First proposed in 1994, the Twin Peaks model of financial system regulation employs two specialist peak regulators: one charged with the maintenance of financial system stability, and the other with market conduct and consumer protection. This volume, with contributions from over thirty scholars and senior regulators, provides an in-depth analysis of the similarities and differences in the Twin Peaks regimes that have been adopted around the world. Chapters examine the strengths and weaknesses of the model, provide lessons from Australia (the first to adopt the model), and offer a comparative look at the potential suitability of the model in leading non-Twin Peaks jurisdictions. A key resource for central bankers, public policy analysts, lawyers, economists, politicians, academics and students, this work provides readers with a comprehensive understanding of the Twin Peaks model, and a roadmap for countries considering its adoption.

This book presents the development and reformation of economic law in China and explores the "three relationships" between the government and market, between reform and rule of law, and between the constitution and economic law. On this basis, it subsequently focuses on development theory, distribution theory, risk theory and crisis theory. Further, it addresses effective development, fair distribution, and prevention and resolution of related risks and crises, which are important functions of economic law. In order to achieve the above functions and objectives, the book argues, we must vigorously promote the integration of rule of law in economic law, and constantly refine the theory of economic rule of law employed in China.The book demonstrates that no matter how the "three major relationships" are adjusted or the relevant systems are reformed - i.e., regarding the implementation of the concept of coordinated development or the optimization of economic structures; the solution of distribution problems or the improvement of distribution systems; the prevention of risks or the response to crises - any such changes depend on economic rule of law. The above-mentioned theoretical discussion presents a "new horizon" of contemporary Chinese economic law theory, which will be of great value to the future development of economic law theory.

Since 1979 the world has witnessed a remarkable cycle of personal insolvency law reform. Changes in capitalist economies, financial crises and political interest groups all contributed to this cycle of reform. This book examines the role of interest groups and distinct narratives in shaping reform in different countries while drawing attention to the role of timing, path dependency and unintended consequences in the development of personal insolvency law. The book presents case studies of personal insolvency law in the US, France, Sweden, and England and Wales. It then analyses how, following the Great Recession of 2008, international financial institutions paid greater attention to the significance of household debt in contributing to financial instability and the role of individual insolvency law in providing a fresh start. Personal insolvency law reform became part of EU responses to the eurozone crisis and the EU has proposed harmonisation of individual insolvency law to promote entrepreneurialism. This book examines the extent to which these developments represent an emerging international commonsense about personal insolvency and its relationship to neo-liberalism. Finally, this book discusses whether the international emergence of individual personal insolvency law represents a progressive step or a band-aid for the costs of neo-liberal policies, where a significant number of people live close to the precipice of over-indebtedness.

This is the first book-length treatment of the regulation of financial technology (Fintech) in China. Fintech brings about paradigm changes to the traditional financial system, presenting both challenges and opportunities. At the international level, there has been a fierce competition for the coveted title of global Fintech hub. One of the key enablers of success in this race is regulation. As the world's leader in Fintech, China's regulatory experience is of both academic and practical significance. This book presents a systematic and contextualized account of China's Fintech regulation, and in doing so, tries to identify and analyze relevant institutional factors contributing to the development of the Chinese law. It also takes a comparative approach to critically evaluating the Chinese experience. The book illustrates why and how China's Fintech regulation has been developed, if and how it differs from the rest of the world, and what can be learned from the Chinese experience.

This is the first book-length treatment of the regulation of financial technology (Fintech) in China. Fintech brings about paradigm changes to the traditional financial system, presenting both challenges and opportunities. At the international level, there has been a fierce competition for the coveted title of global Fintech hub. One of the key enablers of success in this race is regulation. As the world's leader in Fintech, China's regulatory experience is of both academic and practical significance. This book presents a systematic and contextualized account of China's Fintech regulation, and in doing so, tries to identify and analyze relevant institutional factors contributing to the development of the Chinese law. It also takes a comparative approach to critically evaluating the Chinese experience. The book illustrates why and how China's Fintech regulation has been developed, if and how it differs from the rest of the world, and what can be learned from the Chinese experience.

