This pioneering and in-depth study into the regulation of shale gas extraction examines how changes in the constitutional set-ups of EU Member States over the last 25 years have substantially altered the legal leverage of environmental protection and energy security as state objectives. In this timely book, Ruven Fleming argues that the practical consequence of these changes has been the self-inflicted curtailment of legislative discretion. The first to formally assess the legality of fracking bans and moratoria, he exposes their flawed construction, revealing that the current regulations could be successfully challenged in front of courts of EU Member States. Reaching beyond shale gas, innovative chapters further propose a new methodology - the so called triad of objectives, principles and rules - to develop legally sound regulation of new energy technologies in the context of the energy transition. Students and scholars across environmental and energy law will find this book an essential contribution to the sparse literature regarding the legal aspects of fracking and shale gas in Europe. The focus on a new legal methodology will also provide guidance to decision-makers and regulators alike.

The principles of equality and non-discrimination are a cornerstone of constitutional law and of international and European human rights law, and there is increasing recognition of the fact that any system of taxation must comply with them. This book examines how these principles influence the tax regimes of eight European jurisdictions. The authors examine the impact of the equality and non-discrimination principles on tax law and policy, with particular reference to their application in national courts and the European Court of Human Rights. The discussion focuses on an individual's right to appeal to the courts, the procedures for judicial review, and the core question of whether objective and reasonable justification exists for instances of unequal treatment of equal cases. This work should be of value to practitioners, policymakers, legislators, judges and researchers working in the field of taxation and human rights.

Although electronic banking is rapidly overtaking direct bank-to-customer and bank-to-bank contact - and seems to be moving forward without serious problems - the law governing this telecommunication-based business is not always clearly defined in relation to certain issues that arise with ever-greater frequency, especially in cross-border transactions. This book investigates the applicable legal consensus for this issue, based on existing legislation and relevant judicial decisions. The legal issues in question arise from events, activities, and actualities treated in this book. Eighteen authors - bankers, lawyers, and academics - contribute their expertise to elucidate the issues and their implications. They draw their legal analyses from international norms such as the UNCITRAL Model Law, relevant EC directives and draft directives, the United States Uniform Electronic Transaction Act (UETA) and E-Sign Act and other national laws, as well as from numerous court decisions in Europe and the United States. The essays are based on papers originally presented at a conference sponsored by the Law Centre for European and International Cooperation (R.I.Z.) and held at Cologne in April 2001.

This book seeks to examine the relationship between corporate law rules and economic performance. Contributors examine the design of the two main systems of corporate governance to ascertain which bundle of rules is likely to support the emergence of a strong system of governance. They seek to show that the performance of companies is linked to different patterns of shareholding, legal rules, and non-legal relationships.

This text compares the corporate governance structures of the US quoted company and its European equivalent and the role which employees, as non-shareholding stakeholders, hold within those structures. It focuses on the incidents of ownership normally exercised by stakeholders and raises questions regarding different responses to the issue of mandated labor market regulation on both sides of the Atlantic. The text considers theoretical and practical issues raised in this context.

This book explores the allocation of risk and liability of dangerous goods between the seller and the buyer under CIF (Cost, Insurance and Freight) and FOB (Free on Board) contracts, providing an in-depth study of the issue of carriage of dangerous goods in the context of international trade law. In addition to offering specific solutions to issues arising in the context of the contract of sale, the book provides a non-contractual angle, putting forward suggestions under non-contractual mechanisms. Importantly, the book incorporates case law examples from the Commonwealth and the US. Dangerous goods that are carried by sea can cause potential risks of losses and damages to the vessel, other cargoes and lives on board. The allocation of liability arising out of the carriage of dangerous goods has recently attracted unwelcome attention because of mis-declared cargoes leading to fires on board ships. Thus the book fills a gap in the literature by addressing the issue in detail with examples from multiple jurisdictions, and proposing solutions. In particular, the book analyses whether and to what extent the law of international sale of goods can provide any assistance in the re-allocation of liability between the buyer and the seller. This book will be of great interest to all those involved in the research as well as legal practice of international trade law and the law of carriage of goods by sea.

