Lifetime distribution and redistribution is analysed in this book, in far more detail than has been attempted before. A dynamic cohort microsimulation model is used as an exciting new tool to analyse several questions which have previously been almost impossible to answer. These questions concern income distribution and redistribution, social security and income tax incidence. This book will be of interest to those working in social and economic policy who are concerned about such issues. It will also be of interest to the rapidly growing numbers of researchers and government analysts constructing microsimulation models.

Because of the vast and growing economic powerhouse that is China today, businesses and other investors worldwide are looking more and more to that country's resources. Correspondingly, the Chinese government has developed (and continues to develop) a unique and complex system of banking law and regulation that merits the close attention of anyone doing business in China.In this authoritative book, a leading Chinese expert on financial and economic law thoroughly explains the functions, activities and procedures that characterize the behaviour of financial institutions under current Chinese law. Organizing his presentation under three overarching headings - central banking law, domestic banking law, and foreign banking law - he describes such crucial distinctions and clarifications as the following in detail: control of monetary policy formulation and implementation by the People's Bank of China (PBOC); modern central banking functions of the PBOC; independence and accountability of the PBOC; requirements and procedures for banking entry; specific risk-based regulatory and supervisory requirements of the China Banking Regulatory Commission (CBRC); problem bank resolutions of the CBRC; foreign banking law developments before and post WTO transitional period; and impact of new foreign banking regulations and rules on foreign bank activities in China."Banking Laws in China" is an essential guide for international bankers and their counsel, and a welcome source of important information and insight for business persons interested in the Chinese market or Chinese resources, as well as for international business lawyers. Academics in banking law and related economic disciplines will also find much to interest them here.

Changes in banking and securities regulation in many countries since 1980 have allowed banks to expand their range of financial services far beyond mere lending, an opportunity banks have been eager to grasp. This business development entails a responsibility; offering informed advice on the choices that customers must make. If we are to judge by a steadily increasing stream of lawsuits, as well as the clear results of customer surveys, most banks fail this part of the challenge. Should the law intervene? That is the basic question posed by this important book. In examining and evaluating the complex answer, and its critical implications for the banking industry, the author uses a comparison of legal systems, developments, and events in two major banking jurisdictions, England and Germany, investigating the relations in each system between the relevant legal rules and actual business practices.

Si usted es una de las personas que recibi una noticia del IRS o est bajo el escrutinio de una auditoria, este libro tiene la posibilidad de ayudarlo y darle un poco de orientaci n en ese penoso proceso. Esta escrito con el fin de leerlo desde la primera hasta la ltima p gina de una manera sencilla para que se pueda entender sin mayores complicaciones. Es adem s y, por as decirlo, un pionero en este tema en el idioma espa ol, debido a que es el primer libro en espa ol que se escribe, publica y vende en referencia a tema de auditor as de los impuestos en los Estados Unidos de Am rica. Despu s de leerlo usted podr tener una idea m s concreta y correcta de lo que es una auditoria m s all del conocimiento com n, adem s le da la posibilidad de conocer sus deberes, obligaciones y derechos en cuanto a impuestos se refiere. Todos los contribuyentes tienen diferentes puntos de vista e intereses en lo que a impuestos se refiere, por esa raz n este libro est escrito de una manera f cil de entender. Mas sin embargo las leyes y regulaciones de los impuestos est n escritas en miles y miles de p ginas, las cuales reposan en la biblioteca del congreso de los Estados Unidos, lo que indica que para entender bien lo que son los impuestos, sus leyes y regulaciones, se necesitar a leer m s que un libro. No es inusual que sea durante una auditoria cuando la gente se interesa en contactar a un contador, un agente registrado, un preparador profesional o un abogado, incluso en buscar e investigar en libros, etc., Por qu esperar a ser auditado para saber y conocer sobre este tema?