A guide, for financial institutions, to constraints on securities underwriting, brokerage activities, and trading and investments. It provides background and interprets bank securities laws covering underwriting, trading; mutual funds; and derivative products and overseas securities activities.

A guide to all the regulatory reports financial institutions are required to file. Topics covered include forms and reports for securities activities, anti-boycott rules, the Bank Secrecy Act and the Suspicious Activities Report.

The Yearbook of International Sports Arbitration is the first academic publication aiming to offer comprehensive coverage, on a yearly basis, of the most recent and salient developments regarding international sports arbitration, through a combination of general articles and case notes. The present volume covers decisions rendered by the Court of Arbitration for Sport (CAS) and national courts in 2017. It is a must have for sports lawyers and arbitrators, as well as researchers engaged in this field. It provides in-depth articles on current issues raised by international sports arbitration, and commentaries by esteemed academics and experienced practitioners on the most important decisions of the year by the CAS and national courts. Dr. Antoine Duval is Senior Researcher at the T.M.C. Asser Instituut in The Hague and heads the Asser International Sports Law Centre. Prof. Antonio Rigozzi teaches international arbitration and sports law at the University of Neuchatel, Switzerland, and is the partner in charge of the sports arbitration practice at Levy Kaufmann-Kohler, a Geneva-based law firm specializing in international arbitration.

Mirroring the long-established structure of the financial industry, EU financial regulation as we know it today approaches banking, insurance and investment services separately and often divergently. In recent decades however, the clear separation between financial sectors has gradually evaporated, as business lines have converged across sectors and FinTech solutions have emerged which do not fit traditional sector boundaries. As the contours of the traditional tripartition in the financial industry have faded, the diverging regulatory and supervisory treatment of these sectors has become increasingly at odds with economic reality. This book brings together insights developed by distinguished researchers and industry professionals in a series of articles analysing the main areas of EU financial regulation from a cross-sectoral perspective. For each specific research theme - including prudential regulation, corporate governance and conduct of business rules - the similarities, as well as gaps, overlaps and unjustifiable differences between banking, securities and insurance regulation, are clearly presented and discussed. This innovative research approach is aimed at informing lawmakers and policymakers on potential improvements to EU financial regulation whilst also supporting legal and compliance professionals applying the current framework or looking to streamline compliance processes.

This book explores the concepts of sustainability and governance in relation to the governance of corporations - hence the ubiquity of the term corporate governance - and other bodies. It examines how these concepts are regularly used by politicians and by the media. The two concepts are however largely treated as being separate and discrete, and given equal coverage. The argument in this book is that the two concepts are inter-related and that good governance is a prerequisite for sustainability. The focus of the book therefore is different from most, as it seeks to integrate these two important issues. The approach used in this book is based on the tradition of the Social Responsibility Research Network - a worldwide body of scholars that, over its 20-year history, has sought to broaden the discourse and to treat all research as inter-related and business-relevant. The book examines diverse aspects of the changes to corporate and institutional behaviour that have recently manifested by focusing on these two aspects of sustainable development. Thus, the authors explore engagement and partnership between organisations, in order to consider the extent to which the focus has changed so much that we need to think about new approaches to our understanding of sustainability and differing effects in practice. The international mix of authors makes this an original contribution, sharing some of the best ideas from around the world.

A groundbreaking reference, this book provides a comprehensive review of tax policy from political, legal, constitutional, administrative, and economic perspectives. A collection of writings from over 45 prominent tax experts, it charts the influence of taxation on economic activity and economic behavior. Featuring over 2400 references, tables, equations, and drawings, the book describes how taxes affect individual and business behavior, shows how taxes operate as work and investment incentives, explains how tax structures impact different income groups, weighs the balanced use of sales, property, and personal income taxes, traces the influence of recent tax changes, and more.

The topic of this book is the external action of the EU within international economic law, with a special focus on investment law. The aim of the volume is to provide the reader with an appraisal of the most recent trends and developments that have characterised a field that has been rapidly evolving and in which the EU has imposed itself as a leading actor. The book is aimed at academics, practitioners and graduate students as well as at EU officials and judges, all of whom should find the subject matter discussed useful for keeping updated on a scholarly discussion of relevance to case law. Mads Andenas is Professor of Law at the Faculty of Law of the University of Oslo in Norway. Luca Pantaleo is Doctor of Law and Senior Lecturer in International and European Law at The Hague University of Applied Sciences in The Netherlands. Matthew Happold is Professor of Law at the Universite du Luxembourg in Luxembourg. Cristina Contartese is Lecturer in Law at the European Law and Governance School in Athens, Greece.

