A comprehensive review of the practical implications of the numerous recent cases on swaps and derivatives.

European Banking and Financial Law Statutes presents all the key legislation for European banking and financial law in one student-friendly volume. This book is: * up-to-date with the law: based on the official consolidated texts of all relevant European instruments, this book provides a fully current collection of legislation * tailored to course outlines: content has been curated to align with European banking and financial law courses * exam friendly: conforming to regulations, this is an un-annotated text that is suitable for exam use * easy to use: a clear and attractive text design, detailed table of contents and multiple indices provides ease of reference and navigation. Ideal for course and exam use, as well as for reference, this book is a perfect companion resource for student learning and exam success, which is especially tailored for use in combination with the European Banking and Financial Law textbook.

The Insurance Act 2015 ('the Act') is the first comprehensive statutory reform of the insurance law of the United Kingdom since the Marine Insurance Act 1906. It introduces thorough and, in some cases, fairly drastic reform of some of the core tenets of UK insurance law, including: the insured's pre-contractual duty to the insurer, and remedies for its breach; the knowledge of the insured and the insurer for the purposes of the pre-contractual duty; the effect of insurance warranties and other terms tending to reduce the risk of loss; fraudulent claims; and damages for failure to pay an insurance claim in a reasonable time. This book is a thorough introduction to the Act. It focuses primarily on the impact of the Act on English law as applied to non-consumer insurance and reinsurance. Of assistance not only to insurance lawyers and members of the judiciary, but also underwriters, claims handlers, brokers and buyers of non-consumer insurance policies, this book covers each of the core changes brought about by the Act. It also analyses the particular ways in which the Act differs from existing law, by reference to the Marine Insurance Act 1906, and cases decided under the old law.

How the City of London Works presents a simple, straightforward explanation of the City, how it works and how it is regulated. Diagrams, maps and illustrations have been included throughout the text to create a clear and readable picture of one of the world's great financial trading centres. The work remains up to date by including the launch of the Euro, the growth of foreign ownership and the further development of City activities in Canary Wharf.

This is an introduction to taxation in the property world, written specifically for surveyors, valuers, estate agents and property developers who require a basic understanding of the subject. It aims to provide a unified and up-to-date account of the UK taxation system, so far as it affects land, buildings and legal rights in property. Coverage includes the 1989 Finance Act and 1990 budget. The reader is first introduced to the broad concepts of taxation before the structure and administration of the UK taxation system are examined. Specific taxation measures are then discussed and both income and capital taxes are considered together with an appraisal of the means by which interests in land and valued, for the purpose of determining liability and taxation. Betterment recompensement is given special attention as is revenue law and valuation methods. Their effects on the appraisal of land and buildings are assessed. Alistair MacLeary highlights specific tax measures and leading cases with particular implications for land and property throughout. This book: uses real-life examples; is aimed directly at surveyors; and incorporates the 1989 Finance Act.

This handbook analyses the European Banking Union legal framework focusing on legislative acts (regulations and directives), case law and the resolution procedures. In addition, it will pay attention to the division of responsibilities between the ECB and the national authorities, with special attention to the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). To give a more complete picture, the book will also cover the implementation of European Deposit Insurance Scheme (so called third pillar) still under construction, and appeal to academics, researchers and students of banking and financial law.

This collection offers a comparative overview of how financial regulations have evolved in various European countries since the introduction of the single European market in 1986. It includes a number of country studies which provides a narrative of the domestic financial regulatory structure at the beginning of the period, as well the means by which the EU Directives have been introduced into domestic legislation and the impact on the financial structure of the economy. In particular, studies highlight how the discretion allowed by the Directives has been used to meet the then existing domestic conditions and financial structure as well as how they have modified that structure. Countries covered are France, Germany, Italy, Spain, Estonia, Hungary and Slovenia. The book also contains an overview of regulatory changes in the UK and Nordic countries, and in post-crisis USA. This comparative approach raises questions about whether past and more recent regulatory changes have in fact contributed to increase financial stability in the EU. The comparative analysis provided in this book raises questions on whether the past and more recent changes are contributing to increase the financial stability and efficiency of individual banks and national financial systems. The crisis has demonstrated the drawbacks of formulating the regulatory framework on standards borrowed from the best industry practices from the large developed countries, originally designed exclusively for large global banks, but now applied to all financial institutions.

First Published in 1991. Routledge is an imprint of Taylor & Francis, an informa company.

