This book examines policy developments that have been occurring in the field of financial regulation and their implications for the insurance industry and markets. With UK and US contributors from academia and legal practice, this book will be essential reading for policy-makers, insurance regulators, insurance and legal professionals as well as students and academics researching and studying insurance law.

The Chinese insurance market is expanding enormously as risk adversity takes hold in the economy while the role of the State as guarantor of commerce is gradually reduced. In addition, insurance is a heavily regulated field with detailed contract law stipulations. An introduction to regulation and contract law and an understanding of current issues is essential for someone seeking to do business in the Chinese market. Insurance law is also a field that translates well from one jurisdiction to another, and academics will be interested in understanding how issues are dealt with in another jurisdiction. The book seeks to present and discuss current topics in Chinese insurance law and regulation to an English-speaking audience knowledgeable of common law insurance law and international insurance business. The combined effect of the papers is to present Chinese insurance law to an audience unfamiliar with Chinese law, in a readable and accessible essay chapter format. Each chapter is written by an expert in the field and goes beyond a basic introduction to provide in depth well-researched information and academic analysis on the topic in question.

These authoritative volumes present the most important published work on the theory and incidence of financial fragility in the financial markets, and policy for dealing with fragility. The volumes cover the recent central bank discussions about financial fragility and models simulating financial fragility. Contents include the key historical contributions that have formed our current understanding of how it arises in the financial markets and the consequences for the economy at large, and for the way in which credit operates in society. These volumes are a key resource for policymakers, central bankers and senior executives in banking and finance who need to extend their understanding of financial fragility and develop instruments for managing such difficulties. Academics specialising in banking and financial economics will find conveniently in two volumes the essential research materials dealing with the pathology of credit markets.

This book, the first unbiased investigation of the effects of extraterritorial antitrust on U.S. business abroad, examines the influence of the Sherman Antitrust Act on the market-entry strategy of U.S. multinational corporations and assesses the interaction of public interest and the law.

Since the 9/11 attacks the world has witnessed the creation of both domestic and international legal instruments designed to disrupt and interdict the financial activities of terrorists. This book analyses the counter-terrorist financing law (CTF), policy and practice at the national level, focusing on Turkey. The work examines the limits and capabilities of CTF efforts on terrorism threats and determines the effectiveness of CTF efforts in Turkey, a country which has a pivotal role in terms of countering terrorism regionally and internationally. The Turkish case-study is supported by an empirical study involving 37 semi-structured interviews with CTF practitioners and law enforcement experts with different affiliations and backgrounds. The findings illustrate that Turkey's CTF system has not obtained an adequate level of effectiveness as a result of lack of proper implementation of its policy in the bureaucratic, legal and operational spheres. It is evident that the administrative and legal systems in Turkey are established according to the 'one-size-fits-all' international CTF standards and thus are compliant with the international CTF benchmarks, yet the interviews reveal significant challenges at the implementation level including lack of training and financial security, heavy handed bureaucracy, inadequate coordination and communication between international and national levels. The book will be an invaluable resource for academics, students and policy-makers working in the areas of financial crime and terrorism.

The financial market events in 2007-2009 have spurred renewed interest and controversy in debates regarding financial regulation and supervision. This book takes stock of the developments in EU legislation, case law and institutional structures with regards to banking regulation and supervision, which preceded and followed the recent financial crisis. It does not merely provide an update, but anchors these developments into the broader EU law context, challenging past paradigms and anticipating possible developments. The author provides a systematic analysis of the interactions between the content of prudential rules and the mechanisms behind their production and application

European Prudential Banking Regulation and Supervision includes discussions of the European banking market structure and of regulatory theory that both aim to circumscribe prudential concerns. It scrutinises the content of prudential norms, proposes a qualification of these norms and an assessment of their interaction with other types of norms (corporate, auditing and accounting, consumer protection, competition rules). It also features an analysis of the underpinning institutional set-up and its envisaged reforms, focusing on the typical EU concerns related to checks and balances. Finally, the book attempts to revive the debate on supervisory liability, in light of the developments discussed.

