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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Financial law
The second edition of the first and only concise introduction to
American business insolvency law, this volume provides a succinct
overview of American business bankruptcy as it is actually
practiced, integrating the law as written and implemented, and now
includes coverage of the Small Business Reorganization Act.
American Business Bankruptcy explores specialized proceedings like
brokerage liquidations, pre-packaged chapter 11 cases, and 363
sales. Professor Lubben also reviews the transnational aspects of
modern American bankruptcy practice, and explains chapter 15 of the
Bankruptcy Code, which allows for foreign insolvency proceedings to
be 'recognized' in U.S. courts. U.S law students and junior
attorneys, international insolvency professionals, and non-legal
professionals, including bankers and accountants, will appreciate
this practical synthesis, which includes citations and guidance for
further research.
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
Presenting the evolution of supplementary pensions over the past 25
years, this comprehensive book introduces the origin of pensions as
a concept and explores the role that international organisations
play within the field. It draws comparisons between different
welfare states, reflecting upon current research and identifying
new directions and ideas. Despite observing significant differences
in the approaches to pension design, the book identifies common
challenges, including the need to provide for an increasingly aging
population, slow economic growth following the 2008 global
financial crisis, the need for effective regulation, and increased
labour market flexibility. Leading scholars analyse the experiences
of a broad range of countries and offer insights into their
responses to the numerous challenges faced by national pension
systems. The book covers significant moments in pensions history
following the World Bank's 1994 report on Averting the Old Age
Crisis, and subsequent responses to challenges posed by longevity
and economic crises. This book will be an ideal companion for
academic researchers and financial law scholars interested in
pensions and looking to develop an international perspective on the
issue, as well as professionals in the pensions industry who are
engaging with other countries and looking to develop their
knowledge of overseas pension systems.
This comprehensive book offers a rigorous analysis of the legal
debates, approaches and practice-related issues surrounding
financial advice and investor protection. Despite widespread
recognition of the importance of financial inclusion more broadly
construed, recent financial crises have highlighted deficits in
retail investor protection - this book informs the development of
robust yet adaptable frameworks to protect investors, including
effective enforcement and dispute resolution. Divided into three
thematic parts, Financial Advice and Investor Protection begins
with a holistic discussion of the subject, including an examination
of the impact of relatively recent technical innovations such as
robo-advice. The second part evaluates the role of private law in
achieving investor protection, considering in particular how tort
law, contract law and equity allocate risk and liability for
investment advice. Finally, the book outlines the investor
protection frameworks in the jurisdictions of six significant
financial centres. This book will be a crucial read for various
stakeholders in the investor protection debate including
practitioners advising clients who work in this field, particularly
across several of the jurisdictions covered, as well as
policymakers interested in the development of law and regulation in
this area. Scholars and students of financial law will also benefit
from its comprehensive and critical treatment of the subject.
This comprehensive and essential Commentary examines both the
origins and effect of the EU's 2015 Payment Services Directive
(PSD2). Addressing a significant gap in the available literature,
the book is divided into two parts: Part I analyses the legislative
provisions of the Directive, while Part II explores the PSD2
implementation experience in selected EU Member States as well as
in the United Kingdom.
This comprehensive book adopts a nuanced yet straightforward
approach to analysing the complex phenomenon of international tax
competition. Using the ongoing international efforts of the
Organisation for Economic Co-operation and Development (OECD) and
the European Union (EU) as a basis for its analysis, it explores
the mixed effects of tax competition and offers an effective
approach that takes account of the asymmetrical global context.
Providing a history of the OECD's work on tax competition to date,
Chidozie George Chukwudumogu argues against conventional efforts to
merely restrict international tax competition, putting forward a
wide regulatory approach that is more appropriate and considerate
of the inequality of the states involved. The author further
explains and simplifies complex terms and principles of
international tax policy, demystifies common assumptions about tax
competition, and identifies commonalities beyond the often
polarizing debates on the topic. The Regulation of Tax Competition
will be a crucial resource for academics, researchers and students
with an interest in international tax law and policy. Policymakers
in both international organisations such as the OECD and EU and in
national governments will also benefit from awareness of the
arguments explored in this book.
