Managing Risk in the Financial System makes important and timely contributions to our knowledge and understanding of banking law, financial institution restructuring and related considerations, through the production of an innovative, international and interdisciplinary set of contributions which link law and policy issues surrounding systemic risk and crisis management. The recent financial crisis has exposed both the banking industry and financial system safety net players in many countries to a considerable level of distress as well as economic and reputational damage. These circumstances have heightened the need for policy makers to consider remedial measures under a broad umbrella that encompass inter alia prompt corrective actions, early closure of distressed entities, deposit insurance, bail-outs, state-aid, bank resolution and restructuring techniques. These essays provide an important contribution to research in this area, at a crucial time in the debate around the future financial industry. This unique and detailed volume should be of considerable interest to students of law, economics and finance, law practitioners and policy makers in central banks and ministries of finance. Law, business and finance faculties will benefit from having this book in their collections, as will deposit protection agencies and regulatory agencies. Contributors include: J.-H. Binder, R.R. Bliss, L.C. Buchheit, C. Enoch, G.G.H. Garcia, D.F. Gray, M. Gulati, G. Gunnarsson, K. Hj Arshad, A.A. Jobst, A. Kabiri, G.G. Kaufman, I. Kokkoris, J.R. LaBrosse, R.M. Lastra, D. Mayes, J.F. McCollum, J.F. McEldowney, I. Moosa, M.J. Nieto, G. Ogunleye, K. Papadakis, R. Olivares-Caminal, Y. Redjah, R. Rosen, J. Roy, J.P. Sabourin, S. Schich, J. Selody, A. Sighvatsson, D. Singh, J. Snape, R. Turk-Ariss, G.A. Walker, L.D. Wall, A.E. Wilmarth Jr., G. Wood

This dissertation attempts to compare direct debit transactions in Germany and Romania as well as Europe from the perspective of civil law. Based on this legal comparison and a consideration of European primary law, it evaluates developments at the EU level as they have been shaped by the SEPA Directive.

Harnessing Foreign Investment to Promote Environmental Protection investigates the main challenges facing the implementation of environmental protection and the synergies between foreign investment and environmental protection. Adopting legal, economic and political perspectives, the contributing authors analyse the various incentives which encourage foreign investment into pro-environment projects (such as funds, project-finance, market mechanisms, payments-for-ecosystem services and insurance) and the safeguards against its potentially harmful effects (investment regulation, CSR and accountability mechanisms, contracts and codes of conduct).

The Fund Reporting Cloud (R) has made tax reporting less complex, but comparing the effective tax treatment of investment funds and their investors in an international environment is still an ambitious task. Against this background, this study examines the tax consequences at fund, asset, and investor level. In geographical terms our comparison covers eleven European countries, the USA, and Japan. Our analysis of the relevant tax provisions, which is of a primarily qualitative nature, is complemented by a quantitative comparison of the tax burden for a model investor investing assets nationally in the form of a collective investment. It will be of interest both for investors seeking tax advantages and for governments to check whether there is a need for tax reforms. It also ties in perfectly with the current evaluations at OECD level in the context of TRACE.

This is the nation's first and oldest casebook on securities regulation. This edition has been streamlined for easier use, but it continues to provide instructors and students with the full range of tools for the in-depth study of securities regulation. It has been revised and updated to take into account the following: Initial coin offerings and sales of other crypto-assets Changes in the primary and secondary capital markets, including high frequency trading Certain amendments to the public disclosure requirements Amendments to the limited offering exemptions The ongoing debate around elements of Rule 10b-5 Regulation Best Interest Recent Supreme Court cases, including their implications for certain civil litigation and the SEC's continued reliance on administrative proceedings

The EU and the US responded to the global financial crisis by changing the rules for the functioning of financial services and markets and by establishing new oversight bodies. With the US Dodd-Frank Act and numerous EU regulations and directives now in place, this book provides a timely and thoughtful explanation of the key elements of the new regimes in both regions, of the political processes which shaped their content and of their practical impact. Insights from areas such as economics, political science and financial history elucidate the significance of the reforms. Australia's resilience during the financial crisis, which contrasted sharply with the severe problems that were experienced in the EU and the US, is also examined. The comparison between the performances of these major economies in a period of such extreme stress tells us much about the complex regulatory and economic ecosystems of which financial markets are a part.

Italian Banking and Financial Law provides a thorough overview of the banking sector in Italy, offering historical perspectives, insight into current developments and suggestions for future evolution.

