This new work provides integrated analysis of and guidance on the Prospectus Regulation 2017, civil liability for a misleading prospectus, and securities litigation in a European context. The prospectus rules are one of the cornerstones of the EU Capital Markets Union and analysis of this aspect of harmonisation, the areas not covered by the rules, and the impact of Brexit, provides valuable reference for all advising and researching this field. The first Part serves as an introduction to the volume with relevant context. Part II discusses the subjects of Prospectus Regulation from both a legal and economic perspective. Each chapter within Part II focuses on a key subject of the new Prospectus Regulation, providing an in-depth analysis of each issue. Part III of the work explains the domestic law on liability for a misleading prospectus, this issue being omitted from the Regulation. The law and practice in each of the key capital markets centres in Europe is analysed, with the UK chapter covering the issues and possible solutions under Brexit. There is full consideration of conflicts of laws issues with reference to the Brussels I regulation, and the Rome I and II Regulations. The influence of the EU Prospectus rules on private law is also addressed.

This book primarily provides assistance to litigators who find themselves acting for or against firms in contentious regulatory matters. The material covered is broad in that it covers matters of civil, criminal, administrative, and public law. It is also highly focused in that it is intended to act as a practical handbook for litigators; detailed explanations are given of practice, procedure, evidence, and remedies at the expense of general commentary on the non-contentious aspects of financial regulation. The book starts with two chapters that are primarily contextual. Chapter 1 provides an overview of the UK financial regulators whilst paying particular attention to the relationships between them and the ways in which those interactions can pose problems for litigators and the firms they represent. Chapter 2 summarises the authorisation process and its procedures, as well as the Senior Managers and Certification Regime. In both cases, it provides practical advice for firms and individuals in composing and submitting applications for authorisation and approval. Chapter 3 deals with the increasingly important topic of investigations and information gathering. It pays particular attention to the settlement of investigations and the FCA's procedures for determining discounts. The heart of this book is found in Chapters 4-7, which cover the various forums in which firms can be challenged for failing to adhere to regulatory standards. Unlike many works dealing with financial services regulation, which so often seem to focus on civil liability, this book aspires to be equally helpful to the criminal litigator. Criminal liability is therefore split in two. Chapter 4 covers practice, procedure, and evidence. Chapter 5 covers the substantive offences, defences, and sentencing. Civil liability is found in Chapters 6 and 7. Civil enforcement action taken by regulators, including RDC procedure, penalties, and an analysis of the basis and scope of the raft of potential remedies available to the regulator, are covered in Chapter 6. Individual action by investors and consumers is considered in Chapter 7 alongside wider legal principles that may come into play such as litigation. This chapter for the first time includes a detailed analysis of the types of claims often encountered by firms, including case studies on PPI and interest rate hedging products. Redress, complaints, the Financial Ombudsman Service, and relevant procedure are analysed in Chapter 8. Finally, Chapter 9 provides an overview of the independent methods of challenging regulators, including judicial review and the Financial Services Complaints Commissioner.

This book is the most comprehensive and authoritative practical guide to financial transactions under Islamic law. Global interest in Shari'a-compliant financial practices continues to increase, but Islamic financial products can often be hard to understand, not least because they often cut across rather than strictly align with more conventional financial products. This book provides the necessary explanation by explaining the theoretical underpinnings of Islamic finance as a whole before going on to examine the major individual transaction structures in detail. The first part of the book informs the reader about the general background to Islamic Finance and the relevant aspects (and sources) of Islamic law. It also considers the role of Shari'a supervisory boards, Islamic financial institutions and accounting approaches. The second part of the book concentrates on Islamic financial law in practice by focusing on individual concepts and techniques. This section explains the basic requirements for Islamic finance contracts both in terms of the underlying asset types and also both the applicability and acceptability of the underlying asset. Arrangements discussed include Mudaraba (trustee finance), Musharaka (partnership or joint venture), Murabaha (sale of goods), and Sukuk (participation securities: coupons etc). Takaful (insurance) is also examined in detail. A new chapter has also been added to this second part of the book detailing the principles of Islamic investment funds and commonly applied structures.

