This up-to-date book takes a fresh look at regulation and risk and argues that the allure of regulation lies in its capacity to reduce risk while preserving the benefits of trade, travel and commerce. Regulation appears as a politically attractive, targeted and effective way to ensure that disasters of the past are not repeated. Diverse challenges are tackled through regulatory means - including the industrial, financial and terrorist-related hazards analyzed in this book. Fiona Haines' empirical work shows, however, that regulation attempts to reduce risks beyond their stated remit of preventing future disaster. Her analysis reveals a complex nexus between risk and regulation where fulfilment of regulatory potential depends on managing three fundamentally different types of risk: actuarial, socio-cultural and political. This complex risk management task affects both reform and compliance efforts, generating tension and paradoxical outcomes. Nonetheless, Haines argues, enhancing political legitimacy and public reassurance are central, not peripheral, to successful regulation. This insightful book will appeal to academics, researchers and postgraduate researchers working in regulation across law, politics, sociology, criminology and public management. Masters of public management, MBA students, public administrators and regulators, as well as political commentators, will also find this book invaluable.

This book deals with banking integrations, which are now becoming crucial not only because of the increased number of economic integrations, but also in view of the qualitative improvement of such banking integrations. It compares the European Union (EU), as the most successful union, which was able to move from a common financial market to the prime example of banking integration; the Banking Union; and the Eurasian Economic Union (EAEU) as a relatively young one but with several of the prerequisites for becoming an influential union, and which was established by five countries - the Russian Federation, Kazakhstan, Belarus, Armenia, and the Kyrgyz Republic - in 2015. The key research question is whether the single market in banking services or a banking union is an achievable goal or merely a utopia. In this regard, the book reveals the bottlenecks and obstacles that the EU and EAEU policymakers faced during the difficult process of establishing a single market and banking union. However, along with the problems of banking integration, it identifies many peculiarities of the harmonization of banking legislation among the EU Member States. Recognizing and acknowledging these peculiarities can be very beneficial for young unions and help to guide their integration processes. In particular, the book concludes that evolutionary (not revolutionary) harmonization is required in order for the EAEU to become a full-fledged union.

This book adopts an international perspective to examine how the online sale of insurance challenges the insurance regulation and the insurance contract, with a focus on insurance sales, consumer protection, cyber risks and privacy, as well as dispute resolution. Today insurers, policyholders, intermediaries and regulators interact in an increasingly online world with profound implications for what has up to now been a traditionally operating industry. While the growing threats to consumer and business data from cyber attacks constitute major sources of risk for insurers, at the same time cyber insurance has become the fastest growing commercial insurance product in many jurisdictions. Scholars and practitioners from Europe, the United States and Asia review these topics from the viewpoints of insurers, policyholders and insurance intermediaries. In some cases, existing insurance regulations appear readily adaptable to the online world, such as prohibitions on deceptive marketing of insurance products and unfair commercial practices, which can be applied to advertising through social media, such as Facebook and Twitter, as well as to traditional written material. In other areas, current regulatory and business practices are proving to be inadequate to the task and new ones are emerging. For example, the insurance industry and insurance supervisors are exploring how to review, utilize, profit from and regulate the explosive growth of data mining and predictive analytics ("big data"), which threaten long-standing privacy protection and insurance risk classification laws. This book's ambitious international scope matches its topics. The online insurance market is cross-territorial and cross-jurisdictional with insurers often operating internationally and as part of larger financial-services holding companies. The authors' exploration of these issues from the vantage points of some of the world's largest insurance markets - the U.S., Europe and Japan - provides a comparative framework, which is necessary for the understanding of online insurance.

The emerging markets have attained prominence of late as the recent troubles in the principal emerging markets in Asia, Russia and Latin America have threatened global stability. This book is the first detailed study of emerging markets debt and offers a unique insight into one of the world's more significant, and less understood, financial markets. It offers a comprehensive analysis of the evolution of the market in emerging markets debt from 1983 to date. In the aftermath of the debt crisis of the 1980s the banking community discovered the first disposal technique for the sovereign debt of less developed countries -- a secondary market in that debt. This market played a major role in the history and amelioration of the debt crisis, the Mexican problems in the mid-1990s, and the recent Asian economic crisis. The market focus of this study is on the indebtedness of Latin American nations, which has fanned the backbone of secondary market activity, and the recent developments in Asia. The regulatory focus is on U.S. banks and banking regulation. This book is essential reading for anyone involved with emerging markets debt: bankers, traders, investors, corporate and sovereign issuers, finance lawyers and banking regulators.

