Providing a desk reference for lawyers and others involved from time to time in the issuance or sale of securities outside their own national jurisdiction, this handbook presents briefly, in uniform summary form, the key elements of securities law and regulations in 20 national jurisdictions and seven US state jurisdictions. It aims to enable a foreign lawyer to gain a general understanding of the legal environment affecting securities, to perceive the types of questions which need to be addressed, to talk intelligently with his or her clients concerning these questions and the need for foreign legal advice and assistance, and to interact effectively with foreign counsel.

This book addresses emerging legal and economic issues in competition and investment in air transport, against the backdrop of the role governments and airlines should play in avoiding protectionism and encouraging innovation and creativity. It evaluates current trends in air transport and the direction the industry is taking in the twenty first century. There are discussions on key aspects of air transport, such as safety assurance and environmental protection, as they are impacted by competition. The rapid evolution of aerospace transport and its effect on competition in air transport is also examined. A recurring theme of the book is the influence of creative destruction and disruptive innovation on air transport. This is addressed through an in-depth study of the contentious areas of law relating to the abuse of dominant positions and state aid, as reflected in the ongoing claim by the three largest US carriers against Gulf carriers such as Emirates Airlines, Etihad and Qatar Airways. The US carriers claim that Emirates and Etihad - which operate air services into the United States by virtue of an open-skies agreement between the US and The United Arab Emirates - are using generous subsidies given to them by their g overnments to illegally capture the "legitimate" market belonging to the US carriers. These issues are clarified in the book using analyses of competition law and investment law as they apply to air transport, free-trade-agreement analogies and an open-skies case study.

The theoretical basis of commercial law, corporate governance law, and corporate law is still unsatisfactory. There essentially is no theory of commercial law, and existing theories of corporate governance and corporate law cannot explain the behaviour of firms or the contents of existing regulation. This book proposes a coordinated solution for all three areas. The starting point is that all three areas deal with the organisation of firms. Commercial law, corporate governance, and corporate law are therefore studied from the perspective of the firm rather than that of the judge or the investor. Changing the perspective makes it easier to formulate an "umbrella" theory of commercial law, and theories of corporate governance and corporate law as applications of the main theory. The book provides examples of how the proposed theories work by studying legal corporate governance tools and practices that increase the sustainability of the firm. Sustainability can be bolstered by making the governance model more self-enforcing and ensuring that it fosters innovation.

This year's volume of the "Comparative Law Yearbook of International Business deals with various aspects of the arbitration process. Some of the areas covered include the appointment of arbitrators, the points to be borne in mind by arbitrators during the conduct of arbitral proceedings, the evidentiary procedures involved in arbitration, and the advantages and disadvantages of arbitration when pitted against conventional litigation. Crucial to any successful arbitration is good preparation, in particular the setting down in an arbitral agreement of the intentions of the parties with regard to any future disputes that may arise between them. Ideally, the parties should agree, "inter alia, upon the type of arbitration, the choice of law, the "situs, and the number and appointment of arbitrators. The appointment of the arbitrators is a very important consideration in the conduct of an arbitration procedure. First, one must decide whether a sole arbitrator or a panel of three or more arbitrators is preferable in the specific circumstances, taking into account such criteria as cost, time, complexity of the issue, and the experience of the arbitrators. These points also, of course, have a bearing upon whether one chooses to arbitrate in the first place or whether litigation would be a more suitable route. Various factors in making these decisions are discussed in detail by the authors in this volume, and much valuable guidance is given to those involved in the arbitration process.

Liability law is clearly expanding through an increasing number of strict liabilities, increasing claim-consciousness and higher amounts awarded. This work puts forward a number of views on how modern tort law copes and should cope with these changes. It provides a brief overview of a broad range of legal systems and describes the tools used to prevent the burden of liability law from becoming too heavy, such as causation, duty of care, caps and ceilings and ad hoc moderation.

This book encapsulates in detail the principles pertaining to legal and regulatory aspects of aerodromes. As the title denotes, it discusses the various aspects of the structure and functioning of an aerodrome and the complexities involved. It focuses on the law and regulation of aerodrome certification and planning, aerodrome services, financial and economic planning, security, management and governance.

