Durch die Veranderung der Bedrohungslage weltweit - sowohl durch den technischen Fortschritt als auch durch das besondere Gefahrdungspotential des Terrorismus - ist die Anpassung des Sicherheitssystems an die Gegebenheiten unumganglich. Dabei ruckt auch die Kooperation zwischen den Sicherheitsbehoerden weiter in den Blickpunkt. Das Bundesverfassungsgericht hat im April 2013 in seinem Urteil zur Antiterrordatei das Bestehen eines informationellen Trennungsprinzips betont, das aus dem Grundrecht auf informationelle Selbstbestimmung hergeleitet wird. In diesem Zusammenhang beschaftigt sich die Autorin unter anderem mit den Fragen der Erforderlichkeit der Trennung von Polizei und Nachrichtendiensten sowie deren Vereinbarkeit mit der Gefahrenlage.

Im Mittelpunkt des Bandes steht die Frage, ob die nationalen und europaischen Regelwerke im Bereich des Bankenrestrukturierungs- und -abwicklungsrechts im Ernstfall ihr Ziel erreichen koennen, krisengeschuttelte Kreditinstitute entweder erfolgreich zu restrukturieren oder aber zumindest ohne negativen Einfluss auf das gesamte Finanzsystem abzuwickeln. Die Autorin erlautert die Gesetzeslage im Bereich des Bankenrestrukturierungs- und -abwicklungsrechts, die durch ein komplexes Nebeneinander von deutschen und europaischen Regeln gepragt ist. Sie skizziert die Entstehung und die Inhalte der neuen Regelungen, setzt sich kritisch mit deren rechtlichen und tatsachlichen Problemen auseinander und zeigt weiteren regulatorischen Verbesserungsbedarf auf.

Die Untersuchung widmet sich dem Problem einer Majorisierung innerhalb eines Stimmbindungspools. Die Autorin setzt sich mit der Frage auseinander, welche Auswirkungen eine poolinterne Mehrheitsbildung auf die gesetzlichen Vorschriften des Gesellschafts-, Konzern- und Kapitalmarktrechts hat. Den Schwerpunkt der Untersuchung bildet die Auslegung der Zurechnungstatbestande des Acting in Concert sowie des beherrschenden Einflusses im konzernrechtlichen Sinne. Die Autorin gelangt zu dem Ergebnis, dass eine wechselseitige Stimmrechtszurechnung im Fall einer Majorisierung zu korrekturbedurftigen Ergebnissen fuhrt, die eine teleologische Reduktion der Zurechnungsvorschriften mit der Folge einer einseitigen Stimmrechtszurechnung erforderlich machen.

This book provides an insight into commercial relations between large economies and Small States, the benefits of regional integration, the role of Small States as financial centres as well as B2B and State to State dispute resolution involving Small States. Several contributions allow the reader to familiarise themselves with the general subject matter; others scrutinise the particular issues Small States face when confronted with an international dispute and discuss new and innovative solutions. These solutions range from inventive ideas to help economic growth to appropriate mechanisms of dispute resolution including inter-State dispute resolution and specific areas of arbitration such as tax arbitration. Researchers, policy advisors and practitioners will find a wealth of insights, information and practical ideas in this book.

This user-friendly book aims to summarize the principal topics of Chinese Taxation and offers readers a general overview of the Chinese Taxation and informative updates on tax changes. The book provides a variety of facts, figures, graphs and data in an easy-to read table format. Firstly, the book proposes an introduction to taxation and to the Chinese tax system, secondly, it focuses on direct taxes, indirect taxes and other taxes and, in the end, it covers international taxation. Moreover, the book offers a quick overview of the Chinese M&A taxation and of the Chinese Free Trade Zones.

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.

Students in various disciplines-from law and government to business and health policy-need to understand several quantitative aspects of finance (such as the capital asset pricing model or financial options) and policy analysis (e.g., assessing the weight of probabilistic evidence) but often have little quantitative background. This book illustrates those phenomena and explains how to illustrate them using the powerful visuals that computing can produce. Of particular interest to graduate students and scholars in need of sharper quantitative methods, this book introduces the reader to Mathematica, enables readers to use Mathematica to produce their own illustrations, and places specific emphasis on finance and policy as well as the foundations of probability theory.