Corporate law and corporate governance have been at the forefront of regulatory activities across the world for several decades now, and are subject to increasing public attention following the Global Financial Crisis of 2008. The Oxford Handbook of Corporate Law and Governance provides the global framework necessary to understand the aims and methods of legal research in this field. Written by leading scholars from around the world, the Handbook contains a rich variety of chapters that provide a comparative and functional overview of corporate governance. It opens with the central theoretical approaches and methodologies in corporate law scholarship in Part I, before examining core substantive topics in corporate law, including shareholder rights, takeovers and restructuring, and minority rights in Part II. Part III focuses on new challenges in the field, including conflicts between Western and Asian corporate governance environments, the rise of foreign ownership, and emerging markets. Enforcement issues are covered in Part IV, and Part V takes a broader approach, examining those areas of law and finance that are interwoven with corporate governance, including insolvency, taxation, and securities law as well as financial regulation. The Handbook is a comprehensive, interdisciplinary resource placing corporate law and governance in its wider context, and is essential reading for scholars, practitioners, and policymakers in the field.

In any democratically constituted regime, the real value of the principle of equality can be measured in a very revealing way: by evaluating the consistency and impartiality of tax legislation and its judicial review. Such an evaluation, using a comparative approach to applicable law in several European jurisdictions, is essentially what this book provides. The authors examine such areas as: national variations in the extent of judicial power to review tax legislation; discriminatory tax legislation arising as a response to interest group pressures; the European Convention on Human Rights as the basis for the development of a fully operational principle of equality and the degree of appreciation that should be accorded the democratically legitimized legislature by the judiciary. It also covers: the obligation to provide actual redress to victims of discrimination and the effect of the principle of freedom of establishment on the rules of international tax law. The authors refer throughout to all relevant sources of applicable law, including national constitutions, legislation and case law; th EC Treaty and the European Convention on Human Rights; and the case law of the European Court of Justice and the Euroepan Court of Human Rights.

The book analyses the development of international standards for countering terrorist financing from the perspective of international criminal law. It is likely to find its value for readers not only as a monograph on the financing of terrorism but also as a reference book on the operational and theoretical development of anti-money laundering strategy following 9/11. In particular, the works of main actors in this area such as the UN Security Council, Financial Action Task Force, IMF, World Bank, and APG are dealt with in depth.

The steadily rising number of investor-State arbitration proceedings within the EU has triggered an extensive backlash and an increased questioning of the international investment law regime by different Member States as well as the EU Commission. This has resulted in the EU's assertion of control over the intra-EU investment regime by promoting the termination of bilateral intra-EU investment treaties (intra-EU BITs) and by opposing the jurisdiction of arbitral tribunals in intra-EU investor-State arbitration proceedings. Against the backdrop of the landmark Achmea decision of the European Court of Justice, the book offers an in-depth analysis of the interplay of international investment law and the law of the European Union with regard to intra-EU investments, i.e. investments undertaken by an investor from one EU Member State within the territory of another EU Member State. It specifically analyses the conflict between the two investment protection regimes applicable within the EU with a particular emphasis on the compatibility of the international legal instruments with the law of the European Union. The book thereby addresses the more general question of the relationship between EU law and international law and offers a conceptual framework of intra-European investment protection based on the analysis of all intra-EU BITs, the Energy Charter Treaty and EU law, as well as the arbitral practice in over 180 intra-EU investor-State arbitration proceedings. Finally, the book develops possible solutions to reconcile the international legal standards of protection with the regionalized transnational law of the European Union.

Winner of the 2016-2018 KG Idman Prize. This monograph seeks the optimal way to promote compatibility between systems of proprietary security rights in Europe, focusing on security rights over tangible movables and receivables. Based on comparative research, it proposes how best to tackle cross-border problems impeding trade and finance, notably uncertainty of enforceability and unexpected loss of security rights. It offers an extensive analysis of the academic literature of more recent years that has appeared in English, German, the Scandinavian languages and Finnish. The author organises the concrete means of promoting compatibility into a centralised substantive approach, a centralised conflicts-approach, a local conflicts-approach and a local substantive approach. The centralised approaches develop EU law, and the local approaches Member State laws. The substantive approaches unify or harmonise substantive law, while the conflicts approaches rely on private international law. The author proposes determining the optimal way to promote compatibility by objective-based division of labour between the four approaches. The objectives developed for that purpose are derived from the economic functions of security rights, the conditions for legal evolution and a transnational conception of justice. This book is an important contribution to the future of secured transactions law in Europe and more widely. It will be of interest to academics, policymakers and legal practitioners involved in this field.

