Corporate Liability for Insider Trading examines the reasons why there have been no successful criminal prosecutions, or successful contested civil proceedings, against corporations for insider trading, and analyses the various rationales for prohibiting insider trading. It reviews the insider trading regulatory regime and describes its key features, using both national and international examples. The book inspects a variety of criminal and civil models of corporate liability and considers the historical and theoretical basis on which corporations are subject to insider trading laws. The specific elements of the insider trading offence and the manner in which they are attributed to corporations are analysed in detail. Defences available to corporations such as Chinese Walls are explored, and the obligations that are imposed on businesses as a result of insider trading regulation - security trading policies and notifications, continuous disclosure obligations, and duties concerning conflicts of interest - are detailed and examined. The book concludes with reform proposals intended to remedy the many legal and commercial difficulties identified, in order that a new regulatory regime might be adopted to better serve regulators, businesses, investors, and the broader market. This volume addresses these corporate law topics and will be of interest to researchers, academics, financial institution compliance officers, investment bankers, corporate and comparative lawyers, and students and scholars in the fields of commercial law, corporate law, financial crime, company law, and white collar crime

find out what works - and what doesn't - in one of the most important and hotly debated aspects of the future of the financial system A new and unique insider view of what actually works, what ought to work, what prevents it from working, and what needs to be done about it - industry experts who have to implement and work within regulatory systems give the real best practice picture The recent financial crisis has unleashed a flood of views on what happened, why it happened, and what new regulatory measures and structures might prevent or mitigate such crises in the future. Effective Bank Regulation and Supervision: Lessons from the Financial Crisis takes a different approach. Based on in-depth interviews with more than 30 senior, experienced bankers, regulators, consultants and others deeply involved in the regulatory process, it seeks to answer two key questions: Which bank regulators around the world have demonstrated relatively superior results in terms of regulatory outcomes? and What lessons for the future can be drawn from their experience? The result is a ground-breaking insight into the likely future success of bank regulation and the key factors which will determine such outcomes. Praise for Effective Bank Regulation and Supervision: Lessons from the Financial Crisis ..". Required reading for anyone with a stake in strengthening the financial system - which is pretty much all of us." Robert P. Kelly, Chairman and CEO, BNY Mellon "Steve Davis has always been innovative in looking at the banking industry, and in writing about its challenges and opportunities. Highlighting the various regulators' roles, both in their benefits and shortcomings, will usefully inform the debate on the future shape of the industry." Sir Win Bischoff, Chairman, Lloyds Banking Group plc "This is a tour de force of bank regulation. Steve Davis provides an excellent insight into bank regulatory systems, investigating the mechanics of who got it right and who failed in providing appropriate oversight of their banking systems over the crisis. A series of lucid and insightful bank regulator case studies reports the experiences of key players and highlights major areas for reform. A must-read for anyone interested in bank regulation pre- and post-crisis." Professor Philip Molyneux, Bangor University

International tax rules, which determine how countries tax cross-border investment, are increasingly important with the rise of globalization, but the modern U.S. rules, even more than those in most other countries, are widely recognized as dysfunctional. The existing debate over how to reform the U.S. tax rules is stuck in a sterile dialectic, in which ostensibly the only permissible choices are worldwide or residence-based taxation of U.S. companies with the allowance of foreign tax credits, versus outright exemption of the companies' foreign source income. In Fixing U.S. International Taxation, Daniel N. Shaviro explains why neither of these solutions addresses the fundamental problem at hand, and he proposes a new reformulation of the existing framework from first principles. He shows that existing international tax policy frameworks are misguided insofar as they treat "double taxation" and "double non-taxation" as the key issues, conflate the distinct questions of what tax rate to impose on foreign source income and how to treat foreign taxes, and use simplistic single-bullet global welfare norms in lieu of a comprehensive analysis. Drawing on tools that are familiar from public economics and trade policy, but that have been under-utilized in the international tax realm, Shaviro offers a better analysis that not only reshapes our understanding of the underlying issues, but might point the way to substantially improving the prevailing rules, both in the U.S. and around the world.