This text contains chapters covering a variety of legal issues. The first section deals with contractual matters, including joint venture contracts, agreements relating to agency, distribution, licensing and franchising, time sharing and preliminary agreements regarding the buying and selling of property. The second section deals with the privatization of former state-owned companies and monopolies, such as media organizations. Under the heading of "Corporate Law", joint stock companies, sub-chapter S corporations, takeovers and new company legislation are discussed. The section on securities and investment deals, in particular, with the area of foreign investment, including tax incentives and the regulation of investments. There is also a section on taxation, which concentrates on offshore jurisdictions, and a section on general commercial issues. The topics covered in this final section vary to include technology transfer, evidential procedures, free trade areas, the regulation of resources, anti-trust matters, dispute resolution and new commercial legislation.

During and after the 2007-2009 global financial crisis, emerging market economies displayed remarkable resilience and maintained robust rates of economic growth. Learning from the lessons of the crises of the past 15 years, developing countries have adopted measures to become less vulnerable to the external shocks that are likely to emerge from more developed countries. Academics and policymakers have focused on the construction of an appropriate regulatory and supervisory framework for the banking sector. During the 2007-2009 global crisis, banks were engaging in excessive risk taking. Prudential banking regulation and supervision aim to curb excessive risk taking by banks because engaging in excessive risky transactions is the ultimate source of instability. Hence, banking regulation is needed to deal with the failure of markets to police banks' risky behaviours.This book discusses the impact of regulations and supervision on banks' performance, focusing on two emerging market economies, Turkey and Russia. It examines the way in which regulations matter for financial stability and banking performance from a law and economics perspective. Some of the regulations contribute to banks' performance by reducing the incentive for banks to take risks, hence supporting financial stability; others however may have a detrimental effect on financial stability. Moreover, banks react differently to regulation under different institutional settings. Therefore, this book takes up the debate on the efficiency of certain solutions and approaches to banking regulation in the context of emerging countries.

Conflicts of interest arise naturally in all walks of life, particularly in business life. As general and indeed inevitable phenomena, conflicts of interest should not be prohibited but properly managed. This book presents indepth analysis of such management in three areas of corporate governance where the conflict-of-interest problems are particularly acute: executive compensation, financial analysis, and asset management. "Conflicts of Interest" presents the results of a two-year-long research project bringing together academics and practitioners in both law and finance from Europe and the US under the auspices of the Centre for Banking and Financial Law of the University of Geneva. This book discusses the following issues: the duty of loyalty; remedies, such as disclosure, incentives, organizational measures; regulation and enforcement; and market considerations. With its intense focus on the material effects of actual conflicts of interest at the core of modern corporate governance and financial markets, this incomparable book will inform not only business people, practitioners, and academics, but also legislators, regulators, and all concerned with the far-reaching ramifications of conflict-of-interest management.

Originally written to wide acclaim in 2001, Ky Ewing's magisterial work on international competition law is here updated to take stock of the prodigious expansion of anti-cartel enforcement throughout the world in the intervening years, and of the extraordinary success of the International Competition Network of agencies, now encompassing 97 competition agencies from an initial beginning in the Fall of 2001 - as an outgrowth in part of the judgments and recommendations of this able practitioner, espoused at the 2001 Ditchley Park conference of which Ewing was a co-chair. Yet the work's fundamental thesis has not changed: that re-evaluation of competition policies in the light of empirical evidence is fundamental to assuring that competition law delivers what it promises: freer markets and greater economic growth. Although the book has been highly regarded as a major reconsideration of the foundations of competition law and policy, it has also proven enormously valuable for its wealth of information and practical guidance. Among its most useful features (some new to the second edition) are the following: a vast amount of statistical and other information about public competition law enforcement agencies and their resources around the world; in-depth analysis of the differences in competition law regimes and the various economic and legal theories from which they derive; detailed attention to jurisprudence and legal commentary over many decades; probing of the meaning of 'low' and 'fair' as applied to prices; suggestions for carrying out re-evaluation of policies on the basis of empirical evidence; formulation of a model new U.S. competition law preempting state laws; and guidelines on distinguishing useful collaboration from collusive activity. Nine new appendices have been added to this edition, covering such informative material as new statistical data about U.S. enforcement, details on the dramatic cooperation now taking place among nations in anti-cartel enforcement, and suggestions on how companies and practitioners should respond to multinational investigations. This new edition of a highly thoughtful and thought-provoking classic should be on the shelves of all competition lawyers and economists, irrespective of whether they are legislators, law enforcers, private attorneys or scholars, in developed, developing, or transition economies. Based on the distinguished author's half-century of outstanding experience in public and private competition law enforcement, it is an excellent guide for both newcomers and experts in the field. Conscientious use of this book will go a long way toward achieving the efficient and harmonious economies upon which many countries are staking their prosperity or even survival.