This comprehensive book provides a clear analysis of the European
Restructuring Directive, which aims to improve national frameworks
governing business restructuring and insolvency as well as to
provide debt relief for individuals. Gerard McCormack explores the
key aspects of the Directive including the moratorium on litigation
and enforcement claims against the financially-troubled business,
the provision for new financing, the division of creditors into
classes, the introduction of a restructuring plan and the rules for
approval of the plan by a court or administrative authority. Key
features include: a unique contextualisation of the Directive,
situating it against the backdrop of earlier European initiatives
identification of important parallels with the UK scheme of
arrangement and the new UK restructuring plan procedure embodied in
the Corporate Insolvency and Governance Act 2020 a comparison of
the Directive with Chapter 11 of the US Bankruptcy Code, the United
Nations Commission on International Trade Law legislative guide on
insolvency, and the World Bank's Insolvency and Creditor Rights and
Doing Business projects. This important new book provides a
detailed and practical analysis of the Directive and the
implications for its transposition into national laws, making it an
essential work for insolvency lawyers and practitioners, as well as
EU policy makers. It will also be critical reading for academics
and students of law, particularly those interested in commercial,
insolvency, corporate and European law.
Anti-Money Laundering Regulation and Compliance: Key Problems and
Practice Areas is a comprehensive treatment of the anti-money
laundering/combatting the financing of terrorism (AML/CFT) and
sanctions compliance programs, recordkeeping and reporting
requirements, and the best practices under the Bank Secrecy Act
(BSA) and sanctions regulatory regimes. AML/CFT and sanctions
provisions are highly interrelated. Onboarding and customer due
diligence requirements generate the data entered into transaction
monitoring and screening systems. This book is unique in placing
the prescriptive and program elements within the 'risk-based
approach'that is foundational to AML/CFT compliance and the related
risk management systems. Relatedly, the book describes corporate
governance best practices and the 'three lines of defense' model
that hold management accountable for exposure to money laundering
and terrorist financing risks created by their business strategies.
The book includes practical guidance on AML/CFT and sanctions model
risk management, reflecting firms' growing reliance on machine
learning and AI compliance solutions and the compliance risk of
firms that adhere to Federal Reserve model risk management
expectations. Also unique in the literature, it identifies a
'compliance paradox' that arises from the sharp tension between
firms' modes of generating revenue and the law enforcement focus of
AML/CFT and sanctions regulation and explains how this tension can
compromise compliance. Anti-Money Laundering Regulation and
Compliance also serves as a go-to guide for practitioners and
beginners in the field or as a required text in graduate,
certificate, and law school programs.
This thought-provoking book challenges the way we think about the
regulation of cryptoassets based on cryptographic consensus
technology. Bringing a timely new perspective, Syren Johnstone
critiques the application of a financial regulation narrative to
cryptoassets, questions the assumptions on which it is based, and
considers its impact on industry development. Providing new
insights into the dynamics of oversight regulation, Johnstone
argues that the financial narrative stifles the 'New Prospect' for
the formation of novel commercial relationships and institutional
arrangements. The book asks whether regulations developed in the
20th century remain appropriate to apply to a technology emerging
in the 21st, suggesting it is time to think about how to regulate
for ecosystem development. Johnstone concludes with proposals for
reform, positing a new framework that facilitates industry
aspirations while remaining sustainable and compatible with
regulatory objectives. Rethinking the Regulation of Cryptoassets
will be an invaluable read for policy makers, regulators and
technologists looking for a deeper understanding of the issues
surrounding cryptoasset regulation and possible alternative
approaches. It will also be of interest to scholars and students
researching the intersection of law, technology, regulation and
finance.