The Yearbook of International Sports Arbitration is the first academic publication aiming to offer comprehensive coverage, on a yearly basis, of the most recent and salient developments regarding international sports arbitration, through a combination of general articles and case notes. The present volume covers decisions rendered by the Court of arbitration for Sport (CAS) and national courts in 2016. It is a must-have for sports lawyers and arbitrators, as well as researchers engaged in this field. It provides in-depth articles on burning issues raised by international sports arbitration, and independent commentaries by esteemed academics and seasoned practitioners on the most important decisions of the year by the CAS and national courts. Dr. Antoine Duval is Senior Researcher for International and European Sports Law at the T.M.C. Asser Instituut in The Hague. He holds a Ph.D. on the interaction between Lex Sportiva and EU Law from the European University Institute in Florence. Prof. Antonio Rigozzi teaches international arbitration and sports law at the University of Neuchatel, Switzerland, and is the partner in charge of the sports arbitration practice at Levy Kaufmann-Kohler, a Geneva-based law firm specializing in international arbitration.

In a context of neoliberal globalization, have the processes of elaboration and implementation of foreign investors' responsibilities by intergovernmental organizations reached the realm of legality? Using an analytical framework and a methodology that combines international law with international relations, this book provides a twofold answer to this question. First, it demonstrates that the normative integration of foreign investors' responsibilities in international investment law is fragmented and consistent with the interests of the most powerful actors. Second, while using the interactional theory of international law to assess the normative character of several international instruments elaborated and implemented by intergovernmental organizations, it highlights the sense of obligation that each instrument generates. The analysis demonstrates that such a codification process is marked by relations of power and has resulted in several social norms, with relatively few legal norms.

This book analyses the legal regimes governing bank crisis management in the EU, UK, and US, discussing the different procedures and tools available as well as the regulatory architecture and the authorities involved. Building on a broad working definition of 'bank crisis management' and referring to several cases, the book explores the techniques and approaches employed by the authorities to deal with troubled banks on both sides of the Atlantic. The legal analysis distinguishes between procedures and tools aimed at liquidating the bank in crisis vis-a-vis those aimed at restructuring. In this regard, attention is paid to the rules allowing for the use of public money in handling banks in trouble as well as to the role that deposit insurance schemes can play. Considerations on the impact on banks of the current crisis provoked by the COVID-19 pandemic are advanced, primarily focusing on the expected surge of non-performing loans as well as on ways to effectively manage these assets. The book approaches these issues from a comparative law perspective, providing law and economics considerations and focusing on strengths and drawbacks of the rules currently in force. The book advances policy considerations as well as reform proposals aiming at enhancing the legal regimes in force, with particular reference to the Consultation promoted in 2021 by the European Commission on the adoption of a new bank crisis management and deposit insurance framework in the Union.

As a result of resumption of sovereignty over Hong Kong and Macao as well as the uncertain relationship between the Mainland and Taiwan, China has become a country composed of peculiar political compounds, resulting in four independent jurisdictions. This makes inter-regional legal cooperation a complicated yet compelling topic. Divided into five parts, this book considers possible solutions to problems in China's inter-regional cross-border insolvency cooperation. These solutions are developed on the basis of two groups of comparative studies, including comparison among the cross-border insolvency systems of the four independent jurisdictions in China and comparison between EU Insolvency Regulation and the UNCITRAL Model Law. The author discusses the advantages and disadvantages of the two systems and presents original recommendations for the way forward. The book will be a valuable resource for academics and policy makers in insolvency law, Asian law and comparative law.

In The New Income Tax Scandal, tax historian John C. Garrison contends that if the income tax were applied according to the actual intent of the 16th Constitutional (or Income Tax) Amendment, living expenses such as food, shelter and health care, necessary to keep workers fit to produce income, would be as tax deductible as the costs of doing business. Gleaned from 20 years of historical research and tax reform activism, this book reveals new shocking and scandalous findings about our income tax system. Inside these pages, you'll discover: *How Congress illegally converted the income tax from an excise tax to a direct tax *How through this misdeed, Congress has swindled workers out of millions and tramples on their political freedoms *How the intent of the 16th Amendment, which included the income tax as a tax on the rich, was later betrayed by Congress to include all the workers *How legal precedents showing a worker's labor to be income-producing property are suppressed by federal judges to prevent the deduction of living expenses *How federal courts act outside the law and judges lie and break the rules to cover up income tax corruption *A proposed new tax system for resolving the current inequities As preparation for public discourse, The New Income Tax Scandal provides vital knowledge of what is at stake as our government considers tax reform.

