This new book systematically examines the current process for distressed Micro, Small and Medium Enterprises (MSMEs), and proposes a different, more appropriate, 'modular' approach to the treatment of such entities when faced with insolvency proceedings. MSMEs play a vital role in virtually all global economies. They are a primary means by which entrepreneurs bring new business propositions to the market, and deliver a range of products and services to local economies. MSMEs tend to be more reliant on favourable legal and regulatory climates to survive and thrive than larger businesses, and insolvency regimes are often more tailored to these larger businesses, assuming an extensive insolvency estate of significant worth, and the presence of creditors and other concerned stakeholders to participate in and oversee the process. These assumptions and features are generally incongruous with the reality of MSMEs, for whom assets are of less value and whose stakeholders are generally more disinterested. The modular approach proposed in this book addresses the imbalances, inconsistencies, and lack of supervision which is often apparent in treatment of insolvent MSMEs. It provides an overview of existing approaches to MSME insolvency, the place of MSMEs in the global economy, and the particular needs of MSMEs in financial distress. It then sets out the procedural framework, policy objectives, and key components of the modular approach, detailing how a choice of modules enables national policy-makers a more flexible process for resolution. It then outlines the roles, positions, and obligations of key stakeholder groups, and explains the managerial, administrative, and judicial functions of this approach. Finally, it explains how elements of the broader legal system should be aligned with, and supportive of, the optimal functioning of the modular approach.

Clearing forms the core part of a smooth and efficiently functioning financial market infrastructure. Traditionally, it has been provided by clearing houses, most of which today act as a 'central counterparty' (CCP) between the two sides of a trade. The rapid growth of cross-border trading has sparked discussion on the most efficient industry structure - particularly in Europe and the US. At the heart of this discussion lies the question of whether the implementation of a single clearing house creates greater benefits than a more competitive but interlinked market structure. This is the starting point for this book, which analyses the efficiency of clearing and clearing industry structure. Along with clear-cut definitions and a concise characterisation and descriptive analysis of the clearing industry, the book determines the efficiency impact of various cross-border integration and harmonisation initiatives between CCPs. This serves to identify the most preferable future structure for the clearing industry.

The New Fiscal Sociology: Taxation in Comparative and Historical Perspective demonstrates that the study of taxation can illuminate fundamental dynamics of modern societies. The sixteen essays in this collection offer a state-of-the-art survey of the new fiscal sociology that is emerging at the intersection of sociology, history, political science, and law. The contributors include some of the foremost comparative historical scholars in these disciplines and others. They approach the institution of taxation as a window onto the changing social contract. Their chapters address the social and historical sources of tax policy, the problem of how taxes persist, and the social and cultural consequences of taxation. They trace fundamental connections between tax institutions and macrohistorical phenomena - wars, shifting racial boundaries, religious traditions, gender regimes, labor systems, and more.

The New Fiscal Sociology: Taxation in Comparative and Historical Perspective demonstrates that the study of taxation can illuminate fundamental dynamics of modern societies. The sixteen essays in this collection offer a state-of-the-art survey of the new fiscal sociology that is emerging at the intersection of sociology, history, political science, and law. The contributors include some of the foremost comparative historical scholars in these disciplines and others. They approach the institution of taxation as a window onto the changing social contract. Their chapters address the social and historical sources of tax policy, the problem of how taxes persist, and the social and cultural consequences of taxation. They trace fundamental connections between tax institutions and macrohistorical phenomena - wars, shifting racial boundaries, religious traditions, gender regimes, labor systems, and more.

Tax law is political. This book highlights and explains the major themes and methodologies of a group of scholars who challenge the traditional claim that tax law is neutral and unbiased. The contributors to this volume include pioneers in the field of critical tax theory, as well as key thinkers who have sustained and expanded the investigation into why the tax laws are the way they are and what impacts tax laws have on historically disempowered groups. This volume, assembled by two law professors who work in the field, is an accessible introduction to this new and growing body of scholarship. It is a resource not only for scholars and students in the fields of taxation and economics, but also for those who engage with critical race theory, feminist legal theory, queer theory, class-based analysis, and social justice generally. Tax is the one area of law that affects everyone in our society, and this book is crucial to understanding its impact.