The only book of its kind in the English language, this is the first volume of the Oxford Commentaries on the State Constitutions of the United States to explore the constitution of a U.S. territory: Puerto Rico. The first half of the volume unearths the island's constitutional history from the days of Spanish colonization in the 16th century, through to Congress' enactment in 2016 of the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA). Professor Cox Alomar offers a careful analysis of the most recent decisions of the U.S. Supreme Court implicating Puerto Rico, Sanchez Valle (2016), Franklin Trust (2016), Aurelius (2020) and Vaello Madero (2022). The second half of this volume provides an in-depth analysis of each of the provisions incorporated by the Puerto Rican framers to the 1952 Constitution, still in full force today. Commentary is provided on each of these constitutional provisions in light of the most recent decisions of the Puerto Rico Supreme Court. The volume examines the interaction between the Puerto Rico Supreme Court and the U.S. Supreme Court, as well as the complex relationship between Puerto Rico and the political branches in Washington. This book is a timely companion in one of the more complex, yet transformative periods in Puerto Rico's constitutional life.

This new third edition offers readers a detailed guide to the most broadly used European and US repo master agreements all in one book. It is a comprehensive guide which also includes a summary of recent developments in the European and US repo markets since 2012.Key benefits of this book:* Readers will gain a detailed understanding of how the repo market works * A thorough overview of the crucial European and US legal issues that occur for repos* An in depth knowledge of the main European and US repo master agreements, along with detailed knowledge of one of the main triparty repo agreements used in the US market. * Detailed commentary on the main European and US repo master agreements in one place * A useful overview of the market's mechanics and its legal landscapeThis guide is aimed at lawyers and paralegals who negotiate ICMA and SIFMA repo master agreements. Professionals in the European and US securities markets that need to know and understand the contents of these master agreements can also find this book very useful. This text is also recommended for asset managers, companies that act as buyers such as lenders (pension funds, insurance companies and money market funds), companies that act as sellers, sales people, traders, executives, back office operations and credit officers.

This book describes the key advantages and risks involved in the choice of law governing international business and financial transactions, plus the accompanying choice of courts. Beginning with an analysis of the role of law in social infrastructure, the work outlines the economic value and power of governing law. It concentrates predominantly on financial, corporate, commercial, and insolvency law across a vast comparative basis, discussing how legal risk can be reduced through careful choice of law and courts. In Governing Law Risks in International Business Transactions, Philip R. Wood proposes 70 key indicators to rank the England, New York, France, and German legal systems plus many other jurisdictions on 13 risk tests. These include contract predictability, business orientation, freedom of contract, insolvency regimes, corporate law, regulatory law, courts, litigation, and other factors. The book considers all 320 jurisdictions of the world and shows how to understand them by locating them in eight families of law, each with their own features. The book explains not only choice of law principles but sets out the factors to consider the commercial and legal implications of choosing one law over another in business contracts, and is an essential resource for all commercial lawyers.

Many constitutions include provisions intended to limit the discretion of governments in economic policy. In times of financial crises, such provisions often come under pressure as a result of calls for exceptional responses to crisis situations. This volume assesses the ability of constitutional orders all over the world to cope with financial crises, and the demands for emergency powers that typically accompany them. Bringing together a variety of perspectives from legal scholars, economists, and political scientists, this volume traces the long-run implications of financial crises for constitutional order. In exploring the theoretical and practical problems raised by the constitutionalization of economic policy during times of severe crisis, this volume showcases an array of constitutional design options and the ways they channel governmental responses to emergency.