This book will be of great value to all those interested in financial stability matters (practitioners, policy-makers, students, academics), as well as to EU law scholars.

When will we see autonomous vehicles on our roads? The answer is that to some degree, they are already here. Numerous organisations are testing fully autonomous prototypes on public roads in the UK, and even commercially available vehicles already have several 'quasi-autonomous' features. KPMG has forecasted that the connected and autonomous vehicles market could be worth as much as GBP51 billion to the British economy by 2030 and could create some 30,000 new jobs over the same period. Accordingly, the UK and a number of other jurisdictions are already implementing legal reforms with a view to smoothing the path for this technology. Notably, Parliament has passed the Automated and Electric Vehicles Act 2018 dealing with the insurance of such vehicles, and changes are currently being made to the Road Vehicle (Construction and Use) Regulations 1986 and to the Highway Code to accommodate highly automated technologies. The government has also issued non-statutory guidance in relation to testing on public roads, and in relation to vehicle cybersecurity. Against this rapidly changing landscape, this book analyses the key legal issues facing autonomous vehicles, including testing on public roads, insurance, product liability, and cyber security and data protection. It also examines the approach being taken in other jurisdictions, including Austria, Germany, Greece, Italy, the USA, and South Africa.

Chinese Insurance Contracts: Law and Practice is the first systematic text written in English on the law of insurance in China. This book offers a critical analysis of the major principles, doctrines and concepts of insurance contract law in China. At every point the analysis discusses the principles of the Insurance Law in detail, referring where appropriate to decided cases and also drawing attention to external influences. Readers are guided through the complexities of Chinese law in a clear and comprehensive fashion, and - significantly - in a manner that is accessible and meaningful for those used to a common law system. This book presents a comprehensive picture of Chinese insurance contract law, to facilitate a wider understanding of the relevant rules of law. Elements of insurance contract law are critically examined. In addition, this book presents rules of law on some special types of insurance contract, such as life insurance, property insurance, liability insurance, motor vehicle insurance, reinsurance, and marine insurance. The deficiencies and shortcomings of the law and practice will be identified and analysed; suggestions and recommendations on how to reform the law will be presented. Chinese Insurance Contracts also offers legal and practical advice to insurance professionals on how to draft clauses to avoid contractual pitfalls. It also uses cases to illustrate the difficulties which can arise in applying the principles in practice. This book will be essential reading for insurance companies and legal practitioners looking to do business in China, as well as reference for Chinese lawyers practising insurance law. It will also be a useful resource for students and academics studying Chinese law.

International mergers and acquisitions play a vital role behind the growth of a company. This book explores the hurdles involved and how to navigate through the review processes set up by national regulatory agencies such as the US Committee on Foreign Investment (CFIUS), the EU Commission, and the Anti-Monopoly Bureau of State Administration of Market Regulation of China (AMB). This book is unique and showcases how to anticipate, develop, and implement successful strategies to support mergers and acquisitions activities, particularly of interest to finance and law students, researchers, and academics.

Unlike much analysis about regulation in Asia which focuses on globalisation and the transplant effect, leaving domestic influence over commercial regulation under-researched and under-theorized, this book focuses on how local actors influence regulatory change. It explores the complex economic and regulatory factors that generate social demand for state regulation and shows how local networks, courts, democratic processes and civil society have a huge influence on regulatory systems. It examines the particular circumstances in a wide range of Asian countries, provides transnational comparisons and comparisons with Western countries, and assesses how far local regulatory regimes increase economic value and convey competitive advantages.