This book discusses the role of public policy in Article 81 of the EC Treaty. The Commission and (recently) the Court of First Instance have said that the sole objective of Article 81 EC is consumer welfare. Many competition lawyers and economists support this view. Writing in a crisp, plain style, author Christopher Townley demonstrates that public policy considerations are still relevant in that provision. He also examines how and where they are currently considered and then he suggests why, how, and where this might be changed. The book explains how some of the most complex competition law cases can be understood and it offers a framework for those fighting or deciding such cases in the future. As such, it will be of interest to European competition lawyers, both academics and practitioners (furnishing them with a framework for hard cases), as well as students seeking a deeper understanding of how the European competition rules work and how they interact both with European Union and Member State public policy goals. The book will also help competition economists by revealing the mechanisms through which public policy considerations impact the consumer welfare test in European law.

This collection of essays describes and analyzes the legal regimes governing directors' liability for corporate fault and default across eleven important trading jurisdictions. It asks:
- Are the reform provisions, especially director duties of 'due diligence, ' sharply enough aimed to attain the goal of corporate accountability?
- Will it be easy or difficult for defendants to establish that due diligence was exercised?
- Is it possible that more reliance on self-policing may lead to less documenting and reporting of wrongs and dangers?
- What impact may schemes of greater self-monitoring have on State regulation?
- In what ways might corporations react to these demands that they become guardians of the public weal?
The authors -- each an authority in his or her respective jurisdiction -- recognize that the reforms are a reaction to the political problems created by the ill fit of the corporation with the economic and political value systems that we purport to hold dear. As they survey the ways that vibrant economies can frame laws to influence the conduct of directors and companies, they invite further exploration into the political, economic, practical, and evolutionary factors that may explain the convergence and divergence of both statute law and judicial doctrines and the desirability or inevitability of this deeply significant trend.

Despite great strides in enforcement of the cartel prohibition of article 81 EC and major merger control reform, EC competition law still lacks clear standards for anti-competitive abuses under article 82 EC. In a masterful engagement with this issue, the thoughtful and original analysis in this book focuses on tying and bundling. Although these ubiquitous business practices are primarily addressed under article 82 EC as constituting abusive behavior, a wealth of economics literature emphasizes their strategic and efficiency motivations. However, there is a balance to be found, as this book ably demonstrates. In the course of the analysis, the author zeroes in on such central questions as the following: What tests are available to determine whether two products are distinct or not? Under which circumstances is anti-competitive leveraging feasible? Which efficiency motivations should be accepted? How does one valuate the possible efficiencies in the short run and the risk of leveraging effects in the long run? What factors should be considered when answering the separate product issue? What are the implications for the burden of proof under article 82 EC? Does the application of a more effects-based approach under article 82 also affect the dominance analysis? In his examination of the various responses to these probing questions, the author is able to formulate a very useful diagnosis of what factors determine whether a tied or bundled entity is likely to engender anti-competitive effects. The presentation is supported throughout by detailed reference to relevant legal-economic doctrine, laws, and judicial interpretation by European and U.S. courts, the European Commission, and antitrust agencies. In its development of effects-based tests for assessing tying and bundling practices, this important book will be of special value to policymakers and regulatory officials involved in enforcement of EC or Member State competition law. It will also be welcomed by academics in both law and economics as a truly cogent and workable approach to the solution of one of the most vital and intriguing debates in the antitrust field.

