arbitral and treaty practice and evaluate ways towards a balanced system of investment protection in the financial sector. In doing so, they offer a detailed analysis of the interaction between investment protection and financial regulation in fields such as sovereign debt restructuring and bank rescue measures. Combining high-level analysis with a detailed assessment of controversial legal issues, this book will provide guidance for both academics and legal practitioners working in international economic law, international arbitration, investment law, international banking and financial law. Contributors include: A. Asteriti, P. Athanassiou, C.N. Brower, A. De Luca, A. Goetz-Charlier, A. Gourgourinis, R. Hofmann, H. Kupelyants, Y. Li, M. Mendelson, M.W. Muller, M

This highly topical book examines how the leading credit rating agencies - Moody's, Standard & Poor's and Fitch - have risen to prominence in the wake of the financial crisis. It investigates how the Big Three have become ever more profitable even though the quality of their ratings has declined and rating scandals have tarnished their reputation. After a century of being left quasi-unregulated the rating industry is now subject to sweeping reforms. This informative study analyzes the post-crisis overhaul in the United States and the European Union. The focus lies on the interactions between regulatory intervention and competitive incentives among the Big Three. This book highlights the challenges faced by policymakers trying to regulate the rating industry and simultaneously decrease over-reliance on ratings. Regulating Credit Rating Agencies will appeal to academics in law and economics, practitioners, policymakers, lawmakers and regulators. Contents: Foreword Part I: Prelude to the Credit Rating Industry 1. Introduction 2. History of Credit Rating Agencies 3. Description of the Credit Rating Industry Part II: Regulatory Structure 4. Rating-based Regulations 5. Regulatory Treatment of Credit Rating Agencies 6. Regulatory Trends Part III: Uses and Abuses of Credit Ratings in Structured Finance 7. Growth of the Structured Finance Segment 8. Wrong Incentives in the Credit Rating Industry 9. Regulatory Response to the Problems of Structured Finance Ratings Part IV: System-wide Effects of Credit Rating Downgrades 10. System-relevance of Credit Ratings 11. Market Reactions to Credit Rating Downgrades and their Consequences 12. Regulatory Response to the Systemic Issue Part V: Trends and Outlook 13. Restoring Competition in the Credit Rating Industry 14. Concluding Remarks Bibliography Index

This text examines the role of the law in the protection of the consumer, in particular the ways in which the law is, and could be, used to protect consumers when purchasing financial services. A prominent panel of contributors first examines the role of the European Union and the ombudsmen schemes operating in the United Kingdom in improving consumer protection. Eight expert papers present a detailed analysis of aspects of the various legal mechanisms protecting consumers in the banking, financial services, investments and insurance industries. The final part of the book is concerned with the important and controversial area of consumer credit. Thi text should be of interest to those at the cutting edge of banking, financial services and consumer law, whether practicing lawyers or in-house counsel, and all those involved in advising consumers.