This book was first published in 2009. Clearing forms the core part of a smooth and efficiently functioning financial market infrastructure. Traditionally, it has been provided by clearing houses, most of which today act as a 'central counterparty' (CCP) between the two sides of a trade. The rapid growth of cross-border trading has sparked discussion on the most efficient industry structure - particularly in Europe and the US. At the heart of this discussion lies the question of whether the implementation of a single clearing house creates greater benefits than a more competitive but interlinked market structure. This is the starting point for this book, which analyses the efficiency of clearing and clearing industry structure. Along with clear-cut definitions and a concise characterisation and descriptive analysis of the clearing industry, the book determines the efficiency impact of various cross-border integration and harmonisation initiatives between CCPs. This serves to identify the most preferable future structure for the clearing industry.

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

Non-State Regulatory Regimes explores how the concept of regulation continues to evolve. The focus is placed on those forms of regulation that are different from state regulation or present alternatives to state regulation. Departing from an analysis of the goals and policies of the traditional regulatory state, the emergence of 'regulation by other means' is examined. The approach is interdisciplinary encompassing various perspectives be they legal, political, international relations-based, economic, or sociological. The task of comprehending non-state regulation is a daunting one. To date, a number of essays already exist, which concentrate on specific aspects of the issue. In comparison to these essays, this study is innovative in that it applies a holistic view. Linking public policy approaches to regulation, it draws a theoretical path to understanding the emergence and persistence of non-state jurisdictional assertions and regulatory regimes.

1. 1 Investments, Generic Contracts, Payments According to Volume I, contracts are one of the five generic legal tools used to manage cash flow, risk, agency relationships, and information. Many investments are therefore based on one or more contracts. Obviously, the firm should draft good contracts. Good drafting can ensure the same intended cash flow with reduced risk. Bad drafting can increase risk. This volume attempts to deconstruct contracts used by non-financial firms and analyse them from a cash flow, risk, agency, and information perspective. The starting point is a generic contract, i. e. a contract which does not belong to any particular contract type (Chapters 2-7). This volume will also focus on payment obligations. Payment obligations are characteristic of all financial instruments, and they can range from simple payment obligations in minor sales contracts and traditional lending contracts (Chapters 8- 11). 1. 2 Particular Contract Types A number of particular contract types have been discussed in the other volumes of this book. (1) A certain party's investment contract can be another party's fu- ing contract. Particular investment contracts will therefore be discussed in Volume III in the context of funding. (2) Many contracts are necessary in the context of business acquisitions discussed in Volume III. (3) Multi-party contracts are c- mon in corporate finance. The firm's contracts with two or more parties range from syndicated loans to central counterparties' contracts. Such contracts will be discussed both in Chapter 12 and Volume III.

1.1 Cash Flow, Risk, Agency, Information, Investments The first volume dealt with the management of: cash flow (and the exchange of goods and services); risk; agency relationships; and information. The firm m- ages these aspects by legal tools and practices in the context of all commercial transactions. The second volume discussed investments. As voluntary contracts belong to the most important legal tools available to the firm, the second volume provided an - troduction to the general legal aspects of generic investment contracts and p- ment obligations. This volume discusses funding transactions, exit, and a particular category of decisions raising existential questions (business acquisitions). Transactions which can be regarded as funding transactions from the perspective of a firm raising the funding can be regarded as investment transactions from the perspective of an - vestor that provides the funding. Although the perspective chosen in this volume is that of a firm raising funding, this volume will simultaneously provide infor- tion about the legal aspects of many investment transactions. 1.2 Funding, Exit, Acquisitions Funding transactions are obviously an important way to manage cash flow. All - vestments will have to be funded in some way or another. The firm's funding mix will also influence risk in many ways. Funding. The most important way to raise funding is through retained profits and by using existing assets more efficiently. The firm can also borrow money from a bank, or issue debt, equity, or mezzanine securities to a small group of - vestors.

Diese Arbeit setzt sich mit der Bilanzierung von Finanzinstrumenten, insb. von Credit Default Swaps in der Bankbilanz, auseinander und greift die Entwicklungen durch das Bilanzrechtsmodernisierungsgesetz (BilMoG) sowie die Reformansatze der International Financial Reporting Standards (IFRS) auf. Dabei werden diese Bilanzregime vor dem Corporate Governance-Hintergrund divergierender Informationsnutzen von Bilanzadressaten verglichen."

