Experience has shown that the complex issues raised by cross-border insolvencies cannot be adequately addressed by existing national bankruptcy law regimes. In order to deal effectively with such emerging factors as multi-jurisdictional intellectual property rights and contractual issues surrounding employment or immovable property - as well as such long-standing problem areas as choice of law and recognition of judgments - a system of international bankruptcy and insolvency law is needed. This monograph shows how such a system is ready to hand in Europe and potentially available at a global level. As an obvious step in this direction, Professor Torremans examines the EU Regulation on Insolvency Proceedings. He analyses all its provisions in detail, and sets out the solution it puts in place, partial and imperfect as it may be. He concludes that within the EU this Regulation promises to improve matters substantially, and that it bodes well to become a model for international co-operation in this area. To demonstrate the need for a coherent cross-border insolvency law regime, Professor Torremans first describes two very different national approaches, those of Belgium and the United Kingdom. He explores these two traditional approaches in detail, stressing their practical applications, and finds neither system can offer a satisfactory solution in a cross-border context. Finally, recognising that this problem does not stop at the EU's borders, Professor Torremans examines the UNCITRAL Model Law in detail to see whether it does indeed make a useful contribution.

This study of entrepreneurship in Europe is a greatly expanded and updated version, in English, of the author's thesis published in Dutch in 1996. Its analysis focuses on "bottlenecks" and cross-border problems confronting European entrepreneurs in the areas of income tax, corporate income tax, and value-added tax. Four countries are chosen as representative of all the tax systems existing within the EC: The Netherlands, Germany, France and the United Kingdom. The author spares no detail in his examination, explaining such important elements and distinctions as the following: how the entrepreneur is viewed under the varying tax regimes and in the different countries; entrepreneurship and the professions; incentives; sources of income; partnerships; companies and shareholders; calculation of taxable profit; justification for a separate corporate income tax; taxation of foundations and societies; and the possibility of fiscal unity among Member States for VAT purposes.

This work contains the full text of the papers presented at the second Tax Law History Conference in July 2004. The Conference was organised by the Cambridge Law Faculty's Centre for Tax Law. The papers range widely in terms of period - from the Old Testament to the twentieth century - and geographical areas, with papers on matters relating to not only the United Kingdom but also Canada, Australia and the US. The matters discussed are also broad and include the concept of taxation developed by Adam Smith and his fellow United Kingdom writers of the Enlightenment, problems of adjudication in tax law and of access to justice for taxpayers, definitions of income and its UK subset 'total income', capital gains tax, stamp duty on newspapers, the wartime excess profits tax, the nature of tithes, the strange tale of Jasper Moore, the real nature of the decision in the Duke of Westminster case, the demise of wealth transfer taxes in Canada, the nature of the US corporate tax and debates in the US about whether to raise war finance by issuing bonds or levying tax. As a whole the papers illustrate not only the wide variety but also the real depth of the issues waiting to be investigated in this rapidly growing field of scholarship.

The principles of equality and non-discrimination are a cornerstone of constitutional law and of international and European human rights law, and there is increasing recognition of the fact that any system of taxation must comply with them. This book examines how these principles influence the tax regimes of eight European jurisdictions. The authors examine the impact of the equality and non-discrimination principles on tax law and policy, with particular reference to their application in national courts and the European Court of Human Rights. The discussion focuses on an individual's right to appeal to the courts, the procedures for judicial review, and the core question of whether objective and reasonable justification exists for instances of unequal treatment of equal cases. This work should be of value to practitioners, policymakers, legislators, judges and researchers working in the field of taxation and human rights.

Although electronic banking is rapidly overtaking direct bank-to-customer and bank-to-bank contact - and seems to be moving forward without serious problems - the law governing this telecommunication-based business is not always clearly defined in relation to certain issues that arise with ever-greater frequency, especially in cross-border transactions. This book investigates the applicable legal consensus for this issue, based on existing legislation and relevant judicial decisions. The legal issues in question arise from events, activities, and actualities treated in this book. Eighteen authors - bankers, lawyers, and academics - contribute their expertise to elucidate the issues and their implications. They draw their legal analyses from international norms such as the UNCITRAL Model Law, relevant EC directives and draft directives, the United States Uniform Electronic Transaction Act (UETA) and E-Sign Act and other national laws, as well as from numerous court decisions in Europe and the United States. The essays are based on papers originally presented at a conference sponsored by the Law Centre for European and International Cooperation (R.I.Z.) and held at Cologne in April 2001.

