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.

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.

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.

This incisive book is an accessible guide to the laws and policies relating to economic and monetary union (EMU). Providing a rich, multidisciplinary analysis, it combines historical, legal and economic perspectives to offer a detailed understanding of how EMU has developed since its inception and how it works in practice today. Alberto Saravalle begins with an overview of the history of EMU, alongside a theoretical analysis of its regulatory framework and development. He then discusses the events of the European sovereign debt crisis, examining the measures taken by EU institutions such as the European Central Bank, as well as the responses of the Member States and the impact of economic policies they adopted as a result. Finally, he analyses recent proposed reforms to EMU and its possible future evolution, including a discussion of the effects of the Covid-19 pandemic on Member States' willingness to participate in further reform and integration. This book will be a valuable reference for those teaching and studying advanced courses on EU law, as well as courses that cover the economic history of EU integration. It will also be useful to practitioners, government officials and policy-makers wishing to familiarise themselves with the complex functioning of EMU.

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.