Fiscal Challenges: An Interdisciplinary Approach to Budget Policy brings together leading experts from a range of disciplines to explore the problems of budget policy. The authors, including top economists, political scientists, historians, psychologists, and legal scholars, together provide a unique, multidisciplinary introduction to the subject. In addition to in-depth analysis of congressional budget procedures and the economics of federal deficits and debt, Fiscal Challenges explores important recent developments in budget policy at the state level and in the European Union. The goal of the volume is to offer readers wide-ranging perspectives on the many different academic disciplines and perspectives that bear on the evaluation of budgetary procedures and their reform.

The Prospectus Directive of 4 November 2003 and the Prospectus Regulation of 29 April 2004 permit a single European passport for a prospectus that has been approved by the competent authority of a Member State to be used for the public offering of securities in other Member States without the need to obtain approval in each state. The Prospectus Directive sets forth the general rules and requirements for the preparation, approval and distribution of prospectuses and defines the content, format and publication of the prospectus, while the Prospectus Regulation defines the minimum information that must be included in the prospectus and its related documents. This second volume contains reports of the implementation of the Prospectus Directive in those EU and EEA Member States not included in the first volume. Together, both volumes give the reader an overview of the implementation throughout the European Union and the European Economic Area.

The central element of the taxpayer's relationship with the law was the protection it afforded to ensure only the correct amount of tax was paid, that it was legally levied and justly administered. These legal safeguards consisted of the fundamental constitutional provision that all taxes had to be consented to in Parliament, local tax administration, and a power to appeal to specialist tribunals and the courts. The book explains how these legal safeguards were established and how they were affected by changing social, economic and political conditions. They were found to be restrictive and inadequate, and were undermined by the increasing dominance of the executive. Though they were significantly recast, they were not destroyed. They proved flexible and robust, and the challenge they faced in Victorian England revealed that the underlying, pervasive constitutional principle of consent from which they drew their legitimacy provided an enduring protection for the taxpayer.

With the rise of the Chinese economy and consumer market, intellectual property (IP) conflicts in Sino-U.S. business transactions are increasing, and consequently, companies are intent on achieving maximum IP values in China-related cross-border transactions.
Conducting Business in China: An Intellectual Property Perspective provides readers with the necessary guidance on conducting business in China from an intellectual property perspective, offering specific advice on how to profitably leverage technology and IP assets while minimizing potential risk for companies and their Chinese counterparts.

The Papers collected in this volume are those presented at the tenth Collo- quium arranged by the Societe Universitaire Europeenne de Recherches Fi- nancieres (SUERF), which took place in Vienna in April 1982. The Society is supported by a large number of central banks, commercial banks, and other financial and business institutions, as well as by academics and others interested in monetary and financial problems. Since its estab- lishment in 1963 it has developed as a forum for the exchange of informa- tion, research results and ideas, valued by academics and practitioners in these fields, induding central bank officials and civil servants responsible for formulating and applying monetary and financial policies. A major activity of SUERF is to organise and conduct Colloquia on sub- jects of topical interest to members. The titles, places and dates of previous Colloquia for which volumes of the collected Papers were published are noted on page 421. Volumes were not issued for Colloquia held at Tar- ragona, Spain in October 1970 under the title "Monetary Policy and New Developments in Banking" and at Strasbourg, France in January 1972 un- der the title "Aspects of European Monetary Union".

Up until the global credit crisis in 2008, 'Financial Services' was the fastest growing sector of the Australian economy. This growth has had profound implications for individuals, corporations and government. Following extensive review in the last part of the twentieth century, Australia put in place an overarching system for regulating all financial services, replacing a system that was based on separate regulation of products in individual industries. Focusing on the implications of the new system for retail clients - 'financial citizens' - Financial Services Law and Compliance in Australia provides a comprehensive account of the regulatory structure and a detailed analysis of the legislative framework, including discussion of the new regulatory bodies, the new licensing requirements for those wishing to enter the financial services market and the new obligations for those marketing or offering financial services to the public. This is an essential resource for those working in, and advising on, financial services, for students of financial services law, and for anyone needing to understand this new regime in Australia.