Since the Global Financial Crisis, a surge of interest in the use of finance as a tool to address social and economic problems suggests the potential for a generational shift in how the finance industry operates and is perceived. J. C. de Swaan seeks to channel the forces of well-intentioned finance professionals to improve finance from within and help restore its focus on serving society. Drawing from inspiring individuals in the field, de Swaan proposes a framework for pursuing a viable career in finance while benefiting society and upholding humanistic values. In doing so, he challenges traditional concepts of success in the industry. This will also engage readers outside of finance who are concerned about the industry's impact on society.

The explosion of the Covid-19 pandemic in February 2020 led to a paradigm change in the European Union architecture of economic governance. To mitigate the pandemic's damage, the EU established a Recovery Fund called 'Next Generation EU' (NGEU). Funded though resources raised on the financial markets, this special budget is worth 750bnEURO at 2018 prices, which corresponds to 806,9bnEURO at current prices. Disbursed to member states in the form of both loans and grants and to be repaid on a long-term basis through the introduction of new EU taxes, the NGEU has endowed the EU with borrowing, spending, and taxing powers. EU Fiscal Capacity: Legal Integration After Covid-19 and the War in Ukraine argues that the NGEU constiutes a profound overhaul in the EU architecture of economic governance. Moving away from the fiscal surveillance shown in response to the euro-crisis, the EU has adopted a strategy of fiscal federalism more akin to the United States. The return of war in Europe following 75 years of peace has caused yet more socio-economic damage for the EU. Occuring as Europe was slowly re-emerging from the pandemic, the war in Ukraine has disrupted supply chains, increased humanitarian assistance costs, and generated an energy crisis. Within the context of war, the limitations of the current EU constitutional arrangements have yet again been exposed. EU Fiscal Capacity argues that the EU needs to retain the NGEU as a permanent feature of EMU. The first book to analyse how the Covid-19 pandemic and the war in Ukraine have affected Europe's Economic & Monetary Union from an EU law and policy perspective, this book is a must read for policy makers and students of European law and politics alike.

Transfer Pricing and Valuation in Corporate Taxation analyzes the disparities between both federal statutes and regulations, and r- ulations and administrative practice, in a highly controversial area of corporate tax policy: intra-company transfer pricing for tax p- poses. It addresses issues that often mean millions of dollars to in- vidual corporations, and a significant fraction of the federal gove- ment's revenue base. These disparities between law, regulations, and administrative practice are concerning on a number of grounds. First, they - pose considerable economic costs by inducing corporations to engage in a variety of "rent-seeking" activities designed to reduce their - pected tax liabilities, and by requiring the IRS to devote still more to enforcement efforts that are very often futile. Second, they are in- ; herently undemocratic. Administrative practice is currently ad hoc by relying on dispute resolution procedures that can and do yield very different settlements on disputed tax issues from one case to another, the IRS often ends up treating similarly situated cor- rations very differently. Moreover, to the extent that the disp- ity between statute and implementation reflects the IRS's failure to carry out Congress' will, the laws passed by duly elected officials are effectively being superseded by administrative procedure, developed incrementally by individuals who are not answerable to an electorate.

The explosion of the Covid-19 pandemic in February 2020 led to a paradigm change in the European Union architecture of economic governance. To mitigate the pandemic's damage, the EU established a Recovery Fund called 'Next Generation EU' (NGEU). Funded though resources raised on the financial markets, this special budget is worth 750bnEURO at 2018 prices, which corresponds to 806,9bnEURO at current prices. Disbursed to member states in the form of both loans and grants and to be repaid on a long-term basis through the introduction of new EU taxes, the NGEU has endowed the EU with borrowing, spending, and taxing powers. EU Fiscal Capacity: Legal Integration After Covid-19 and the War in Ukraine argues that the NGEU constiutes a profound overhaul in the EU architecture of economic governance. Moving away from the fiscal surveillance shown in response to the euro-crisis, the EU has adopted a strategy of fiscal federalism more akin to the United States. The return of war in Europe following 75 years of peace has caused yet more socio-economic damage for the EU. Occuring as Europe was slowly re-emerging from the pandemic, the war in Ukraine has disrupted supply chains, increased humanitarian assistance costs, and generated an energy crisis. Within the context of war, the limitations of the current EU constitutional arrangements have yet again been exposed. EU Fiscal Capacity argues that the EU needs to retain the NGEU as a permanent feature of EMU. The first book to analyse how the Covid-19 pandemic and the war in Ukraine have affected Europe's Economic & Monetary Union from an EU law and policy perspective, this book is a must read for policy makers and students of European law and politics alike.