This important and topical book provides a comprehensive overview
of the challenges raised by blockchain from the perspective of
public law. It considers the ways in which traditional categories
of public law such as sovereignty, citizenship and territory are
shaped, as well as the impact of blockchain technology on
fundamental rights and democratic values. Articulated in two
sections, the first analyses the opportunities and the challenges
that blockchain and distributed ledger technologies raise in the
field of public and constitutional law, while the second highlights
challenges derived from the intersection between blockchain and
other legal fields such as contract law, financial law and
antitrust law. A wide variety of expert contributions offer further
examinations of the constitutional challenges of blockchain
technologies that provide regulatory options for governments and
lawmakers. Blockchain and Public Law will be a critical point of
reference for scholars and students of legal theory, public policy
and governmental law. It will also be beneficial to legal
practitioners and lawmakers to further develop their knowledge of
the field of blockchain at national and international levels.
At a time when climate change and the Covid-19 pandemic pose a
global existential threat, this timely and important book explores
how policy responses to a pandemic create both opportunities and
challenges for the increased use of environmental pricing
instruments, such as carbon taxes, and tradable permit schemes, and
targeted green fiscal incentives. The chapters provide an important
foundation of knowledge and analysis about how a pandemic affects
environmental tax policy. They identify lessons from policy makers'
responses to the management of the pandemic and implications for
addressing the threat of climate change and other environmental
challenges. They highlight the need for environmental pricing
instruments in the mix of policy instruments even in the wake of a
pandemic. They present theory and empirical analysis, and they
feature a number of country-specific case studies, including the
experience of developing countries. This book takes readers into
the important and unprecedented circumstances of our time where
pandemic policy meets environmental policy for the short and long
terms. It will be of great interest to researchers, students and
scholars in environmental policy, tax and law, as well as the
industry sector, policy makers and government officials.
Cross-border insolvency protocols play a critical role in
facilitating the efficient resolution of complex international
corporate insolvencies. This book constitutes the first in-depth
study of the use of insolvency protocols, enriching existing
knowledge about them and serving as a comprehensive introduction to
their application in the context of multinational enterprise group
insolvency. It traces the rise of insolvency protocols and
discusses their legal basis, contents, effects, major
characteristics and limitations. Key features include: proposition
of a Group Insolvency Protocol (GIP) design a comprehensive study
of around 50 insolvency protocols from 1992 to 2020 analysis of
major international insolvency law instruments, modern trends and
developments in the area of insolvency of enterprise groups
practical recommendations for drafting an insolvency protocol,
addressing problems related to their adoption and offering
suggestions for the improvement of group coordination exploration
of the nature of insolvency protocols and pertinent issues
including the preservation and realization of material assets,
resolution of intercompany claims, information exchange, conflicts
of interest, participation rights and group governance in
insolvency. Cross-Border Protocols in Insolvencies of Multinational
Enterprise Groups will be an indispensable resource for insolvency
practitioners, lawyers, judges and policy makers, whilst also being
of value to scholars and students concerned with insolvency law and
corporate governance.
Provides an overview of state and local taxation, the current and
future outlook across the nation, the role of taxes in economic
development, and tax administration. Analyzes and compares all
types of state and local taxes-income (individual and corporate)
sales (retail and wholesale taxes on food, medicine, gas, and
electricity), excise and consumption (on motor fuel, tobacco, and
alcoholic beverages and on food, lodging, amusements, parimutuels,
and lotteries), property (on different types of property), and
severance taxes (on timber and minerals). Examines the philosophy
behind the different taxes, recent trends, and current and future
policy options. Appendices describing policy analysis and
evaluation and listing key sources of information about state and
local taxes, many statistical exhibits, and selective bibliography
further enhance this reference for undergraduate and graduate
students, the general public, and for public administrators,
economists, and political scientists.
