While the internal market has been at the heart of the European project from the very beginning, it has rarely been the subject of sustained and comprehensive scholarly examination in its entirety. In the face of profound legal, political and policy pressures, this timely Research Handbook reflects on the cutting-edge issues, horizontal themes and the big questions which illuminate the shape of the internal market. It places the law and policy of the internal market within the context of the financial crisis and the existential questions this has raised for future European integration. In a departure from existing literature in the field, expert contributors approach the four freedoms as a functional whole and identify horizontal and overarching themes that have emerged over the years. The Research Handbook on the Law of the EU's Internal Market addresses six overarching themes: the reach of the internal market, the relationship between economic and non-economic interests, the internal market as an economic union, uniformity versus diversity, the governance and politics of the internal market, and the internal market in the world. This perceptive Research Handbook will be fascinating reading for academics and students in EU law and European studies. It will also be an invaluable resource for practitioners, policy makers, and anyone interested in the future of the internal market in particular and European integration in general. Contributors include: C. Barnard, T. Beukers, A. Cedelle, P. Craig, M. Cremona, G. Davies, F. De Witte, M. Egan, S. Enchelmaier, V. Hatzopoulos, H. Hofmann, T. Horsley, E. Howell, P. Koutrakos, I. Maletic, M. Markakis, H. Micklitz, N. Nic Shuibhne, J. Payne, W.-H. Roth, A. Sayde, C. Sieburgh, J. Snell, J. Vella, H. Vedder, P. Wattel, S. Weatherill

This book analyzes China's new foreign investment law which came into force in January 2020. The new law implemented sweeping changes and overhauled China's foreign investment law regime of the last four decades. The foreign investment law aims to make the business environment more investor-friendly and address some of the contentious issues between US and China in the ongoing trade war. The book explains how the law enhances regulatory transparency. It also outlines the new approval process, that is the pre-establishment negative list system which has replaced the former approval system for foreign investment projects. The book also analyzes China's series of anti-sanction laws. This book will help give readers a better understanding of major changes and benefits under the new law and will be the first of its kind looking at the implications of this important law.

This book analyzes the issue of European fiscal State aid in order to provide insights into the related evolution prospects and legal problems. State aid has assumed a central position in the field of taxation, becoming the most important instrument of European legal integration, especially in the area of direct taxes. This is the result of major regulatory and interpretative development, which has altered the initial European and national balances in the face of globalization and the problems of the new economy. In this context, the scope and objectives of State aid have progressively broadened, encompassing a significant level of both positive and negative integration of European national tax systems.

This book examines good faith in non-marine insurance and takaful (Islamic insurance) contracts in Malaysia, and proposes holistic law reform of the same. The first two-thirds of the book comprise an extensive comparative legal analysis of the issues between Malaysia, Australia and the United Kingdom, with the final third dedicated to a socio-economic analysis of law reform and suggestions for law reform particularly suited to Malaysia. The book evaluates whether the duty of utmost good faith (the cornerstone of insurance and takaful contracts) is effectively regulated and, in turn, observed by insurers (and takaful operators) and insureds alike in Malaysia. The adequacy of the Insurance Act 1996 (Malaysia), the Takaful Act 1984 (Malaysia), the Financial Services Act 2013 (Malaysia) and the Islamic Financial Services Act 2013 (Malaysia) is evaluated, along with the supporting infrastructure and oversight measures introduced by the Malaysian government. In doing so, The book examines the duty of utmost good faith from both a doctrinal and a social science perspective, in order to propose suitable legal reform.

This book is, with some adjustments and additions, largely based on my PhD thesis on Property Rights in Investment Securities and the Doctrine of Speci?city, which I defended in London on 15 June 2007 with Professor Lars Gorton and Dr. Kern Alexander as examiners. The subject matter is the doctrine of speci?city and its non-conformity with the developments in the ?nancial markets. As this book shows, the requirement for speci?city in book-entry securities is closely linked to loss allocation. If we decided that the rights that the investor has against its intermediary shall be property rights (as opposed to claims), then, loss allocation is crucial. Should the intermediary become insolvent and there be ins- ?cient securities, the shortfall has to be distributed. Through segregation on des- nated accounts the level of protection for the investor can be increased. It can also be increased by a requirement that the intermediary should hold a suf?cient number of securities corresponding to its customers' securities. During the course of this work I have received valuable assistance from s- eral persons, for which I am very grateful. First of all, I am indebted to Tekn. dr. Marcus Wallenbergs Stiftelse for .. utbildning i internationellt industriellt for .. etagande and For .. etagsjuridik Nord & Co for the ?nancial support they have provided.

