This research review selects fifty influential articles published over the past four decades on the regulation and governance of financial institutions. Some contribute by making theoretical advances that enhance the conceptual framework through which economists view financial institutions, and others contribute by assembling data and evaluating the predictions of these different models. The papers provide a foundation for understanding and conducting additional research into the regulation and governance of financial institutions.

The Data Protection and Medical Research in Europe: PRIVIREAL series focuses on the 'Privacy in Research Ethics and Law' EC-funded project examining the implementation of Directive 95/46/EC on data protection in relation to medical research and the role of ethics committees in European countries. The series consists of five separate volumes following the complete development of the PRIVIREAL project. This volume relates to the first stage of this project concerning the implementation of the Data Protection Directive, in particular in the area of medical research. It contains reports from 26 European countries on the implementation of the Directive, or the data protection regime, all with a specific focus on issues and questions relating to medical research. Presenting a unique resource for all those involved in data protection, medical research and their implications for each other, this title provides a valuable insight into the actual workings across Europe, including both the New Member States and the Newly Associated Member States.

Global systemically important banks (G-SIBs) are the largest, most complex and, in the event of their potential failure, most threatening banking institutions in the world. The Global Financial Crisis (GFC) was a turning point for G-SIBs, many of which contributed to the outbreak and severity of this downturn. The unfolding of the GFC also revealed flaws and omissions in the legal framework applying to financial entities. In the context of G-SIBs, it clearly demonstrated that the legal regimes, both in the USA and in the EU, grossly ignored the specific character of these institutions and their systemic importance, complexity, and individualism. As a result of this omission, these megabanks were long treated like any other smaller banking institutions. Since the GFC, legal systems have changed a lot on both sides of the Atlantic, and global and national lawmakers have adopted new rules applying specifically to G-SIBs to reduce their threat to financial stability. This book explores whether the G-SIB-specific regulatory frameworks are adequately tailored to their individualism in order to prevent them from exploiting overly general rules, as they did during the GFC. Analyzing the specific character and individualism of G-SIBs, in relation to their history, normal functioning, as well as their operations during the GFC, this book discusses transformation of banking systems and the challenges and opportunities G-SIBs face, such as Big Tech competitors, climate-related requirements, and the COVID-19 pandemic. Taking a multidisciplinary approach which combines financial aspects of operations of G- SIBs and legal analysis, the book describes G-SIB-oriented legal frameworks of the EU and the USA and assesses whether G-SIB individualism is adequately reflected, analyzing trends in supervisory action when it comes to discretion in the G-SIB context, all in order to contribute to the ongoing discussions about international banking law, its problems, and potential remedies to such persistent flaws.

Due to the absence of due process and other procedural guarantees generally offered by judicial enforcement, informal debt collection practices (IDCPs) can become abusive, harming both consumers and the economy by threatening consumers' physical, psychological, and economic wellbeing; exposing lawabiding debt collectors to unfair competition; undermining the financial system; and negatively impacting social peace by resorting to criminal activity. The need to control and harmonize IDCPs surfaced in connection with the European Commission's Action Plan to tackle the high level of non-performing loans caused by the financial crisis and the Covid-19 pandemic -specifically the Proposal for a Directive on Credit Servicers, Credit Purchasers, and the Recovery of Collateral (CSD). Harmonizing the regulation of abusive IDCPs is vital for several reasons. First, IDCPs have a cross-border dimension due to the freedom of movement, enabling debt collection operations across the internal market. Second, the internal market's size amounts to over 450 million citizens potentially exposed to abusive IDCPs. The regulatory frameworks addressing IDCPs in the E.U. display divergent characteristics that may be difficult to navigate and require creating a level-playing field for consumers and debt collectors, especially when approaches vary at Member State level. This book addresses this gap by providing a comprehensive guide to regulating informal debt collection practices in eight Member States of the E.U. and the United Kingdom (U.K.). It serves as a comparative law instrument for implementing the recently adopted CSD. It will be important reading for students, academics, and stakeholders with an interest in debt collection practices and the law.