The airport industry is one of the fastest growing within the aviation industry, requiring innovation and creativity in management. This in turn has called for an increased focus on advanced management programmes for airport managers and lawyers. The Airport Management Professional Accreditation Programme (AMPAP) offered worldwide by the International Civil Aviation Organization and Airports Council International, and the Angkasa Pura II Airport Management Excellence Programme of Indonesia are two such initiatives which give airport professionals a sound grounding on the principles and techniques of management and law.

The development of judicial review has been one of law's great growth industries for more than a quarter of a century. It is the public bodies whose activities are routinely subjected to judicial scrutiny which have felt the effects of judicial review most keenly. There has also been a trend in recent years towards judicial review of private bodies whose activities include a public aspect. This has meant a growing awareness,in industry and commerce, of the potential for review of regulatory decisions. In light of the growing importance of this branch of public law, the LSE and Brick Court Chambers decided jointly to host a series of seminars out of which this book has developed. In this important new book expert academics and practitioners (some of them lawyers working in regulated industries) analyse the origins and modern growth of judicial review in the commercial context and attempt to analyse the way in which the law may develop in the future.

Sports marketing is not only a global phenomenon, but also a major industry in its own right. This book breaks new ground in that it combines the theory and the practice of sports marketing agreements, which are at the heart of the commercialisation and marketing of sport. A particular feature of this book is the wide-ranging collection of precedents of sports marketing agreements, including, inter alia, sponsorship, merchandising, TV rights and new media, sports image rights and endorsements, event management and corporate hospitality, that are included and are explained and commented on in the text of the book. The book also covers the EU aspects, which are particularly important in this context, especially collective selling, of Sports TV rights and the drafting of the corresponding agreements; as well as the fiscal aspects of sports marketing agreements in general and sports image rights agreements in particular, which need to be taken into account in order to reduce the tax burden on the resulting revenues. With so much money at stake in sports marketing, the book also deals with the important topic of dispute resolution and, again, provides the reader with some useful corresponding clauses for settling disputes by ADR, particularly through the Court of Arbitration for Sport (CAS). As the author remarks in his Preface, the aim of the book is to provide a leading resource for all those engaged in any way in the money-spinning field of sports marketing, combining - as this book uniquely does - both the theory and the practice of drafting, interpreting and enforcing a variety of sports marketing agreements, especially those with an international dimension.

The recent financial crisis has once again stressed the importance of good corporate governance and corporate social responsibility in building trust in the European internal market. It has given rise to a discussion of whether a number of issues should be addressed through regulation or soft law at EU level. These issues relate in particular to the duties of directors in European companies as well as how the board of directors is composed and structured. Drawing attention first to duties of directors and then to the organisation of the board, this appropriately timed analysis takes stock of the status of the initiatives that have been debated so far,examines whether the rules which have been adopted form a coherent system, and suggests ways in which these initiatives affect national law. Topics covered include the following: directors' conflicts of interest; rules on shareholder transparency; duty to promote active ownership; whether it is possible to find a balance between corporate enterprise and risk control; integration of environmental and social concerns in the decision-making of the company; the board's role as a monitor of management; overcoming managerial deficiencies; the concept of independent directors; independence from a controlling shareholder; nomination of board members; disqualification of directors; and directors duties in groups of companies.