Comparative Corporate Governance considers the impact of globalization on corporate governance issues and highlights how, despite the effect it has clearly had, predictions of legal convergence have not come true. By adopting a comparative legal approach, this book explores the tensions that exist between convergence attempts and the persistence of local models of governance in the US, Europe and Asia. Veronique Magnier assesses institutional, cultural and sociological factors as features of the disparities in governance. She does so by addressing the three main areas of tension in the legal aspects of corporate governance: theoretical pressure, which pits shareholder primacy against models advocating for greater participation of large corporations in general economic welfare; technical regulation, such as integrating corporate governance codes into national legal systems; and the need for context and reflection when transplanting governance approaches to different countries. Varying economic, societal and cultural environments make it vital to contextualize corporate governance in order to better understand how governance models operate in a globalized world. Lawyers, academics and advanced students of law looking to improve their understanding of corporate governance will find this a diverse and rewarding read.

This book, co-written by a team of European competition law specialists, offers critical perspectives on the whole range of issues in EC competition law. The book has two distinctive features: the first is that unlike similar works which present the law from either an enforcement agency or practitioner perspective in a fairly conventional manner, this work offers fresh, critical reflections on the state of the law. The second is that the authors are young academics, practitioners and administrators who have worked in the relevant fields and who are relatively new "voices" in the competition law literature. Drawn from diverse jurisdictions and professional backgrounds the authors bring a distinctively "European" feel (for instance not drawing exclusively on English language literature), and manage to introduce debates that have been taking place in the non-English language world, thereby assisting a more comprehensive dialogue in this field. The diversity in their professional backgrounds means that each chapter adopts a different perspective, with some chapters focusing on practical solutions to problems, and others exploring more general theoretical questions. The textbook-like structure places the issues in their appropriate contexts and ensures that readers see how the discussion in each chapter links with the body of law as a whole. The book is aimed at academic lawyers and practitioners, complementing existing textbooks and allowing the reader to extend his or her understanding of the subject and provide a quick source of reference to the main doctrinal debates on the subject, and offer fresh perspectives on the topics covered. The impact of EC competition law beyond Europe also means that this book will appeal to lawyers in the US, Australia, Canada and beyond.

The assumption that competition law and consumer protection are mutually reinforcing is rarely challenged. The theory seems uncontroversial. However, because a positive interaction between the two is presumed to be self-evident, the frequent conflicts that do in fact arise are often dealt with on an ad hoc basis, with no overarching legal authority. There is a clear need for a detailed and coherent understanding of exactly where the complements and tensions between the two policy areas exist. Dr Cseres' in-depth analysis provides that understanding. Proceeding from the dual perspective of law and economics that is, of justice, fairness, and reasonableness on the one hand, and of efficiency of the other she fully considers such underlying issues as the following: the role of competition law and consumer law in a free market economy; the notion of consumer welfare; the effect of the modernisation of EC competition law for consumers; economics theories of information, bounded rationality, and transaction costs; the special significance of vertical agreements and merger control; and, how consumers are affected by information asymmetries. The ultimate focus of the book is on current and emerging EC law, in which a rapprochement between the two areas seems to be under way. Dr. Cseres provides a knowledgeable guide to the various strands of theory, policy, and jurisprudence that (she shows) ought to be taken into account in the process, including schools of thought and law and policy experience in both Europe and the United States. A special chapter on Hungary, where post-1989 law and practice reveal a fresh and distinctly forward-looking understanding of the matter, is one of the book's most extraordinary features. "Competition Law and Consumer Protection" stands alone as a committed contribution to bridging a gap in legal knowledge the significance of which grows daily. It will be of immeasurable value to a wide range of professionals from academics and researchers to officials, policymakers, and practitioners in competition law, consumer protection advocacy, economic theory and planning, business administration, and various pertinent government authorities.