Despite the role of shadow banking in the building up of the 2008 international financial crisis, the massive size of this sector, its cross-border nature, and the risks it entails for financial stability, the post-crisis regulation of shadow banking has remained rather feeble. Why? The Perils of International Regime Complexity in Shadow Banking identifies a 'game of shadows', which unfolded recursively concerning the definition, monitoring, and regulation of shadow banking internationally. Thus, states, regulators, and private actors tended to cast light away from various parts of the shadow banking system - shadow banking was (re)fined over time, its measurement was narrowed down, lessening the (perceived) need for regulation. The playing out of such a game was facilitated by the international architecture for shadow banking governance, which is a 'regime complex' characterized by the presence of multiple institutions and elemental regimes governing a set of related issues. Indeed, shadow banking is a quintessential case for demonstrating the perils of international regime complexity, which magnifies problems that are endemic in governing global finance - namely, interstate competition, disagreement between technocratic bodies, and the power of the financial industry - while splintering solutions, due to the fragmentation of regulatory authority. Empirically, this book examines various elemental regimes concerning different aspects of shadow banking, namely: international standards for defining, measuring, and monitoring global shadow banking; international standards for shadow banking entities, including money market funds, hedge funds, and investment funds; international standards for shadow banking activities, such as securitization, securities lending, and repos; international standards for bank capital exposures to shadow banking.

Brexit will have a significant impact on the UK financial services system. At the time of writing this book it is still unclear whether the UK will leave the EU with a deal. Given the uncertainty, this book provides high-level guidance on the complexity of Brexit as it applies to financial institutions through the eyes of leading lawyers. It considers from a financial services perspective, the draft withdrawal agreement and political declaration on the future EU / UK relationship that was approved at the negotiators level on both sides in November 2018 and further amended in October 2019. In a no deal scenario the focus of the book is on the key themes providing readers with a holistic view of the regulatory issues. In particular, the book addresses communications from the EU institutions on the approach to be taken regarding the authorisation of banks and investment firms in the EU27. Of particular importance is consideration of the opinions issued in 2017 by the European Banking Authority and the European Securities and Markets Authority. The analysis also includes a review of the approach taken by the key EU jurisdictions of Germany, France, the Netherlands and Ireland. Furthermore the book includes coverage of key pieces of EU legislation including the European Markets Infrastructure Regulation, the revised Markets in Financial Instruments Directive, the Capital Requirements Directive IV and the Bank Recovery and Resolution Directive. The work also provides a useful outline of the UK transitional regime and onshoring of EU legislation in a no deal scenario. The overseas persons exclusion contained in the FSMA Regulated Activities Order is also discussed as is the senior managers regime. The book also considers the EU equivalence regime, the different pieces of EU legislation that contain equivalence provisions, and the process for determining equivalence. Furthermore, it examines the role of international regulatory bodies and international standards. The development of international regulation and the UKs influence on it will be important components in the post-Brexit landscape. Breaking Brexit issues into accessible, structured chapters, leading practitioners from across the City of London unpack legal complexities, sharing a wealth of experience.