During and after the 2007-2009 global financial crisis, emerging market economies displayed remarkable resilience and maintained robust rates of economic growth. Learning from the lessons of the crises of the past 15 years, developing countries have adopted measures to become less vulnerable to the external shocks that are likely to emerge from more developed countries. Academics and policymakers have focused on the construction of an appropriate regulatory and supervisory framework for the banking sector. During the 2007-2009 global crisis, banks were engaging in excessive risk taking. Prudential banking regulation and supervision aim to curb excessive risk taking by banks because engaging in excessive risky transactions is the ultimate source of instability. Hence, banking regulation is needed to deal with the failure of markets to police banks' risky behaviours.This book discusses the impact of regulations and supervision on banks' performance, focusing on two emerging market economies, Turkey and Russia. It examines the way in which regulations matter for financial stability and banking performance from a law and economics perspective. Some of the regulations contribute to banks' performance by reducing the incentive for banks to take risks, hence supporting financial stability; others however may have a detrimental effect on financial stability. Moreover, banks react differently to regulation under different institutional settings. Therefore, this book takes up the debate on the efficiency of certain solutions and approaches to banking regulation in the context of emerging countries.

Conflicts of interest arise naturally in all walks of life, particularly in business life. As general and indeed inevitable phenomena, conflicts of interest should not be prohibited but properly managed. This book presents indepth analysis of such management in three areas of corporate governance where the conflict-of-interest problems are particularly acute: executive compensation, financial analysis, and asset management. "Conflicts of Interest" presents the results of a two-year-long research project bringing together academics and practitioners in both law and finance from Europe and the US under the auspices of the Centre for Banking and Financial Law of the University of Geneva. This book discusses the following issues: the duty of loyalty; remedies, such as disclosure, incentives, organizational measures; regulation and enforcement; and market considerations. With its intense focus on the material effects of actual conflicts of interest at the core of modern corporate governance and financial markets, this incomparable book will inform not only business people, practitioners, and academics, but also legislators, regulators, and all concerned with the far-reaching ramifications of conflict-of-interest management.

The new edition of this well-known reference work for the tax community provides an introduction to the application of the United States international taxation system to taxpayers investing or transacting business in the US and other countries. In a relatively brief and manageable form, it sets forth the principles adopted by the US in taxing US or foreign individuals and corporations as they invest, work, or carry on a trade or business in the US or abroad.

Cross-Border Insolvency, fourth edition provides a comprehensive and up to date consideration of the topic of cross-border insolvency. Written in a clear and accessible manner it guides the user seamlessly through this complex area of law. The coverage of the book is divided into two parts. The first part describes the key cross-border insolvency regimes including the EC Insolvency Regulation, the UNCITRAL Model Law on Cross-Border Insolvency, section 426 of the Insolvency Act 1986, and the common law. The second part focuses on specific issues in more detail, such as the court's insolvency jurisdiction, ancillary winding-up, enforcement of foreign insolvency judgments, foreign discharge of debts and insolvency set-off. The fourth edition gives full analysis of the fundamental changes to cross border insolvency law and practice in England including: The impact of the Supreme Court decision in Rubin v Eurofinance; The revised UK Insolvency Rules; Proposals for revision of the EC Insolvency Regulation; Scope of section 426 - HSBC v Tambrook Jersey; Developments in offshore jurisdictions: Primeo Fund and Saad Investments (Cayman), Re C (BVI); Kelmsley v Barclays Bank PLC. Previous print edition ISBN: 9781845921040

This authoritative treatise on bankruptcy fraud is an invaluable reference book for bankruptcy law practitioners, white-collar criminal lawyers, prosecutors, judges, restructuring professionals, and academicians. Bankruptcy Crimes is the only book extant on the subject and is unique in its dual perspective and analysis of criminality and bankruptcy law.

With the increasing interdependence of global economies, international relations are becoming a more complex system. Through this, the growth of any economy is dependent upon the ease of business transactions; however, in recent times, there has been a growing impact of corporate insolvency law. Corporate Insolvency Law and Bankruptcy Reforms in the Global Economy is an essential reference source that discusses the importance of insolvency laws in the financial architecture of emerging economies, as well as its fundamental issues. Featuring research on topics such as business restructuring, debt recovery, and governance regulations, this book is ideally designed for law students, policymakers, economists, lawyers, and business researchers seeking coverage on the jurisprudence and policy of corporate insolvency law in a globalized context.

This publication represents a collection of scholarly and highly practical chapters prepared by leading experts on banking law. Important changes are taking place in the financial sectors in the Pacific Rim; vital roles are being played by Tokyo, Hong Kong, Singapore and Taipei. This volume deals with the broad policy issues entailed in the liberalization and deregulation of the banking industry and is divided into two parts. Part 1 covers liberalization and the search for an appropriate banking law model; and Part 2 deals with convergence of supervisory standards of international banking. This collection, which was designed as a broad foundation for comparative analysis of changes and reforms occurring worldwide in international banking regulation and practice, should be a useful aid to domestic and international government officials, executives of banking and other financial institutions, professionals (attorneys, accountants and other advisers) representing such institutions and academics, in trying to understand both policies and practicalities reflected by these rapid changes and reforms. A separate, but related, companion volume on international banking operations and practices has also been produced, entitled "International Banking Operations and Practices: Current Developments", which deals with the relevant legal questions regarding the changing international financial practices.

