This book provides the first comprehensive examination of the regulation of the money market fund sector. In consideration of the current regulatory uncertainties in the sector, this book provides practical help to legal and market practitioners by setting out regulations governing money market funds in the EU and in the US. Providing a comparative approach, analyzing the regulatory environment in the EU and in the US, the book outlines what is required to determine portfolio management and regulatory compliance issues. In doing so, it determines whether a particular analytical approach is sufficiently credible vis-a-vis comparative benchmarks, which is increasingly pivotal in the contemporary setting of the global financial market. Contributing authors offer their interpretations of legal rules and relevant guidelines as well as commentaries, checklists, and practice examples. Divided into three parts; parts one and two cover money market fund development and regulation in the EU and in the US, respectively. Part three provides a comparative analysis of US and EU regulatory models, money market fund ratings, money market funds outside the US and EU and systemic risk regulation. Given the current issues surrounding money market fund regulation, this book is a vital and timely resource offering a comprehensive comparative analysis and rigorous account of money market funds on both sides of the Atlantic.

In Foreclosed, Christopher K. Odinet gives voice to the stories of homeowners that have been neglected, particularly those facing foreclosure and deep financial distress. The book reveals the powerful and often invisible mortgage servicing industry, the tremendous discretionary power it wields over the housing lives of most Americans, and the servicing problems that still persist today. In doing so, it unveils a quiet and dangerous market shift in mortgage servicing - namely, an ongoing move toward a shadow banking sector where regulation is weak - that threatens the stability of our housing finance system. Ultimately, the book demonstrates how the law does not afford homeowners the protection most think and how regulation of these mortgage middlemen remains weak. Foreclosed should be read by anyone concerned with the state of housing and home ownership in the United States.

Constitutional Change through Euro-Crisis Law contains a comparative constitutional analysis of the impact of a very broad range of euro-crisis law instruments on the EU and national constitutions. It covers contrasting assessments of the impact of euro-crisis law on national parliaments, various types of criticism on the EU economic governance framework, different views on what is needed to improve the multilevel system of economic governance, and valuable insights into the nature of emergency discourse in the legislative arena and of the spillover from the political to the judicial sphere. In addition, it deals with how bailout countries, even if part of the same group of euro area Member States subject to a programme, have reacted differently to the crisis.

This index volume completes the Max Planck Encyclopedia of Public International Law, the definitive reference work on international law. It provides complete lists of not only all articles and authors contained within the ten volumes, but also full citations for every document referenced in each article; full tables of cases and legistlation; and a detailed, analytical, A-Z index for the ten volumes. The Encyclopedia can be used by a wide range of readers. Experienced scholars and practitioners will find a wealth of information on areas that they do not already know well as well as in-depth treatments on every aspect of their specialist topics. Articles can also be set as readings for students on taught courses. The Encyclopedia will be a primary resource for all students and scholars of international law; counsel, judges, and arbitrators involved in international law cases; and government legal advisers.

This comprehensive account of financial regulation and supervision in times of crisis analyses the complex changes under way regarding the new financial regulatory structures in the EU. Focusing on the organisation of financial supervision, it deals with the background to the reforms, the architecture of the regulatory system, the likely implications for the financial institutions and the challenge of international co-operation. Changes in the US have been heavily criticised and in Europe a brand new regulatory system with three new regulatory agencies and a systemic risk board has been developed. National systems are in the process of being updated. International cooperation, although still difficult, has made progress, with the Financial Stability Board now acting on behalf of the G.20. Central bank cooperation has improved significantly and in the meantime, sectoral regulations are being adapted in full speed, such as Basel III, AIDMD, MiFID and many others. This book gives an overall view of these complex changes. The first section of the book provides an assessment of the reforms and considers the background to their making. In the section on regulatory structure there is analysis of the new regulatory bodies, their complex competences and actions. The book also takes a critical look at their likely effectiveness. The final section of the work considers the actual implementation of the new rules in a cross-border context.

This title focuses on the international tax arena and examines how the financial crisis prompted renewed attempts to enhance international tax transparency.

The topic of transparency in international investment arbitration is gaining increasing attention. This in-depth commentary analyses the UNCITRAL Rules on Transparency in Treaty-Based Investor-State Arbitration, one of the most recent and innovative developments in international law. Focusing on the application of these rules, contributors analyse the issue of transparency in investment law more broadly and provide in-depth guidance on how to apply the UNCITRAL transparency rules. Chapters encompass all treaty-based disputes between investors and state, examining the perspectives of disputing parties, third parties, non-disputing state parties and arbitral tribunals. The contributors each have a strong background in investment arbitration, in both professional practice and academia. This commentary will be of interest to all actors involved in investment arbitrations, especially practitioners, counsels, NGOs and scholars in the fields of international law, commercial arbitration and investor-state arbitration.