Bringing together a team of globally renowned academics and expert practitioners in the field, Transnational Securities Law , Second Edition, presents a comprehensive analysis of the international harmonization of the law relating to securities. The book focuses on private law, insolvency law, and conflict-of-laws issues, as well as providing in-depth guidance on recent regulatory and technological developments. Each chapter assesses the current state of the law, and, for issues that have not yet been harmonized, identifies best standard practice solutions. This fully revised and updated edition considers the regulatory intervention in the wake of the global financial crisis and the impact of ground-breaking technological innovations in the securities markets, with a particular focus on blockchain and other types of distributed ledger technology, smart contracts, and crypto-securities. In so doing it addresses the paucity of attention given to issues of investor protection and custody of digital assets, and provides guidance on the development from legacy technology to a landscape in which a variety of DLT solutions are increasingly applied. It furthermore proposes an approach toward solving or ameliorating prevailing legal and regulatory problems with enhanced systems, infrastructures, regulatory approaches, and private-law doctrine. Alongside the well-established and comprehensive analysis of securities law at the transnational level, this new edition continues to provide best-practice solutions for practitioners working in the field of securities law.

The proper functioning of the EU financial market is protected by public actors - both national and supranational - responsible for rulemaking and supervision of investment firms and other private actors. At the same time the effectiveness of the EU legal system requires vigilance from private actors such as investment firms but also their clients, invoking their rights before national authorities and courts. This means that investment firms have a dual role within the system, turning them into subjects of control and enforcement but also agents in the maintenance of the rule of law. Legal Accountability in EU Markets for Financial Instruments brings together a group of scholars with expertise from different legal disciplines but a shared interest for the EU internal market and the way it develops. It integrates a modern study of the form and function of EU rulemaking in the internal market after the financial crisis. The book includes an evaluation of core aspects of rulemaking in the financial market and that way provides a cross-cutting treatment of EU law. The focus of the book is set on the regulatory framework in MiFIDII and MiFIR and thematic questions around legal mechanisms for accountability and the role of investment firms in the operation of those mechanisms. It further discusses the implications for EU law and the EU legal system and gives readers a thorough understanding of the concept of accountability through its own findings.

The Oxford Handbook of Hedge Funds provides a comprehensive overview of the hedge fund industry from a global perspective, bringing together insights from theoretical and applied research. The book seeks to both introduce the industry and what it does to scholars and practitioners new to the area, and to provide more advanced insights to those with extensive expertise in the area. The handbook explains the main context in which hedge funds operate, how the raise capital, and their structure and governance. It evaluates the main factors that have affected the operation of hedge funds, including competition from mutual funds, the market environment, and financial regulation, explains key concepts such as hedge fund flows, and core issues of practice, such as hedge fund manager fees. This volume provides insights into the principle head fund strategies and how these have changed over the years. The behavioural dimensions of hedge fund behaviour are evaluated, as are fintech's consequences. The volume evaluates the effects of hedge funds on the firms they invest in, in terms of internal governance, strategy and practice. Furthermore, it explores a range of ethical issues around the operation of hedge funds, how they fit within the wider political economy, and changes in hedge fund regulation and taxation strategies.

Trade Finance provides a much-needed re-examination of the relevant legal principles and a study of the challenges posed to current legal structures by technological changes, financial innovation, and international regulation. Arising out of the papers presented at the symposium, Trade Finance for the 21st Century, this collection brings together the perspectives of scholars and practitioners from around the globe focusing on core themes, such as reform and the future role of the UCP, the impact of technology on letters of credit and other forms of trade finance, and the rise of alternative forms of financing. The book covers three key fields of trade finance, starting with the challenges to traditional trade financing by means of documentary credit. These include issues related to contractual enforceability, the use of "soft clauses", the doctrine of strict compliance, the fraud exception, the role of the correspondent bank, performance bonds, and conflict of laws problems. The second main area covered by the work is the technological issues and opportunities in trade finance, including electronic bills of exchange, blockchain, and electronically transferable records. The final part of the work considers alternative and complementary trade finance mechanisms such as open account trading, supply-chain financing, the bank payment obligation, and countertrade.