The Yearbook of International Sports Arbitration is the first academic publication aiming to offer comprehensive coverage, on a yearly basis, of the most recent and salient developments regarding international sports arbitration, through a combination of general articles and case notes. The present volume covers decisions rendered by the Court of Arbitration for Sport (CAS) and national courts in 2017. It is a must have for sports lawyers and arbitrators, as well as researchers engaged in this field. It provides in-depth articles on current issues raised by international sports arbitration, and commentaries by esteemed academics and experienced practitioners on the most important decisions of the year by the CAS and national courts. Dr. Antoine Duval is Senior Researcher at the T.M.C. Asser Instituut in The Hague and heads the Asser International Sports Law Centre. Prof. Antonio Rigozzi teaches international arbitration and sports law at the University of Neuchatel, Switzerland, and is the partner in charge of the sports arbitration practice at Levy Kaufmann-Kohler, a Geneva-based law firm specializing in international arbitration.

International investment law and arbitration is a rapidly evolving field, and can be difficult for students to acquire a firm understanding of, given the considerable number of published awards and legal writings. The first edition of this text, cited by courts in Singapore and Colombia, overcame this challenge by interweaving extracts from these arbitral decisions, treaties and scholarly works with concise, up-to-date and reliable commentary. Now fully updated and with a new chapter on arbitrators, the second edition retains this practical structure along with the carefully curated end-of-chapter questions and readings. The authors consider the new chapter an essential revision to the text, and a discussion which is indispensable to understanding the present calls for reform of investment arbitration. The coverage of the book has also been expanded, with the inclusion of over sixty new awards and judicial decisions, comprising both recent and well-established jurisprudence. This textbook will appeal to graduates studying international investment law and international arbitration, as well as being of interest to practitioners in this area.

This book proposes that fundamental concepts of institutional law need to be rethought and revised. Contrary to conventional wisdom, international organizations do not need to have members, and the members do not need to be states and international organizations. Private sector entities may, for instance, also be full members. Furthermore, international organizations do not need to possess international legal personality, nor is their autonomy a corollary of their personality. Moreover, the notion of "subject of international law" also needs to be reconsidered and the very concepts and definitions of "intergovernmental organization" and "international organization" need to change and be defined in a wider manner. In this publication the legal implications of membership are analyzed and a new analytical framework for international organizations is proposed. The argument is propounded that the power of creation of new organizations has passed over to international organizations and other entities while an outlook on future development is also presented. Dr. Gerd Droesse is a recognized specialist in institutional law, international administrative law, complex institutional and financial policy matters and corporate governance issues, with over 30 years of experience in working for international organizations in senior and management positions. He was the Legal Counsel/Acting General Counsel of the Green Climate Fund and assisted the World Green Economy Organization as General Counsel in its transition to a new type of intergovernmental organization.

This book provides a comprehensive analysis of the rules governing the taxation of permanent establishments as implemented in the OECD Model Tax Convention and German national tax law. Deviations between the OECD approach and the German approach are identified and modifications to the rules as a result of the Base Erosion and Profit Shifting (BEPS) project are examined. Moreover, challenges imposed to the PE concept as a result of the digitalisation of the economy are identified and discussed. Against this background, the Pillar One Blueprint proposing a long-term solution to overcome the tax challenges arising from the digitalisation of the economy is presented and assessed against widely accepted overarching principles of tax policy.

This book focuses on Fintech regulation in Asian, situating local developments in broader economic, regulatory and technological contexts. Over the last decade, Fintech - broadly defined as the use of new information technologies to help financial institutions and intermediaries compete in the marketplace - has disrupted the financial services sector. Like other 21st century technological developments, Fintech is a global phenomenon that plays out in local economic, political and regulatory contexts, and this dynamic interplay between global trends and local circumstances has created a complex and fast-changing landscape. Diverse stakeholders (most obviously incumbent financial service providers, tech start-ups and regulators) all pursue a competitive edge against a background of profound uncertainty about the future direction and possible effects of multiple emerging technologies. Compounding these difficulties are uncertainties surrounding regulatory responses. Policymakers often struggle to identify appropriate regulatory responses and increasingly turn to policy experimentation. Such issues add to the challenges for the various actors operating in the Fintech space. This situation is particularly fluid in Asia, since many jurisdictions are seeking to establish themselves as a regional hub for new financial services.