In The End of Negotiable Instruments: Bringing Payment Systems Law Out of the Past, author James Rogers challenges the basic assumptions of the law of checks and notes and its history, and provides a well-reasoned account of how the law could be changed to better suit the evolution of new payment technologies.
The modern American law of payment systems is in disarray. Efforts to create a unified body of law for payment systems have so far been unsuccessful. Part of the reason for that failure is the assumption that the existing law works well for the traditional paper-based check system, and that problems have been created only by the evolution of new technologies. The End of Negotiable Instruments argues that this assumption is unfounded. The basic law of checks is itself anachronistic. There are no other books that undertake a similar analysis--there are legal treatises on the law of checks and notes, but all of them take for granted the basic assumptions challenged in this book. Several articles were published in the late twentieth century concerning the dispute over the application of certain doctrines of traditional negotiable instruments law to modern consumer finance transactions, but none of this literature went on to consider the broader question of whether there is anything worthwhile left in negotiable instruments law.

The Bank of England and the Government Debt recounts the surprising history of the Bank of England's activities in the government securities market in the mid-twentieth century. The Bank's governor, Montagu Norman, had a decisive influence on government debt management policy until he retired in 1944, and established an auxiliary market in government securities outside the Stock Exchange during the Second World War. From the early 1950s, the Bank, concerned about inadequate market liquidity, became an increasingly active market-maker in government securities, rescuing the commercial market-makers in the Stock Exchange several times. The Bank's market-making activities often conflicted with its monetary policy objectives, and in 1971, it curtailed them substantially, while avoiding the damaging effects on liquidity in the government securities market that it had feared. Drawing heavily on archival research, William A. Allen sheds light on little-known aspects of central banking and monetary policy.

Die Steuersysteme im 19. Jahrhundert entstanden im Gefolge der neuen liberalen Grundlagenphilosophie von 1789 und den damit verbundenen neuen Staatsordnungen. Sie l-sten die alten feudalen Abgaben und Dienste ab. Von Frankreich ausgehend, entwickelte sich in den meisten mittel- und s}deurop{ischen Staaten der Typ der direkten objektiven Ertragsteuern. Sie sollten die Individuen vor staatlicher Steuerwillk}r besonders gut sch}tzen. Wegen ihrer Schwerf{lligkeit gegen}ber nderungen konnten diese Steuern jedochdie wirtschaftlichen und gesellschaftlichen Folgen der Industrialisierung nur ungen}gend aufnehmen. Die Ertragsteuern wurden abgel-st durch den revolution{r neuen Typ der englischen subjektiven Einkommensteuer, die bereits 1799 als au erordentliche Kriegssteuer entwickelt worden war. Die preu ische Einkommensteuer von 1891 blieb f}r Deutschland bis heute richtungweisend. Die bewegliche Einkommensteuer pa te sich den Wechseln der Industrialisierung ebenso elastisch an wie den sich {ndernden Staatszwecken: vom liberalen Nachtw{chterstaat, den es im w-rtlichen Sinne kaum gegeben hat, hin zum Rechts-, Lenkungs- und Sozialstaat. Die Steuer wurde zu einem bevorzugten Instrument der Innenpolitik. Die Staatshaushalte zeigen diese nderungen und die milit{rischen Auseinandersetzungen der europ{ischen Staaten mit gro er Deutlichkeit bei ihren Einnahmen und Ausgaben.

Virtual economies and financial crime are ever-growing, increasingly significant facets to banking, finance and anti-money laundering regulations on an international scale. In this pathbreaking and timely book, these two important issues are explored together for the first time in the same place. Clare Chambers-Jones examines the jurisprudential elements of cyber law in the context of virtual economic crime and explains how virtual economic crime can take place in virtual worlds. She looks at the multi-layered and interconnected issues association with the increasing trend of global and virtual banking via the 'Second Life' MMOG (Massively Multiplayer Online Game). Through this fascinating case study, the author illustrates how virtual worlds have created a second virtual economy which transgresses into the real, creating economic, political and social issues. Loopholes used by criminals to launder money through virtual worlds (given the lack of jurisdictional consensus on detection and prosecution) are also highlighted. The importance of providing legal clarity over jurisdictional matters in cyberspace is an increasing concern for policy makers and regulators, and this book provides a wealth of information on new aspects of cyber law and virtual economics. As such, it will prove essential reading for academics, students, researchers and policy makers across the fields of law generally, and more specifically, financial law and regulation, finance, money and banking, and economic crime.