For academics, regulators and policymakers alike, it is crucial to measure financial sector competition by means of reliable, well-established methods. However, this is easier said than done. This comprehensive Handbook provides a collection of state-of-the-art chapters to address this issue. Using the latest empirical results from around the world, expert contributors offer a thorough assessment of the quality and reliability of the prevalent measures of competition in banking and finance. The Handbook consists of four parts, the first of which discusses the characteristics of various measures of financial sector competition. The second part includes several empirical studies on the level of, and trends in, competition across countries. The third part deals with the spillovers of market power to other sectors and the economy as a whole. Finally, the fourth part considers competition in banking submarkets and subsectors. This Handbook is an essential resource for students and researchers interested in competition, regulation, banking and finance. Politicians, policymakers and regulators will also benefit from the thorough explanation of the need for anti-trust regulation and identification of the most reliable competition measures. Contributors include: A.N. Berger, J.A. Bikker, W. Bolt, J. Bos, Y.L. Chan, P. Coccorese, M.D. Delis, J. Fernandez de Guevara, Z. Fungacova, R. Gropp, I. Hasan, J.P. Hughes, D. Humphrey, L.F. Klapper, S. Kleimeier, C. Kok, S. Kokas, J.W. Kolari, M. Lamers, L. Liu, J. Maudos, L.J. Mester, C.-G. Moon, N. Mylonidis, S. Ongena, B. Overvest, V. Purice, R.J. Rosen, H. Sander, S. Shaffer, L. Spierdijk, D. Titotto, R. Turk-Ariss, G.F. Udell, L. Weill, J. Yuan, M. Zaouras

This book expands upon research into the protection of foreign investments, which is currently an intensively studied area of international law. At the same time, it also examines environmental protection, as well as general areas of debate in international law, including fragmentation, self-contained regimes, the role of interpretation and of principles, and theories of indeterminacy. In this detailed and concise monograph, Saverio Di Benedetto examines the problematic impact of environmental issues on international investment law from the perspective of arbitral dispute settlement and treaty-making. Current debates concerning 'self-contained' regimes and international law form the background to this investigation. By extrapolating insights from the vast and heterogeneous amount of available practice, the book provides an order to the two spheres of values, from internal and fragmentary approaches to systemic forms of integration. Finally, it outlines a possible method for reconciling investor rights and environmental concerns, which is centred around the model of exceptions and highlights the role of legal principles. This book is essential reading for academics of international investment law and related matters, with useful research material for both practitioners and policy-makers. Moreover, the innovative approach of this book makes it appropriate for adoption in specialized undergraduate and postgraduate courses in international economic law. Contents: Preface Part I: Foreign Investments versus the Environment 1. Introduction: The Social and Legal Context 2. International Investment Law and Environmental Protection 3. Theoretical Approaches to International Investment Law 4. Applicable Law and Methods of Interpretation Part II: Integrating Environmental Protection into International Investment Law 5. Internal Arguments: From Ordinary Meanings to Derogatory Logic 6. Systemic Approaches 7. Exceptional Models 8. Environmental Exceptions, Indeterminacy and Legal Principles Bibliography Index

In a context of neoliberal globalization, have the processes of elaboration and implementation of foreign investors' responsibilities by intergovernmental organizations reached the realm of legality? Using an analytical framework and a methodology that combines international law with international relations, this book provides a twofold answer to this question. First, it demonstrates that the normative integration of foreign investors' responsibilities in international investment law is fragmented and consistent with the interests of the most powerful actors. Second, while using the interactional theory of international law to assess the normative character of several international instruments elaborated and implemented by intergovernmental organizations, it highlights the sense of obligation that each instrument generates. The analysis demonstrates that such a codification process is marked by relations of power and has resulted in several social norms, with relatively few legal norms.

In 2020, the G20 proposed a solution for the debt-related issues affecting the world's poorest countries due to the COVID-19 pandemic. However, their initiatives have failed to meet their objectives. The author argues that the reason for this failure is the inability to bring sovereign countries to the table to re-negotiate their debt agreements with private creditors as they fear credit rating agencies and the prospect of a downgrade. The author refers to this as the 'credit rating impasse'. This book proposes a novel solution. The author asserts that there is a need in the literature to unpick the dynamic that exists and creates that impasse, namely the pressures that exist between sovereign states, private creditors, credit rating agencies, and the geo-political backdrop that is massively influential in the dynamic, that is, the adversarial relationship between China and the US. This book addresses the recent history of debt treatment for poorer countries and related successes and failures: COVID-19-related issues and the development of the Debt Service Suspension Initiative and the Common Framework for Debt Treatment. This book examines the reasons for their failure by analysing the positions of the sovereign states, the division between private and official creditors and between multilateral institutions such as the IMF and the World Bank, credit rating agencies, and the competing political entities of China and the US. It presents a wider picture of the systemic underpinnings to such debt-related issues and, when examined through a geo-political perspective, the subsequent chances of future debt treatment-related successes. Licence line: The Open Access version of this book, available at www.taylorfrancis.com, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.