Financial technology is rapidly changing and shaping financial services and markets. These changes are considered making the future of finance a digital one.This Handbook analyses developments in the financial services, products and markets that are being reshaped by technologically driven changes with a view to their policy, regulatory, supervisory and other legal implications. The Handbook aims to illustrate the crucial role the law has to play in tackling the revolutionary developments in the financial sector by offering a framework of legally enforceable principles and values in which such innovations might take place without threatening the acquis of financial markets law and more generally the rule of law and basic human rights. With contributions from international leading experts, topics will include: Policy, High-level Principles, Trends and Perspectives Fintech and Lending Fintech and Payment Services Fintech, Investment and Insurance Services Fintech, Financial Inclusion and Sustainable Finance Cryptocurrencies and Cryptoassets Markets and Trading Regtech and Suptech This Handbook will be of great relevance for practitioners and students alike, and a first reference point for academics researching in the fields of banking and financial markets law.

Time itself creates advantages and disadvantages in the field of taxation. The timing of the recognition of income and expenses for tax purposes has two main implications: firstly, for the timing of the collection of tax, and secondly, for the question of quantification, i.e., how to ensure that the difference between the timing of the recognition of income or expenses, as opposed to the respective dates on which the amounts are actually received or paid, does not distort the determination of the amount of chargeable income.

The time component is a weapon in the confrontation between the opposing motivations of the taxpayers and the tax authorities. In any given fiscal year, taxpayers seek to present a minimal picture of their chargeable income, by "deferring" the recognition of income or "advancing" the recognition of expenses. As opposed to this, the tax authorities adopt the opposite strategy: maximizing taxable "profit" in any given year.

This book critically examines the various approaches that have been adopted in the tax systems in the UK, the US and Israel in relation to the timing of income recognition and expenses for tax purposes. It suggests an innovative tax model that identifies the advantages that arise to the taxpayer as a result of the differences between the timing of the recognition of income and expenses, and the timing of the receipt of the revenue or the payment of a liability, and taxes only that advantage.

Unlike much analysis about regulation in Asia which focuses on globalisation and the transplant effect, leaving domestic influence over commercial regulation under-researched and under-theorized, this book focuses on how local actors influence regulatory change. It explores the complex economic and regulatory factors that generate social demand for state regulation and shows how local networks, courts, democratic processes and civil society have a huge influence on regulatory systems. It examines the particular circumstances in a wide range of Asian countries, provides transnational comparisons and comparisons with Western countries, and assesses how far local regulatory regimes increase economic value and convey competitive advantages.

Effective regulation of consumer credit in modern society is an ever-changing challenge. As new forms of credit emerge in free societies, regulation often lags behind. This volume explores contemporary problems related to the regulation of consumer credit in market economies with a focus on credit extended to the most vulnerable and poorest members of the community. Written by experts in the field of consumer credit regulation from Europe, North America, Australia and South Africa, the book examines some of the most important consumer credit issues facing consumers today and proposes innovative ways to protect the consumer interest in those markets.

This book explores the fundamental elements and risks that impact the compliance officer's work. Following a comprehensive understanding of the role of a compliance officer, by engaging with themes of compliance officers' liability, expectations, risks and effectiveness, it provides practical answers by leading academics and practitioners in the field. This work also draws on how other areas, such as GDPR, financial regulation and whistleblowing, challenges on compliance officers and provides a way forward to convert these challenges into opportunities. The discussion of compliance challenges and practices in Australia, Europe and the United States provides critical insights into the development of compliance in today's financial environment. Financial Compliance: Issues, Concerns and Future Directions provides an invaluable working resource for academics, practitioners and a general audience interested in understanding and developing an effective compliance culture.