This authoritative guide to the Geneva Securities Convention is the first and only UNIDROIT backed analysis of the content of the international treaty. It streamlines the otherwise complicated and numerous transactions of intermediated securities providing easy access for practitioners and scholars in the field. The Commentary is written by participants to the negotiations and discussions which resulted in the final version of the treaty.
The Geneva Securities Convention was developed as a result of the change in the way that securities are held and highlights the position of intermediated securities at the core of the international financial system. The Convention includes key provisions for governing intermediated securities designed to harmonise domestic law and clarify points of difficulty. The general introduction to the commentary sets out the reasons for developing the Convention and the principal concepts underlying its development. The main part of the commentary follows the structure of the Convention and is arranged on an article-by-article basis. The treatment of each article is subdivided into three main parts: An introduction explaining the main goal of that article; a section setting out the genesis of the provision during intergovernmental negotiation; and a part discussing in depth the application of the provision with reference to practical examples.
The Convention is a highly complex instrument and the commentary provides much-needed guidance to the application and interpretation of its provisions. This is a must-have reference for lawyers and scholars interested in financial law, as well as securities intermediaries, clearing houses, banks and government officials.

This stimulating and original Handbook offers an updated and systematic discussion of the relationship between central banks, financial regulation and supervision after the global financial crisis. The crisis has raised new questions about the compatibility of monetary and financial stability, which are changing the face of central banking and its relationships with the architecture of financial regulation and supervision. The Handbook explores on both the economics and political economy of the topic, in order to understand how and why reforms of the role of the central banks can be designed and implemented. The general suggestion is that future effectiveness of the central banking architecture will depend on its ability to ensure the consistency between the monetary actions in normal and extraordinary times. Consequently the possible paths in the central bank strategies and tactics, as well as in the classic concepts of independence, accountability and transparency, are analyzed and discussed. With chapters written by outstanding scholars in economics, this lucid Handbook will appeal to academics, policy makers and practitioners, ranging from central bankers and supervisory authorities to financial operators. Among the academics it would be of particular interest to financial and monetary economists (including postgraduate students), but the institutional slant and the central theme of relations between economics, institutional settings and politics will also be invaluable for political scientists. Contributors: F. Amtenbrink, J. Baxa, B. Born, P.C. Boyer, G. Caprio, M. Cihak, A. Cukierman, L. Dalla Pellegrina, J. De Haan, M. Ehrmann, B. Eichengreen, S. Eijffinger, Y. Fang, M. Fratzscher, F. Giavazzi, A. Giovannini, C.A.E. Goodhart, I. Hasan, R. Horvath, D. Masciandaro, L.J. Mester, M.J. Nieto, R. Nijskens, A. Orphanides, J. Ponce, M. Quintyn, M. Rezende, P.L. Siklos, A. Tieman, B. Vasicek, R. Vega Pansini

With the growth of the global economy over the past two decades, foreign direct investment (FDI) laws, at both the national and international levels, have undergone rapid development in order to strengthen the protection standards for foreign investors. In terms of international investment law, a network of international investment agreements has arisen as a way to address FDI growth. FDI backlash, reflective of more restrictive regulation, has also emerged. The Evolving International Investment Regime analyzes the existing challenges to the international investment regime, and addresses these challenges going forward. It also examines the dynamics of the international regime, as well as a broader view of the changing global economic reality both in the United States and in other countries. The content for the book is a compendium of articles by leading thinkers, originating from the International Investment Conference "What's New in International Investment Law and Policy?"

Many companies that have become household names have avoided billions in taxes by 'parking' their valuable intellectual property (IP) assets in holding companies located in tax-favored jurisdictions. In the United States, for example, many domestic companies have moved their IP to tax-favored states such as Delaware or Nevada, while multinational companies have done the same by setting up foreign subsidiaries in Ireland, Singapore, Switzerland, and the Netherlands. In this illuminating work, tax scholar Jeffrey A. Maine teams up with IP expert Xuan-Thao Nguyen to explain how the use of these IP holding companies has become economically unjustified and socially unacceptable, and how numerous calls for change have been made. This book should be read by anyone interested in how corporations - including Gore-Tex, Victoria's Secret, Sherwin-Williams, Toys-R-Us, Apple, Microsoft, and Uber - have avoided tax liability with IP holding companies and how different constituencies are working to stop them.

Constitutional Change through Euro-Crisis Law contains a comparative constitutional analysis of the impact of a very broad range of euro-crisis law instruments on the EU and national constitutions. It covers contrasting assessments of the impact of euro-crisis law on national parliaments, various types of criticism on the EU economic governance framework, different views on what is needed to improve the multilevel system of economic governance, and valuable insights into the nature of emergency discourse in the legislative arena and of the spillover from the political to the judicial sphere. In addition, it deals with how bailout countries, even if part of the same group of euro area Member States subject to a programme, have reacted differently to the crisis.