This work argues that current cryptocurrency regulation, particularly in the areas of enforcement and compliance, is inadequate. It proposes reflexive regulation as an alternative approach. This book provides strategies for a reflexive regulation approach to cryptocurrencies, developed through the identification of the internal self-regulatory mechanisms of the cryptocurrency system. Apportioning blame for current problems to the regulators' failure to take into account the inherent technical features of cryptocurrencies, the work promotes reflexive regulation in which the law acts at a subsystem-specific level to install, correct, and redefine democratic self-regulatory mechanisms. It provides strategies for this approach, developed through the identification of the internal self-regulatory mechanisms of the cryptocurrency system. These are identified as imbedded in the technical functionality of computer code and consensus-based distributive governance mechanisms respectively. In addition to providing a technical, historical and legal overview of cryptocurrencies, the book concludes by providing recommendations aimed at redirecting code and consensus towards achieving regulatory goals. In this way, it draws from the theory of reflexive law, in order to provide both a substantive and jurisprudential perspective on the regulation of cryptocurrencies and to illustrate how Financial Technology (Fintech) regulation can only be effective once regulators consider both the 'Fin' and the 'tech' in their regulatory approaches. The book will be of interest to researchers, academics and policy-makers working in the areas of Financial Regulation and Jurisprudence, Financial Crime, Banking Regulation, Information Systems, and Information Technology.

This book consists of the proceedings of the most recent Oxford Law Colloquium which was concerned with the global regulation of the securities market. It is particularly topical in the light of recent regulatory failures in financial markets, notably the collapse of Barings Bank. The contributors to this volume, experienced lawyers and economists from the USA and the UK, have produced essays which review and analyse recent developments and approaches to the legal and regulatory challenges.

This Research Handbook is quite timely in its broad coverage of most, if not all, main aspects of SWFs, which have become such important players in the international investment arena. Thanks to the contribution of specialists with a diverse background in law, taxation, international economics, relations and governance, this book offers a comprehensive picture of their structure, functions, governance and practices. The analysis includes the impact that SWFs have both in individual host states where they invest and as agents of development in the global economy.' - Giorgio Sacerdoti, Bocconi University, ItalyResearch into the role of sovereign investments in a time of crisis is still unsatisfactory. This timely Research Handbook investigates the juridical foundation of sovereign wealth funds and investments and extends our frontier of understanding in this important area. Current research surrounding sovereign wealth funds is focused on investment flows and trends that are grounded in economics, neglecting to consider the role of law and governance in the investigation. From a legal perspective, the Handbook narrates a 'passive' side of sovereign wealth funds and state owned companies, exploring how and to what extent the legal constraints imposed by host States act as barriers to investments. Additionally, the active side is also discussed and the influence of ethical principles, treaty re-negotiations and sovereign immunity practices on state investments considered. A comprehensive reference on a complex area of research, the Handbook will be a valuable addition to the library of scholars and students interested in investment law, central banks, international economics and governance. Contributors: G. Adinolfi, F. Bassan, M. Castelli, L. Cata Backer, A. De Luca, S. Ghahramani, K. Gordon, L. Hsu, A.Lee, F. Munari, J. Pohl, B.J. Richardson, P. Rose, F. Scacciavillani, M. Vellano, A. Viterbo, T. Weiler, E. Whitsitt

Providing a clear introduction to securities laws and how they are applied in different countries, this book compares the enaction and enforcement of securities laws in Kuwait, the UK and the USA. It explores the philosophy behind securities laws and methods of application in Kuwait, the US and UK to consider the benefits and the risks associated with trading in securities. Using case studies from each jurisdiction, the book takes a comparative approach to examining the different laws that have been enacted with a view to addressing problems that have developed on stock exchanges and in corporate governance. It details the different regulatory authorities in the different countries and the rules and laws that are used to ensure that markets continue to trade and that investors are protected, highlighting the differences in common law, civil law and Middle Eastern law approaches to securities and the bearing of these in the modern securities trade. Contributing to the general discipline of securities law and providing valuable insights into Middle Eastern law, the US and UK, this book will be of interest to students of international law, scholars, policy makers and government officials.

Since its establishment in 2011, the European Securities and Markets Authority (ESMA) has become a pivotal actor in EU financial market regulation and supervision. Its burgeoning influence extends from the rule-making process to supervisory convergence/coordination to direct supervision. Reflecting the now critical importance of ESMA to how the EU regulates and supervises financial markets, and with ESMA at an inflection point in its evolution, particularly in light of the Commission's 2017 proposals to reform ESMA and the UK's withdrawal from the EU, The Age of ESMA maps, contextualises, and examines ESMA's role and the implications for EU financial market governance.