This highly topical book examines how the leading credit rating agencies - Moody's, Standard & Poor's and Fitch - have risen to prominence in the wake of the financial crisis. It investigates how the Big Three have become ever more profitable even though the quality of their ratings has declined and rating scandals have tarnished their reputation. After a century of being left quasi-unregulated the rating industry is now subject to sweeping reforms. This informative study analyzes the post-crisis overhaul in the United States and the European Union. The focus lies on the interactions between regulatory intervention and competitive incentives among the Big Three. This book highlights the challenges faced by policymakers trying to regulate the rating industry and simultaneously decrease over-reliance on ratings. Regulating Credit Rating Agencies will appeal to academics in law and economics, practitioners, policymakers, lawmakers and regulators. Contents: Foreword Part I: Prelude to the Credit Rating Industry 1. Introduction 2. History of Credit Rating Agencies 3. Description of the Credit Rating Industry Part II: Regulatory Structure 4. Rating-based Regulations 5. Regulatory Treatment of Credit Rating Agencies 6. Regulatory Trends Part III: Uses and Abuses of Credit Ratings in Structured Finance 7. Growth of the Structured Finance Segment 8. Wrong Incentives in the Credit Rating Industry 9. Regulatory Response to the Problems of Structured Finance Ratings Part IV: System-wide Effects of Credit Rating Downgrades 10. System-relevance of Credit Ratings 11. Market Reactions to Credit Rating Downgrades and their Consequences 12. Regulatory Response to the Systemic Issue Part V: Trends and Outlook 13. Restoring Competition in the Credit Rating Industry 14. Concluding Remarks Bibliography Index

This volume presents the first thorough sociologically-informed legal analysis of the financial crisis which unfolded in 2008. It combines a multitude of theoretically informed analyses of the causes, dynamics and reactions to the crisis and contextualises these within the general structural transformations characterising contemporary society. It furthermore explores the constitutional implications of the crisis and suggests concrete changes to the constitutional set-up of contemporary society. Although the question of individual responsibility is of crucial importance, the central idea animating the volume is that the crisis cannot be reduced to a mere failure of risk perception and management for which individual and collective actors within and outside of financial organisations are responsible. The 2008 crisis should rather be understood as a symptom of far deeper structural transformations. For example contemporary society is characterised by massive accelerations in the speed with which societal processes are reproduced as well as radical expansions in the level of globalisation. These transformations have, however, been asymmetrical in nature insofar as the economic system has outpaced its legal and political counterparts. The future capability of legal and political systems to influence economic reproduction processes is therefore conditioned by equally radical transformations of their respective operational forms and self-understanding. Potentially the 2008 crisis, therefore, has far-reaching constitutional implications.

This definitive work on the law of income tax will prove i nvaluable to those involved in accountancy, the Inland Rev enue or tax law. It will also be of vital assistance to th ose studying income tax on accountancy courses or studying for the Institute of Taxation's examinations. It is both comprehensive and concise and covers all aspects of this i mportant subject.

International law holds a paradoxical position with territory. Most rules of international law are traditionally based on the notion of State territory, and territoriality still significantly shapes our contemporary legal system. At the same time, new developments have challenged territory as the main organising principle in international relations. Three trends in particular have affected the role of territoriality in international law: the move towards functional regimes, the rise of cosmopolitan projects claiming to transgress state boundaries, and the development of technologies resulting in the need to address intangible, non-territorial, phenomena. Yet, notwithstanding some profound changes, it remains impossible to think of international law without a territorial locus. If international law is undergoing changes, this implies a reconfiguration of territory, but not a move beyond it. The Netherlands Yearbook of International Law was first published in 1970. It offers a forum for the publication of scholarly articles of a conceptual nature in a varying thematic area of public international law.

This volume focuses on cross-linguistic studies of the acquired disorders of reading and what they can tell us about the models of reading and the human brain. The author has compiled a source-book on cross-linguistic studies of reading disorders with data from the alphasyllabaries of India, in addition to showing the implications of these findings on the understanding of reading, its acquisition, and the developmental and acquired reading disorders and their management.

