China is engaged in a major evolutionary economic change. Foreign direct investment (FDI) participation has been and will continue to be the driving force behind this change well into the next century. This book presents to Western business and legal communities a comprehensive picture of the prevailing Chinese foreign investment climate. More important, it provides keen insight into the ways China must move to improve its laws and policies.

***SHORTLISTED FOR FT & MCKINSEY BUSINESS BOOK OF THE YEAR 2020*** FT Best books of 2020: Business 'In a world on fire, status quo is not a great option. Henderson rightfully argues for the refoundation of capitalism and offers thought-provoking ideas on what needs to be done to address some of the world's greatest challenges.' Hubert Joly, former chairman and CEO, BestBuy ________________ What if business could help solve the greatest problems of our time? Free market capitalism is one of humanity's greatest inventions, and the greatest source of prosperity the world has ever seen. But it's also on the verge of destroying the planet and destabilizing society in its single-minded pursuit of maximizing shareholder value. Rebecca Henderson, McArthur University Professor at Harvard University, argues for a new framework; one that can simultaneously make a positive societal impact by confronting the realities of the environment and the need to address social and economic inequality, while also delivering sustained financial performance to ensure economic growth that brings prosperity and wellbeing to society as a whole. Drawing on the lessons of companies from around the world who are acting on this responsibility - who are not only surviving but are thriving, becoming leaders in their industries and beginning to drive the wheels of change - Professor Henderson proves that this is not only a moral imperative for business but also the only way to remain competitive in our changing world. ________________ 'You need to read Rebecca Henderson's Reimagining Capitalism in a World on Fire. This is a book for the realist with a heart.' Arthur C. Brooks, president emeritus, American Enterprise Institute; senior fellow, Harvard Business School; and author of Love Your Enemies 'Reimagining Capitalism in a World on Fire is a breath of fresh air. Written in lively prose, easily accessible to lay readers, and chock-full of interesting case studies, Henderson comprehensively surveys what we need to do to secure a workable future.' Larry Kramer, president, Hewlett Foundation

Information about Islamic finance in European countries is usually provided by professional-style reports, offering practical data on implementation of standardized products. However, precise developments about material legal provisions applicable to contracts and their actual legal regime are not often detailed. In order to fill this gap, 15 researchers from across Europe contributed to this project. They describe the state of actual Islamic finance in 10 European countries, as well as applicable EU law. By combining legal analysis with statistical description of existing practices and social demand, this book provides an exhaustive account of the current potential of Islamic finance in Europe.

Michael Collins was a pivotal figure in the Irish struggle for independence and his legacy has resonated ever since. Whilst Collins' role as a guerrilla leader and intelligence operative is well documented, his actions as the clandestine Irish government Minister of Finance have been less studied. The book analyses how funds were raised and transferred in order that the IRA could initiate and sustain the military struggle, and lay the financial foundations of an Irish state. Nicholas Ridley examines the legacy of these actions by comparing Collins' modus operandi for raising and transferring clandestine funds to those of more modern groups engaged in political violence, as well as the laying of foundations for Irish financial and fiscal regulation.

This book contains, in a brief form, author's views a to the conduct of the principal strategical and tactical operations of war, and will be found to be a short and convenient introduction to a deeper study of the rules which should underlie the direction of the ever-varying incidents of modern fighting.

Fiscal reforms have been an integral and essential component of the structural adjustment programmes implemented in the least developed countries (LDCs) since the 1980s. The need for fiscal reform in the LDCs was motivated by the accumulation of unsustainable fiscal deficits, constraints on the availability of external finance, the adverse impact of distortionary tax systems on economic efficiency and deficiencies in public administration. Fiscal reform in the LDCs encompassed deficit reduction, the restructuring of the tax system, and the reform of public administration and public expenditures.The empirical research in this volume provides an analysis of the experience of the fiscal reforms carried out since the early 1980s in four different LDCs - Bangladesh, The Gambia, Malawi and the United Republic of Tanzania. The case studies examine the nature and budgetary impact of the fiscal reforms in these countries, assess the extent to which reforms have achieved their objectives and discuss the major obstacles to the success of fiscal reform. The empirical studies are supplemented by a chapter outlining the contribution which economic theory can make to the design of optimal tax and expenditure systems in developing countries and to the implementation of fiscal reforms. An overview chapter, which also serves as an introduction to the volume, discusses the reasons why LDCs have embarked on fiscal reforms, summarizes the salient findings of the country case studies and assesses the lessons which can be learnt from these empirical studies.