This book provides a detailed analysis of mutual fund regulations and governance in the UK from the investor protection perspective. It comprehensively describes mutual funds by their function, social utility, and legal attributes, examining the level of protection provided to retail investors under existing regulations. Mutual funds are externally managed with fund ownership separated out from their management, which carries a potential conflict of interest between the self-interests of the fund management and each fund's investors. The book provides an in-depth analysis of this agency problem in the mutual fund industry, comparing the competing governance models in the UK and the US and the supervision of management activities. In the UK, it investigates the main governance mechanisms, including disclosure, the effectiveness of voting rights, and the role of the Financial Conduct Authority in protecting investors. It also considers the role of prudential regulations in protecting mutual fund investors, with a particular focus on risk management and mutual fund liquidity crisis. The book further investigates the impact of the withdrawal of the UK from the European Union (Brexit) on the industry and what this means for the future of the undertakings for collective investment in transferable securities (UCITS) in the UK. The concept of mutual funds is still not clearly understood, so this book will clearly define the different legal and practical aspects of mutual funds. It will be the first substantial study of mutual fund governance mechanisms under the existing mutual fund laws and regulations in the UK.

The European experience suggests that the efforts made to achieve an efficient trade-off between monetary policy and prudential supervision ultimately failed. The severity of the global crisis have pushed central banks to explore innovative tools-within or beyond their statutory constraints-capable of restoring the smooth functioning of the financial cycle, including setting macroprudential policy instruments in the regulatory toolkit. But macroprudential and monetary policies, by sharing multiple transmission channels, may interact-and conflict-with each other. Such conflicts may represent not only an economic challenge in the pursuit of price and financial stability, but also a legal uncertainty characterizing the regulatory developments of the EU macroprudential and monetary frameworks. In analyzing the "legal interaction" between the two frameworks in the EU, this book seeks to provide evidence of the inconsistencies associated with the structural separation of macroprudential and monetary frameworks, shedding light upon the legal instruments that could reconcile any potential policy inconsistency.

The contributions in this book cover a wide range of topics within modern disputeresolution, which can be summarised as follows: harmonisation, enforcement andalternative dispute resolution. In particular, it looks into the impact of harmonisedEU law on national rules of civil procedure and addresses the lack of harmonisationin the US regarding the recognition and enforcement of foreign judgments. Furthermore,the law on enforcement is examined, not only by focusing on US law, but also onhow to attach assets in order to enforce a judgment. Finally, it addresses certain typesof alternative dispute resolution. In addition, the book looks into the systems andcultures of dispute resolution in several regions of the world, such as the EU, the US andChina, that have a high impact on globalisation. Hence, the book is diverse in the senseof dealing with multiple issues in the field of modern dispute resolution. The book offers explorations of the impact of international rules and EU law on domesticcivil procedure, through case studies from, among others, the US, China, Belgium andthe Netherlands. The relevance of EU law for the national debate and its impact on theregulation of civil procedure is also considered. Furthermore, several contributions discussthe necessity and possibility of harmonisation in the emergency arbitrator mechanisms inthe EU. The harmonisation of private international law rules within the EU, particularlythose of a procedural nature, is juxtaposed to the lack thereof in the US. Also, the bookoffers an overview of the current dispute settlement mechanisms in China. The publication is primarily meant for legal academics in private international law andcivil procedure. It will also prove useful to practitioners regularly engaged in cross-borderdispute resolution and will be of added value to advanced students, as well as to those withan interest in international litigation and more generally in the area of dispute resolution. Vesna Lazic is Senior Researcher at the T.M.C. Asser Institute, Associate Professor ofPrivate Law at Utrecht University and Professor of European Civil Procedure at theUniversity of Rijeka. Steven Stuij is an expert in Private International Law and a PhD Candidate/GuestResearcher at the Erasmus School of Law, Rotterdam. Ton Jongbloed is Guest Editor on this volume.

This book explores the pressing topic of dark trading. Following new EU legislation regulating financial markets (MiFID II and MiFIR), it traces the development of off-market securities trading ("dark trading"), analyzes economic studies of this development, and positions the resulting regulatory framework of the EU over against that of the US. The study closes with proposals for reform that provide new impetus for further academic discussion.