This work deals with the liability of the holding company for the debts of its insolvent subsidiaries. In analyzing the current position under English law, the work challenges as outmoded and inadequate the virtual dogma that a holding company is not answerable for the debts of its insolvent subsidiaries. The study identifies four separate and distinct types of behavioural practices within corporate groups which may prejudice the interests of external creditors or otherwise constitute an abuse of the corporate form; the subservient subsidiary situation; the inadequately financed subsidiary situation; the integrated economic enterprise situation; and the group persona situation. After weighing the various arguments for and against a change in the law and concluding that reform is called for, the study proceeds to submit some radical proposals for reform. The basic thrust of the reform proposals is that in a number of well-defined situations entity law should give way to an enterprise analysis and holding company liability should be imposed for the debts of insolvent subsidiaries.

This book is a major work that focuses exclusively on ship finance and includes contributions on the increasingly complex field of ship finance, which has over the last two decades become a key aspect in the world of shipping and ship owning. The book offers an enlightening mix of theoretical analysis and well-founded practical insights into the daily markets. Given that ship finance continues to develop dynamically around the world, the book covers subjects ranging from the German KG market to Islamic Finance, from loans to legal aspects and from asset pricing to risk management.

The 21st century witnessed major changes in the financial environment surrounding bank regulators and banks. Banking and Monetary Policies in a Changing Financial Environment delves into three of these developments and challenges. The first change in the financial environment relates to the rise in the number and sophistication of financial and economic crimes which shaped the international regulatory architecture. New rules and regulations led to the creation of new strategies to combat these crimes, especially those concerning the spread of more advanced money laundering methods and techniques, terrorist financing after the 9/11 attacks, and the proliferation of weapons of mass destruction. The second development concerns the global financial crisis of 2008 which drastically affected the regulatory environment of various international and domestic financial authorities causing major changes in bank lending and corporate governance policies, and in the development of the Basel III accord on capital adequacy for bank supervision. The third development manifests itself in the creation of a major European monetary union without a fiscal union and a giant European central bank impacting the conduct of monetary policy. This book combines theory, policy, regulation and institutional approaches with empirical testing, analyzing applications and case studies of various international regulatory authorities and administrations, countries and jurisdictions, central banks and commercial banks. This volume is suitable for those who study international finance, Banking and white collar crime.

The phenomenon of 'agencification' describes the EU legislator's increasing establishment of European agencies to fulfil tasks in a variety of EU policies. The creation of these decentralised administrative entities raises a number of questions; for example, on the limits to such delegation of powers, on the agencies' institutional development and possible classification, and on the role of comitology committees as an institutional alternative. This book examines the EU's 'agencification' with regard to these questions, on the basis of and with reference to which the focus is laid on the European agencies operating in the field of financial market risk governance. This analysis not only encompasses the three European Financial Market Supervisory Authorities (the ESAs), but also takes into account the institutional change brought about by the Banking Union, more specifically the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). While the SRM sets in place a new European agency, the Single Resolution Board (SRB), the SSM establishes and empowers a new body within the organisation of the European Central Bank (ECB), the Supervisory Board. By exploring the organisation, the tasks and the powers of these actors in financial market regulation and supervision, the book points at the current peak of the institutional development of European agencies and assesses organisation and unprecedented powers with a view to their compliance with EU law, in particular the Treaties and the respective case law of the European courts. As an evaluation of various aspects of the progressing centralisation of regulatory power on the EU level, which is exercised by an increasingly decentralised administrative apparatus, this book will be of great interest and use to students and scholars of EU law, financial law and regulation, and European politics.

How effectively can governing mechanisms forged before the surge of activist investment continue to protect shareholders and efficiently order capital markets? This is a pressing question for scholars and practitioners of corporate law, as well as for market participants generally. In order to illuminate the extent to which the growing trend of shareholder activism calls for a new understanding of the kind of shareholder-corporate relations the law should facilitate, this book introduces the concept of shareholder-driven corporate governance. This concept refers to the evident phenomenon of shareholder involvement in corporate governance and offers a normative endorsement of this development. In order to secure the benefits of investors' increasing involvement in corporate affairs, regulatory regimes must grapple with a number of considerations. This book is based on the idea that shareholder corporate governance is a welcome development, but that it does not come without regulatory challenges. For one, it requires rejecting the idea that well-ordered capital markets can be achieved through corporate law which is subservient to private ordering. The mandatory character of, for example, securities regulation is vital to fostering shareholder involvement in corporate affairs. Defenders of shareholder corporate governance must also confront the matter of "wolf packs," or loosely formed bands of investors who defy existing regulatory categories but nonetheless exert collective influence. Regulation that is sensitive to both the inadequacies of past approaches to corporate-shareholder relations and the novel challenges posed by increasing shareholder activism will be able to harness activism, allowing capital markets to flourish.