The question of what constitutes 'fraud in the transaction' with respect to international letters of credit varies considerably among jurisdictions. In proving allegations of fraud, it is crucial for the practitioner to know the relevant jurisdiction's case law, especially if wider defences such as inducement, unconscionable conduct or bad faith must be invoked. In this book, the author argues that, whereas 'fraud in the documents' is generally sufficient in cases involving commercial letters of credit, standby letters of credit demand a wider fraud exception. The central issue - how wide that fraud exception should be - is what this book explores in depth.This author compares and critically examines the application of the fraud exception in four major trade jurisdictions - the United States, England, Canada, and Australia. With an overall focus on how each jurisdiction's fraud tests treat the autonomy of standby letters of credit, she builds her arguments on such relevant sources and concepts as the following: when it can be shown that the beneficiary has 'no bona fide belief' in the validity of its claim demand guarantees; international initiatives (ICC Rules and the UN Convention on Independent Guarantee and Standby Letters of Credit); the Sztejn Rule; parameters of the 'fraud in the transaction' defence 'materiality' standard; prerequisites for injunctive relief; arguing 'fraud in the formation of the contract'; performance bond cases; applying the 'breach of good faith' defence; 'negative stipulation' in the underlying contract; and equitable versus statutory/broader notion of unconscionability. The presentation includes detailed summaries and analyses of leading cases in all four jurisdictions.

Global competition, technological development, and changes in banking laws and regulations are transforming the role of commercial banks and the nature of the banking business within the U.S. financial system. The earlier editions of this work have been revised and expanded to incorporate discussions of these dramatic changes and their results. The discussions of the issues have been kept as current as possible, and a solid background has been supplied to provide perspective. Emphasis has been placed on the management of commercial banks through the formulation and implementation of sound and flexible policies.

The close of the 20th century saw a remarkably high incidence of bank distress and insolvency. This book seeks to identify the causes of this ongoing financial crisis and to draw lessons for the future, with the aim of assisting developed, transition and emerging economies alike to better cope with future crises. "Banks in Distress" takes as its focus the major financial system crisis experienced by the US in the 1980s, reviewing the evolution of the US banking system and the legislative, regulatory, and monetary policies of the 1980s which set the stage for the crises that followed. The author argues that the financial difficulties in the US, and to some extent the rest of the world, were largely precipitated and exacerbated by government intervention into the American domestic economy through uncoordinated monetary and fiscal policy, as well as the uncoordinated enactment of regulatory, supervisory and enforcement legislation and policy. The book in particular examines the importance of asset valuation, asset value inflation and deflation, and capital adequacy for banking and financial services organizations, an understanding of which is crucial to the development of a coherent regulatory framework. The author considers what can be learned from the US experience and suggests the need for significant changes in the banking law and policy of most developed and emerging economies, arguing that a stable and workable financial system requires transparent, co-ordinated and proactive governmental policies in the banking, fiscal, monetary and national economic areas.

This volume continues the work of the International Academy of Estate and Trust Law in 2003 and 2004 in examining through the juxtaposition of civil and common law jurisdictions areas of fundamental importance to estate and trust lawyers internationally. Here we focus upon two themes: the definition of "family" and the impact of the expansion of the concept of "family" in law; and family fights over wills and estates that recourse family members may have in challenging an estate. The first Part, The Challenge of the "New Family" for Law, considers the "challenge" both in the inter vivos and the postmortem contexts in the United States, Canada, France, the United Kingdom, Australia and New Zealand. A particular focus is upon the dramatic expansion of the definition of family from the "traditional" nuclear family consisting of a husband, wife and their mutual children to a definition that includes unmarried heterosexual and same sex couples living together and, in some jurisdictions to new kinds of companionate partnerships that are not based on a sexual relationship. The second Part, Contesting Wills and Intestacies, examines the law in Australia, Switzerland, France, Mexico, and the United Kingdom. In its comparison of civil and common law approaches we see how the law expresses the same principle objects "protection of family and obligations towards key family members" but does so from entirely different perspectives; and where the common law which enshrined the notion of testamentary freedom is being qualified through the expanding domain of family provision legislation, the civil law which is based on codified shares and allocated responsibilities expressed through proportionate entitlements in estates, is being qualified through a range of disqualifying and varying mechanisms. This volume is the fifth of the published deliberations of the International Academy of Estate and Trust Law. It contains the work of solicitors, barristers, notaries, judges and Professors of Law in areas of Trusts, Inheritance and Succession law, Tax and Comparative law. It will be of interest to practitioners and scholars alike in the area of trust and estate law.