The duty to keep customer information confidential affects banks on a daily basis. Bank secrecy regimes around the world differ and multi-national banks can find themselves in conflicted positions with a duty to protect information in one jurisdiction and a duty to disclose it in another. This problem has been heightened by the international trend promoting information disclosure in order to combat tax evasion, money laundering and terrorist financing. The US Foreign Account Tax Compliance Act (FATCA) is perhaps the most well-known. At the same time, data protection legislation is proliferating around the world. This book offers a holistic treatment of bank secrecy in major financial jurisdictions around the world, east and west, by jurisdictional experts as well as chapters by subject specialists covering the related areas of confidentiality in its broader privacy context, data protection, conflicts of laws, and exchange of information for the purposes of combatting international crime.

This new edition of International Acquisition Finance builds on the success of the first edition in providing a comprehensive and comparative analysis of the law and practice of acquisition finance from the viewpoint of leading lawyers in over 20 different jurisdictions including the UK, China, France, Germany, the Netherlands, and the USA. New jurisdictions for this edition include Hong Kong, India and Poland.
The work contains an overview of the relevant issues to provide the reader with an understanding of structuring cross-border acquisition finance transactions and solutions to relevant legal problems. Each chapter deals with the stages of the proposed transaction and its financing and the related issues which need to be considered in the different jurisdictions.
This fully updated new edition reflects recent changes to the law in all jurisdictions, including the implementation in England of the Companies Act 2006 whose effects include the abolition of the prohibition of financial assistance for private companies and changes to the way in which charges are registered.
Also included is new coverage of acquisitions from insolvency practitioners, regulation affecting financial institution investment practices and other changes brought about by the current economic conditions, as well as a new chapter on public company acquisitions written by Stephen Powell of Slaughter & May. In addition relevant legal and practical considerations involved in public company acquisitions are considered in each jurisdictional chapter.

In the aftermath of the 2007-8 crisis, senior policymakers and the media have blamed excessive risk-taking undertaken by bank executives, in response to their compensation incentives, for the crisis. The inevitable follow-up to this was to introduce stronger financial regulation, in the hope that better and more ethical behaviour can be induced. Despite the honourable intentions of regulation, such as the Dodd-Frank Act of 2010, it is clear that many big banks are still deemed too big to fail. This book argues that by restructuring executive incentive programmes to include only restricted stock and restricted stock options with very long vesting periods, and financing banks with considerably more equity, the potential of future financial crises can be minimized. It will be of great value to corporate executives, corporate board members, institutional investors and economic policymakers, as well as graduate and undergraduate students studying finance, economics and law.

The scope of protection offered to foreign investors by EU law has become a matter of intense political debate. Neo-protectionist policies are on the rise within EU Member States, who are struggling to acclimatize to increasing inward direct investment from developing countries. Strict regulations are being implemented to control the flow of this investment, undermining the principle of free movement of capital. Are such policies permitted under EU law? What impact does EU law have on foreign direct investment? This book addresses these questions through a coherent doctrinal reconstruction of the EC Treaty provisions on free movement of capital in a third country context.
Opening with a timely restatement of the central features of the EU law of free movement of capital, the book then asks the central question: What rights does a private market participant, engaged in cross-border direct investment originating from or directed to a non-EU Member State, enjoy by virtue of the EC Treaty? The book argues that in principle, the provisions on free movement of capital apply the same liberal standards irrespective of whether intra Community or third country direct investment is involved. Hence, those who participate in third country direct investment enjoy essentially the same guarantees by virtue of the provisions on free movement of capital as those active in intra Community direct investment. Having established the legal doctrine, the book then examines the limits on restrictions to free movement, including financial regulation and discriminatory tax regimes.

The Law of Institutional Investment Management fills a gap for a work that describes the custom and practice of the institutional investment management industry with reference to both English law and to the European regulatory framework. The governing theme of the work is the structure of the institutional investement process. The work seeks to define the legal risks that an institutional investor who invests in the financial markets through a professional investment manager must be aware of, both in relation to the investment manager and in relation to the financial markets. The analysis addresses the key investment strategies and management styles, the investment manager's responsibility for delivering investment returns through asset allocation and asset selection decisions, the execution of those decisions, and the management of conflicts. The discussion includes an in-depth analysis of the modi operandi of various trading venues, the structure and legal aspects of key financial market transactions (including on-exchange and OTC traded derivatives, and securities lending and repo transactions), and the legal aspects of cash and securities movements in connection with settlement and collateralisation of those financial market transactions.

U.S. International Investment Agreements is the definitive interpretative guide to the United States' bilateral investment treaties (BITs) and free trade agreements (FTAs) with investment chapters. Providing an authoritative look at the development of the BIT program, treatment provisions, expropriation, and other provisions, Kenneth J. Vandevelde draws on his years of investment treaty and agreement expertise as both a former practitioner and a scholar. This unique and well-organized book analyzes the development of U.S. international investment agreement language and strategy within their historical context. It also explains the newest changes to the model negotiating text (US Model BIT 2004) and additional treaties.