This handbook on the new bond law provides a legal comparison to the UK covered bond.While offering a deeper understanding of structured covered bonds and the further development of national law, the work at hand also aims to contribute to the assessment of the security and benefits of covered bonds and the discussion of integration of the EU mortgagee credit markets, especially regarding the refinancing of mortgage credits through covered bonds.

This contribution offers a presentation focused on the practical procedure of forming a Societas Europaea (a oeSEa: European Company) and the related issues. Legal literature and case law are examined and challenged from the perspective of the practitioner concerned with the quickest possible and most efficient practical application. Special attention is directed toward the suitability of the SE for mid-sized companies. Tax matters are only marginally considered. The SE is principally a European influenced stock corporation (AG: Aktiengesellschaft) and therefore, also a marketable stock company allowing for crossover company mergers and the change of the company's registered seat. At its formation, special features pertaining to employee participation are also to be taken into account. For this reason, the SE is also called the a oeEuropean stock corporationa .

Zwei aktuellen Themen von hoher kreditwirtschaftlicher Tragweite hat die Bankrechtliche Vereinigung - Wissenschaftliche Gesellschaft fA1/4r Bankrecht e.V. ihren Bankrechtstag 2001 in Kiel gewidmet: a žEntgeltklauseln in der Kreditwirtschafta und a že-Commerce von Kreditinstitutena .Die Entgeltgestaltung von Kreditinstituten auf der Grundlage von Allgemeinen GeschAftsbedingungen hat inzwischen die Rechtsprechung seit mehr als zehn Jahren intensiv beschAftigt, steht aber immer noch, z.B. neuerdings hinsichtlich Zinsanpassungsklauseln, im Vordergrund des Interesses. Einerseits spielt es eine entscheidende Rolle, ob vom Entgelt fA1/4r eine vereinbarte Leistung ausgegangen werden kann oder ob durch eine Nebeneinrede Kosten A1/4berwAlzt werden. Andererseits sollen Klauseln A1/4ber Entgelte und ihre A"nderung hinreichend bestimmt und fA1/4r den Kunden nachvollziehbar sein.Der e-Commerce von Kreditinstituten gewinnt infolge der technischen Entwicklung, namentlich etwa fA1/4r Anwendungen des online-banking, steigende Bedeutung und bringt zahlreiche Rechtsfragen mit sich, z.B. hinsichtlich der VertragsabschlA1/4sse bei Kommunikation im Internet und der dabei zu wahrenden Datensicherheit.

This book provides a comprehensive and systematic overview of the main topics of taxation in European law. The sequence of arguments follows an institutional logic, respecting the academic tradition of tax law. It first outlines the general framework of EU institutions, with a particular focus on the set of regulations regarding taxation with reference to the stage of formation of EU rules and the potential contrast with national legal systems. It then explores the general principles emerging from the European treaties that typically involve the taxation system, and examines in detail the fiscal importance of European freedoms, the principle of tax non-discrimination, the balance between national interest and EU values, tax harmonization, state aids and other general principles applicable in tax jurisdiction. Lastly, it offers an overall assessment of the development of the European integration process, with particular regard to the nexus between taxation power and sovereignty, in order to highlight the possible and desirable next stages of the evolution of "European tax law".

This book explains the theoretical and policy issues associated with the taxation of financial services and includes a jurisdictional overview that illustrates alternative policy choices and the legal consequences of those choices . The book addresses the question: how can financial services in an increasingly globalized market best be taxed through VAT while avoiding economic distortions? It supports the discussion of the key practical problems that have arisen from the particular complexity of the application of VAT to financial services, and allows for the evaluation of best practice by comparing the major current reform models now being implemented.