This accessible work provides critical analysis and context to international capital markets, their regulation, and their institutions. It is written from a comparative and international perspective and analyses regulatory approaches in the US, UK, and EU, as well as smaller markets engaging in successful innovation. International Capital Markets presents a comprehensive volume drawing the field of international capital markets regulation and institutions together, split into sections addressing the characteristics of capital markets, the basic principles of their regulation, and their institutions; the regulatory characteristics in significant markets including the US, UK, EU, and Asia, and examines how these interact with each other; market institutions, trading venues, and intermediaries; and the capital market activities of international financial institutions such as the IMF and The World Bank. This second edition considers the impact of Brexit on capital markets in Europe and analyses developments in regulation and approach as a consequence of the shifting dynamics in the UK and EU markets. The activity and efficacy of regulators such as the European Securities and Markets Authority (ESMA) and International Organization of Securities Commission (IOSCO) are examined in the context of the EU and international markets respectively. In Asia, the capital markets have also seen many changes since the first edition, particularly in Hong Kong and China. These developments are analysed and the legal and practical implications are explained. This single volume presents a conceptual overview of the regulatory landscape and an understanding of the background and operation of the non-domestic regulation in this area, making it a comprehensive yet accessible resource for practicing lawyers, bankers, regulators, academics, and postgraduate students interested in international capital markets.

This accessible work provides critical analysis and context to international capital markets, their regulation, and their institutions. It is written from a comparative and international perspective and analyses regulatory approaches in the US, UK, and EU, as well as smaller markets engaging in successful innovation. International Capital Markets presents a comprehensive volume drawing the field of international capital markets regulation and institutions together, split into sections addressing the characteristics of capital markets, the basic principles of their regulation, and their institutions; the regulatory characteristics in significant markets including the US, UK, EU, and Asia, and examines how these interact with each other; market institutions, trading venues, and intermediaries; and the capital market activities of international financial institutions such as the IMF and The World Bank. This second edition considers the impact of Brexit on capital markets in Europe and analyses developments in regulation and approach as a consequence of the shifting dynamics in the UK and EU markets. The activity and efficacy of regulators such as the European Securities and Markets Authority (ESMA) and International Organization of Securities Commission (IOSCO) are examined in the context of the EU and international markets respectively. In Asia, the capital markets have also seen many changes since the first edition, particularly in Hong Kong and China. These developments are analysed and the legal and practical implications are explained. This single volume presents a conceptual overview of the regulatory landscape and an understanding of the background and operation of the non-domestic regulation in this area, making it a comprehensive yet accessible resource for practicing lawyers, bankers, regulators, academics, and postgraduate students interested in international capital markets.

Providing a thorough legal analysis of money in all its aspects, Mann on the Legal Aspect of Money has been the leading text on the private and public law of money ever since the publication of the first edition in 1939. This latest edition of considers new issues that have had a significant impact on monetary law, such as Brexit, virtual currencies, and the continuing shadow of 'currency wars'. The text also includes new material on central banks and their role in currency and financial stability. The book deals with the developments and legal challenges of digital money, providing a detailed evaluation of the status of Bitcoin as money. The text investigates the challenges that virtual currencies like Bitcoin pose to our fundamental assumptions about monetary institutions and to our understanding and definition of money. In an EU context, the new edition reflects on the legal aspects of the Greek financial crisis, with an updated look at the role of the IMF and the ECB. The eighth edition also inclusions analysis of the implications of Brexit, developments in damages and interest following on from the Sempra Metals case, the legal definition of a monetary union in Europe, and the conflict of anti-terrorist sanctions blocking financial resources. Altogether, this provides an up-to-date and detailed discussion of current matters, whilst continuing to provide an in-depth analysis on all aspects of monetary law in a single reference source.

This book examines the topical issue of governance of financial institutions, covering banks, investment firms, asset management, pension funds and insurance firms. It comprehensively analyses the impact and practice of the new and more robust requirements for management functions under MiFID II (Markets in Financial Instruments Directive) and other regulation such as MAR (Market Abuse Regulation). Thematically grouped chapters provide extensive coverage of the main areas of change and interest in this field: financial regulation, models, systemic risk, culture and ethics, and conduct and culture. Each chapter employs an interdisciplinary approach, providing high-quality analysis and discussion of the governance of financial institutions of a practical, as well as theoretical, nature. Written by a team of expert contributors, comprised of leading scholars with broad practical experience, and leading practitioners in the field of corporate governance, this book provides much needed analysis of this important topic and the new rules for those advising financial institutions.