A newly admitted lawyer needs sufficient knowledge and skill to maintain trust and office accounts in accordance with the law and good practice. With much space dedicated to practice transactions and specimen accounts, there is plenty of opportunity for readers to become familiar with the major areas of the trust account, controlled money and office records. This new edition explains important changes brought about the 2004 Legal Profession Act and the 2005 Legal Profession Regulation. Written for practitioners and students of degree or diploma courses in law and practical legal training, this text will quash all qualms about book-keeping.

Financial Regulation presents an important restatement of the purposes and objectives of financial regulation. The authors provide details and data on the scale, nature and costs of regulatory problems around the world, and look at what sort of countries and sectors require special attention and policies. Key topics covered include: * the need to recast the form of regulation * incentive structures for financial regulation * proportionality * new techniques for risk management * regulation in emerging countries * crisis management * prospects for financial regulation in the future.

This book offers a simplified and straightforward introduction to the basics of Nigerian taxation. While discussing various laws, practices and procedures, it also addresses the latest amendments to Nigerian tax laws. The book begins by discussing the central issue of Islamic taxation and its legality under Nigerian law. Divided into four main sections, the book was designed for simplicity, and uses language that is accessible for all tax stakeholders.

A heavily debated topic, the evolution of shareholders' duties risks the transformation of the very concept of shareholder primacy, crucially associated with shareholder rights. Offering a distinctive and comprehensive examination of both current and forthcoming enforcement mechanisms in the area of shareholder duties, this timely book provides an exhaustive analysis of the many issues related to these mechanisms, and considers the ongoing challenges surrounding their implementation. Enforcing Shareholders' Duties is unique in critically challenging the revised Shareholder Rights Directive as well as other legal provisions. Adopting a holistic view of the possible enforcement issues shareholders may face in company law, it argues for a measured approach in the design of such enforcement mechanisms and for a careful consideration of the effects of a legal interventionist approach. Astute and engaging chapters provide arguments and recommendations for future regulatory initiatives aimed at ensuring shareholders will remain incentivised to invest in companies, whilst still assuming their responsibilities. Students and researchers with an interest in financial and corporate law, particularly from a policy and governance angle, will find this book an important resource. Its focus on the emerging agenda surrounding the enforcement of shareholders' duties ensure it is also highly relevant for legislators, policymakers, and practitioners. Contributors include: A. Anand, H.S. Birkmose, J. Borg-Barthet, I.H.-Y. Chiu, M. Gargantini, E. Howell, C. Malberti, M. Neville, J. Payne, C. Puska

Michael Collins was a pivotal figure in the Irish struggle for independence and his legacy has resonated ever since. Whilst Collins' role as a guerrilla leader and intelligence operative is well documented, his actions as the clandestine Irish government Minister of Finance have been less studied. The book analyses how funds were raised and transferred in order that the IRA could initiate and sustain the military struggle, and lay the financial foundations of an Irish state. Nicholas Ridley examines the legacy of these actions by comparing Collins' modus operandi for raising and transferring clandestine funds to those of more modern groups engaged in political violence, as well as the laying of foundations for Irish financial and fiscal regulation.

Following the recent global financial crisis there is a growing interest in alternative finance - and microfinance in particular - as new instruments for providing financial services in a socially responsible way or as an alternative to traditional banking. Nonetheless, correspondingly there is also a lack of clarity about how to regulate alternative financial methods particularly in light of the financial crisis' lessons on regulatory failure and shadow banking's risks. This book considers microfinance from a legal and regulatory perspective. Microfinance is the provision of a wide range of financial services, particularly credit but also remittances, savings, to low-income people or financially excluded people. It combines a business structure with social inspiration, often resorts to technological innovations to lower costs (Fintech: e.g. crowdfunding and mobile banking) and merges with traditional local experiences (e.g. financial cooperatives and Islamic finance), this further complicating the regulatory picture. The book describes some of the unique dimensions of microfinance and the difficulties that this can cause for regulators, through a comparative analysis of selected European Union (EU) countries' regimes. The focus is in fact on the EU legal framework, with some references to certain developing world experiences where relevant. The book assesses the impact and validity of current financial regulation principles and rules, in light of the most recent developments and trends in financial regulation in the wake of the financial crisis and compares microfinance with traditional banking. The book puts forward policy recommendations for regulators and policy makers to help address the challenges and opportunities offered by microfinance.