This book offers the analysis of the relationship between the Cape Town Convention and national laws on secured transactions. The first part of the book considers why national implementation is so important in the case of the Cape Town Convention and identifies how innovative the Convention is as a uniform law instrument. The second part includes chapters on those states that are Parties to the Cape Town Convention, which analyse how the Convention is implemented under the domestic law. The third part includes chapters on those states that are not Parties to the Convention, which compare their national laws and the Convention to find unique features of the Cape Town Convention's rules. The fourth part discusses the meaning of Protocols on aircraft, railway rolling stock and space assets from the practitioner's point of view. As a whole, the book offers insights into the new stage of uniform private law and shows the need for further examination of the subject, which will be essential for international and national legislators, academics of comparative and international private law as well as practitioners who are the users of the uniform law regime.

This volume examines the tax systems of some twenty countries to determine whether their tax laws are used to support growth and development across borders in lower-income and poor countries. Given the critical economic development needs of poorer countries and the importance of stability in these regions to the security of populations throughout the world, the use of a country's tax laws to support investment in the developing world gains crucial significance. This book explores whether international standards promoting the fundamental values of the major tax systems of the world accommodate incentives for these nations. In addition, it analyzes the way in which adoption of principles by higher income nations to protect their own revenue bases has a spill-over effect, impairing the ability of developing countries to sustain their economies. Following an introduction that synthesizes worldwide trends, the volume contains separate chapters for a variety of countries detailing the underlying goals and values of each system and the way in which the decision to employ (or not employ) incentives accommodates those ends. The chapters include reports for: Australia, Belgium, Brazil, Croatia, Czech Republic, France, Hong Kong, Israel, Italy, Japan, the Maldives, the Netherlands, Poland, Portugal, South Africa, Uganda, United Kingdom, United States, and Venezuela. The volume memorializes the work of the General Reporter and National Reporters at the Taxation and Development session of the 19th Congress of the International Academy of Comparative Law held in July, 2014, in Vienna, Austria.

This book offers holistic, economic analysis of the on-going regulatory reform in the European banking industry. The author addresses the main opportunities and pitfalls related to post-crisis financial regulation, and investigates whether the proposed solutions provide an appropriate response to the problems within the EU's ailing banking sector. The author gives particular focus to the implementation of Basel III, the introduction of the Banking Union, the inclusion of bank governance elements into regulatory frameworks, and the country-specific aspects of regulation at a national level. The discussion builds upon existing literature in the field and takes a novel approach in its examination of banking regulations, their endogeneity and their interactions with bank governance. The book also analyses banking regulation in the EU within theoretical frameworks, as well as by means of empirical exercises. Insights into the theory and practical aspects of banking regulation make this book a valuable read for academics, researchers, students and practitioners alike.

Offene Immobilienfonds gerieten ab dem Jahr 2008 im Zuge der dramatischen Entwicklungen auf den Finanzmarkten in erhebliche Schwierigkeiten. Erstmals verloren Anleger in groesserem Umfang ihr angelegtes Kapital. In diesem Zusammenhang ergriff der Gesetzgeber sowohl auf nationaler als auch auf europaischer Ebene Massnahmen, welche sich nun u.a. im Kapitalanlagegesetzbuch (KAGB) wiederfinden. Die Arbeit beschaftigt sich mit der Frage, ob durch das neu gestaltete Investmentrecht nun sachgerechte Rahmenbedingungen zur langfristigen Stabilisierung des offenen Immobilienfonds geschaffen wurden. Die Autorin regt hierbei auch alternative Ansatze an, beispielsweise die verpflichtende Boersennotierung von Anteilen nach schweizerischem Modell.

This book explores the profound transformation that has taken place in European insurance legislation since January 2016. Expert contributions discuss the changes that have taken place in the supervision of insurance and reinsurance undertakings through an economic risk-based approach. They outline the European insurance market before going on to show how Solvency II and Insurance Distribution Directive (IDD) are expected to generate significant benefits and have a positive impact on all parties involved in the insurance industry, the supervisory authorities and the insured. They also show how Solvency II is likely to benefit the economy as a whole, promoting more efficient allocation of capital and risk in a financial stability framework. This volume will be of interest to academics and researchers in the field of insurance regulation.

