A pressing problem often facing commercial practitioners is how to determine the principle which would dictate when a proprietary claim is available and when it is not. This book explains the nature and structure of key interests in property in commercial transactions and analyses the incidence of proprietary claims available to holders of different interests in assets. The book starts by identifying the structure of those interests which the author terms "lesser proprietary interests", comprising security interests and interests based on retention of title in contracts of sale of goods, hire-purchase agreements, and leases, thereby contributing to the understanding of concepts which are traditionally used to explain this area of law such as bailment and fiduciary relationship. Using this framework, the book examines the circumstances in which the interests are lost and the extent to which proprietary claims can be asserted in assets that derive from the original subject matter, that is proceeds, products and income, as well as in accretions. It examines these claims at three levels: first, as a matter of default rules in the absence of misappropriation of the original subject matter; secondly, as a matter of contract, considering the limits of contractual freedom; and thirdly, in circumstances in which the original subject matter has been misappropriated. This book is the first to approach the topic of tracing and derived assets in commercial transactions on a principled basis. It subjects an area of little authority and general academic comment to rigorous and detailed analysis. It contains treatment of the relevant case law and discussion of points that have yet to come up in litigation in England and abroad. By way of comparison, it considers salient aspects of the relevant rules under Article 9 of the US Uniform Commercial Code. The book is timely in light of the current debate on the shape of the law reform of secured transactions in England and elsewhere.

Der Steuerfachmann kommt mit dem Steuerstrafrecht dann in Beruhrung, wenn davon steuerrechtliche Massnahmen abhangen. Das gilt etwa fur die verlangerte Festsetzungfrist bei leichtfertiger oder vorsatzlicher Steuerverkurzung, fur die AEnderung von Steuerbescheiden nach Aussenprufung und die Festsetzung von Hinterziehungszinsen. Auch die strafbefreiende Selbstanzeige gehoert zur Praxis des Beraters. Ihre Voraussetzungen und Modalitaten (mit Muster) bilden den Schwerpunkt neben dem Verhalten des steuerlichen Beraters im Ermittlungsverfahren gegen seinen Mandanten - insbesondere bei Durchsuchungen in der eigenen Kanzlei. Eingeschlossen sind auch die Rechte und Pflichten bei einer Verteidigung des Mandanten. Insgesamt bietet das Buch eine umfassende Hilfestellung bei der Bearbeitung steuerstrafrechtlicher Fragen.

Insider Dealing: Law and Practice, first edition, was the first work to offer a detailed treatment of the rapidly developing law and practice relating to this complex area of law. The new edition of this leading text continues to provide an easily accessible guide to the practice and procedure of an insider dealing investigation, prosecution or civil action. Significantly updated to take account of the Market Abuse Regulation, which came into force in 2016 and replaced UK domestic law, this new edition contains extensive new material analysing insider dealing behaviour that amounts to market abuse. Coverage has been expanded to include important recent legislative developments and case law, and key primary materials are brought together for ease of reference. Written by a leading practitioner with unparalleled experience in both private practice and at the FSA, Insider Dealing: Law and Practice, second edition, offers a clearly structured and practical treatment of the area.

401(k) plan participants separating from their employers must decide what to do with their plan savings. Many roll over their plan savings to IRAs. As GAO previously reported, there is concern that participants may be encouraged to choose rollovers to IRAs in lieu of options that could be more in their interests. This book identifies challenges separating plan participants may face in implementing rollovers; obtaining clear information about which option to choose; and understanding distribution options.