A Restatement of the English Law of Unjust Enrichment represents a wholly novel idea within English law. Designed to enhance understanding of the common law the Restatement comprises a set of clear succinct rules, fully explained by a supporting commentary, that sets out the law in England and Wales on unjust enrichment. Written by one of the leading authorities in the area, in collaboration with a group of senior judges, academics, and legal practitioners, the Restatement offers a powerfully persuasive statement of the law in this newly recognized and uncertain branch of English law. Many lawyers and students find unjust enrichment a particularly difficult area to master. Combining archaic terminology with an historic failure to provide a clear conceptual structure, the law remained obscure until its recent rapid development in the hands of pioneering judges and academics. The Restatement builds on the clarifications that have emerged in the case law and academic literature to present the best interpretation of the current state of the law. The Restatement will be accessible to, and of great practical benefit to, students, academics, judges, and lawyers alike as they work with this area of law. The text of the Restatement is supported by full commentary explaining its provisions and roots together with its application to real and hypothetical cases. The Restatement appears as European private law takes its first steps towards harmonization. In providing an accessible survey of the English law, the Restatement will offer an important reference point for the English position on unjust enrichment in the harmonization debates. Also appearing shortly after the United States Third Restatement on Restitution and Unjust Enrichment, this Restatement offers an interesting contrast with American law in this area.

A selection of cases decided by ICC arbitrators during the period 1986-1990. It reproduces case notes including extracts of awards in their original language with a commentary, as well as three indexes - an analytical and chronological one, and a keyword index in English and French - for easy reference. This reference should be of value to all interested in ICC arbitration procedure and ICC awards applying the various laws of a variety of trading nations.

The evolution of partnership forms is stimulated by powerful economic forces that can lead to widespread prosperity and wealth creation for a society. Given the importance of closely held firms in the United States and Europe, "The Evolution of Legal Business Forms in Europe and the United States argues that partnership law should trouble itself less with historical and descriptive arguments about the legal rules and structure of the partnership form and focus much more on the new analytical apparatus of the economics of organizational form as well the fundamental economic learning that informs the debates on limited liability, partnership rules regarding management and control, conflict resolution and fiduciary duties. Introducing and extending the best available theories from law and economics, particularly those from the theory of the firm, This book's analysis demonstrates that the patterns of European partnership law and is recent history are best understood from an economic and comparative law perspective. By examining the economic theories of the firm and the economics of organization choice, "The Evolution of Legal Business Forms in Europe and the United States conceives partnership-type business forms as contractual entities. The key feature of the modern partnership form is that partners have significant flexibility and power to limit their liability, transfer all of their rights, and to freely exit the firm. Another key feature of partnership law is the insight that lawmakers should provide the rules and enforcement mechanisms to regulate the important relationships within the partnership. This book applies an efficiency test to determine which sets of default rules arelikely to resolve the main problems in partnerships. Having identified partnership law with the economic theory of organization, "The Evolution of Legal business Forms in Europe and the United States then goes to argue that most of partnership law is directed at offering bundles of legal rules for different types of firms. Lawmakers should promote partnership rules that attract investors and can be expected to be efficient if they allow entrepreneurs to freely select the bundle of rules that best match their priorities. In a modern vision of partnership law, lawmakers promote economic welfare through creating non-mandatory rules that allow multiple businesses to switch to a favorable business form without significant costs. Jurisdictions plagued by falling incorporations and low levels of small and medium business activity, should abandon the mandatory and standardized framework and the 'lock in' effect that it promotes, and focus on the mechanisms of legal evolution and rules that tend to mimic the market. This innovation work will have ramifications felt across European jurisdictions, and will be debated by a large audience of policymakers and academic lawyers involved in law reform. Moreover, the book will receive serious attention from students of law and economics, as well as practising lawyers involved in resolving complex issues of organizational law.

New rules on distance contracts provided for the Consumer Rights Directive of 25 October 2011 do not apply to package holidays or contracts falling within the scope of the Timeshare Directive. Moreover, contracts for passenger transport services and contracts for the provision of accommodation, car rental, catering or leisure services if the contract provides for a specific date or period of performance are not covered by some of these rules. Yet measures aimed at protecting the consumer when a contract is concluded via the phone, the Internet, by mail or other means of distance communication play a role in tourism. This book helps readers to navigate through uncertainties in travel contracts regarding information requirements, the right of withdrawal or providing alternative services. Findings reveal that consumer acquis is inadequately adapted to the features of the tourism industry when an optional instrument based on the Draft Common Frame of Reference might be used in the future.