This book provides a concise, practical guide to the European Union's Anti-Tax Avoidance Directive (ATAD). Presenting unique insights into the ATAD's five specific anti-avoidance rules, its chapters explain the background of those rules, the directive's interactions with relevant jurisprudence, and the challenges posed to the ATAD's interpretation and implementation in domestic law. Key features include: critical, article-by-article analysis of the ATAD contextual information on the legislative environment in which the ATAD operates, embedding it in the wider landscape of CJEU jurisprudence insights into the day-to-day application of the ATAD rules in practice contributions from leading academics and practitioners in the field of tax law examples of the challenges to the interpretation and implementation of ATAD, taken from a range of EU Member States. European and international tax advisors, along with policy makers in the field of tax law, will find this book to be a comprehensive yet accessible guide to the ATAD and its correct application. Those who carry out research in European tax law can also benefit from this book's critical approach to the ATAD and the questions that surround anti-tax avoidance legislation in the European Union. Contributors include: D. Gutmann, W. Haslehner, R. Ismer, B. Kuzniacki, K. Pantazatou, L. Parada, I. Richelle, A. Rust, P. Schwarz, K. Spies, B. van Raaij, F. Vanistendael

Adoption and implementation of Part One of the Russian Tax Code constitutes a significant step forward in the direction of reforming Russian tax legislation in the interests of a transition to a market economy. It is considered as the `General Part' of the Tax Code, with the `Special Part' yet to come. This translation contains amendments to the Tax Code current to 1 September 1999. In comparison with the chaotic body of legislation which this part of the Tax Code replaces, it is far more conceptual in character, subjecting the Russian Law of Taxation for the first time to the general principles and practices of the codification evident in the other principal branches of Russian law. The terminology of the Tax Code is also brought closer to the mainstream of Russian legal concepts. A glossary prepared on the basis of the Tax Code appears at the end of the volume.

The book is the result of a joint research project on the tax treaties concluded between the People's Republic of China and European countries. Each chapter was jointly prepared by European and Chinese experts. A particular focus of the work is an analysis of the extent to which Chinese tax treaties follow the OECD Model Tax Convention on Income and Capital, the UN Income and Capital Model Convention or an emerging "Chinese Model"; and the rationale behind the deviations. The book also considers differences in Chinese tax treaty policy between EU and Non-EU member states as well as relevant policy changes over time. Among the topics covered are the following:;Treaty entitlement (Art 1 and Art 4 OECD Model);Business Profits (Art 6, 7, 8, 9 and 14 OECD Model);Passive Income (Dividends, Interest, Royalties: Art 10, 11 and 12 OECD Model);Capital Gains (Art 13 OECD Model);Employment Income (Art 15 and 16, 18, 19 and 20 OECD Model);Artistes and Sportsmen (Art 17 OECD Model);Methods to Avoid Double Taxation (Art 23);Non-Discrimination (Art 24 OECD Model Convention);Mutual Agreements, Exchange of Information, Collection of Taxes (Art 25, 26 and 27 OECD Model)

Capital-intensive projects throughout the world - including large-scale energy, infrastructure, toll road, solid waste, and recycling projects - rely on project finance as the most important financing technique available. But the complexity of project finance requires that the practitioner predict and resolve a number of potential risks involving bankruptcy, currency, and political issues, among others, and often in emerging economies. Drawing on the author's 15-plus years of experience in all types of project finance, this text is a comprehensive, multidiscipline book addressing these risks and their resolution and detailing each of the elements necessary for a successful project financing. Mirroring the structure of an actual project finance deal, this all-in-one handbook examines each step of the process, from the rationale for the project finance, through risk allocation and mitigation, to dispute resolution. Topics discussed include: financing sources; environmental issues; bilateral and multilateral support; contract aspects and typical contract terms; project contracts as credit support; project finance loan documents; collateral documents; and permits. All participants in project financing - including lenders, developers, investors, host governments, governmental agencies, multilateral and bilateral agencies, off-take purchasers, input suppliers, contractors, and operators - should find this text an accessible tool and a research database. Its combination of practical features includes: a checklist of key considerations to assist the practitioner in structuring, negotiating a reviewing a project finance transaction; a detailed glossary of project finance terms; references to legal and business books and articles relating to project finance; and sample project finance clauses and provisions with discussion and suggestions implementation. These features should enable practitioners and non-practitioners at all levels to understand the components and language of project finance and to recognize and avoid potential pitfalls.

Banks: Fraud and Crime explores the main issues which arise in bank fraud world-wide and looks at the possible options available for corrective action. A series of leading commentators examine the basic nature of bank fraud and financial crime, comparing the legal and regulatory framework in England to those in place in the USA and elsewhere. Banks: Fraud and Crime also takes a detailed look at the core issue of money laundering at a national, regional and international level as well as considering the many other complex issues arising from bank fraud and financial crime.