In this Research Handbook, today's leading experts on the law and economics of corporate bankruptcy address fundamental issues such as the efficiency of bankruptcy, the role and treatment of creditors - particularly secured creditors - in the bankruptcy process, the allocation of going-concern surplus among claimants, the desirability of liquidation in the absence of such surplus, the role of contract in bankruptcy resolution, the role of derivatives in the bankruptcy process, the costs of the bankruptcy system, and the special case of financial institutions, among other topics. Chapters trace the historical path of both law and policy analysis, with a focus on how the bankruptcy process serves underlying policy objectives. Proposals to reform corporate bankruptcy are presented. Research Handbook on Corporate Bankruptcy Law includes policy analysis by both lawyers and economists and is thus an invaluable resource to law scholars and students interested in the economic analysis of corporate bankruptcy law, as well as to economics and business scholars and students studying the law of corporate bankruptcy. These pages will prove equally valuable to lawmakers and judges who are interested in policy analysis of corporate bankruptcy. Contributors include: K. Ayotte, D.G. Baird, A.J. Casey, T.H. Jackson, M.B. Jacoby, E.J. Janger, S.J. Lubben, E.R. Morrison, J.A.E. Pottow, R.K. Rasmussen, M.J. Roe, A. Schwartz, M. Simkovic, D. Skeel, R. Squire, G. Triantis, M.J. White, T.J. Zywicki

This book explores the various considerations for achieving an effective regulatory strategy to improve financial access and usage in Nigeria and beyond. Gaps in the legal and institutional framework for digital financial services (DFS) as well as the barriers that contribute to financial exclusion are identified as are the policy changes needed to provide more extensive, accessible and sustainable financial inclusion value. In addition, the book covers divergent themes around the use of and insights for regulating industry financial services providers and challenger entities that herald industry disruption. The book adopts three research methods. The doctrinal research method is used to buttress the law and development analysis and the themes around regulation, adoption and usage of financial services. To elucidate the application of financial innovations, comparative case studies are drawn from selected jurisdictions including Kenya, South Africa, Ghana, The Philippines, Brazil, Mexico, Uganda, Pakistan, India, and Bangladesh. Lastly, using the empirical research method, the author reports the burden experienced by the residents of a community without banks in accessing finance. Included in this discussion are the barriers to finance as well as the coping strategies adopted by the community residents to access formal and informal finance.

This authoritative research review presents and discusses carefully selected scholarly articles that describe and examine the principles of international sales law, as set forth in the United Nations Convention on Contracts for the International Sale of Goods (CISG). These seminal pieces reflect various viewpoints of authors from different countries and legal systems, and offer a range of distinct methodological approaches to legal analysis. The review is an invaluable source of reference, providing the reader with both an international and an interdisciplinary perspective on the CISG and its application.

First Published in 1964. Routledge is an imprint of Taylor & Francis, an informa company.

Bringing together the most important articles from leading authors in the field, Professor Geoffrey Miller's new collection, Economics of Securities Law, is an essential resource for students, policymakers and those interested in the history and current status of the subject. The papers included represent fundamental contributions that shaped later thinking, illustrate approaches that have proven durably influential or represent important challenges to conventional views. The collection also explores new approaches, such as behavioural economics, alongside 'Chicago School' papers, comparative analyses and influential works by people involved in the creation of laws governing modern securities markets.