This book shows how, with the increasing interaction between jurisdictions spearheaded by globalization, it is gradually becoming impossible to confine transactions to a single jurisdiction. Presented in the form of a compendium of essays by eminent academics and practitioners in the field, it provides a detailed overview of private, international law practice in South Asian nations, addressing contemporary discourse within this knowledge domain. Conflict of laws/private international law arises from the universal acknowledgment that it is difficult to govern human transactions solely by the local law. The research presented addresses the three major threads of private international law - jurisdiction, choice of law and enforcement - within each of the South Asian countries in the areas of family law and commercial law. The research in family law domain includes traditional areas such as marriage, divorce and maintenance, as well as some of the contemporary concerns in this region - inter-country child retrieval, surrogacy, and the country statement on accession to the Hague Conventions related to this domain. In commercial law the research explores the concerns raised with regard to choice of law issues in transnational contracts, and also enforcement of foreign judgment/arbitral awards in the nations of this region.

Due to the nature of the arbitration process, provisional measures - especially interim protection of rights - tend to play a disproportionate role in international commercial arbitrations. Indeed, the need to clearly define such measures often constitutes the major stumbling block on the path to an effective resolution of a commercial dispute. This concise but enormously useful volume offers practitioners the information and advice they need to overcome this obstacle in the best possible way every time. The author covers all the relevant avenues of research and practice, from an overview of the concept of provisional measures to an in-depth analysis of the weight and enforceability of such measures. Along the way the treatment covers such crucial topics and issues as the following: scholarly analysis of the problems and uncertainties surrounding provisional measures, and their solutions in light of arbitral and judicial practice; the complex interaction of historical prejudices, political will, and business needs that impact the usefulness of provisional measures; choice of forum to seek provisional measures and the problems associated with such choice; complementary mechanisms to arbitration for interim protection of rights; standards of principles and procedures for the grant of provisional measures; and a comprehensive review of the arbitrators' power to grant provisional measures and court assistance to arbitration. The presentation examines, compares, and analyses seventy sets of arbitration rules on provisional measures (including the arbitration rules of the ICC, AAA, and LCIA), all of the major state laws on commercial arbitration, and detailed analyses of numerous ICC and AAA awards, most of which have not been published before. This new and fully researched book fulfils and important need for user-friendly and complete practical coverage of provisional measures in international commercial arbitration. It will be of great value to corporate counsel, international lawyers, and business people, as well as to students of dispute resolution.

The twenty-third volume of the "Comparative Law Yearbook of International Business contains chapters relating to agency and distribution, finance and investment, intellectual property, sports law, technology, and general commercial issues. The spread of jurisdictions treated includes Argentina, Canada, the Dominican Republic, Egypt, Italy, Panama, Portugal, Romania, Spain, Switzerland, the United States, and Venezuela. The range of subjects and jurisdictions in volume twenty-three attests to the diversity and scope of international business practice.

INTRODUCTION George Bernard Shaw wrote - 'when a stupid man is doing something he is ashamed 1 of, he always declares that it is his duty. ' Years earlier La Rochefoucauld noted, 'hypocrisy is the homage vice pays to virtue. ' But whether stupid or wise, men are not just hypocritical; they are often honestly unsure where their duty lies. This is one of the main reasons for the creation of rules and exceptions to these rules. This book looks at the law of copyright, exceptions to copyright, which apply to Higher Education Institutions (hereinafter HEIs) and the position of the academic author in relation to the reward or incentive system. As such, the book further considers whether academic authors within HEIs are fairly remunerated for their academic contri- tions by the system of copyright collecting societies; and if not, whether alternative models exist to remunerate the academic author fairly. 2 HEIs include universities and other institutions such as colleges and vocational institutions, which award academic degrees including diplomas. This book will focus solely on the university sector of HEIs in the UK. In exploring the two broad subject areas of HEIs and Copyright Collecting Societies, a large variety of issues can be isolated for specific consideration.