One of the great successes of the law and economics movement has been the use of economic models to explain the structure and function of broad areas of law. The original contributions to this volume epitomize that tradition, offering state-of-the-art research on the many facets of economic modeling in law.The contributors employ a variety of economic methodologies to explore a wide range of topics, including torts, contracts, property, crime, employment, the environment, and legal procedure. This depth and breadth of scholarship reflect the continuing vitality of the economic approach to law, offering an illuminating look into the future of the field and providing inspiration and guidance for the next generation of theorists. This timely volume will appeal to students, professors and researchers in both law and economics, particularly those with an interest in the theoretical and practical intersections of the two fields. Contributors: L. Anderlini, M. Baker, F. Baumann, J. De Mot, B. Deporter, D. Dharmapala, W. Emons, L. Felli, C. Fluet, T. Friehe, N. Garoupa, Z. Grossman, S. Izmalkov, C. Landeo, R. McAdams, T. Miceli, M.Nikitin, J. Pincus, A. Postlewaite, R. Rabon, G. Ramello, K. Segerson, P. Shapiro, T. Tsvetanov, T. Ulen, N. Westelius, A. Wickelgren

In this thorough and enlightening book, the authors examine the role of law in developing the large financial markets necessary for national economic success. They discuss the basic foundational law of contracts, property and tort, corporate law, and securities law, providing both a broad theoretical and empirical case for its value in financial markets. The book begins with an historical analysis of the law's development, reviewing the legal governance of corporate finance with an emphasis on the development of US securities law in the twentieth century. Also provided is an extensive empirical analysis of the law's effect. A unique benefit of the book is its integration of all the relevant aspects, rather than examining them in isolation. Chapters cover the role of law in corporate finance, behavioral and empirical analyses, as well as current controversies in law and corporate finance. Ultimately, the book is a defense of the economic value of the law in the United States and throughout the world. Students and scholars of business and law will find much of interest in the authors' comprehensive study of the rule of law in today's financial markets.

This is the third revised edition of this text which was first published in 1989, and based on a General Course held by the author at The Hague Academy of International Law in 1986. It is designed to serve as a standard textbook on international economic law, suitable for reference and studies. This edition takes account of some of the new developments in international economic law, such as the ramifications of the Internet. The comprehensive analysis of all rules of public international law having direct influence on economic relations has been maintained and elaborated. Special attention is paid to the claims for a new international economic order, the extraterritorial reach of domestic legislation, the effects of nationalization, the protection of the environment, state immunity and economic welfare.

Securitization-once a fairly straightforward means of offering collateral for investment-has mushroomed into a massively complex area of financial practice. The central role occupied by such risk-distributing products as collateral debt obligations (CDOs), credit default swaps (CDSs), collateral loan obligations (CLOs), and credit derivatives has given rise to one of the most crucial inquiries of our era: Is the financial collapse that threatens the world financial system due merely to rogue traders? Or is there something in the derivative idea itself that spells inevitable disaster? Most important, can we isolate the truly productive aspects of securitisation and learn to recognise pitfalls in advance? As always in such ideational minefields, it is the legal practitioners who are expected to provide guidance to distressed investors and asset dealers. Hence this vital new book.Written from a distinctly practical point of view by Jan Job de Vries Robbe with contributions from Paul Ali and Tim Coyne-all three leading authorities with extensive experience as counsel both in-house and in private practice, in addition to sterling academic credentials-the book sheds clear light on every aspect of today's securitization techniques, including welcome guidance on the following:A* understanding the nature of the risk in CDO squared transactions;A* keeping track of exposure to the CDO market; andA* evaluating such emerging asset classes as commodity risk, microfinance, and project finance risk. In the course of the analysis the book proceeds from the relevant framework and guiding legal principles, through key risks and building blocks in securitisation transactions, to the various product classes and sub-classes and their differences and common denominators. Non-credit risk and niche products (such as fund and insurance securitization) are also covered. The final chapters are devoted to the applicable rules as laid down in Basel II and International Financial Reporting Standards.Securitization Law and Practice introduces order, clarity, and renewed confidence into a troubled area of the law. Its combination of sound information, insightful knowledge, and practical wisdom will make it a highly valuable resource for lawyers and students in an indispensable field of international practice.

Restitution and Banking Law, written by leading practitioners and commentators, combines their experience in the field of restitution law and banking law to discuss major issues.