State pensions are the largest item in the UK social security budget, costing GBP96.7 billion in 2017/18. In the same year, 45.6 million people were members of UK occupational pension schemes (out of a total population of 66.4 million) and the total amount saved into workplace schemes in 2018 was GBP90.4 billion. A consequence of the pensions sector's large size has been that pensions law and social security law have become increasingly specialised areas of practice. Yet despite their social and economic importance and the fascinating legal issues they generate, pensions have not been the subject of sustained academic attention. This book starts to fill this gap by initiating a dialogue between practitioners and scholars working on pensions law and policy, groups who have much to learn from one another.

First Published in 1991. Routledge is an imprint of Taylor & Francis, an informa company.

This book comprises contributions relating to the Insolvency Regulation Recast,which recently entered into force. The authors analyse the changes introduced andgive their views on the improvements that are thereby achieved. In other words, theyassess to what extent the amendments have mitigated the disadvantages of the previousInsolvency Regulation. Three of the chapters concentrate on the issues pertaining to jurisdiction, such asthe problem of forum shopping by re-locating the debtor's centre of main interests.Furthermore, the extent to which the parties have the freedom to contract withinthe framework of the Insolvency Regulation Recast is discussed. Also, the relevanceand consequences of recent developments in corporate law for the current crossborderinsolvency framework, as well as the jurisdictional issues concerning approvalrequirements are amongst the matters addressed. Aside from the jurisdictional matters,the question of the law applicable to so-called 'avoidance actions' is analysed and crossbordercooperation between national authorities in the field of insolvency is touchedupon. To conclude, this book covers a range of specific and intriguing topics broughtup by the Insolvency Regulations Recast. This third volume in the Short Studies in Private International Law Series is primarilyaimed at legal academics dealing with cross-border insolvency, but it will also proveuseful to insolvency judges and practitioners, as well as those specialised in financialand fiscal law. Finally, advanced students as well as those with a general interest ininsolvency law will also find it of added value. Vesna Lazic is Senior Researcher at the T.M.C. Asser Institute and Associate Professorof Private Law at Utrecht University in The Netherlands. Steven Stuij is an expert inprivate international law and PhD Candidate at the Erasmus School of Law, Rotterdam.

In the UK today the form and content of accounts published by limited companies are closely regulated. In the 19th century the position was different: the popular view was that such matters were for private negotiation between owners and management. Nevertheless, there was a great deal of discussion of the need for regulations, which were actually imposed in a number of areas. This book provides readers with the essence of the many debates that took place, the conclusions reached and the action taken to regulate company accounts.

This book evaluates key commercial law aspects of the relevant law and legislation governing residential mortgage-backed securities (RMBSs) in Australia from a legal perspective. Within the context of a "public benefit test" framework, the book seeks to critically evaluate the impact and effectiveness of current law and regulation governing RMBSs. There is a dearth of both academic and practical literature on the legal and regulatory issues surrounding RMBSs in Australia. The book aims to make a contribution to the formulation of law and public policy by suggesting a number of reforms to the current law and practice surrounding RMBSs in Australia. In part, these suggested reforms will be based on the lessons learned from the experiences of overseas jurisdictions such as Canada, the U.K, and the United States.

The phenomenon of 'agencification' describes the EU legislator's increasing establishment of European agencies to fulfil tasks in a variety of EU policies. The creation of these decentralised administrative entities raises a number of questions; for example, on the limits to such delegation of powers, on the agencies' institutional development and possible classification, and on the role of comitology committees as an institutional alternative. This book examines the EU's 'agencification' with regard to these questions, on the basis of and with reference to which the focus is laid on the European agencies operating in the field of financial market risk governance. This analysis not only encompasses the three European Financial Market Supervisory Authorities (the ESAs), but also takes into account the institutional change brought about by the Banking Union, more specifically the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). While the SRM sets in place a new European agency, the Single Resolution Board (SRB), the SSM establishes and empowers a new body within the organisation of the European Central Bank (ECB), the Supervisory Board. By exploring the organisation, the tasks and the powers of these actors in financial market regulation and supervision, the book points at the current peak of the institutional development of European agencies and assesses organisation and unprecedented powers with a view to their compliance with EU law, in particular the Treaties and the respective case law of the European courts. As an evaluation of various aspects of the progressing centralisation of regulatory power on the EU level, which is exercised by an increasingly decentralised administrative apparatus, this book will be of great interest and use to students and scholars of EU law, financial law and regulation, and European politics.