This book is the first comprehensive study on the legal aspects of trustmarks: labels or visual representations indicating that a product, process, or service conforms to specific quality characteristics. Trustmark Organisations (TMOs) are independent parties which provide e-merchants with such trustmarks. Security, privacy, and business practice are three areas in which trustmarks play an important role. TMOs will issue a trustmark to e-merchants only if they have demonstrated that they conform to the policy of TMOs regarding security and/or privacy and/or business practice. E-merchants hope that, by displaying the trustmark on their websites, e-consumers will trust their certified practice and be more likely to divulge their personal data and transact with them. Past research has focused on the economic aspects of trustmarks. However, there are no legal studies to be found on the matter. This book aims to fill that gap. It describes the pros and cons of trustmarks for e-economy, e-society and e-policy, assesses TMOs' practice, and focuses on TMOs' liability. The book is valuable reading for academics and practitioners in the IT and ICT field and for all those involved in e-commerce both at a European and global level. Dr Paolo Balboni is currently an Associate at Baker & McKenzie, IT/Communications and Intellectual Property Department, in the Milan office in Italy. He is also a Research Associate at Tilburg University, both at the Tilburg Institute for Law Technology, and Society TILT and at the Tilburg Institute for Interdisciplinary Studies and Conflict Resolution Systems TISCO. This is Volume 17 in the Information Technology and Law (IT&Law) Series

Written from the perspective of a practising company lawyer, this work is principally concerned with two broad duties owed by directors of British and Australian companies: to act honestly, in good faith and for proper purposes; and to exercise care and diligence. Public attitudes towards directors have altered since the mid-1980s, and the business community has raised its expectations of directors. In response to this shift in public feeling, parliament and the judiciary are adopting a new approach to directors' duties, widening the scope of duties imposed on directors and encouraging a more rigorous approach to corporate governance. This text analyzes this new approach, with reference to English and Australian case-law, and explores the courts' attempts to deal with the myriad of competing interests found within the morass of legal rules, equitable principles and statutory enactment which comprise modern company law. In examining modern case-law and legislation, the author addresses some of the more contentious and controversial issues which directors in the 21st century will need to confront in order to properly discharge the legal, equitable and statutory requirements of their office. The subject of directors' duties is of theoretical and practical importance, from economic, political as well as social perspectives. This text should be of use to all lawyers, policymakers, academics and researchers working in this complex and rapidly changing field of the law.

This is the second volume to appear in the "AIJA Law Library" series. It has been prepared by members of the AIJA Standing Commission on International Arbitration under the editorship of Peter Eijsvoogel. It is intended to be a reference work for practitioners in the field of international arbitration, both counsellors and arbitrators. The book features 20 national reports from major jurisdictions. These outline the general character of the legal system in respect of ADR procedures, sources of procedural rules for arbitration, law and practice on documentary evidence and submissions, testimonial evidence and the involvement of experts. In addition, the text contains a detailed analysis of the legal rules pertaining to the taking of evidence in both civil and common law systems, and highly practical contributions relating to deposition skills.

This Yearbook reviews significant legal developments in international commerce and offers an important forum for legal practitioners to address and compare practical legal issues of direct interest to their areas of specialisation. Each volume of the Yearbook features a comprehensive range of articles written for and by leading practitioners and advisers working in the international business sector. Volume 16 addresses key issues in general commercial law, company law, environmental law, foreign investment and litigation, procedure and dispute resolution. The Yearbook is published under the auspices of the Center for International Legal Studies.

This book examines the history of the first trust company, the Farmers' Loan and Trust, and its influence on the evolution of corporate law, regulation, and taxation.

Within an environment made difficult by the continuing economic crisis, the Italian model for crisis management and resolution has helped to avoid many difficulties faced by intermediaries across the globe. However, the Italian model for crisis management will be forced to adapt to the new EU Bank Recovery and Resolution Directive, which introduces a unified regime for such events in all EU countries. This book explores the various methods for crisis management employed in Italian finance. The authors discuss procedures used in the banking and insurance sectors, such as deposit guarantee schemes and alternative dispute resolution systems. They also explore the evolution of the administrative sanctioning systems, and the roles of tax rules and credit rating agencies in Italian finance. This book analyses the evolution of the various crisis management processes, and discusses potential goals and improvements within the context of recent measures suggested by the European Commission.