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.

Bank Regulation, Risk Management, and Compliance is a concise yet comprehensive treatment of the primary areas of US banking regulation - micro-prudential, macroprudential, financial consumer protection, and AML/CFT regulation - and their associated risk management and compliance systems. The book's focus is the US, but its prolific use of standards published by the Basel Committee on Banking Supervision and frequent comparisons with UK and EU versions of US regulation offer a broad perspective on global bank regulation and expectations for internal governance. The book establishes a conceptual framework that helps readers to understand bank regulators' expectations for the risk management and compliance functions. Informed by the author's experience at a major credit rating agency in helping to design and implement a ratings compliance system, it explains how the banking business model, through credit extension and credit intermediation, creates the principal risks that regulation is designed to mitigate: credit, interest rate, market, and operational risk, and, more broadly, systemic risk. The book covers, in a single volume, the four areas of bank regulation and supervision and the associated regulatory expectations and firms' governance systems. Readers desiring to study the subject in a unified manner have needed to separately consult specialized treatments of their areas of interest, resulting in a fragmented grasp of the subject matter. Banking regulation has a cohesive unity due in large part to national authorities' agreement to follow global standards and to the homogenizing effects of the integrated global financial markets. The book is designed for legal, risk, and compliance banking professionals; students in law, business, and other finance-related graduate programs; and finance professionals generally who want a reference book on bank regulation, risk management, and compliance. It can serve both as a primer for entry-level finance professionals and as a reference guide for seasoned risk and compliance officials, senior management, and regulators and other policymakers. Although the book's focus is bank regulation, its coverage of corporate governance, risk management, compliance, and management of conflicts of interest in financial institutions has broad application in other financial services sectors. Chapter 6 of this book is freely available as a downloadable Open Access PDF under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license. https://tandfbis.s3-us-west-2.amazonaws.com/rt-files/docs/Open+Access+Chapters/9780367367497_oachapter6.pdf

This book provides a discussion of some of the most pressing challenges facing EU integration: political and economic governance, constitutional status and citizenship. It does so by discussing the work of one of the most original Portuguese voices in EU studies, Francisco Lucas Pires. In his swan song, here translated into English for the first time, Lucas Pires critically discusses the Treaty of Amsterdam, dissecting the process of its enactment, and its wider consequences for the EU. His profound, original and premonitory observations are commented on in this book by six young, prominent EU law scholars from different research areas. The result is an original and sagacious reflection, aimed both at researchers of EU law and policymakers alike, on the victories and shortcomings of the European project, providing refreshing views on a significant but often-neglected moment in the EU's history, as well as new avenues of critical thinking for the development of European integration. Martinho Lucas Pires is Ph.D. Candidate at Nova School of Law Lisbon, Assistant lecturer at Catolica Law School Lisbon, and Counsel at DLA Piper ABBC Advogados Lisbon, Portugal. Francisco Pereira Coutinho is Associate Professor and Vice-Dean at Nova School of Law Lisbon, Faculty of Law of the NOVA University of Lisbon, Portugal.

Responding to growing interest in new regulations adopted by the EU, US, and UK authorities, this book provides a comprehensive overview of the legal and economic aspects of FinTech and the current regulation surrounding it. In particular, the book observes the technological evolution of finance and the 'economic space' that lies between the regulated market and the illegal circulation of capital. Analysing laws that influence the application of technology to the banking and finance sector, the author considers market infrastructure and illustrates how firms execute their activities on a global scale, away from the scope of public supervision and monetary backstops. With globalisation and digitalisation boosting efficiency, the economical relevance of technology is becoming ever more important and therefore this book provides a much-needed examination of the current trends in FinTech regulation, making it an essential read for those researching financial markets, and professionals within the industry.