This volume aims to discuss the current research, theory, methodology and applications of macropreudential regulation and policy for the Islamic financial industry. Published in cooperation with the Islamic Research and Training Institute (IRTI), this book features contributions from a workshop presented in collaboration with the University College of Bahrain (UCB) in Manama, Bahrain, aimed to bring together experts in Islamic banking and regulation and financial economics. This resulting book sheds light on how macroprudential policy may be implemented in the Islamic financial system, and indicates current challenges and their effects on economic growth, financial stability and monetary regulation. Macroprudential policy is increasingly seen as a way of dealing with the different dimensions of systemic risk. But many central banks, bank supervisors and regulators have limited experience with macroprudential tools, particularly in the Islamic financial industry. Given the complementarities between monetary policy and financial stability, it appears that central banks would always play an important role in macroprudential policy. But how should macroprudential policy best interact with monetary policy? It is becoming more pressing for the central banks to conduct monetary policy in which its conventional banking system operates side by side with Islamic banking system. This question has received increasing attention in the research literature but there is much we still need to learn. This is why new insights from research on macroprudential policy - which has gained important impetus in recent years - are so valuable. Featuring contributions on topics such as macroprudential regulation, policy, tools and instruments; governance, systematic risk, monetary policy, and bank leverage, the editors provide a collection of comprehensive research covering the most important issues on macroprudential policy and regulation for the Islamic financial industry. This volume is expected to be a significant contribution to the literature in the field of Islamic finance and evaluation of public policies to promote the development for Islamic financial industry. It is also served as a key text for students, academics, researchers, policy-makers in the field of Islamic finance.

This book is an important contribution to a question that has received little analysis hitherto, namely, what is and what are the effect(s) of the duties imposed on an insurer to provide information to prospective policyholders. As well as original analysis of English, German and prospective European law, and with insights from law and economics, it makes some key recommendations. It should be read by all academics, policymakers, professionals and regulators with an interest in insurance law.' - John Birds, University of Manchester, UK'The serious reader will find here a first class monograph, well-structured and scholarly, with a clear perspective on some important issues arising in the law of insurance contracts today.' - From the foreword by Malcolm A. Clarke, St John s College, Cambridge, UK Enabling informed choices with regards to mass risk insurance is an aim pursued for decades now at both the national and European level. This book explores the extent to which the imposing of disclosure duties on the insurer may actually contribute to this end and where it inevitably reaches limits. Convinced that information problems cannot be solved by exclusively focusing on their legal dimension, the author provides the reader with a helpful overview of economic and behavior-orientated insights to the book's subject. Proceeding from these, the existing legal frameworks in the UK and Germany are critically analyzed and compared to more recent academic proposals for a future European insurance contract law. All of this is continuously supplemented by specific proposals for improvement. This inspiring book will be of use to scholars dealing with financial law and general questions of information policy. Insurance companies and lawyers dealing with cases first-hand will also find this to be a resourceful read.

The major financial scandals of the past decade, which have been discussed exhaustively in corporate offices by corporate attorneys, and in accounting firms, have led to the passage of massive Congressional enactments in the United States that impact the world of finance. The enactment of the Sarbanes-Oxley Act in 2002, with its significant provisions of 20-year imprisonment for certain offenses, and the conviction of Enron's CEO and other senior executives, finally caught the attention of corporate executives. Laws and Regulations in Global Financial Markets presents students, researchers, and practitioners with an in-depth global analysis of the legal and regulative aspects of corporate financial markets. Readers are introduced to international developments concerning rules and regulations impacting investment advisers and broker-dealers, bankruptcy law, important legal changes influencing banks and credit ratings organizations, real estate regulations, and insurance law. The book concludes with a discussion of personal finance, financial literacy, and federal statutes centered around the subject matter.