The U.S. stock market has been transformed over the last twenty-five years. Once a market in which human beings traded at human speeds, it is now an electronic market pervaded by algorithmic trading, conducted at speeds nearing that of light. High-frequency traders participate in a large portion of all transactions, and a significant minority of all trade occurs on alternative trading systems known as "dark pools." These developments have been widely criticized, but there is no consensus on the best regulatory response to these dramatic changes. The New Stock Market offers a comprehensive new look at how these markets work, how they fail, and how they should be regulated. Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg describe stock markets' institutions and regulatory architecture. They draw on the informational paradigm of microstructure economics to highlight the crucial role of information asymmetries and adverse selection in explaining market behavior, while examining a wide variety of developments in market practices and participants. The result is a compelling account of the stock market's regulatory framework, fundamental institutions, and economic dynamics, combined with an assessment of its various controversies. The New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.

A well-integrated, national biosurveillance enterprise is a national security imperative. The United States' ability to detect quickly and characterise a potential incident of national significance that affects human, animal, or plant health is of paramount importance. Rapid detection and enhanced situational awareness are critical to saving lives and improving incident outcomes, whether the result of a bioterrorism attack or other weapons of mass destruction (WMD) threat, an emerging infectious disease, pandemic, environmental disaster, or a food-borne illness. Beyond the need to protect domestic interests, and because health threats transcend national borders, the United States also plays a vital role within an international network of biosurveillance centres across the globe. This book focuses on the national strategy for biosurveillance and the national biosurveillance science and technology roadmap.

The 2007-2009 financial crisis threatened the stability of the U.S. financial system and the health of the U.S. economy. To address regulatory gaps and other problems revealed by the crisis, Congress enacted the Dodd-Frank Act. Federal regulators will need to issue hundreds of rules to implement the act. Industry representatives, academics, and others generally have supported the act's goal of enhancing U.S. financial stability, but implementation of certain of the act's provisions has led to much debate. These experts have expressed a wide range of views on the potential positive and negative effects that the act could have on the U.S. financial system and broader economy. This book examines the losses associated with the recent financial crisis; the benefits of the act for the U.S. financial system and the broader economy; and the costs of the act's reforms. The Government Accountability Office (GAO) reviewed empirical and other studies on the impacts of financial crises and the Dodd-Frank reforms, as well as congressional testimonies, comment letters, and other public statements by federal regulators, industry representatives, and others.

The Dodd-Frank Act requires or authorises various federal agencies to issue hundreds of rules to implement reforms intended to strengthen the financial services industry. This book examines the regulatory analyses federal agencies performed for rules issued pursuant to the Dodd-Frank Act and how the agencies consulted with each other in implementing the final rules to avoid duplication or conflicts. Most Dodd-Frank Act regulations have not been finalised or in place for sufficient time for their full impacts to materialise. Recognising these and other limitations, the Government Accountability Office (GAO) took a multi-pronged approach to assess the impact of some of the act's provisions and rules, with an initial focus on the act's systemic risk goals.

The Budget Control Act (BCA) is the result of negotiations between the President and Congress held in response to the federal government having nearly reached its borrowing capacity. The BCA authorised increases in the debt limit of at least $2.1 trillion dollars (and up to $2.4 trillion under certain conditions), subject to a disapproval process that would likely require securing the support of two-thirds of each chamber to prevent a debt limit increase. It established caps on the amount of money that could be spent through the annual appropriations process for the next 10 years, which the CBO estimates will reduce federal spending by $917 billion. This book provides an overview of the essential features of the Budget Control Act, a history and recent increases of the debt limit and the potential effects on government operations.

This book provides an overview of The Bank Secrecy Act (BSA) and the Anti-Money Laundering Manual (AML) which is intended to safeguard the U.S. financial system and the financial institutions that make up that system from the abuses of financial crime, including money laundering, terrorist financing, and other illicit financial transactions. Money laundering and terrorist financing are financial crimes with potentially devastating social and financial effects. The BSA was designed to help identify the source, volume, and movement of currency and other monetary instruments transported or transmitted into or out of the U.S. or deposited in financial institutions.