This book, from a top international group of scholars, explores the ways in which economic tools can be used to improve the quality of regulation in general and legislative tools in particular. As the role of law becomes increasingly important in China, the question arises of how effective regulatory and legislative tools can be developed to accompany the Chinese evolution towards a welfare state. China therefore provides a unique case study for scholars and policymakers interested in examining how regulation can play a role in promoting sustainable development. Economics and Regulation in China goes beyond traditional economic analysis of law by focusing specifically on the question of how economic tools can guide the quality of legislation. To this end, the book centres in on three areas: regulation as a tool of economic growth, competition policy and environmental policy. Not only are these three domains of great importance for China, but they are also relevant for a broad scholarship interested in the economic analysis of law. This volume contributes to discussions on how ex-ante evaluation of legislative proposals and ex-post analysis can increase the effectiveness and efficiency of regulation, using economic tools, offering insights that go beyond the particular case of China. The analysis offered by this book makes it an invaluable resource for academics and policymakers alike.

This book introduces and contextualizes the revised and strengthened legislation on the laundering of criminal funds mandated by the European Union on the 20th May 2015. The authors provide fresh and new insight into the EU's fourth directive 2015/849, with a specific focus on topics such as: beneficial ownership and effective transparency, the risk-based approach, the issue of supervision of payment institutions that operate across borders by agents, the new method of risk assessment, tax crimes inclusion in "criminal activity" definition, and the effects of new rules on the gambling sector. The authors present the new laws in the context of their legal genealogy and demonstrate the benefits they bring in raising the standards for anti-money laundering regulation and counter-terrorism financing. The book's comprehensive exploration of this new legislation will appeal to policy-makers, students and academics hoping to understand the changes more clearly.

Financial markets have become acknowledged as a source of crisis, and discussion of them has shifted from economics, through legal and regulatory studies, to politics. Events from 2008 onwards raise important, cross-disciplinary questions: must financial markets drive states into political and existential crisis, must public finances take over private losses, must citizens endure austerity? This book argues that there is an alternative. If the financial system were less 'connected', contagion within the market would be reduced and crises would become more localised and intermittent, less global and pervasive. The question then becomes how to reduce connectedness within financial markets. This book argues that the democratic direction of financial market policies can deliver this. Politicising financial market policies - taking discussion of these issues out of the sphere of the 'technical' and putting it into the same democratically contested space as, for example, health and welfare policies - would encourage differing policies to emerge in different countries. Diversity of regulatory regimes would result in some business models being attracted to some jurisdictions, others to others. The resulting heterogeneity, when viewed from a global perspective, would be a reversal of recent and current tendencies towards one single/global 'level playing field', within which all financial firms and sectors have become closely connected and across which contagion inevitably reigns. No doubt the democratisation of financial market policy would be opposed by big firms - their interests being served by regulatory convergence - and considered macabre by some financial regulators and central bankers, who are coalescing into an elite community. However, everyone else, Nicholas Dorn argues here, would be better off in a financial world characterised by greater diversity.

In the last twenty years a critically important debate has dominated international tax scholarship: whether an international tax regime exists and if countries are constrained by it within their own tax legislation. This debate has had major implications on the current post-financial crisis efforts by governmental organizations, such as the G20 and OECD, in drafting multilateral international tax rules. This research review draws upon the most important papers published in the last two decades to comprehensively address the increasingly relevant issues of international tax law.

The Insurance Act 2015 represents the first major reform of English commercial insurance law for many years. Its impact will be felt not only in England, where it will greatly affect both maritime and commercial insurance practice, but also elsewhere where English law is the law of choice in insurance contracts. The Insurance Act 2015: A New Regime for Commercial and Marine Insurance Law analyses in depth the key aspects of the Act and extensively restates and modifies a number of legal principles applying both at common law and under the Marine Insurance Act 1906. Offering much more than the usual commentary on legislation, this book provides critical in-depth analysis of the important topics as was all coverage of areas likely to spawn disputes in future. Written by leading practitioners and academics in the field, this book offers comprehensive, coherent and practical legal analysis of the changes introduced by the Insurance Act 2015. It is a key point of reference for practitioners, insurance professionals and academics.