The publication of Frederick Abbott's new book could not be more timely. The impact of the NAFTA on the North American marketplace has clearly manifested itself over the past year and the emergence of the World Trade Organization (WTO) as the regulator of global commerce will have a profound influence on the conduct of international trade. This book provides a comprehensive approach to the study of the NAFTA and its implications for the global trading system. It covers the political and legal process of NAFTA approval as well as the NAFTA's potential economic impact. Detailed analysis is given to the NAFTA rule systems, dispute settlement mechanisms, and environmental implications. Perhaps most importantly, this book situates the NAFTA into the broader global multilateral trading system now to be embodied in the WTO. It examines the legal rules of the WTO designed to regulate the activities of regional integration arrangements. It considers the potential for conflict between the rules and trade policies of the WTO and those of the NAFTA. This book holds a strong appeal for practitioners and academics interested in international economic law. This book is the first volume in the new NAFTA LAW AND POLICY series. This series will include high-quality studies of different aspects of NAFTA, including legal analysis and commentary on the Agreement. Among the numerous areas that will be covered in the series are NAFTA topics as diverse as agriculture, dispute settlement, environment, intellectual property rights, investment, and labour.

This text provides a comprehensive survey of the law and practice of securitization in the major jurisdictions in which securitizations have been carried out. It reviews the principal assets commonly securitized and the development of the market in each country. Legal aspects of the most important structures are analyzed in detail, involving therefore the establishment of special purpose vehicles, credit enhancement techniques and security issues. The book is also a commentary on specialized issues such as public offerings of asset-backed securities and cross-border considerations. In summary, securitization can be defined broadly as the process of financing assets through the issuance of securities which are "backed" (i.e. secured) by the cash payment streams generated by the assets securitized and by the assets themselves. There are 16 national reports. The book forms a discussion of both market and legal issues. It also allows a quick comparison of different jurisdictions.

The Changing Face of Corruption in the Asia Pacific: Current Perspectives and Future Challenges is a contemporary analysis of corruption in the Asia-Pacific region. Bringing academicians and practitioners together, contributors to this book discuss the current perspectives of corruption's challenges in both theory and practice, and what the future challenges will be in addressing corruption's proliferation in the region.

Since 1979, China has been in the midst of an on-going process of liberalization of financial services, which has been accelerated under its WTO obligations. Such liberalization increases the vulnerability of China to financial crises, with domestic and international implications. In order to reduce its vulnerability, China is seeking to develop a robust financial system by restructuring its financial regulatory and institutional structure in accordance with international standards. This process requires structural choices to be made in respect of financial services liberalization commitments and international financial standards. These choices will have a significant impact upon the development of China's financial system. The reform of China's financial system raises many challenges. At the international level, there is at present no explicit linkage between the required legal infrastructure that must be in place for the development of a robust financial system and financial liberalization under the WTO. At the domestic level, weaknesses remain, which are likely to be brought to the surface by financial liberalization resulting from WTO accession and implementation. China's challenge is to strike an appropriate balance between a robust financial system and WTO compliance. Measures taken in this connection will also be indicative of potential disputes that may arise with other WTO members, including Hong Kong and Taiwan. In December 2006, China's two protective measures of geographical limitation and client limitation will be eliminated. There will be few market access limitations for foreign investors in banking, except capital requirements. In this context, it is interesting to know how Chinese financial regulators will deal with the liberalization issue arising from the WTO, and this is the focus of this authoritative book. This examination of China's financial reform under the WTO is meaningful for other developing and developed countries, as well as for China. This book addresses the on-going process of financial restructuring and reform in post-WTO China from a legal perspective. Chapter 1 provides an overview of the impact of the WTO on China's financial markets and financial law systems. Chapter 2 discusses reform of banking law and regulation in post-WTO China. Chapter 3 addresses the role of the central bank in China's financial system, focusing on issues of independence and accountability of the People's Banking of China (PBOC), China's central bank. Chapter 4 analyses China's compliance with WTO obligations in the area of banking. Chapter 5 discusses the role of asset management companies (AMCs) in China's on-going banking restructuring and liberalization. Chapter 6 analyses the development of securities markets in China, the challenges being faced and the impact of the WTO. Chapter 7 describes insurance and its development in China, focusing on the role of the WTO in liberalization. A new topic in China, i.e., financial conglomerates, is discussed in chapter 8, building upon the discussions in the previous chapters. Chapter 9 in turn studies the issue of financial institution insolvency and restructuring - as noted in previous chapters, key issues in China. Chapter 10 discusses the double impact of the WTO and one of China's regional trade agreements, CEPA, on China's banking law.