This book analyses the ongoing reform of the European economic union in the light of the new objective of 'stability of the euro area as a whole' in Article 136(3) TFEU. On the basis of the relevant legal sources, it qualifies this objective as the obligation to preserve the existence of the monetary union, the establishment of which was an EU goal laid down in Article 3(4) TEU. While to date the objective has been achieved through fiscal and macroeconomic consolidation in the member states and the activation of stabilisation mechanisms in cases of emergency, the book argues that full stability requires a better system of economic governance, either through a process of partial fiscal centralisation or the return to a more efficient and sustainable market discipline of public finances. It also analyses the concrete legal challenges these raise, including compliance with the conferral principle, the longstanding democratic deficit of the governance and the balance between financial solidarity and fiscal responsibility.

Virtual currencies, particularly crypt-currencies, have been identified as potential money laundering and terrorism financing instruments due to their ability to transfer money anonymously and instantaneously over the globe. Governments and regulators have also recognized the need to more closely monitor and track virtual currency purchases and accounts to avoid the industry being exploited for money laundering or terrorism financing purposes, as explained in this book. The broad overview of various international legal approaches attempting to address this issue would be a great resource for legal and anti-money laundering or counter terrorism financing graduate students, scholars and practitioners interested in virtual currencies research.' - Raymond Choo, University of South Australia'This book is a comprehensive, highly detailed review of cybercrime and the issues raised by gambling in virtual environments. It makes an excellent contribution to the evolving discussion about the risks and controls relating to these activities. I would highly recommend it to anyone interested in financial crime and virtual environments from an international perspective.' - Liz Falconer, University of the West of England, UK In this unique book, the authors examine the relationship between real world legislation and new advancements in technology, showing how this can lead to loopholes in legislative protection. They draw on empirical research to highlight the jurisprudential issues relating to economic internet crime and digital currencies. Advancements in technology have seen gambling behavior transverse a new path. The law has not kept pace with such advances, leaving grey areas of concern undiscussed and unregulated.The authors provide a critical discussion on laws relating to gambling in virtual worlds, commenting that terms such as 'virtual' or fantasy are unhelpful in promoting effective legislation. The discussion reveals how virtual world gambling can lead on to other criminal acts within virtual worlds, and specifically examines the notion of cybercrime, economic internet crime and the problems associated with digital currencies. The book concludes by presenting the case for joined up national and international legislation to tackle virtual world crimes effectively. This distinctive study will appeal to researchers and advanced students with an interest in cybercrime, economic internet crime and virtual economies. Practitioners, policy-makers and law enforcement officers will find this book informative in promoting suitable legislation to encompass new technologies in economic crime. Contents: 1. Introduction to Virtual Worlds and Gambling 2. Cybercrime Critical Literature Review 3. Global and Virtual Gambling Legislation 4. International Measures Regulating Online Gambling 5. Global Regulation on Financial Crime 6. Digital Currencies and Financial Crime Conclusion and Recommendations Index

Currency fluctuation, currency wars and even potential currency collapse (the Euro, the Bitcoin) are all risks that commercial parties must consider and guard against. This book gathers together in one volume all the information and advice practitioners are likely to need when advising on, advancing or defending claims involving a foreign currency element. The determination of the proper currency (or currencies) of a claim often has a dramatic effect on the level of a court judgment or arbitration award that is ultimately obtained. It is, therefore, vital for practitioners to accurately assess claims which involve a foreign currency element. The authors guide the reader through the legal principles governing how foreign currency claims are treated in English law. The book covers both the treatment of foreign currency in substantive law as well as such procedural matters as how to claim interest correctly on a foreign currency claim and how to plead, prove or disprove the applicability of a particular currency. This book is an invaluable and essential resource for all lawyers involved in international commerce, but will be of particular interest to those engaged in international finance, commodity transactions, international shipping and transport, and the insurance of assets and liabilities abroad. "Those who practise in this country need guidance in navigating the tricky waters that The Despina R unleashed. This excellent book provides that guidance." The authors "have been uniquely well placed to meet the challenge of analysing what is a perplexing body of jurisprudence, and to suggest principled answers to currency issues that have not yet been the subject of judicial decision. They consider not merely claims in contract and tort, but every type of claim that might raise an issue in relation to a foreign currency." The Rt Hon. The Lord Phillips of Worth Matravers, KG, PC, President of the Supreme Court of the United Kingdom, 2009-2012

Business Negotiations and the Law: The Protection of Weak Professional Parties in Standard Form Contracting aims to explore the issues surrounding contract negotiations between entrepreneurs and other professionals when one of the parties does not have the same level of bargaining power as the other. The need to protect weaker parties from unfair contract terms exists not only in relationships between businesses and consumers, but in business to business contracts also. This book focuses on the problem of small enterprises, independent contractors and other professional weak parties and examines these from a European point of view. There are significant differences between Member States as to decisions regarding regulatory context on the protection of weaker professional parties in asymmetrical contractual situations. However, European businesses are overwhelmingly smaller in size, so protecting weaker parties becomes key in facilitating successful and efficient negotiations. The book provides a critical and comparative overview of the area and recent regulatory developments, both to clarify the direction that European legislation is heading, and to explore the tools needed to assure the effectiveness of the common market. This text will be of interest to policy makers, researchers of European legislation, and students of commercial and business law.