At a time when financial crime routinely crosses international boundaries, this book provides a novel understanding of its spread and criminalisation. It traces the international convergence of financial crime regulation with a uniquely comparative approach that examines key institutional and state actors including the European Union, the International Organization of Securities Commissions, as well as the United States, the United Kingdom, Switzerland, France, Italy and Germany, all countries that harbour some of the most influential stock exchanges in the Western world. The book describes and documents the phenomenon of internationalisation of securities frauds - such as insider trading and market manipulation - and the laws criminalising those acts, most notably those responding to recent dramatic transformations in securities markets, high frequency trading, and benchmark manipulation. At the European level, it shows the progressive uniformisation of laws culminating in the 2014 European Union Market Abuse Regulation. The book argues that criminal prohibitions against internationalised market abuse must be understood as an economic and legal imperative to protect financial markets against activities that imperil its integrity, compromising the confidence of investors and thus affecting the economy as a whole. The book is supported by an extensive review of the most significant scholarship in each country.

International insolvency is a newly-established branch of the study of insolvency that owes much to the phenomenon of cross-border incorporations and the conduct of business in more than one jurisdiction. It is largely the offspring of globalisation and involves looking at both law and economic rules. This book is a compendium of essays by eminent academics and practitioners in the field, who trace the development of the subject, give an account of the influences of economics, legal history and private international law and chart its relationship with finance and security issues as well as the importance of business rescue as a phenomenon. Furthermore, the essays examine how international instruments introduced in recent years function as well as how the subject itself is continually being innovated by being confronted by the challenges of other areas of law with which it becomes entangled.

One of the most-followed antitrust cases of recent times-United States v. Apple-reveals an often-missed truth: what Americans most fear is competition itself. In 2012 the Department of Justice accused Apple and five book publishers of conspiring to fix ebook prices. The evidence overwhelmingly showed an unadorned price-fixing conspiracy that cost consumers hundreds of millions of dollars. Yet before, during, and after the trial millions of Americans sided with the defendants. Pundits on the left and right condemned the government for its decision to sue, decrying Amazon's market share, railing against a new high-tech economy, and rallying to defend beloved authors and publishers. For many, Amazon was the one that should have been put on trial. But why? One fact went unrecognized and unreckoned with: in practice, Americans have long been ambivalent about competition. Chris Sagers, a renowned antitrust expert, meticulously pulls apart the misunderstandings and exaggerations that industries as diverse as mom-and-pop grocers and producers of cast-iron sewer pipes have cited to justify colluding to forestall competition. In each of these cases, antitrust law, a time-honored vehicle to promote competition, is put on the defensive. Herein lies the real insight of United States v. Apple. If we desire competition as a policy, we must make peace with its sometimes rough consequences. As bruising as markets in their ordinary operation often seem, letting market forces play out has almost always benefited the consumer. United States v. Apple shows why supporting cases that protect price competition, even when doing so hurts some of us, is crucial if antitrust law is to protect and maintain markets.

The Basel Accord - now commonly referred to as "Basel I" - has exerted a profound influence on international financial politics and domestic prudential financial sector regulatory policy yet great controversy has always surrounded the Accord's impact on the safety and competitiveness of the world's largest financial institutions and the evolution of trans-national regulatory convergence.

The author provides a comprehensive examination of the impact of the 1988 Basel Accord on the capital adequacy regulations of developed economies. The study seeks to understand if the Accord affected broad or isolated convergence of 18 developed states' bank credit risk regulations from 1988 to 2000, and also to understand what political economic variables influenced levels of regulatory isomorphism. Quillin creates a quantitative database of developed states' interpretations of the Basel rules which shows that some persistent distinction remained in the way states implemented the Accord. He also explores why convergence emerged among a subset of states, yet not others, by testing a battery of political economic explanations.

Now it its second edition, this book is an authoritative and comprehensive review on all aspects of the law that relate to liability insurance contracts. It aims to cover the all the major types of liability insurance, not just professional indemnity insurance, and presents the issues according to the general principles of contract law. Updated to include the impact of the Insurance Act 2015, the book takes a comparative view of the law, tailored to those professionals operating in a global economy, as well as academics and post-graduate students.