Standards often remain unseen, yet they play a fundamental part in the organisation of contemporary capitalism and society at large. What form of power do they epitomise? Why have they become so prominent? Are they set to be as important for the globalisation of services as for manufactured goods? Graz draws on international political economy and cognate fields to present strong theoretical arguments, compelling research and surprising evidence on the role of standards in the global expansion of services, with in-depth studies of their institutional environment and cases including the insurance industry and business process outsourcing in India. The power of standards resembles a form of transnational hybrid authority, in which ambiguity should be seen as a generic attribute, defining not only the status of public and private actors involved in standardisation and regulation, but also the scope of issues concerned and the space in which such authority is recognised when complying to standards. This book is also available as Open Access.

This book provides a critical socio-legal study that brings together the latest scholarly advances on corporate social responsibility, and, at the same time, addresses the pressing issue of corporate liability for harmful acts across the supply and production chains. Corporations have seldom been held responsible and virtually never liable for the acts of their subsidiaries and subcontractors. Actors as different as workers, investors, individual consumers, and shareholder activists claim that corporations should accept greater responsibility for communities and environments affected by their activities. The book argues that a global value chain's head corporations remain immune to any liability because of the 'economically dependent-legally independent' relationships between core corporations and their periphery suppliers and subcontractors. To tackle this problem, globally, the author acknowledges that 'we' as a society need to reduce the economic dependence as described above - which is far too excessive - by ensuring a level playing field both economically and socially. More concretely, she argues that in order to realise transnational corporate liability, 'we' as lawyers need to find a way (or ways) to establish legally effective relationships between head corporations and their economically dependent entities. Readers of this book will be able to export the concept of corporate social liability, developed in the context of value chains, and apply it to other contexts involving corporate activities where they need to tackle unrestrained corporate freedom and make global businesses responsible and socially useful.

English summary: Collective investment schemes provide investors with a safe and readily redeemable form of investment. Their economic significance cannot be overestimated. In particular, the tripartite structure between the managing company, the depositary and the unitholders gives rise to several legal problems. This thesis is the first to analyse the legal structures of collective investment schemes in Germany and England. The author examines the contractual model and the so- called Investmentaktiengesellschaft under German law as well as the unit trust and the open-ended investment company (OEIC) under English law. The core issues are the legal relationships between the parties and such funds and their duties. A focus is also put on the legal consequences in case these duties are breached and how such damage claims are to be enforced. With regard to the German contractual model, the author advocates payments for compensation in favor of the fund assets rather than in favor of the individual unitholder. He further makes suggestions on how to strengthen the rights of the investors. German text. German description: Open-end-Investmentfonds bieten Anlegern die Moglichkeit einer sicheren sowie leicht realisierbaren Kapitalanlage und haben eine immense wirtschaftliche Bedeutung. Rechtlich problematisch ist insbesondere die Dreiecksstruktur zwischen Verwaltungs- bzw. Investmentgesellschaft, Verwahrgesell-schaft und Anlegern. Die vorliegende Arbeit untersucht diese Strukturen erstmalig nicht nur fur open-end-Investmentfonds in Deutschland, sondern auch in England. Dabei werden das Vertragsmodell und die Investmentaktiengesellschaft des deutschen Rechts sowie das Trustmodell (unit trust) und die open-ended investment company (OEIC) des englischen Rechts eingehend behandelt. Im Mittelpunkt der Arbeit stehen die Rechtsbeziehungen zwischen den Beteiligten, die sich daraus ergebenden Pflichten und die Rechtsfolgen ihrer Verletzung. Untersucht werden auch die Moglichkeiten der Durchsetzung von Schadensersatz-anspruchen. Dabei richten sich nach Ansicht des Autors Haftungsanspruche der Anleger im deutschen Vertragsmodell grds. auf Leistung an das Sondervermogen. Er entwickelt auch Vorschlage zur Starkung der Rechtsposition der Anleger.