Dozens of cases worldwide continue to challenge Microsoft Corporation's superdominance of the global digital network economy, focusing in particular on the multi-tying practices that leverage Microsoft's market power into adjacent markets and reinforce its dominance. This is the first book to analyze this international line of cases, detailing both grounds for legal action (including unfair competition, restriction of consumers' freedom of choice, abusive pricing) as well as Microsoft's defenses and administrative settlements. The author also demonstrates the serious economic repercussions of Microsoft's monopoly, such as accumulation of inefficiency and stifling of innovation in this crucial sector of twenty-first century economy and society.Through an in-depth analysis of the Korea Fair Trade Commission (KFTC) case - which led to a December 2005 decision, currently under appeal at the Seoul High Court, condemning three fundamental tying practices embedded in Microsoft's global business strategy - the author clearly establishes the precise nature of Microsoft's anticompetitive practices, complete with clear technical descriptions of the underlying applications and digital media systems. The discussion develops valuable guidelines on such core issues as the following: network effect, tipping effect, and lock-in effect; separability of Microsoft's tied and tying products; forced purchase by consumers of multiple tied products; Microsoft's reinforcement of market entry barriers; Microsoft's "normal business practice" defense; and cumulative damage to consumers' interests.The book's ultimate legal and economic assessment clarifies ways in which government competition authorities can select from globally available options on a case-by-case basis, enforce re-pricing measures, avoid belated remedies, and continuously monitor new types of anticompetitive conduct.In its analytic rigor, focus on important economic issues, and its unwavering commitment to fair competition, this book will be of immeasurable value to practitioners and policymakers at every level concerned with the digital network economy, now and in the years to come.

The new edition of this well-known reference work for the tax community provides an introduction to the application of the United States international taxation system to taxpayers investing or transacting business in the US and other countries. In a relatively brief and manageable form, it sets forth the principles adopted by the US in taxing US or foreign individuals and corporations as they invest, work, or carry on a trade or business in the US or abroad.

The Institutional Structure of Antitrust Enforcement, by Daniel A. Crane provides a comprehensive and succinct treatment of the history, structure, and behavior of the various U.S. institutions that enforce antitrust laws, such as the Department of Justice and the Federal Trade Commission. It addresses the relationship between corporate regulation and antitrust, the uniquely American approach of having two federal antitrust agencies, antitrust federalism, and the predominance of private enforcement over public enforcement. It also draws comparisons with the structure of institutional enforcement outside the United States in the European Union and in other parts of the world, and it considers the possibility of creating international antitrust institutions through the World Trade Organization or other treaty mechanisms. The book derives its topics from historical, economic, political, and theoretical perspectives.

This comprehensive guide to all the essential legal and business considerations in financing the business activities of the modern corporation. Readers are provided with a clear and concise introduction to the legal and contractual framework that governs the major capital raising transactions in which a firm might be involved, with a particular emphasis upon the federal and state securities laws. An indispensable resource for consummating any private investment transaction, public offering, or commerical loan transaction, as well as dealing with disclosure requirements, the structuring of underwriting arrangements, and complying with public company responsibilities. Intended for entrepreneurs and managers at firms of all sizes.

In this timely book, Beata Maihaniemi analyses and evaluates how the characteristics of information as a good, as well as the characteristics of digital platforms, affect the application of competition law in both theory and practice. Chapters offer a full evaluation and in-depth analysis of several key case studies in which information such as big data has been obtained, made use of, sold, or biased in an uncompetitive way. Such critical case studies include the European Commission's 2017 judgement against Google for granting illegal advantage to their own comparison shopping service, as well as the Bundeskartellamt's decision regarding Facebook's unfair trading terms under which it was gathering users' data without their voluntary consent. Reacting to these cases, the book offers guidance on how competition law can evolve to accommodate digital markets, such as classifying information as 'commons' or 'commodity', in order to realise social goals such as fairness. Compelling and insightful, this book will prove an important companion for students and scholars studying digital markets, as well as competition law more widely. It will also appeal to practitioners working on cases involving the regulation and usage of big data.

This book focuses on the experience of social dialogue in Turkey, which is a European Union candidate country. It argues that social dialogue constitutes one of the fundamental pillars of European social model and therefore should be analysed not only at the supranational level but also at the national, sectoral and workplace levels. The book critically examines social dialogue processes and mechanisms in Turkey at various levels, with focus on the workplace because it is shaped by socio-cultural elements which contain many variables. The book also identifies the shortcomings and structural impediments of social dialogue, and provides an empirically grounded theoretical explanation of social dialogue in Turkey. In the process, the book explains and clarifies key concepts to help readers grasp important points relevant to social dialogue, and contains interviews with social partners to take into consideration their views and recommendations on social dialogue. These in-depth interviews also provide a rare insight into the dynamics of social dialogue on the ground. By looking at social dialogue at various levels, the book offers a balanced view of its strengths and weaknesses in Turkey. This book is a valuable tool for students, academics and researchers interested in understanding the complex dynamics of social dialogue and workplace relations in Turkey.