Blockchain Technology and the Law: Opportunities and Risks is one of the first texts to offer a critical analysis of Blockchain and the legal and economic challenges faced by this new technology. This book will offer those who are unfamiliar with Blockchain an introduction as to how the technology works and will demonstrate how a legal framework that governs it can be used to ensure that it can be successfully deployed. Discussions included in this book: - an introduction to smart contracts, and their potential, from a commercial and consumer law perspective, to change the nature of transactions between parties; - the impact that Blockchain has already had on financial services, and the possible consumer risks and macro-economic issues that may arise in the future; - the challenges that are facing global securities regulators with the development of Initial Coin Offerings and the ongoing risks that they pose to the investing public; - the risk of significant privacy breaches due to the online public nature of Blockchain; and - the future of Blockchain technology. Of interest to academics, policy-makers, technology developers and legal practitioners, this book will provide a thorough examination of Blockchain technology in relation to the law from a comparative perspective with a focus on the United Kingdom, Canada and the United States.

The Oxford Handbook of Pensions and Retirement Income is the only comprehensive review available of the latest research, policy-related tools, analytical methods and techniques, and major theoretical frameworks and principles of pension and retirement income. Featuring over forty contributions from leading academic and professional experts, the handbook draws on research from a range of academic disciplines to reflect on the implications for current and future provision of pension and retirement income of demographic ageing, the changing financial circumstances of nation states, and globalization. An indispensable desk reference for researchers and practitioners in the area, it is also essential for policymakers and those with broad interests which include this very important area. Contributors: William C. Apgar, Camila Arza, Anthony Asher, Vickie L. Bajtelsmit, Armando Barrientos, Rob Bauer, Gary Burtless, John Y. Campbell, Gordon L. Clark, Adam Creighton, E Philip Davis, Johan J. De Deken, Zhu Xiao Di, Richard Disney, Bernhard Ebbinghaus, Robin Ellison, Ewald Engelen, Gosta Esping-Andersen, Teresa Ghilarducci, Tryggvi Thor Herbertsson, Roy P.M.M. Hoevenaars, Tony Hope, Yu-Wei Hu, Paul Johnson, Andre Laboul, Florence Legros, David McCarthy, Warren McGillivray, Carmelo Mesa-Lago, Marilyn Moon, Alicia H. Munnell, John Myles, David Neumark, Naohiro Ogawa, J. Michael Orszag, Hanam S. Phang, John Piggott, Eduard Ponds, James Poterba, Neha Sand, Steven Sass, Julian Savulescu, Tom B.M. Steenkamp, Annika Sunden, Noriyuki Takayama, Patricia Thane, Ian Tonks, Bart van Riel, Steven F. Venti, Luis M. Viceira, Noel Whiteside, Geoffrey Whittington, David A. Wise, and Juan Yermo.

This practical guide offers a useful introduction to reinsurance, taking you step by step through the associated issues you really need to know about. An introduction is provided, setting the scene for further chapters on key topics such as the formation of agreements, terms, rights and obligations. The book covers the following areas: Nature of Reinsurance, Formation of Reinsurance, Agreements, Utmost Good Faith, Terms of Reinsurance Agreements, Rights and Obligations of the Parties, Follow the Settlements and Follow the Fortunes, Claims, Intermediaries, Jurisdiction and Applicable Law, Arbitration.

This handy desk side reference offers a comprehensive guide to insurance law. It will help you gain a thorough grounding of all key aspects of insurance law from the leading legal experts in your industry. Insurance Law: An Introduction provides you with a thorough understanding of: all the main areas from motor, property and financial insurance to marine insurance; the latest case law and best practice with reference to problem areas including fraudulent claims, third party rights against insurers and construing insurance terms; comprehensive guidance on all key areas from the duty of utmost good faith to choice of law and jurisdictional issues. It contains: ten chapters covering the need to know areas of insurance law; one chapter devoted to explaining the nature of insurance; a chapter on subrogation, contribution and reinstatement; and an explanation of measure indemnity and of terms of insurance agreements.