Accountants play an increasingly important and diverse role in society today. Traditionally, in the UK, accountants are the first port of call for businessmen seeking any form of professional advice or assistance. They undertake a wide range of functions which stretch far beyond their traditional roles of preparing accounts, financial reporting, auditing, and tax planning. Today, accountants also offer management consultancy, give corporate finance advice, provide company secretarial services, undertake financial management, give personal finance advice, advise on computer software, and act as trustees in bankruptcy, liquidators, administrative receivers, and administrators. This major work provides UK legal practitioners and accountants with clear and practical guidance from non-contentious but vital governance issues, to the complex issues pertaining to professional negligence. The book's 6 checklists and 32 precedents guide the reader through the key topics: partnership creation, cl

This international collection studies how the financial crisis of 2007 and the ensuing economic and political crises in Europe and North America have triggered a process of change in the field of economics, law and politics. Contributors to this book argue that both elites and citizens have had to rethink the nature of the market, the role of the state as a market regulator and as a provider of welfare, the role of political parties in representing society's main political and social cleavages, the role of civil society in voicing the concerns of citizens, and the role of the citizen as the ultimate source of power in a democracy but also as a fundamentally powerless subject in a global economy. The book studies the actors, the areas and the processes that have carried forward the change and proposes the notion of 'incomplete paradigm shift' to analyse this change. Its authors explore the multiple dimensions of paradigm shifts and their differentiated evolution, arguing that today we witness an incomplete paradigm shift of financial regulations, economic models and welfare systems, but a stillbirth of a new political and economic paradigm.

National debts incurred by illegitimate regimes against the best interests of the citizens is a serious problem of international economics and politics. These sovereign debts, often referred to as odious debts, deplete the public purse and create an ongoing financial liability that serves to constrain investment and economic growth, and conspires to keep millions in poverty. This important and timely book explains the legal principles and politics involved in the issue of odious debts, and sovereign debt arrangements more generally. The author goes beyond abstract arguments and proposes legal rules and international regulation that should be put in place to create the right incentives to stop the transmission of odious debts. Her proposal is for a registration scheme for sovereign debt, and the imposition of positive duties on financiers who provide loans to sovereign borrowers. Sovereign Finance and the Poverty of Nations will appeal to students, academics, debt activists, policymakers, international finance practitioners and anyone with a general interest in sovereign finance affairs.

This book provides a thorough legal analysis of sovereign indebtedness, examining four typologies of sovereign debt bilateral debt, multilateral debt, syndicated debt and bonded debt in relation to three crucial contexts: genesis, restructuring and litigation. Its treatise-style approach makes it possible to capture in a systematic manner a phenomenon characterized by high complexity and unclear boundaries. Though the analysis is mainly conducted on the basis of international law, the breadth of this topical subject has made it necessary to include other sources, such as private international law, domestic law and financial practice; moreover, references are made to international financial relations and international financial history so as to provide a more complete understanding. Although it follows the structure of a continental "tractatus, "the work strikes a balance between consideration of doctrinal and jurisprudential sources, making it a valuable reference work for scholars and practitioners alike."

This book critically analyses the role of the United Arab Emirates Financial Intelligence Unit (FIU) in the Suspicious Activities Reports regime. The author pays particular attention to its functions and powers in dealing with Suspicious Activities Reports and relevant requirements imposed upon the reporting entities. In the analysis, the author also compares the United Arab Emirates FIU model to the United Kingdom FIU model. In addition, the book investigates whether the current United Arab Emirates FIU model complies with the relevant international recommendations developed by the Financial Action Task Force in relation to the establishment of the unit, as well as its powers and functions. This book suggests that more can be done to improve the current functions and powers of the United Arab Emirates FIU in an international context. Furthermore, the author suggests that the functions and powers of the United FIU model both comply with the international requirements and beneficially extend beyond their directives.

Banks are entering a new environment. Regulation and supervision are becoming tougher, so that banks will be less likely to fail. If a bank does fail, bail-in rather than bail-out will be the new resolution regime, so that investors, not taxpayers, bear loss. Safe to Fail sums up the challenges that banks will face and how they can meet them.