A systemic risk event that leads to significant losses in banks that are significant financial institutions can expose them to insolvency, significant volatility and impose serious negative impact on a country's economy, as witnessed during the 2008 financial crash. The viral spread of operational losses through global markets by interconnected multinational banks can be referred to as idiosyncratic viral loss theory. Operational Risk Management in Banks and Idiosyncratic Loss Theory: A Leadership Perspective identifies important considerations that can bolster effective risk management practices in comprehensive enterprise-wide risk, fraud control, going beyond minimum risk assessment required by banking regulators as well as independent risk identification and management. These considerations towards improving risk management practices may help reduce systemic operational losses spread virally in banks. Operational Risk Management in Banks and Idiosyncratic Loss Theory is a useful tool for scholars, bank practitioners, regulators, and accountants to understand the behaviour of idiosyncratic viral losses in banks and in the use of effective risk management practices. Bank practitioners and regulators can leverage the suggestions made by the panel of sector experts and bank leaders to construct action plans and training programs.

In the UK today the form and content of accounts published by limited companies are closely regulated. In the 19th century the position was different: the popular view was that such matters were for private negotiation between owners and management. Nevertheless, there was a great deal of discussion of the need for regulations, which were actually imposed in a number of areas. This book provides readers with the essence of the many debates that took place, the conclusions reached and the action taken to regulate company accounts.

Complementary to Theism and Cosmology, this book begins with a discussion of philosophical and theological idea-ism, and our common beliefs concerning nature, man, and God. It is principally concerned with idealism - the place of ideals in reality rather than with the place of ideas. It discusses personality, justice, value, morals and theism versus pantheism then ends with a discussion of the general relations between a cosmological theism and a theism whose primary interest is the conservation and the incarnation of what is good and fine.

Part of the Oxford EU Financial Regulation Series, this work analyses the implications of the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM) for banks in Europe, and the second edition reflects the experience in practice of this regime both economically and legally. The new edition provides reflection on the efficacy and problems with the central banking regulatory regime. There are new chapters on fit and proper testing under the SSM and deposit guarantee schemes. A further additional chapter considers the impact of the Bank Resolution and Recovery Directive (BRRD) and its interaction with the SRM by detailed analysis of relevant case law. Whist offering insightful updates to existing chapters on the Single Rulebook, CRD IV, the SSM and the SRM, the second edition also includes brand new chapters covering a range of subjects. Unique to the second edition, experienced scholars and practitioners explore The Deposit Guarantee Scheme, fit and proper testing within the SMM, BRRD and SRB in practice. This book benefits from the contributions of a team of leading scholars and practitioners who present a range of perspectives and methodologies. Case studies and in depth-analysis is presented to highlight topics such as supervised credit institutions, implications for financial market governance, and risk management and compliance. European Banking Union (second edition) is the ultimate companion for academics, legal practitioners, financial supervisors, and policy makers.

State aid policy is based upon the principle of European Community supervision of assistance granted by the Member States, or through State resources in whatever form. It threatens to distort competition by favouring certain undertakings or the production of certain goods. This volume deals with the question how an appropriate balance can be struck between trade liberalization and the role of the State in the economy.

Standardization and harmonization of accounting practices is a fundamental element of a global business environment. Achieving this is a complex process that involves technical and political negotiation. The International Accounting Standards Committee (IASC) was the organization that pioneered this process on a world-wide basis.
The IASC prepared the way for the International Accounting Standards Board (IASB) and its International Financial Reporting Standards, which since 2005 have held the dominant influence over the financial reporting of thousands of listed companies in the European Union, as well as in many other countries.
The forces and influences that shaped the formation of the IASB were intimately connected with the historical organization and operation of its predecessor, the IASC, and so to understand the standards enforced in financial reporting today, a historical understanding of the IASC is required. Financial Reporting and Global Capital Markets does just this. It examines the history of the IASC from 1973 to 2000, including its foundation, operation, changing membership and leadership, achievements and setbacks, the development of its standards, and its restructuring leading up to the creation of the IASB in 2001.
The book also studies the impact of the IASC's standards on national standard setting and on accounting practice in developed and developing countries, as well as the impact on the IASC of the policies and positions of the UN, the OECD, the US Securities and Exchange Commission, the International Organization of Securities Commissions, and the European Commission. It will be of vital interest to all concerned with accounting developments in aglobal environment, be they academics, policy-makers, or professionals.