The discovery of mistakes in pension scheme documents is as common as it is potentially serious for the administration of the scheme and for the sponsoring employer. The large sums invested in pension schemes mean that such mistakes are often very costly indeed. This book provides a practical guide to the different methods available to correct commonly-occurring mistakes in the governing provisions of pension schemes. It combines a detailed review of the law with (where relevant) practical tips, including analysis of the appropriate practice and procedure involved in the key methods of correction. With a significant body of case law enabling more authoritative answers to be given to the legal issues affecting the correction of pension scheme mistakes, and more and more mistakes being discovered because of the move to secure pension scheme liabilities with insurance companies, trustees and employers need swift and accurate legal advice on what they can do to correct such mistakes. This book provides them and their legal advisers with that advice ensuring they do not make the same costly mistakes that others have made. This book will help the reader to: * To select the most appropriate method of correcting the mistake * Consider including provisions in the terms of the pension scheme which may make the correction of the mistake easier and cheaper * Select the most tax-efficient way of correcting the mistake * Understand the processes involved in correcting the mistake * Better advise their clients as to how to deal with the mistake

Diese Arbeit behandelt die Auswirkungen der Schuldrechtsreform auf die Mangelgewahrleistung beim Unternehmenskauf. Unter der vor dem 31.12.2001 geltenden Rechtslage standen den Parteien eines Unternehmenskaufvertrags keine adaquaten gesetzlichen Regelungen zur Verfugung. Daher vereinbarten die Parteien vertragsautonome Haftungssysteme, die das BGB-Kaufrecht weitgehend verdrangten. Der Autor analysiert die seit dem 01.01.2002 geltenden kaufrechtlichen Vorschriften und pladiert fur eine Neubestimmung bei der umstrittenen Frage der Mangelgewahrleistung beim Unternehmenskauf. Auf dieser Grundlage wird herausgearbeitet, inwieweit die neue Rechtslage den Bedurfnissen der Parteien eines Unternehmenskaufes nun besser gerecht wird und ob der Gesetzgeber mit der umfassenden Neuregelung des Schuldrechts dem Unternehmenskauf den Weg zuruck in das BGB geebnet hat. Ein besonderer Schwerpunkt wird auf die Folgen fehlerhafter Jahresabschlussangaben gelegt.

This new third edition offers readers a detailed guide to the most broadly used European and US repo master agreements all in one book. It is a comprehensive guide which also includes a summary of recent developments in the European and US repo markets since 2012.Key benefits of this book:* Readers will gain a detailed understanding of how the repo market works * A thorough overview of the crucial European and US legal issues that occur for repos* An in depth knowledge of the main European and US repo master agreements, along with detailed knowledge of one of the main triparty repo agreements used in the US market. * Detailed commentary on the main European and US repo master agreements in one place * A useful overview of the market's mechanics and its legal landscapeThis guide is aimed at lawyers and paralegals who negotiate ICMA and SIFMA repo master agreements. Professionals in the European and US securities markets that need to know and understand the contents of these master agreements can also find this book very useful. This text is also recommended for asset managers, companies that act as buyers such as lenders (pension funds, insurance companies and money market funds), companies that act as sellers, sales people, traders, executives, back office operations and credit officers.

The financial crisis both in the US and UK led to concerns that individual accountability of senior managers in the banking sector had to be strengthened and risk and reward aligned more closely. Sweeping amendments were made to legislation, with new regimes introduced to improve accountability and greater powers bestowed upon regulators. The landscape has changed significantly with onerous rules faced by employers from recruitment to departure and beyond. Eversheds Sutherland: The Employment Practitioner's Guide to Financial Institutions: Key Aspects of the Regulatory Framework (originally titled: The Employment Practitioner's Guide to Financial Institutions: The Senior Managers and Certification Regime and Accountability) covers the full roll-out of the Senior Managers and Certification Regime to all financial services firms in 2018. The complexity of the rules and the difficulty for practitioners in finding resources to help them understand the new regime has led to much confusion and uncertainty. This book provides an invaluable guide to the new regime with practical analysis of the issues raised and how the changes should be implemented.