This timely book explores pertinent questions around the legitimacy
and effectiveness of EU agencies'AEo soft law, with a particular
focus on the European Securities and Markets Authority (ESMA). It
examines the variety of ESMA'AEos existing and newly granted soft
law-making powers, which were intended to deal with the lack of
effectiveness of its predecessor but are now called into question
due to the 'AEohard'AEo effect of these soft laws. Built on a
combination of theoretical analysis and first-hand practical
experience, Marloes van Rijsbergen tests the framework for each
category of ESMA'AEos soft law instruments at each stage of the
policy cycle, demonstrating that the framework can be applied to
other EU agencies with similar soft law-making powers. This unique
framework assesses which procedural and institutional safeguards
regarding EU agencies' soft law would reflect an adequate balancing
of both legitimacy and effectiveness concerns. Comprehensive yet
accessible, this book will be a key resource for students and
scholars of EU financial law, constitutional law, public
administration and governance. Providing an evaluation of the legal
nature of ESMA'AEos soft law acts in the context of the financial
sector, it will also prove valuable for practitioners, compliance
officers and parties establishing other EU agencies.
EU Tax Disclosure Rules provides a comprehensive, practical guide
to the 6th amendment of Council Directive 2011/16/EU on
administrative cooperation in the field of taxation (known as
DAC6). Florian Haase offers insight and clarity into the mandatory
reporting obligations imposed by DAC6 on intermediaries engaged in
tax matters involving cross-border activities, and in some cases
taxpayers themselves, as well as the characteristics or 'hallmarks'
outlined in the Directive that trigger these obligations. Key
features include: a critical examination of the Directive's
mechanism an overview of the status of implementation in EU Member
States a contextual consideration of the legislative environment in
which DAC6 operates insights into practical issues that may arise
from the viewpoint of intermediaries and relevant taxpayers
discussion of potential future developments of the Directive. The
detailed coverage of the Directive and its implications contained
in this new work will prove invaluable for all tax practitioners
advising on EU tax law, including tax advisors, lawyers, mergers
and acquisitions advisors, and in-house counsel for banks. It will
also be of interest to academics working in tax law, as well as in
commercial law and EU law more generally.
Elgar Advanced Introductions are stimulating and thoughtful
introductions to major fields in the social sciences, business 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. Covering all aspects of federal securities law, this
Advanced Introduction provides an excellent understanding of how
U.S. securities regulation works, particularly as this emerging
area of law becomes more prevalent for those working or involved in
general corporate and commercial practices. It examines the
definition of securities and how modern investment opportunities
may be subject to this regulation as well as more traditional forms
such as stocks or bonds. Key Features: Providing up to date
information on the latest developments in securities law Presenting
complex material in a clear and comprehensive format and defining
key concepts Thoroughly reviewing significant Supreme Court cases,
alongside the noteworthy statues and Securities and Exchange
Commission Rules This informative book will be invaluable reading
for practitioners and others engaged in the business and securities
world looking for a detailed overview of U.S. securities law. It
will also be a useful resource for lawyers, scholars, and policy
advisors.
Elgar Advanced Introductions are stimulating and thoughtful
introductions to major fields in the social sciences, business 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 important Advanced Introduction considers the multiple
ways in which law and entrepreneurship intertwine. Shubha Ghosh
expertly explores key areas defining the field, including
lawyering, innovation policy, intellectual property and economics
and finance, to enhance both legal and pedagogical concepts. Key
features include: a survey of critical scholarly articles in the
field of law and entrepreneurship analysis of challenges to legal
professions in the new technological environment traces the roots
of law and entrepreneurship to scholarly study of intellectual
property. This Advanced Introduction will be a useful resource for
scholars and instructors in law and business schools who teach
courses on innovation and entrepreneurship. Students at both
undergraduate and postgraduate levels will also appreciate the
insights provided into the basic concepts, methods and future
research directions.
