This international collection studies how the financial crisis of 2007 and the ensuing economic and political crises in Europe and North America have triggered a process of change in the field of economics, law and politics. Contributors to this book argue that both elites and citizens have had to rethink the nature of the market, the role of the state as a market regulator and as a provider of welfare, the role of political parties in representing society's main political and social cleavages, the role of civil society in voicing the concerns of citizens, and the role of the citizen as the ultimate source of power in a democracy but also as a fundamentally powerless subject in a global economy. The book studies the actors, the areas and the processes that have carried forward the change and proposes the notion of 'incomplete paradigm shift' to analyse this change. Its authors explore the multiple dimensions of paradigm shifts and their differentiated evolution, arguing that today we witness an incomplete paradigm shift of financial regulations, economic models and welfare systems, but a stillbirth of a new political and economic paradigm.

In today's world of globalization, the United States generally is considered by foreign investors around the world to be the safest and most profitable location to invest their funds and from where to operate a headquarters or manufacturing site. After more than a decade of prosperity and a strong currency coupled with the traditional political stability, the United States has emerged as a net importer of capital for the first time in post World War II history. Increasing profit margins for multinationals, relatively low interest rates, incredible stock exchange prices and volume, a reduced level of inflation and record consumer spending resulting from sophisticated demands of the baby boomer age, as well as an accelerated rate of immigrant arrivals, all have inspired new private investment from abroad, now surpassing the USD 5 trillion mark in direct and indirect investment. Surveys consistently show that foreign businesspersons, like their American counterparts, seek locations from which to manufacture, assemble, or service their products where the tax or investment incentives are most attractive. This fact is reflected in the operations of the Fortune 500 in the United States where 80 per cent of privately invested assets are located in the five states of New York, New Jersey, Delaware, Illinois, and California, all of which are leaders in providing trade and investment concessions to businesses. Investment incentives consist of a variety of inducements ranging from tax credits and cash grants and tax exemptions or reductions to accelerated depreciation, loan subsidies and property tax, sales tax and customs duty exclusions or reductions, as well as foreign trade and enterprise zone availability. Unlike the array of incentives offered by foreign countries, the charts reflect that most of the States rely on property tax concessions, loan subsidy financing, development project rewards, low or no sales taxes and foreign trade zone availability. As in the case of Part I relating to State Investment Incentives, Part II of the "US State-by-State Guide to Investment Incentives and Capital Formation" covering the steps required to organize an entity in the United States, reflects great similarity in incorporation in contrast to enterprises wishing to operate abroad. The authors of this Guide present the reader with a clear picture of all the differing rules and regulations between the states that govern investors. It is clear, concise, user-friendly, and invaluable.

The Death of the Income Tax explains how the current income tax is needlessly complex, contains perverse incentives against saving and investment, fails to use modern technology to ease compliance and collection burdens, and is subject to micromanaging and mismanaging by Congress. Daniel Goldberg proposes that the solution to the problems of the current income tax is completely replacing it with a progressive consumption tax collected electronically at the point of sale.

In an attempt to reduce barriers to international trade, public procurement agreements have evolved during the last three decades of the 20th-century at both global and regional levels. These agreements give rise to a number of complex, topical issues. Yet apart from studies on European Union procurement rules, there are few books on public procurement, particularly covering regional procurement agreements. This study provides an assessment of these agreements, focusing on the problem of protectionism in government procurement, long recognized as a major barrier to international trade. Procurement lawyers, experts and officials; international economic law professors; public international lawyers; and international organizations should all appreciate this guide to understanding international procurement agreements, including the new tendering rules they impose. It also features coverage of all types of international public procurement regimes, multilateral, regional and bilateral.

This annual reference provides a platform for debate and comment on key issues affecting the world's capital markets. It comprises a selection of articles and commentary on developments, a year-in-review section, and special reports on seminars and other events. It presents a detailed overview and analysis of trends worldwide, particularly highlighting developments of more widespread interest. The book is published under the auspices of the Capital Markets Forum of the IBA's Section on Business Law.