In recent years the field of finance has exploded with innovation. New products, services and techniques abound. The risks of inflation, the volatility of interest rates, the deregulation of financial intermediaries and the unbundling of financial services have combined to present investment managers with challenges and opportunities far greater than in the past. For trustees and managers of pension, trust, endowment, and similar funds, the task of meeting the challenges and exploiting the opportunities is much more difficult. These fiduciaries must measure their investment decisions against constrained interpretations of a legal standard--the prudent man rule--that have caused it to lag far behind changes in investment theory and the marketplace. Drawing on financial history, a major opinion survey of institutional investors, and comprehensive reviews of the law and of the lessons of modern portfolio theory for prudence, this book presents a powerful case that the prudent man rule as elaborated in legal treatises and much of the case law would virtually compel a fiduciary to act imprudently in terms of financial theory and marketplace reality. In proposing a modern paradigm of investment prudence, the book uses illustrations drawn from such traditionally suspect categories of investment fiduciaries as securities lending, real estate, venture capital, options and futures and repurchaser agreements. An unusual examination of the interaction of the worlds of law and finance, this work will be of interest to fiduciaries who are subject to some from of prudent man rule and all others, including judges, lawyers and investment managers, who are called upon to interpret and apply that legal standard.

The effects of the growth of multinational enterprises and globalization in the past fifty years have been profound, and many multinational enterprises, such as international banks, now operate around the world through branches known as permanent establishments. The business profits article (Article 7) of the OECD model tax treaty attributes a multinational enterprise's business profits to a permanent establishment in a host country for tax purposes. Michael Kobetsky analyses the principles for allocating the profits of multinational enterprises to permanent establishments under this article, explains the shortcomings of the current arm's length principle for attributing business profits to permanent establishments and considers the alternative method of formulary apportionment for allocating business profits.

This work aims to analyse substantive and conflict of laws rules regarding intermediated securities in a comparative way. For this purpose, it examines major jurisdictions' rules for intermediated securities and the intermediated securities holding systems, such as the rules of the German, US, Korean, Japanese and Swiss systems, as well as the relevant EU regimes and initiatives. Above all, it analyses the two international instruments related to intermediated securities, i.e. the Geneva Securities Convention and the Hague Securities Convention. Through a functional comparative approach based upon legal traditions of the various jurisdictions, this book gives readers theoretical and practical information on intermediated securities and their national and international aspects.

This 2005 text explores the implications of a bargaining perspective for institutional governance and public law in deregulated industries such as electric power and telecommunications. Leading media accounts blame deregulated markets for failures in competitive restructuring policies. However, the author argues that governmental institutions, often influenced by private stakeholders, share blame for the defects in deregulated markets. The first part of the book explores the minimal role that judicial intervention played for much of the twentieth century in public utility industries and how deregulation presents fresh opportunities and challenges for public law. The second part of the book explores the role of public law in a deregulatory environment, focusing on the positive and negative incentives it creates for the behavior of private stakeholders and public institutions in a bargaining-focused political process.

State aid policy is based upon the principle of European Community supervision of assistance granted by the Member States, or through State resources in whatever form. It threatens to distort competition by favouring certain undertakings or the production of certain goods. This volume deals with the question how an appropriate balance can be struck between trade liberalization and the role of the State in the economy.

This volume provides a fascinating look at the anti-tax avoidance strategies employed by more than fifteen countries in eastern and western Europe, Canada, the Pacific Rim, Asia, Africa, and the United States. It surveys the similarities and differences in anti-avoidance regimes and contains detailed chapters for each country surveying the moral and legal dimensions of the problem. The proliferation of tax avoidance schemes in recent years signals the global dimensions of a problem presenting a serious challenge to the effective administration of tax laws. Tax avoidance involves unacceptable manipulation of the law to obtain a tax advantage. These transactions support wasteful behavior in which corporations enter into elaborate, circuitous arrangements solely to minimize tax liability. It frustrates the ability of governments to collect sufficient revenue to provide essential public goods and services. Avoidance of duly enacted provisions (or manipulation to secure tax benefits unintended by the legislature) poses a threat to the effective operation of a free society for the benefit of a small group of members who seek the privilege of shifting their tax burden onto others merely to compete in the world of commerce. In a world in which world treasuries struggle for the resources to battle terrorist threats and to secure a decent standard of living for constituents tax avoidance can bring economies close to the edge of sustainability. As tax avoidance is one of the top concerns of most nations, the importance of this work cannot be overstated.