This indispensible book offers step-by-step guidance to small and mid-sized companies and non-profit organizations in managing corruption risks in overseas markets. It covers how and why to build a culture of integrity, develop a risk-based anti-corruption compliance programme, and engage with other industry players in collective action against shared corruption challenges. The focus on culture, compliance and collective action helps resource-stretched companies to build a strong foundation for a healthy and flourishing organization, as well as contribute towards raising standards of integrity across their industry. Key features include: Guidance for creating and contributing to collective action Quick definitions, tips and practical tools such as checklists A hands-on approach with an emphasis on culture and leadership Case studies and real-life examples of both corruption risks and the importance of a strong compliance culture. Anti-Corruption Compliance will be an invaluable resource for senior managers of small and mid-sized organizations in minimizing exposure to corruption risks in international markets. It will also prove useful to corporate lawyers and others involved with compliance functions in larger companies, as well as to academics and students of corporate law with an interest in anti-corruption and compliance.

Globally, there has been a shift from securities being held directly by an investor, to a situation in which many securities are held via an intermediary. The existence of one or more intermediaries between the investor and the issuer has a potentially significant impact on the rights of the investor, the role and obligations of the issuer, and on the position and responsibilities of the intermediary. However, different jurisdictions have dealt with the issues arising from intermediation in a variety of ways. In the UK, for example, the concept of a trust is used to explain the different rights and obligations which arise in this scenario, whereas in the US the issues have been addressed by legislation, in the form of UCC Article 8. This variety is problematic, given that it is possible for an investor to hold securities in a number of different jurisdictions. A new UNIDROIT Convention on the issue of Intermediated Securities, the Geneva Securities Convention 2009, aims to create a common framework for dealing with these issues. This collection of essays explores the issues that arise when securities are held via an intermediary, and in particular assesses the solutions put forward by the new Convention on this issue. It will be essential reading for practitioners and academics.

Banking regulation and the private law governing the bank-customer relationship came under the spotlight as a result of the global financial crisis of 2007-2009. More than a decade later UK, EU and international regulatory initiatives have transformed the structure, business practices, financing models and governance of the banking sector. This authoritative text offers an in-depth analysis of modern banking law and regulation, while providing an assessment of its effectiveness and normative underpinnings. Its main focus is on UK law and practice, but where necessary it delves into EU law and institutions, such as the European Banking Union and supervisory role of the European Central Bank. The book also covers the regulation of bank corporate governance and executive remuneration, the promises and perils of FinTech and RegTech, and the impact of Brexit on UK financial services. Although detailed, the text remains easy to read and reasonably short; pedagogic features such as a glossary of terms and practice questions for each chapter are intended to facilitate learning. It is a useful resource for students and scholars of banking law and regulation, as well as for regulators and other professionals who are interested in reading a precise and evaluative account of this evolving area of law.

A compelling explanation of how the law shapes the distribution of wealth What is it that transforms a simple object, an idea, or a promise to pay into an asset that creates wealth? Katharina Pistor explains how, behind closed doors in the offices of private attorneys, capital is created-and why this little-known activity is one of the biggest reasons for the widening wealth gap between the holders of capital and everybody else. A powerful new way of thinking about one of the most pernicious problems of our time, The Code of Capital explores the various ways that debt, complex financial products, and other assets are selectively coded to protect and reproduce private wealth. This provocative book paints a troubling portrait of the pervasive global nature of the code, the people who shape it, and the governments that enforce it.

At present, a number of cases regarding the fundamental freedoms in respect to direct taxation are pending at the European Court of Justice. This book shall discuss the national background of the pending cases and a possible infringement of a fundamental freedom by observing the ECJ's testing scheme on the basis of the request for a preliminary ruling and - if available - of the opinion of the advocate general. The pending cases are all presented by highly recognized experts in the field of European tax law of the country that made the request for the preliminary ruling. This guarantees that the discussion of obstacles is embedded in the particular tax system.

This text examines the role of the law in the protection of the consumer, in particular the ways in which the law is, and could be, used to protect consumers when purchasing financial services. A prominent panel of contributors first examines the role of the European Union and the ombudsmen schemes operating in the United Kingdom in improving consumer protection. Eight expert papers present a detailed analysis of aspects of the various legal mechanisms protecting consumers in the banking, financial services, investments and insurance industries. The final part of the book is concerned with the important and controversial area of consumer credit. Thi text should be of interest to those at the cutting edge of banking, financial services and consumer law, whether practicing lawyers or in-house counsel, and all those involved in advising consumers.