The OECD Model Tax Convention seminar is a regular feature of the annual IFA Congress. At the 1998 Congress, held in London, the seminar focused on the relationship between tax treaties and domestic laws in OECD member countries. After general surveys by two high-ranking OECD officials of relevant issues and developments in the Working Groups of the OECD's Committee of Fiscal Affairs during the course of the preceding year, the 1998 seminar offered two topics - on the concept of beneficial ownership, and on the characterization of retirement income - which were opened for discussion among panelists and attendees. The discussion shed significant light on the inter-relatedness of cross-border pensions, deferred compensation, and anti-abuse provisions as they appear in bilateral tax treaties, domestic laws, and the Model Convention. This volume reprints in full all the papers presented at this important seminar, along with the subsequent discussions. Practitioners and academics interested in the development and application of the OECD Model Tax Convention should appreciate its valuable insights.

Amsterdam securities exchanges are among the busiest in the world, and know no national boundaries. Yet it has not been easy for investors and their advisors to find a clear, straightforward guide to the essential structure and concepts of Netherlands securities laws and regulations. Now, this new edition of a popular summary, incorporating changes in the regulatory environment, provides everything an investor needs to know in order to trade confidently on these major global markets - and does so in plain language, without unnecessary details and long explanations. An introductory chapter explains the Dutch securities markets, their regulatory authorities and sources of law, and the impact of the ongoing harmonization of European securities law. Subsequent chapters cover public offerings, publicly held companies, the securities business (including trading in stocks, bonds, options and futures, both through exchanges and over the counter) and investment undertakings. A final chapter on antifraud provisions includes the latest refinements on disclosure obligations and sanctions for tipping.

In 1996 a record one million-plus bankruptcy cases were filed in the United States. In this important book, an eminent legal authority provides an accessible introduction to and evaluation of the federal bankruptcy system governing these filings. Karen Gross describes existing bankruptcy law, assesses what is actually happening in practice, and makes specific-and controversial-recommendations for reform. Gross explores the varying and often conflicting interests of debtors, creditors, and community in the bankruptcy system. She justifies the idea of a "fresh start" for individual and business debtors by analyzing notions of forgiveness and rehabilitation in a civilized society. She offers a new perspective on how to treat certain of the creditors that bankruptcy touches, substituting a principle of equality of outcome for the principle of equality of treatment. She also presents an original argument about community interests, contending that they should be given serious weight in the necessary balancings that make up bankruptcy law and policy, and provides specific statutory amendments to achieve this goal. Offering a humanitarian approach to bankruptcy rather than the law and economic approach commonly used, this book places legal issues of bankruptcy in their social context and opens the dialogue about bankruptcy to lawyers and nonlawyers alike.

The Federal Reserve Act of 1913 created the infrastructure for the modern American payments system. Probing the origins of this benchmark legislation, J. Lawrence Broz finds that international factors were crucial to its conception and passage. Until its passage, the United States had suffered under one of most inefficient payment systems in the world. Serious banking panics erupted frequently, and nominal interest rates fluctuated wildly. Structural and regulatory flaws contributed not only to financial instability at home but also to the virtual absence of the dollar in world trade and payments.

Key institutional features of the Federal Reserve Act addressed both these shortcomings but it was the goal of internationalizing usage of the dollar that motivated social actors to pressure Congress for the improvements. With New York bankers in the forefront, an international coalition lobbied for a system that would reduce internal problems such as recurring panics, and simultaneously allow New York to challenge London's preeminence as the global banking center and encourage bankers to make the dollar a worldwide currency of record. To those who organized the political effort to pass the Act, Broz contends, the creation of the Federal Reserve System was first and foremost a response to international opportunities.

This title provides an explanation of the law governing cheques. It addresses certain fundamental issues such as how to draw a valid cheque; the immediate legal consequences of payment by cheque; cheque negotiation; the legal implications of a dishonoured cheque; and the legal position of banks that pay out on a cheque without authority.

Das Buch untersucht den Einfluss des Gesellschaftszwecks auf die Wirksamkeit der etablierten Glaubigerschutzinstrumente. Im Mittelpunkt stehen die GmbH und die Frage, welchen Einfluss die Verfolgung eines gemeinnutzigen Zwecks auf die Wirksamkeit des Glaubigerschutzsystems des GmbH-Rechts hat.