The symbiosis between the law, economics and finance is evidenced in our daily lives. This book elucidates the relationship between these factors in Singapore and Hong Kong in direct and indirect real estate market. In Singapore, for example, there is an inseparable relationship between law, economics, finance and the HDB market. The book also showcases the concept of invitation to treat and offer, monetary compensation for environmental externalities under the lens of institutional economics. It also sheds light on the relationship between financial crisis, regulations, housing prices and indirect real estate market.

This volume unites the perspective of business ethics with approaches from strategic management, economics, law, political science, and with philosophical reflections on the theory of Corporate Citizenship and New Governance.

In view of the internationalization of the (global) economy and the free movement of capital, new instruments of political coordination are needed. These societal changes trigger the two closely intertwined challenges examined in this book. The first challenge relates to the role and the self-conceptualization of business firms as corporate citizens within society. Companies are increasingly expected to assume the social responsibility of helping to shape the rule-framework of globalization. The second challenge refers to the form of the engagement in local, national and international processes of governance. To more credibly and effectively tackle these challenges, corporate actors are ever more participating in rule-setting processes together with civil society organizations and the government.

Economic cooperation between the CMEA countries is implemented according to the monetary and financial regulations worked out collectively. The regulations cover the organizational structure of international settlements; the choice of currency for settlements; the principles of international credit transactions; the determination ofthe exchange rate of the currency used in international settlements to national currencies and to convertible currencies outside the CMEA; the principles and rules ofinternational exchange and transfers; mIes for the currency allotments of citizens (roles of international transfers for citizens). The regulations also contain provisions for international settlements and credit transactions which are concluded through an independent international bank or banks. These regulations, the instruments and institutions together, form the international payments and monetary system of the CMEA. * The financial and monetary regulations of the CMEA community were formed in several stages, depending on the prevailing. conditions and the targets to be attained. In the years between 1949 and 1963 the general form of economic cooperation and of international settlements was the bilateral clearing agreement. In the bilateral agreements which the Soviet Union concluded with the other CMEA countries the currency of settlements was the Soviet rouble. The prices applied in foreign trade were not the internal producer prices of the Soviet Union, but world market prices (main international market prices) expressed in roubles, with the he]p ofthe exchange rate ofthe Soviet rouble to the US dollar, as quoted in the Soviet Union."

The Obama administration aims to lay a sound foundation for growth by investing in high-speed rail, clean energy, information technology, drinking water, and other vital infrastructures. The idea is to partner with the private sector to produce these public goods. An Obama government bank will direct these investments, making project decisions based on the merits of each project, not on politics. This approach has been a cornerstone of U.S. foreign policy for several decades. In fact, our government-led reinvestment in America is modeled explicitly on international public banks and partnerships. However, although this foreign commercial policy is well-established with many successes, it has also been deservedly controversial and divisive. This book describes the international experience, drawing lessons on how the Obama Bank can forge partnerships to promote a durable twenty-first-century New Deal.

Im Juli 2010 ist in das Kreditwesengesetz (KWG) und das Versicherungsaufsichtsgesetz (VAG) jeweils die Regelung aufgenommen worden, dass die Vergutungssysteme fur Geschaftsleiter und Mitarbeiter angemessen, transparent und auf eine nachhaltige Entwicklung des Instituts beziehungsweise des Unternehmens ausgerichtet sein mussen. Im Oktober 2010 folgten zwei konkretisierende Verordnungen: die InstitutsVergV und die VersVergV. In dieser Arbeit werden die aufsichtsrechtlichen Vergutungsvorgaben erlautert und die Moeglichkeiten ihrer Umsetzung in den die Arbeits- und Dienstverhaltnisse gestaltenden Vertragen und Vereinbarungen eroertert. Ziel der Arbeit ist es, die Vorgaben fur die Praxis zu bewerten und die bei ihrer Umsetzung dienstvertragsrechtlichen sowie vor allem individual- und kollektivarbeitsrechtlichen Fragestellungen zu beantworten.

This book was first published in 2006. It is estimated that up to sixty percent of the world's money may be located offshore, where half of all financial transactions are said to take place; however, there is a perception that secrecy about offshore is encouraged to obfuscate tax evasion and money laundering. McCann provides a detailed analysis of the global offshore environment, outlining the extent of the information available and how that information might be used in assessing the quality of individual jurisdictions, as well as examining whether some of the perceptions about 'offshore' are valid. He analyses the ongoing work of the Financial Stability Forum, the Financial Action Task Force, the International Monetary Fund, the World Bank, and the Organisation for Economic Cooperation and Development. The book also offers some suggestions as to what the future might hold for offshore finance.