This book provides a thorough legal analysis of sovereign indebtedness, examining four typologies of sovereign debt bilateral debt, multilateral debt, syndicated debt and bonded debt in relation to three crucial contexts: genesis, restructuring and litigation. Its treatise-style approach makes it possible to capture in a systematic manner a phenomenon characterized by high complexity and unclear boundaries. Though the analysis is mainly conducted on the basis of international law, the breadth of this topical subject has made it necessary to include other sources, such as private international law, domestic law and financial practice; moreover, references are made to international financial relations and international financial history so as to provide a more complete understanding. Although it follows the structure of a continental "tractatus, "the work strikes a balance between consideration of doctrinal and jurisprudential sources, making it a valuable reference work for scholars and practitioners alike."

This book critically analyses the role of the United Arab Emirates Financial Intelligence Unit (FIU) in the Suspicious Activities Reports regime. The author pays particular attention to its functions and powers in dealing with Suspicious Activities Reports and relevant requirements imposed upon the reporting entities. In the analysis, the author also compares the United Arab Emirates FIU model to the United Kingdom FIU model. In addition, the book investigates whether the current United Arab Emirates FIU model complies with the relevant international recommendations developed by the Financial Action Task Force in relation to the establishment of the unit, as well as its powers and functions. This book suggests that more can be done to improve the current functions and powers of the United Arab Emirates FIU in an international context. Furthermore, the author suggests that the functions and powers of the United FIU model both comply with the international requirements and beneficially extend beyond their directives.

Ever since the Great Recession, the global financial regulatory system has undergone significant changes. But have these changes been sufficient? Have they created a new problem of over-regulation? Is the system currently in a better position than in the pre-Recession years, or have we not adequately addressed the basic causes of the financial crisis and resulting Great Recession?These were the questions and issues addressed in the seventeenth annual international banking conference held at the Federal Reserve Bank of Chicago in November 2014. In collaboration with the Bank of England, the theme of the conference was to examine the state of the new global financial system as it has evolved in response to significant market changes and regulatory reforms triggered by the global financial crisis. The papers from that conference are collected in this volume, with contributions from an international array of government officials, regulators, industry practitioners and academics.

Banks are entering a new environment. Regulation and supervision are becoming tougher, so that banks will be less likely to fail. If a bank does fail, bail-in rather than bail-out will be the new resolution regime, so that investors, not taxpayers, bear loss. Safe to Fail sums up the challenges that banks will face and how they can meet them.

Italian banks and financial intermediaries are subject to extensive regulation which has evolved throughout the country's history. There has also been much change to the country's financial regulation in recent years in response to the globalization of markets and intermediaries. The Italian administrative and regulatory system is often perceived as a major obstacle to economic productivity, and some causes of this ineffectiveness are deeply rooted and date back to the Italian unification and juridical culture. This book provides an overview of the Italian regulation of banking and financial activities, and tracks the evolution of its 'economic Constitution' and market trends. It explores a range of topics within Italian regulation, including the regulation of banking activities, investment services and collective portfolio management. It examines in detail the relationship between intermediaries and customers, public offerings of financial instruments and products, public takeover bids, listed companies, insurance and reinsurance business. Among other current topics the authors discuss the link between investor protection and confidence in the financial markets; and assess the financial markets as a source of financing for companies.

EUCOTAX (European UniversitiesCooperating on TAXes) is a networkof tax institutes currently consisting ofeleven universities: WirtschaftsuniversitatWien in Austria, KatholiekeUniversiteit Leuven in Belgium, Corvinus University of Budapest, Hungary, Universite Paris-I Pantheon-Sorbonne in France, UniversitatOsnabruck in Germany, Libera, UniversitaInternazionale di Studi Socialiin Rome (and Universita degli Studidi Bologna for the research part), in Italy, Fiscaal Instituut Tilburg atTilburg University in the Netherlands, Universidad de Barcelona in Spain, Uppsala University in Sweden, QueenMary and Westfi eld College at theUniversity of London in the UnitedKingdom, and Georgetown University inWashington DC, United States ofAmerica.