This is the nation's first and oldest casebook on securities regulation. This edition has been streamlined for easier use, but it continues to provide instructors and students with the full range of tools for the in-depth study of securities regulation. It has been revised and updated to take into account the following: Initial coin offerings and sales of other crypto-assets Changes in the primary and secondary capital markets, including high frequency trading Certain amendments to the public disclosure requirements Amendments to the limited offering exemptions The ongoing debate around elements of Rule 10b-5 Regulation Best Interest Recent Supreme Court cases, including their implications for certain civil litigation and the SEC's continued reliance on administrative proceedings

This is an account of the development of European labour and social security law as it interrelates with the evolution of market integration in the European Union. Giubboni presents, from a labour law perspective, a case study of the changes the European Community/European Union has undergone from its origins to the present day and of the ways these changes have affected the regulation of European Welfare States at national level. Drawing on the idea of 'embedded liberalism', Giubboni analyses the infiltration of EC competition and market law into national systems of labour and social security law and provides a normative framework for conceptualising the transformation of regulatory techniques implemented at the EU level. This important, interdisciplinary contribution to research in EU social law illustrates how the vision of social protection and solidarity is changing.

International financial relations have become increasingly important for the development of global and national economies. At present these relations are primarily governed by market forces, with little regulatory interference at the international level. In the light of numerous financial crises, this abstinence must be seriously questioned. Starting with an analysis of the regulatory problems at the international level, with only minimal powers entrusted to international organisations, this book develops various possibilities for reform. On the basis of an historical analysis, the book first adopts a comparative approach to national attempts to regulate international financial markets, then outlines the potential of relevant institutions and finally develops a policy perspective. It seeks to provide a framework for analysing options for the regulation of international financial markets from a public international law and comparative law perspective.

As Baby Boomers plan for their retirements, finance their children's educations, and provide for their families' medical expenses, they confront a fundamental reality: America today is a defined contribution society. We save for retirement, health care and educational savings through IRAs, 401(k) accounts, 529 programs, FSAs, HRAs, HSAs and other individual accounts which did not exist a generation ago. In its own way, the emergence of these accounts has been a revolution which has, step-by-step, without fanfare, cumulatively transformed tax and social policy in fundamental ways. The Origins of the Ownership Society describes the defined contribution revolution, its causes, and implications. For lawyers, the book provides useful insights into the network of individual accounts which are now central features of the U.S. income tax for retirement, medical, and health savings. For those concerned about public policy, the book provides useful guidance regarding our options in providing for the retirement of the mass numbers of Baby Boomers, and in preparing young Americans for the medical costs of their older years. The defined contribution format will, for good or for ill, be the framework governing the Baby Boomers' choices. For everyone else, including the Baby Boomers themselves, the book explains where we are, how and why we got there, and what our options are for the future.

Der seit 2002 geltende Deutsche Corporate Governance Kodex (DCGK) regelt bewusst blosse Grundsatze guter Unternehmensfuhrung. Die jungsten Empfehlungen zu mehr Vielfalt ("Diversity") in Vorstand, Aufsichtsrat und Fuhrungsfunktionen und insbesondere zur angemessenen Beteiligung von Frauen haben eine gesellschaftspolitische Debatte uber die Vertretung von Frauen in Managementpositionen angestossen sowie eine Reihe von neuen rechtlichen Fragen aufgeworfen. Der Arbeit liegen daher zwei wesentliche Zielsetzungen zugrunde, die in zwei Teilen eroertert werden: Im ersten Teil der Arbeit wird der Frage nachgegangen, wie die geltenden Regelungen und insbesondere die Empfehlungen des Kodex zu mehr Vielfalt (Diversity) auszulegen sind. Im zweiten Teil werden die Rechtsfolgen einer fehlerhaften Auslegung und die zu Kodex-Verstoessen ergangene hoechstrichterliche Rechtsprechung untersucht. Im Zentrum steht dabei die Frage, ob und inwieweit Vorstand und Aufsichtsrat ein unternehmerisches Ermessen bzw. ein vergleichbarer Spielraum bei Auslegung und Anwendung des Kodex zustehen.