There has been insufficient literature focusing on the world-changing rise of Asian wealth. Private wealth in Asia is very substantial, with 33 per cent of the global population of high-net-worth individuals based in Asia. Yet, there is a dearth of legal analysis of Asian wealth, particularly by texts written in English. This collection aims to fill that gap, with chapters on legal issues in relation to Asian wealth transmission, investments in international real estate, familial disputes, family offices and private trust companies. A substantive section of this book also focuses on the changing legal context with chapters exploring trusts and cryptoassets, constructive trust, trustee's discretion and decision-making, changing regulatory environment and abuse of trust structures. This collection of essays on trusts and wealth management presents a focus on Asian wealth and the changing legal context, and follows the related publication, Trusts and Modern Wealth Management (Cambridge University Press, 2018).

Virtual currencies, particularly crypt-currencies, have been identified as potential money laundering and terrorism financing instruments due to their ability to transfer money anonymously and instantaneously over the globe. Governments and regulators have also recognized the need to more closely monitor and track virtual currency purchases and accounts to avoid the industry being exploited for money laundering or terrorism financing purposes, as explained in this book. The broad overview of various international legal approaches attempting to address this issue would be a great resource for legal and anti-money laundering or counter terrorism financing graduate students, scholars and practitioners interested in virtual currencies research.' - Raymond Choo, University of South Australia'This book is a comprehensive, highly detailed review of cybercrime and the issues raised by gambling in virtual environments. It makes an excellent contribution to the evolving discussion about the risks and controls relating to these activities. I would highly recommend it to anyone interested in financial crime and virtual environments from an international perspective.' - Liz Falconer, University of the West of England, UK In this unique book, the authors examine the relationship between real world legislation and new advancements in technology, showing how this can lead to loopholes in legislative protection. They draw on empirical research to highlight the jurisprudential issues relating to economic internet crime and digital currencies. Advancements in technology have seen gambling behavior transverse a new path. The law has not kept pace with such advances, leaving grey areas of concern undiscussed and unregulated.The authors provide a critical discussion on laws relating to gambling in virtual worlds, commenting that terms such as 'virtual' or fantasy are unhelpful in promoting effective legislation. The discussion reveals how virtual world gambling can lead on to other criminal acts within virtual worlds, and specifically examines the notion of cybercrime, economic internet crime and the problems associated with digital currencies. The book concludes by presenting the case for joined up national and international legislation to tackle virtual world crimes effectively. This distinctive study will appeal to researchers and advanced students with an interest in cybercrime, economic internet crime and virtual economies. Practitioners, policy-makers and law enforcement officers will find this book informative in promoting suitable legislation to encompass new technologies in economic crime. Contents: 1. Introduction to Virtual Worlds and Gambling 2. Cybercrime Critical Literature Review 3. Global and Virtual Gambling Legislation 4. International Measures Regulating Online Gambling 5. Global Regulation on Financial Crime 6. Digital Currencies and Financial Crime Conclusion and Recommendations Index

Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. This second edition of the Advanced Introduction to International Tax Law provides an updated and succinct, yet highly informative overview of the key issues surrounding taxation and international law from Reuven Avi-Yonah, a leading authority on international tax. This small but powerful book surveys the nuances of the varying taxation systems, offering expert insight into the scope, reach and nature of international tax regimes, as well as providing an excellent platform for understanding how the principles of jurisdiction apply to tax and the connected tools that are used by countries in imposing taxes. New to this edition: New material on the OECD Base Erosion and Profit Shifting (BEPS) project Coverage of the EU's Anti Tax Avoidance Package Analysis of the US Tax Cuts and Jobs Act Key features include: defines and discusses the main types of jurisdiction to tax explains in depth both inbound and outbound taxation on both passive and active income delineates the source of income that is crucial for taxing non-residents and foreign tax credit discussion of transfer pricing, a variant of source-based taxation that lies at the heart of modern efforts to tax corporations at source explains how the above elements are influenced by tax treaties and looks at the future of the international tax regime. Composed of concise but insightful chapters, this revised second edition will prove to be a key resource for students of international tax law, as well as for scholars within the fields of tax law, international business law and international commercial law.