Illegality in Marine Insurance Law is the first book to deal specifically with illegality in the context of marine insurance law. Previously, this issue has only ever been partially covered within analysis and criticism of Section 41 of the Marine Insurance Act 1906 and warranties. However, Dr Wang Feng goes much further than this by considering its impact on the common law relevant to marine insurance in many jurisdictions worldwide. The book addresses whether the existing law represents an accurate codification of the former authorities and whether Section 41 truly reflects existing legal principles. As well as this, the book examines how correctly to approach illegality within the context of marine insurance, considering the fundamental changes to the rule of breach of warranty introduced by the Insurance Act 2015. Of interest to academic researchers and practitioners in common law and civil law jurisdictions, this book provides rigorous analysis of the illegality issue and a conceptual approach for various approaches to reform marine insurance law. It is a unique and comprehensive guide to illegality in marine insurance law.

This book presents the development and reformation of economic law in China and explores the "three relationships" between the government and market, between reform and rule of law, and between the constitution and economic law. On this basis, it subsequently focuses on development theory, distribution theory, risk theory and crisis theory. Further, it addresses effective development, fair distribution, and prevention and resolution of related risks and crises, which are important functions of economic law. In order to achieve the above functions and objectives, the book argues, we must vigorously promote the integration of rule of law in economic law, and constantly refine the theory of economic rule of law employed in China.The book demonstrates that no matter how the "three major relationships" are adjusted or the relevant systems are reformed - i.e., regarding the implementation of the concept of coordinated development or the optimization of economic structures; the solution of distribution problems or the improvement of distribution systems; the prevention of risks or the response to crises - any such changes depend on economic rule of law. The above-mentioned theoretical discussion presents a "new horizon" of contemporary Chinese economic law theory, which will be of great value to the future development of economic law theory.

The traditional financial market sectors of insurance, commercial banking, derivatives, capital markets and asset management are converging in practice, but their analysis is still largely sector-based. Financial Law offers a cross-sectoral, functional approach. It highlights anomalies in the different legal treatment of the respective sectors (suggesting law reform to some, and arbitrage opportunities to others) and identifies key trends.
This book offers an integrated approach to financial law which is both useful and timely, as the markets have been converging for over two decades. Functions traditionally performed in one sector are now undertaken in another, and financial techniques are emerging which combine characteristics of different traditional transaction types. Investment banks increasingly offer new structured products in a range of alternative legal "wrappers." Securitization--particularly in association with credit derivatives--continues to be a dominant force, drawing ever more categories of business into the capital markets.
Innovations such as these have been associated with a high level of legal risk, and the cross-sectoral freedoms offered by deregulation have not been fully exploited. This book presents financial law as a discrete branch of law, to be considered in the round; it will therefore provide the practitioner, scholar or regulator with a complete, unfragmented view of the subject.

This book focuses on corporate sector development in the context of transition economies, such as China. In doing so, the book uses quantitative methods to test several hypotheses that are salient to the Chinese economic situation. Topics covered in the book include the relationship between tax management and firm performance, the extent to which a short-term focus on tax management can lead to long-term vulnerabilities, the impact of government ownership on tax management impact, and the link between the co-evolution of marketization and corruption, and institutional change and tax management. With that the book offers rich empirical evidence to examine tax management, firm performance and corruption in a broad context, while permitting comparison between the Chinese experience and the market economies.

Are you paying more taxes than you have to? There are more than nineteen million home-based businesses in the United States-56 percent of all businesses-and they generate $102 billion in annual revenue. As far as the IRS is concerned, a home business is no different than any other business. But there is a difference: not only can you deduct the business expenses that every business is entitled to, you can turn personal, nondeductible expenses into tax-deductible business expenses-if you are careful to follow the rules. No tax software or accountant knows the details of your home-based business like you do, and the IRS is certainly not going to tell you about a deduction you failed to take. This invaluable book not only lists the individual items that are deductible in your home-based business-from utilities to that part of the home where you work-but also explains where to list them on your income tax forms.