Foreign Direct Investment in Chile addresses all aspects of foreign direct investment in Chile and is very timely since the economy of Chile is growing at a rapid pace. It is considered to be a model in Latin America. In the past few years, foreign investment in Chile has been transformed into a highly significant macroeconomic variable. Indeed, the phenomenon of foreign investment has enticed companies from over sixty countries, representing all the continents. Without a doubt, the impact foreign investment has had on the country's economic development is significant. In December 1994, Chile was formally invited by the United States, Canada and Mexico to join the NAFTA. Negotiations leading to Chile's participation in the NAFTA are expected to begin in the near future. This development will clearly yield many benefits for Chile. First and foremost, this development, acting in concert with the political and economic stability of Chile, will serve as an impetus for more companies, particularly those of American origin, to invest in Chile. This book analyzes the national legal norms of Chile, offering a very useful perspective on the legal regulations of each sector of the economy in general, and on foreign investment in particular.

Law relating to trade in financial services is examined here, with a particular focus on the rules contained in Chapter 14 of the North American Free Trade Agreement (NAFTA). After a detailed analysis of the relevant provisions and their effect on financial institutions in Canada, Mexico, and the United States, the author examines the impact of the NAFTA rules on the legal position of banks operating in countries outside NAFTA, particularly in the context of the WTO financial services provisions. The book concludes with a chapter on the effects of a potential NAFTA expansion. The book aims to contribute to the development of a new legal and regulatory framework distinct from those of trade and financial services law, and offers an insight into how trade in financial services within a regional trade agreement develops its own legal dynamic.

From the start of the financial crisis in 2007, which turned into an economic crisis soon afterwards, it was obvious that public law could not prevent the genesis of this crisis although it has adequate instruments to make a reoccurrence of such a crisis unlikely. Financial law, tax law and even aspects of criminal law are designed to regulate the behaviour of financial institutions and other corporations. Since public law was unable to avoid the 2007 crisis, there can only be one conclusion: its instruments did not work properly or, worse, were badly designed or applied. Since 2007, a lot has been done from a financial, tax or criminal law point of view, confirming this finding. Regulation has thus been at the centre of the financial and legal debate, but a real understanding of the lessons of the crisis also requires account to be taken of private law. Is there a possible connection between private law and the outbreak of a financial and economic crisis? And did private law institutions, mechanisms or instruments in their current design contribute to the crisis? Does private law provide institutions, mechanisms and/or instruments which might have prevented the genesis of a financial or economic crisis? If so, why did these institutions, mechanisms and instruments fail to do so? And is there a need for new or modified instruments to improve the impact of private law on events that may lead to a new crisis? This thought-provoking book makes it clear that private law and the possibility of a financial and economic crisis are strongly intertwined. It shows that private law provides as many useful institutions, mechanisms and instruments against the emergence of such a crisis as public law does. Few other books bring together so many leading legal scholars on private law and its effects and implications. This book is rigorous, thoughtful, enlightening and thought-provoking - a must-read.