Comparative Company Law provides a systematic and coherent exposition of company law across jurisdictions, augmented by extracts taken from key judgments, legislation, and scholarly works. It provides an overview of the legal framework of company law in the US, the UK, Germany, and France, as well as the legislative measures adopted by the EU and the relevant case law of the Court of Justice. The comparative analysis of legal frameworks is firmly grounded in legal history and legal and economic theory and bolstered by numerous extracts (including extracts in translation) that offer the reader an invaluable insight into how the law operates in context. The book is an essential guide to how company law cuts across borders, and how different jurisdictions shape the corporate lifespan from its formation by way of incorporation to its demise (corporate insolvency) and eventual dissolution. In addition, it offers an introduction to the nature of the corporation, the framework of EU company law, incorporation and corporate representation, agency problems in the firm, rights of stakeholders and shareholders, neutrality and defensive measures in corporate control transactions, legal capital, piercing the corporate veil, and corporate insolvency and restructuring law.

This work analyses the law and regulation relating to financial investments, their markets, payment and settlement systems, as well as the duties and liabilities of intermediaries, providing invaluable legal and practical guidance regarding legal risk and the protection of the investor. The book is divided into three parts. Part I categorises the various financial assets legally and analyses their legal, regulatory, and risk/return properties, and examines what protections are available to investors who own financial assets. It also addresses the investment principles that underpin the investment processes. Part II addresses the process by which financial assets may be acquired and disposed of via the markets and the market infrastructure, including central counterparty and clearing features as well as payment and settlement systems. It analyses the risks investors face in the context of trading and settlement. The impact of the principles and risks, described in Parts I and II respectively, inform the scope of the duties, responsibilities and liabilities of the intermediaries that advise investors. Part III focuses on the role of these intermediaries, tying together the constituent components of the investment cycle from the investor's point of view and examining the quality of investor protection, service, proprietary protection and regulatory supervision. Written by a specialist with broad market experience this book is an essential purchase for all lawyers advising investors, financial advisors and investment managers.

The severe global financial crisis of 2008 could not be overcome without government interventions through industrial policy. This timely book analyses industrial policy from the perspectives of trade law and economics under the WTO system. The author expertly examines both general tools of protecting and supporting domestic producers and specific topics like special economic zones, localization, greening measures and creative economy. In addition to legal texts and jurisprudence, this book extensively utilizes other WTO materials to show what is actually discussed in WTO meetings and forums on relevant issues. Where applicable, the author advances practical recommendations for 'right' or 'optimal' industrial policy in certain contexts based on trade rules, case law and some countries' real experiences. The author concludes this work with some thoughts on concrete actions to be taken at the WTO and national levels and in academic circles in order to better tackle industrial policy issues.

Chapter 1 analyzes recent changes to state Unemployment Compensation (UC) programs. Two categories of UC state law issues are considered: (1) changes in the duration of state UC unemployment benefits, and (2) changes in the UC weekly benefit amount Chapter 2 provides state-by-state information on workers covered, benefit eligibility, methods of financing, and other areas of interest in the Unemployment Insurance (UI) program. It also includes information on the temporary disability programs operated in six states.

Experts from economics, finance, law, policy, and banking discuss the design and implementation of a future capital market union in Europe. The plan for further development of Europe's economic and monetary union foresees the creation of a capital market union (CMU)-a single market for capital in the entire Eurozone. The need for citizens and firms of all European countries to have access to funding, together with the pressure to improve the efficiency and risk-sharing opportunities of the financial system in general, put the CMU among the top priorities on the Eurozone's agenda. In this volume, leading academics in economics, finance, and law, along with policy makers and practitioners, discuss the design and implementation of a future CMU. Contributors describe the key design challenges of the CMU; specific opportunities and obstacles for reaching the CMU's goals of increasing the economic well-being of households and the profitability and viability of firms; the role that markets-from the latest fintech developments to traditional equity markets-can play in the future success of CMU; and the institutional framework needed for CMU in the aftermath of the global recession. Contributors Sumit Agarwal, Franklin Allen, Valentina Allotti, Gene Amromin, John Armour, Geert Bekaert, Itzhak Ben-David, Marcello Bianchi, Lorenzo Bini-Smaghi, Claudio Borio, Franziska Bremus, Marina Brogi, Claudia M. Buch, Giacomo Calzolari, Souphala Chomsisengphet, Luca Enriques, Douglas D. Evanoff, Ester Faia, Eilis Ferran, Jeffrey N. Gordon, Michael Haliassos, Campbell R. Harvey, Kathryn Judge, Suzanne Kalss, Valentina Lagasio, Katya Langenbucher, Christian T. Lundblad, Massimo Marchesi, Alexander Michaelides, Stefano Micossi, Emanuel Moench, Mario Nava, Giorgio Barba Navaretti, Giovanna Nicodano, Gianmarco Ottaviano, Marco Pagano, Monica Paiella, Lubos Pastor, Alain Pietrancosta, Richard Portes, Alberto Franco Pozzolo, Stephan Siegel, Wolfe-Georg Ringe, Diego Valiante

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.

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.

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.

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.