This timely and engaging book examines how maximizing shareholder
value has played a dominant role in corporate governance over
recent decades, and analyzes the resulting effect on share prices
in the stock markets. Alongside the rise in corporate power and
deepening economic inequality, the author investigates corporate
law reform as a corrective remedy. Beyond Shareholder Value offers
an astute analysis of key topics such as corporate incentive
structures that reward executives for delivering shareholder value
and permissive rules that enable companies to issue shares at will
at rising valuations. P.M. Vasudev explores the laws intended to
protect stakeholders and deftly unpacks the shortcomings in
employment-related laws and antitrust enforcement. Demonstrating
how alternative dispute resolution can be used to promote
stakeholder governance, the book explains how the overly broad
business judgment rule impedes effective adjudication of complex
stakeholder disputes. This insightful book offers a new perspective
on stakeholder governance, and will prove indispensable reading for
academics and legal researchers working in the field of corporate
law and governance. Its innovative approach will also benefit
practitioners and policy makers alike.
This comprehensive book will be essential reading for all those
involved with fine art, jewellery and specie insurance. David
Scully analyses the history, structure and dynamics of the global
marketplace for this type of insurance, illustrating key points
with real life examples to provide a practical guide to the
business. Key features include: Coverage of how insurers determine
the value of insured items Examination of relevant legal precedent
in the UK and US, including judicial interpretation of exclusions
and warranties Explanation of the key risk factors insurers
consider, including traditional risks such as fire and theft as
well as emerging risks such as defective title, professional
liability and fakes and forgeries Specific chapters considering
insurance for museums, exhibitions, private collectors, art
dealers, jewellers, cash management companies, warehouses, art
shippers, and other related businesses. This book will be a
valuable resource for insurers in this area, including
underwriters, claims professionals and in-house lawyers, and will
provide deeper knowledge to lawyers, loss adjusters, insurance
brokers and other interested parties. It will also be useful to
museum registrars, art dealers and collectors, auctioneers and
others, in helping them understand the risks they face.
This insightful book examines the impact of two competing visions
of Asian-Pacific economic growth paths and development governance.
It discusses law, development and finance in the context of the
Indo-Pacific Strategy versus the Belt and Road Initiative (BRI),
whilst also comparing parallel development financing systems. Jin
Sheng reflects on and connects a series of issues of global
significance, such as the economic Cold War, global debt,
industrialisation and development in the developing world, and the
changing international economic order. In so doing the author
posits that the BRI's ultimate objective is to export China's
development model, which is characterised by a focus on exports,
experimentalism, and oversupply of currency. The book also
critically examines China's ambition to dominate the international
economic order and set up its own favoured international rules.
Alternative Development Finance and Parallel Development Strategies
in the Asia-Pacific will be an important read for researchers and
policy makers in the fields of law, development and finance in the
Asia-Pacific region.
Anti-Money Laundering Regulation and Compliance: Key Problems and
Practice Areas is a comprehensive treatment of the anti-money
laundering/combatting the financing of terrorism (AML/CFT) and
sanctions compliance programs, recordkeeping and reporting
requirements, and the best practices under the Bank Secrecy Act
(BSA) and sanctions regulatory regimes. AML/CFT and sanctions
provisions are highly interrelated. Onboarding and customer due
diligence requirements generate the data entered into transaction
monitoring and screening systems. This book is unique in placing
the prescriptive and program elements within the 'risk-based
approach'that is foundational to AML/CFT compliance and the related
risk management systems. Relatedly, the book describes corporate
governance best practices and the 'three lines of defense' model
that hold management accountable for exposure to money laundering
and terrorist financing risks created by their business strategies.
The book includes practical guidance on AML/CFT and sanctions model
risk management, reflecting firms' growing reliance on machine
learning and AI compliance solutions and the compliance risk of
firms that adhere to Federal Reserve model risk management
expectations. Also unique in the literature, it identifies a
'compliance paradox' that arises from the sharp tension between
firms' modes of generating revenue and the law enforcement focus of
AML/CFT and sanctions regulation and explains how this tension can
compromise compliance. Anti-Money Laundering Regulation and
Compliance also serves as a go-to guide for practitioners and
beginners in the field or as a required text in graduate,
certificate, and law school programs.
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