Like it or not, money launderers are major players in the world's economy. Their strategies constrain national economic policies and undermine financial institutions. With the advent of secure transfer technologies, and with the help of modern financial theories of derivatives and leverage, money laundering has become a significant structural component in contemporary geopolitics. This analysis focuses on control: how the problem is handled by legislation and regulatory and law enforcement agencies (particularly in the US and the EU), what the daunting challenges are that must be faced, what more can be attempted. In the course of developing in-depth consideration of the numerous intertwining issues that arise, the author uncovers a wealth of precise detail about what we know and what we can reasonably surmise about patterns of money laundering activity. Relevant matters covered include: the internal measuring and monitoring systems used by financial institutions; methodologies in use or in development to measure the extent of money laundering; the role of money laundering in the "informal economy"; the global rise of new criminal organizations; conflicts of criminal legislation and civil law; the relation of money laundering to capital flight; degrees of moral ambiguity and appropriately tailored control strategies; the role of offshore financial centres (OFCs); the use of derivatives in the money laundering process; obstacles to the monitoring of wire transfer activity in real time; and the "ethical indeterminacy" of white-collar crime. As a cross-disciplinary analysis of money laundering - fully recognizing the activity's economic, political, and juridical dimensions - this book identifies an array of criteria that may be used to develop and implement effective control strategies.

'In The ASEAN Comprehensive Investment Agreement: The Regionalization of Laws and Policy on Foreign Investment, Julien Chaisse and Sufian Jusoh provide analysis --unmatched in scope and detail -- of ACIA's role in supporting the development of the ASEAN Economic Community. This contribution will serve as an invaluable resource for policymakers, business leaders, lawyers, and scholars interested in the development of investment law and policy in Asia.' - Mark Feldman, Peking University, China 'Julien Chaisse and Sufian Jusoh take up the formidable challenge of unpacking the ingredients of the Asian ''noodle bowl'', delivering a comprehensive book that synthesizes the convoluted investment legal standards pertaining to the ASEAN into an intelligible discourse. Throughout, they offer insight into the design and purpose of this model of economic integration, as well as its impact on the rights of investors from states neighbouring the ASEAN region. This volume serves as a reliable and practical guidebook that will edify any reader interested in the subject matter.' - Kyle Dickson-Smith, FCIArb., Canada/Australia The international law of foreign investment is one of the fastest growing areas of international economic law and policy which increasingly rely on large membership investment treaties such as the ASEAN Comprehensive Investment Agreement (ACIA). This book comprehensively examines the role of this specific international treaty on investment and situates it in the wider global trend towards the regionalisation of laws and policy on foreign investment. Considering the state of the ASEAN Economic Community in 2015 and its transformation until 2025, Julien Chaisse and Sufian Jusoh illustrate the pivotal role ACIA has to play in future international investment law negotiations and the benefits to ASEAN and third country investors and their investments. Collective commitment to a common standard contributes to depoliticize any potential conflict between individual investors and host states making the agreement particularly crucial to discussions involving ASEAN member states and between ASEAN and Dialogue Partners as well as to investment decisions including investment liberalization and investment facilitation. Offering the first detailed analysis of ACIA and its applications, this book will prove essential reading for legal practitioners in the field of international investment law as well as researchers and students studying the ASEAN Economic Community and its contemporary moulding.

In today's increasingly global and integrated financial climate, there is an amplified need for cooperation between regulators and supervisors across the globe in order to promote economic growth and maintain competitive markets. However, idiosyncrasies remain within local markets, and for those wishing to participate within them, it is necessary to understand the distinctive qualities of each. This book explores the intermediaries of the Italian financial system. It examines the banks, investment services, electronic payment institutions, insurance companies and credit rating agencies functioning in the country, to explore how Italian regulation functions within the context of a wider harmonizing trend. The authors present a study on the current control models of the Italian markets in the wake of changes induced by the privatization of public banks, the increased size and complexity of the intermediaries, the increased level of competition, and the internationalization of the financial innovation. They explain how the country's financial markets are controlled by a combination of bodies, including the State, the authorities and the market participants themselves.