Dedicated to the work of John Tiley, the premier tax academic in the UK for more than two decades, this volume of essays focuses on two themes that, among others, inspire the writings of Tiley. The first of these themes, tax avoidance, involves using tax law in a manner that is contrary to legislative intent. The second of these themes, taxation of the family, involves proper identification of the tax subject and is therefore one of the fundamental structural features of income tax. Drawing on historical precedent, academic excellence and personal experience, the importance of Tiley's contribution to the tax field is identified through contributions by some of the world's most influential tax writers.

The Prospectus Directive of 4 November 2003 sets the rules on the publication of a prospectus in the event that securities are offered to the public or admitted to trading on a stock exchange in the European Union. These rules apply in all 30 member states of the European Economic Area. Since member states decide to a large extent how to implement the Directive in their law, the rules in the different member states will differ substantially. It is therefore important not only to have an understanding of the rules laid down in the Directive but also to obtain knowledge of the rules applicable in the different states. As an English book it provides an understanding for non-Europeans of the rules applicable on the publication of a prospectus. A comprehensive table of contents, text of the European Directive and a list of national implementing laws are also included.

Across the EU, services are the cornerstone of the modern economy, accounting for over 70% of national GDPs and over 90% of new jobs created. Fostering trade in services has, accordingly, become central to the EU's vision for developing the internal market. Yet regulating services and their international trade is notoriously complex, and controversial. For years the EU's efforts were limited to sector-specific regulation in key areas, until the adoption of the general Services Directive in 2006. Since then, confronted by the limited success of traditional legal intervention, the EU's attentions have shifted to alternative forms of regulation. This book looks back on the historical development of services law, discusses the nature of impediments to trade in services in the EU, and explains the basic rules and principles applicable to such trade. It also examines the recent development of alternative regulatory methods, such as networking, the use of common standards, private regulation, self-regulation, open methods of coordination, and administrative cooperation. Taking a broad perspective and placing services regulation within its economic context, the author offers a thorough evaluation of current regulatory methods alongside the alternative methods which could be deployed. The book is the first to provide an overview of the regulation of services in the EU.

This book examines the coherent international tax regime that is embodied in both the tax treaty network and in domestic laws, and the way it forms a significant part of international law, both treaty based and customary. The practical implication is that countries are not free to adopt any international tax rules they please, but rather operate in the context of the regime, which changes in the same ways international law changes over time. Thus, unilateral action is possible, but is also restricted, and countries are generally reluctant to take unilateral actions that violate the basic norms that underlie the regime. The book explains the structure of the international tax regime and analyzes in detail how US tax law embodies the underlying norms of the regime.

This book was the first comprehensive treatment of credit cards in the global economy. The topic is timely not only because of the attention focused on cards as a contributor to the substantial rise in consumer borrowing, but also because of the role of cards in the recent retrenchment in the US bankruptcy system. Relying on data from the US, the UK, Canada, Australia, and Japan, Charging Ahead includes the first careful statistical analysis of the relation between the rise of credit card use and broader macroeconomic phenomena like consumer borrowing, savings, and bankruptcy. It also provides a broad narrative of how credit cards have come to be used so differently around the world. Finally, it sets out a detailed and coherent program for regulatory intervention grounded in both empirical analysis and the existing theoretical literature.

Regulation is a key concern of industries, consumers, citizens, and governments alike. Building on the success of the first edition, Understanding Regulation, Second Edition provides the reader with an introduction to key debates and discussions in the field of regulation from a number of disciplinary perspectives, looking towards law, economics, business, political science, sociology, and social administration.
The book has been extensively revised and updated to take into account the significant developments and events of the past decade. Containing several new chapters, it has been completely restructured into seven parts, covering: the fundamental issues regarding regulation; different types of regulatory strategies; rules and enforcement; quality and evaluation; regulation at different levels of government; network issues; and concluding thoughts.
Drawing on cross-sectoral and cross-national examples, this book reviews the central questions of regulation, and reflects upon those contentious issues that affect the design and operation of regulatory institutions. Amongst other topics, it discusses 'better regulation', enforcement, self-regulation, risk regulation, cost-benefit analysis, and more utility regulation-oriented topics, such as price-setting. It will be an essential resource for academics, researchers, and graduates across the social sciences studying regulation.