Die Untersuchung uber steuerliche Nichtanwendungsgesetze nimmt ihren Ausgang in der Breitenwirkung und der Veroeffentlichung der Rechtsprechung des Bundesfinanzhofs (BFH). Die Arbeit zeigt die verschiedenen Reaktionsmoeglichkeiten der Exekutive und Legislative auf die Rechtsprechung des BFH. Das Nichtanwendungsgesetz steht hierbei im Fokus der Betrachtung, weshalb mehr als 160 steuerliche Nichtanwendungsgesetze systematisch analysiert und typologisiert werden. Die verfassungsrechtlichen Fragestellungen von Nichtanwendungsgesetzen werden insbesondere unter den Aspekten der Gewaltenteilung, Gewaltenbindung und des Gesetzgebungsverfahrens thematisiert. Eine rechtspolitische Wurdigung der Nichtanwendungsgesetzgebung rundet die umfassende Darstellung der steuerlichen Nichtanwendungsgesetze ab.

Der Band untersucht die Auswirkungen des Bilanzrechtsmodernisierungsgesetzes (BilMoG) auf den gesellschaftsrechtlichen Kapital- und Glaubigerschutz. Das BilMoG verfolgt das Ziel, den Informationswert von Jahresabschlussen unter Beibehaltung des Glaubigerschutzniveaus zu steigern. Der Gesetzgeber fuhrte eine ausserbilanzielle Ausschuttungssperre ein, die unsichere Vermoegensgegenstande bei der Ermittlung des ausschuttungsfahigen Vermoegens eliminiert. Trotz dieser minimal-invasiv wirkenden Massnahme wurde ein Paradigmenwechsel eingelautet: Der ausschuttungsfahige Gewinn ist fortan nicht mehr aus der Bilanz ersichtlich, sondern nur noch in Zusammenschau mit Angaben im Anhang ermittelbar. Das Vorsichtsprinzip hat zulasten der Informationsfunktion eine Schwachung erfahren.

This book addresses concerns with the international trade and investment dispute settlement systems from a statist perspective, at a time when multilateralism is deeply questioned by the forces of mega-regionalism and political and economic contestation. In covering recent case law and theoretical discussions, the book's contributors analyze the particularities of statehood and the limitations of the dispute settlement systems to judge sovereign actors as autonomous regulators. From a democratic deficit coupled with a deficit of legitimacy in relation to the questionable professionalism, independence and impartiality of adjudicators to the lack of consistency of decisions challenging essential public policies, trade and investment disputes have proven controversial. These challenges call for a rethinking of why, how and what for, are States judged. Based on a "sovereignty modern" approach, which takes into account the latest evolutions of a globalized trade and investment law struggling to put people's expectations at its core, the book provides a comprehensive framework and truly original perspective linking the various facets of "judicial activity" to the specific yet encompassing character of international law and the rule of law in international society. In doing so, it covers a large variety of issues such as global judicial capacity building and judicial professionalism from an international and domestic comparative angle, trade liberalisation and States' legitimate rights and expectations to protect societal values, the legal challenges of being a State claimant, the uses and misuses of imported legal concepts and principles in multidisciplinary adjudications and, lastly, the need to reunify international law on a (human) rights based approach.

Crowdfunding ermoeglicht die Einwerbung von Finanzmitteln uber das Internet. Der Autor beantwortet die Frage, wie die Einwerbung von Finanzmitteln durch Crowdfunding rechtlich zu bewerten ist. Dazu untersucht er sowohl die zivilrechtlichen Grundlagen als auch die aufsichtsrechtlichen Rahmenbedingungen einer Mitteleinwerbung durch Crowdfunding. Die sich hierbei auftuenden Rechtsfragen werden anhand wesentlicher Fallgruppen einer grundlegenden Klarung zugefuhrt. Die Untersuchung beschrankt sich auf den deutschen Rechtsraum.