Financial markets have become acknowledged as a source of crisis, and discussion of them has shifted from economics, through legal and regulatory studies, to politics. Events from 2008 onwards raise important, cross-disciplinary questions: must financial markets drive states into political and existential crisis, must public finances take over private losses, must citizens endure austerity? This book argues that there is an alternative. If the financial system were less 'connected', contagion within the market would be reduced and crises would become more localised and intermittent, less global and pervasive. The question then becomes how to reduce connectedness within financial markets. This book argues that the democratic direction of financial market policies can deliver this. Politicising financial market policies - taking discussion of these issues out of the sphere of the 'technical' and putting it into the same democratically contested space as, for example, health and welfare policies - would encourage differing policies to emerge in different countries. Diversity of regulatory regimes would result in some business models being attracted to some jurisdictions, others to others. The resulting heterogeneity, when viewed from a global perspective, would be a reversal of recent and current tendencies towards one single/global 'level playing field', within which all financial firms and sectors have become closely connected and across which contagion inevitably reigns. No doubt the democratisation of financial market policy would be opposed by big firms - their interests being served by regulatory convergence - and considered macabre by some financial regulators and central bankers, who are coalescing into an elite community. However, everyone else, Nicholas Dorn argues here, would be better off in a financial world characterised by greater diversity.

This book contains edited versions of thirty British legal cases involving accounting issues decided from 1849-1888. These cases are a valuable source of information about the development of accounting principles and practices in nineteenth-century Great Britain. The thirty cases show that the court decisions involved a rich variety of accounting issues. In some cases courts upset private contractual stipulations regarding accounting and dividend matters. In others, management was held to have used incorrect principles in computing profits. Whether or not a contract or management decision was upset, the courts often discussed at some length the principles that management should apply in the preparation of balance sheets or income statements. It is therefore obvious that in resolving issues of equity among participants in British companies, the courts were applying normative accounting principles.

This book contains 53 nineteenth century American legal cases in which courts discussed accounting issues. Some are well known: Wood v. Drummer (1824) was the foundation for the idea that capital could not be returned to shareholders and it was this restriction which made it necessary to distinguish between income and capital. The famous case of 1849, Burnes v Pennell is often cited as the source of the rule that dividends cannot be paid except from profits. However, many of the cases covered in this book are not well-known. It is often assumed that few American legal cases on accounting matters were decided in the nineteenth century. However, many of the 53 cases included here preceded the earliest British legal cases that discussed accounting issues and they are interesting for several reasons. They show that government regulation of accounting pre-dated the modern regulatory ear. They also illustration that sometimes private contracts specified a particular accounting treatment and that accounting, therefore, served to define private rights. They also illustrate that American courts discussed accrual accounting problems as early as 1837 and that a cash concept of profits was not the norm.

Standardization and harmonization of accounting practices is a fundamental element of a global business environment. Achieving this is a complex process that involves technical and political negotiation. The International Accounting Standards Committee (IASC) was the organization that pioneered this process on a world-wide basis.
The IASC prepared the way for the International Accounting Standards Board (IASB) and its International Financial Reporting Standards, which since 2005 have held the dominant influence over the financial reporting of thousands of listed companies in the European Union, as well as in many other countries.
The forces and influences that shaped the formation of the IASB were intimately connected with the historical organization and operation of its predecessor, the IASC, and so to understand the standards enforced in financial reporting today, a historical understanding of the IASC is required. Financial Reporting and Global Capital Markets does just this. It examines the history of the IASC from 1973 to 2000, including its foundation, operation, changing membership and leadership, achievements and setbacks, the development of its standards, and its restructuring leading up to the creation of the IASB in 2001.
The book also studies the impact of the IASC's standards on national standard setting and on accounting practice in developed and developing countries, as well as the impact on the IASC of the policies and positions of the UN, the OECD, the US Securities and Exchange Commission, the International Organization of Securities Commissions, and the European Commission. It will be of vital interest to all concerned with accounting developments in aglobal environment, be they academics, policy-makers, or professionals.

First Published in 2014. Routledge is an imprint of Taylor & Francis, an informa company.