Examining the law of export credit insurance and export credit guarantees, this book clarifies the legal nature of ECI and ECGs as insurance and guarantees respectively by comparing their legal characteristics regarding contract formation process, terms and conditions, duty of fair presentation, claim handling process and subrogation and recoveries. It further explores why some export credit agencies provide export credit guarantees in addition to export credit insurance, notwithstanding that an ECG is a more client-friendly product and easier than ECI for banks to use. Analysing the legal principles applicable to export credit insurance and export credit guarantees reflected by English case authorities and statutory law, the book is a doctrinal study informed by substantive empirical research. It studies a large number of export credit insurance and export credit guarantee contractual terms, to propose several model clauses and scrutinise the influences of the Insurance Act 2015 on ECI. This book is an important reference for students, academics and practitioners in the field of commercial and insurance law. In particular, it seeks to provide guidelines for all potential parties who wish to arrange an ECI/ECG transaction, including export credit agencies, private credit insurers, brokers, banks, exporters and buyers, to correctly identify and choose the suitable cover.

- Unique, practical text that gives step-by-step guidance in a growing area of legal practice - Supported by real-life examples, study questions, and multiple choice questions online. - Author is a practising attorney specialising in bankruptcy law, as well as an experience lecturer at a range of US institutions.

There is increasing regulatory interdependence amongst Central, East and South East Asian, European and North American financial markets, and these markets account for over one-third of the world's population and global financial markets. As Asian markets become more integral to global financial economy, more cohesive, compatible and integrated insolvency and restructuring laws are essential. This two-volume work reviews why we should internationalise current cross-border insolvency and how we could restructure laws to address inadequacies. The two volumes evaluate international regulatory reforms directed at detecting and managing cross-border insolvency and restructuring crises across the entire economy including financial markets. The authors call for schemes of arrangements and letters of comfort to be formally accepted as international legal tools. The work also assesses recent, but as yet largely unregulated developments in financial agreements, particularly the use of close-out netting provisions that serve as significant protective mechanisms prior to the declaration of an insolvency. It discusses international arbitration, data protection and artificial intelligence in crossborder insolvency and restructuring. Finally, the book seeks a meaningful balance between self-regulation through financial contracts and other party practices, and regulation imposed by governments and international financial regulators. This extensive work will be a useful reference for legal practitioners, policy makers and scholars working on financial regulation and international financial laws.

There is increasing regulatory interdependence amongst Central, East and South East Asia, European and North American financial markets, and these markets account for over one-third of the world's population and global financial markets. As these Asian markets become more integral to global financial economy, more cohesive, compatible and integrated insolvency and restructuring laws are essential. This two-volume work reviews why we should internationalise current cross-border insolvency and how we could restructure laws to address inadequacies. The two-volume work evaluates international regulatory reforms directed at detecting and managing cross-border insolvency and restructuring crises across the entire economy including financial markets. The authors call for schemes of arrangements and letters of comfort to be formally accepted as international legal tools. The work also assesses recent, but as yet unregulated developments in financial agreements, namely, the use of close-out netting provisions. They are a significant preventative legal mechanism, protecting debtors, creditors and employees among others, before a declaration of insolvency. The book discusses international arbitration, data protection and artificial intelligence in cross-border insolvency and restructuring. Finally, it seeks a meaningful balance between self-regulation through financial contracts and other party practices, and regulation imposed by governments and international financial regulators. This extensive work will be a useful reference for legal practitioners, policy makers and scholars working on financial regulation and international financial laws.

This book provides a detailed analysis of mutual fund regulations and governance in the UK from the investor protection perspective. It comprehensively describes mutual funds by their function, social utility, and legal attributes, examining the level of protection provided to retail investors under existing regulations. Mutual funds are externally managed with fund ownership separated out from their management, which carries a potential conflict of interest between the self-interests of the fund management and each fund's investors. The book provides an in-depth analysis of this agency problem in the mutual fund industry, comparing the competing governance models in the UK and the US and the supervision of management activities. In the UK, it investigates the main governance mechanisms, including disclosure, the effectiveness of voting rights, and the role of the Financial Conduct Authority in protecting investors. It also considers the role of prudential regulations in protecting mutual fund investors, with a particular focus on risk management and mutual fund liquidity crisis. The book further investigates the impact of the withdrawal of the UK from the European Union (Brexit) on the industry and what this means for the future of the undertakings for collective investment in transferable securities (UCITS) in the UK. The concept of mutual funds is still not clearly understood, so this book will clearly define the different legal and practical aspects of mutual funds. It will be the first substantial study of mutual fund governance mechanisms under the existing mutual fund laws and regulations in the UK.