A tax convention (or tax treaty) is an official agreement between two countries on the administration of taxation when the domestic tax legislation of the respective states applies simultaneously to a particular issue or taxpayer (e.g., when a taxpayer resident in one country derives income from sources in the other country). Tax conventions provide a means of settling on a uniform basis the most common problems that arise in the field of international double taxation. More than 2,000 bilateral tax treaties between countries of the world are based on the OECD (Organisation for Economic Cooperation and Development) Model Tax Convention. This book offers the reader a practical introduction to the law of income and capital tax conventions based on the OECD Convention as well as selected legislation and case law. It's an ideal reference for lawyers and tax professionals who want to expand their familiarity with tax treaties.

With fifty trillion in worldwide assets, the growth of mutual funds is a truly global phenomenon and deserves a broad international analysis. Local political economies and legal regimes create different regulatory preferences for the oversight of these funds, and academics, public officials and legal practitioners wishing to understand the global investing environment will require a keen awareness of these international differences. The contributors, leading scholars in the field of investment law from around the world, provide a current legal analysis of funds from a variety of perspectives and using an array of methodologies that consider the large fundamental questions governing the role and regulation of investment funds. This volume also explores the identity and behavior of investors as well as issues surrounding less orthodox funds, such as money market funds, ETFs, and private funds. This Handbook will provide legal and financial scholars, academics, lawyers and regulators with a vital tool for working with mutual funds. Contributors include: W.A. Birdthistle, M. Bullard, I.H-Y Chiu, B. Clarke, Q. Curtis, D.A. DeMott, J. Fanto, J.E. Fisch, P. Hanrahan, L.P.Q. Johnson, W.A. Kaal, A.K. Krug, A.B. Laby, J.D. Morley, A. Palmiter, I. Ramsay, E.D. Roiter, M. White, D.A. Zetzsche

Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences and law, expertly written by the world s leading scholars.Providing a concise overview of the basic doctrines underlying the UN Convention on Contracts for the International Sale of Goods (CISG), Clayton Gillette explores their ambiguities and thus considers the extent to which uniform international commercial law is possible, as well as appraising the extent to which the doctrines in the UN Convention reflect those that commercial parties would prefer. With its compelling combination of doctrine and theory, this book makes an ideal companion for students and legal scholars alike. Key features include: Concise and compact overview of the CISG Includes contemporary developments Provides a theoretical basis for evaluating international sales law Considers perspectives of economic analysis of law.

Any policy aimed at resolution of a banking crisis determines which constituents - depositors, creditors, shareholders, the banking industry, and society as a whole - eventually bear the costs associated with a banking crisis, thus giving rise to legitimacy and accountability concerns. Rather than what the recent financial crisis has engendered - mostly ad hoc reactions that socialize losses but not profits - what is required, this incisive analysis shows, is an equitable and viable resolution framework, based on burden sharing, enshrined in law, and designed to deal with bank failures in a way that balances private and public interests.

Bankruptcy law is a major part of the American legal landscape. More than a million individuals and thousands of businesses sought relief in the United States' ninety-three bankruptcy courts in 2014, more than twenty-seven thousand of them in the Eastern District of Michigan. Important business of great consequence takes place in the courts, yet they ordinarily draw little public attention. In Adversity and Justice: A History of the United States Bankruptcy Court for the Eastern District of Michigan, Kevin Ball takes a closer look at the history and evolution of this court. Using a variety of sources from newspaper accounts and interviews to personal documentation from key people throughout the court's history, Ball explores not only the history of the court from its beginning in the late nineteenth century but also two major courthouse scandals and their significant and long-lasting effects on the court. The first, in 1919, resulted in the removal of a court referee for a series of small infractions. The second was far more serious and resulted in the resignation of a judge and criminal convictions of the court's chief clerk, one of his deputies, and one of Detroit's most prominent lawyers. The book culminates with a comprehensive account of the city of Detroit's own bankruptcy case that was filed in 2013. Drawing on the author's expertise as both a longtime bankruptcy attorney and a political scientist, the book examines this landmark case in its legal, social, historical, and political contexts. Anyone with an interest in bankruptcy, legal history, or the city of Detroit's bankruptcy case will be attracted to this thorough case study of this court.

The Asian Yearbook of International Economic Law (AYIEL) 2022 addresses the rapidly evolving field of international economic law with a special focus on Asia and the Pacific. This region has long been and remains a major engine of the world economy; at the same time, it is characterized by a host of economies with varying developmental levels, economic policies and legal jurisdictions. The AYIEL 2022 especially focuses on trade law, investment law, competition law, dispute settlement, economic regulation and cooperation, and regional economic integration, as well as other legal developments in Asian countries.