The emergence of mobile money and other new forms of payment has changed the sovereign foundations of money. Starting as a Department for International Development funded project in Kenya, mobile money has now spread to many developing countries. This book looks at the regulatory issues that mobile money poses, and the potential risks to the financial system. It undertakes a comparative study of mobile money regimes in Kenya, Malawi, Tanzania, and South Africa. Although the main study is on Malawi, the lessons learnt are valuable to Sub Saharan Africa in understanding the regulatory issues surrounding mobile money. The main argument that this book makes is that the traditional regulatory architecture of supervising the financial services is ill-suited to supervise new forms of money like mobile money. With no requirement for a bank account, mobile money is not subject to prudential regulation. Mobile money is now considered a key developmental tool to achieve financial inclusion among the poor, rural based, unbanked, and underbanked. As opposed to traditional additive forms of financial inclusion, mobile money is transformative. In most jurisdictions where it has been launched, mobile money has largely been regulated using light-touch, with regulation following innovation. This work, however, proposes an approach based on the concept of really responsive regulation. This approach is best suited to embrace mobile money as it passes from the pre-financial inclusion to the post-financial inclusion phases of its evolution. This book will appeal to students and academics in the financial regulation field.

Expands the field by approaching the issue using a qualitative methodology; Presents a compliance perspective within the legal sector; Draws upon responses from a section of the legal profession that can be extremely hard to access for research purposes; Provides international comparisons throughout.

This comprehensive Research Handbook provides an in-depth analysis of the different financial law approaches, legal systems and trends throughout Asia. Considering how reforms following the crises have been critical for the development and growth of the region, this insightful book explores a broad range of post-crisis financial regulatory issues. It also examines how inconsistent and divergent approaches to financial market regulation are curtailing the region's potential. By focusing on the legal frameworks and regulatory models at a national level, this innovative Research Handbook addresses opportunities and challenges for financial markets and convergence in the region. Key topics include the different legal and regulatory approaches to common issues, such as banking regulation and resolution, FinTech, insolvency frameworks and ASEAN financial market integration. Specific regulatory approaches are discussed in relation to areas such as Renminbi internationalization, Islamic banking and finance, shadow banking, crowdfunding, venture capital, derivatives, bond and securities markets. The book concludes with an analysis of the impact of FinTech on regulatory convergence in Asia. The Research Handbook on Asian Financial Law will be of great value to law students, academics and policymakers working across a diverse range of fields including financial regulation, Asian studies, banking resolution and insolvency. Contributors include: D. Arner, J. Barberis, L. Bromberg, S. Butt, A. Chan, C. Chen, V. Chen, H. Dervan, D. Donald, D. Elms, S. Gao, E. Gibson, A. Godwin, S.i Han, L.C. Hang, C. Hofmann, I.R. Ibrahim, S. Jensen, S. Kourabas, T. Lindsey, T. Morishita, D. Neo, M.H. Nguyen, I. Ramsay, W. Shen, T. Srinopnikom, S. Steele, N.N. Thani, C.-h. Tsai, W.Y. Wan, C. Watters, C. Xi

The major financial scandals of the past decade have led to the enactment of massive Congressional statutes in the United States that impact the world of finance. The approval of the Sarbanes-Oxley Act in 2002, with its significant provisions of 20-year imprisonment for certain offenses, and the conviction of Enron's CEO and other senior executives, finally caught the attention of corporate executives. Corporate Governance and Finance Law is designed to educate students, researchers, and practitioners on the legal aspects of corporate financial markets within the United States, the Eurozone, and China. Readers are introduced to the basic legal forms of corporate governance, the impact of recent federal legislation on corporate governance, and an examination of other basic forms of corporate governance globally. A brief overview of the major statutes affecting securities is also discussed, with a focus on the Securities Act of 1933 and the Securities Exchange Act of 1934. The book concludes with a discussion of investment swaps made during the 2008 financial crisis.

This volume focuses on transparency as the guiding principle for insurance regulation and supervisory law. All chapters were written by experts in their respective fields, who address transparency in a wide range of European and non-European jurisdictions. Each chapter reviews the transparency principles applicable in the jurisdiction discussed. While the European jurisdictions reflect different facets of the principle as emerging from EU law on insurance, the principle has developed quite differently in other jurisdictions.