Derivative instruments are the contracts used in the global market for future commodities. The value of these contracts exceeds two trillion US dollars per day, making them the world's biggest market. Very little of substance has been published about this critically important business and its implications for the future direction of the world economy. This work is a collection of papers presented at the International Conference on Derivative Instruments at London University's Institute of Advanced Legal Studies in October 1993. It contains the current views of the world's leading regulators, most successful traders and top legal, economic and scientific experts in this rapidly growing market. The size and continued growth of this sector of the financial services business means that an increasing number of lawyers, government and market regulators, and people active in the financial services industry need to have a solid understanding of trading in derivative instruments. This volume contains the explanations of some knowledgeable experts and should be a useful primary source for newcomers to begin to learn about derivative instruments and for experienced practitioners to expand their understanding.

The last half of the 20th-century has seen a phenomenal increase in the volume and complexity of international business. Global economy allows multinationals to design their operations in a manner that may significantly reduce their taxes, particularly by taking advantage of tax incentives offered by many countries to attract geographically-mobile capital and activities. Since 1962, 19 countries have enacted specific statutory regimes to counteract the perceived abuse of controlled foreign companies located in tax havens. In three cases to date, controlled foreign company (CFC) legislation has been challenged in legal proceedings on the basis that it contravened a tax treaty. The author presents an in-depth analysis of the potential conflict between CFC legislation and tax treaties. The author also evaluates the potential conflict between the CFC legislation found in European Union countries and the EC Treaty. This comprehensive work should be of interest to international tax advisers.

Until recent years, formal bank insolvency proceedings were rare occurrences, with governments more often than not coming to the rescue of failing banks. As a result, few studies relating to bank failure have paid much attention to the regulatory framework for failing banks and the conduct of formal bank insolvency proceedings. However, in the aftermath of the Asian financial crisis, more attention has been focused on issues of bank insolvency. Structural reforms in the banking sector of various Asian countries, in particular the implementation of effective exit rules to expel insolvent and non-viable banks from the market, have been considered of primary importance to restoring confidence in the troubled banking sector. In addition, the ability of governments within the European Union to rescue insolvent banks has been significantly limited by strict rules on competition, suggesting that failing banks will become increasingly subject to insolvency proceedings. This text compares the legal framework for dealing with insolvent banks in Western Europe, the United States and Canada, identifying the distinctive features of each regime and discussing the main issues and choices in dealing with failing banks. It also examines the implications of a cross-border bank insolvency, and considers different approaches to the problems it raises, including the supranational approach of the proposed European Directive on the Reorganization and Winding-up of Credit Institutions. This work should be of value to lawmakers, to consultants and scholars engaged in technical assistance work, and to those who advise the legislators and officials involved in devising a legal framework for bank insolvency. It should also be of interest to practitioners and in-house counsel working in the field of banking and corporate law.

Non-State Regulatory Regimes explores how the concept of regulation continues to evolve. The focus is placed on those forms of regulation that are different from state regulation or present alternatives to state regulation. Departing from an analysis of the goals and policies of the traditional regulatory state, the emergence of 'regulation by other means' is examined. The approach is interdisciplinary encompassing various perspectives be they legal, political, international relations-based, economic, or sociological. The task of comprehending non-state regulation is a daunting one. To date, a number of essays already exist, which concentrate on specific aspects of the issue. In comparison to these essays, this study is innovative in that it applies a holistic view. Linking public policy approaches to regulation, it draws a theoretical path to understanding the emergence and persistence of non-state jurisdictional assertions and regulatory regimes.

Taxes are sometimes so fundamental to domestic systems that they are almost impossible to change, as when the tax system is part of a nation's majority religion or is linked to another value deeply rooted in local communities, such as housing or farming. There is a danger in the WTO, a Geneva-based entity, making decisions for people living in distant locations with regard to tax issues related to their local needs and wants. The Saudi Arabian tax system exemplifies the tension between religion, tax and trade, because tax has a role in the country's religion and is an essential part of its laws.

Therefore, there is a need for maintaining a delicate balance between local needs and international commitments with respect to taxation. This book aims to show directions in which legal order can be preserved as much as possible from within each country, and yet not imposed upon them, and which will help build a peaceful bridge between local and international factors that are important to shaping the global order.