This work is a multidisciplinary analysis of the issue of insider dealing from the perspective of the applicability of criminal law to regulate it. First, it examines the nature of its prohibition in the European Union and in the United States of America. The text includes a more extensive overview of prohibition in four Member States of the European Union (France, the United Kingdom, Luxembourg and Poland). Then, it summarises the arguments presented by ethicists and economists in favour of and against insider dealing. Further, it analyses the foundations of criminal law and justifications that are given for its application. On the basis of this analysis, it presents a new two-step theory of criminalisation. The first step is based on a liberal theory of wrongfulness that makes reference to protection of the basic human rights. The second step relies on classical but often forgotten principles of criminal law. Finally, it examines possible alternatives to criminal rules.

Offering a comprehensive exploration of EU taxation law, this engaging Research Handbook investigates the relevant legal principles in the context of both direct and indirect taxation. The important issues and debates arising from these general principles are expertly unpicked, with leading scholars examining the status quo as well as setting out a clear agenda for future research. This multidisciplinary book provides an insight into the taxation of individuals, businesses, passive investment and the non-profit sector. It reviews the harmonisation debate in the areas of corporate taxation and Value Added Tax, and also analyses the current developments as to energy and environmental taxation. Tax competition, state aid and the impact of the international polemic against aggressive tax planning are explored, as are the more procedural but equally important topics dealing with cooperation between tax authorities, exchange of information, taxpayer rights and dispute resolution. The final part of this book examines the external dimension to EU tax law - not only as far as the fundamental freedoms are concerned but also in the context of trade agreements and association agreements. An essential resource for students and scholars of EU taxation law, this Handbook will also appeal to practitioners and government officials working in taxation across the EU and beyond. Contributors include: N. Bammens, G. Bizioli, L. Cerioni, I. De Troyer, A.P. Dourado, M. Gammie, W. Haslehner, M. Helminen, S. Hemels, C.A. Herbain, J. Hey, R. Ismer, S. Kargitta, G. Kofler, M. Lamensch, R. Luja, R. Lyal, A. Maitrot de la Motte, C.H.J.I. Panayi, K. Perrou, S. Piotrowski, A. Pirlot, E. Reimer, R. Seer, D. Smit, K. Spies, R. Szudoczky, E. Traversa, F. Vanistendael

The volume contains articles based on presentations given at a conference hosted by the Institute for Law and Finance of Goethe University on October 27, 2011. Collective action clauses are an example of the typical dichotomy of financial regulation: While the problems are economic in nature, the solutions need to be implemented by law. The Institute for Law and Finance strives to bring together law and finance in order to foster a better mutual understanding of both disciplines and to improve the regulation of financial markets. Thus, the organizers are particularly pleased that eminent experts from the fields of law and finance agreed to participate in the event and to share their views on and experiences with collective action clauses. The presentations given at the conference have been updated in 2012 to reflect recent developments.

This exciting volume draws together the views of some of the most eminent figures in corporate law and finance regarding the law on fixed and floating charges. The focus for the book is the litigation in the case of Spectrum Plus, which culminated in a House of Lords judgment in June 2005 ([2005] UKHL 41). This decision has important commercial implications, not only for the parties in the case but also for the business community at large, including banks and other lenders, and practitioners in corporate finance and insolvency. The litigation also raises important juristic questions regarding the fixed/floating charge divide such as the theoretical basis for that divide, how the divide is determined, why it exists at all and whether it ought to be maintained as a coherent doctrine and a beneficial policy. The decision also has important ramifications in both security law and insolvency law and it provides a challenge to some of our most basic conceptions of freedom of contract and the assignability of rights and assets in law and equity. These issues, amongst others, are explored by the contributors to this book. The contributors include Gabriel Moss, who was one of the QCs involved in the Spectrum litigation, Sir Roy Goode, Michael Bridge, John Armour, Robert Stevens, Sarah Worthington, Julian Franks and Oren Sussman, Jenny Payne and Louise Gullifer, Philip Wood, Joshua Getzler, Look Chan Ho, and Nicholas Frome and Kate Gibbons.