Fully updated by a team of expert practitioners, this third edition of European Securities Law continues to provide a comprehensive source of knowledge, and practical know-how, about the regulation and operation of the securities markets in Europe. The opening of the work provides the reader with a critical overview of the European legislative process and regulatory framework in the context of public and private capital-raising activities (equity and debt), trading activities, takeovers of publicly traded companies, and the associated liabilities. The implications of the recent EU Prospectus Regulation and the EU Market Abuse Regulation are discussed, as well as the Transparency Directive, the Takeover Directive and the MiFID regimes. Particular considerations for non-EU issuers are also considered, including the position of the UK following Brexit. Part II examines the practicalities of planning and conducting the most common types of transactions under the applicable regulation, highlighting the ways in which key issues, concerns and uncertainties are dealt with by experienced professionals. Key elements of the processes of selected EU Member States are discussed throughout, and a useful chart outlines the process involved in passporting a prospectus into different EU Member States. Part II also features a chapter new to this edition, covering the ongoing development of the high yield bond market in Europe. In Part III, a country-by-country analysis covers specific issues that arise in eleven of the most significant EU Member States (and the United Kingdom) exploring matters of national legislation as well as interpretation and implementation of EU legislation by those EU Member States. The UK chapter considers the implications of Brexit for market players in the United Kingdom and Europe. This work is an essential resource for all lawyers advising on securities transactions and financial and securities laws, whether for clients based in Europe or for non-EU issuers in Europe.

The International Accounting Standards Board (IASB) and its International Financial Reporting Standards (IFRSs), have acquired a central position in the practice and regulation of financial reporting around the world. As a unique instance of a private-sector body setting standards with legal force in many jurisdictions, the IASB's rise to prominence has been accompanied by vivid political debates about its governance and accountability. Similarly, the IASB's often innovative attempts to change the face of financial reporting have made it the centre of numerous controversies. This book traces the history of the IASB from its foundation as successor to the International Accounting Standards Committee (IASC), and discusses its operation, changing membership and leadership, the development of its standards, and their reception in jurisdictions around the world. The book gives particular attention to the IASB's relationships with the European Union, the United States, and Japan, as well as to the impact of the financial crisis on the IASB's work. By its in-depth coverage of the history of the IASB, the book provides essential background information that will enrich the perspective of everyone who has to deal with IFRSs or the IASB at a technical or policy-making level.

This new book analyses the challenge of how money (including coins, notes, credit, and virtual currency) should be defined from both a legal and an economic perspective. As new electronic payment mechanisms proliferate, this question of definition is likely to become an important issue in global legal, commercial, economic, macro-prudential and fiscal policymaking. The book re-examines money in this context by identifying the role it plays in various transactions and to what extent, for example, cryptocurrencies and quasi-money are interchangeable with, analogous to, or different from traditional monetary systems. Beginning with a summary of the legal nature of money, the book explains the distinction between money and payment obligations, as well as providing an overview of the fundamental characteristics of money. It analyses how the law identifies money by pinpointing characteristics of particular transactions such as sale of goods transactions, including the position where the exchange of goods is for e-currency. Other situations or transactions examined include the recovery of stolen money, claims for non-delivery of money, and how obligations to pay operate. The book also considers the role of money in the banking system, exploring how various currencies can be used as claims on financial institutions, examining whether the systemic stability of the industry is threatened by non-traditional currency forms. Finally, the book addresses, and seeks to develop a conceptual framework for how alternative currencies might work in place of money as a medium for saving.

This acclaimed and comprehensive work analyses the legal issues involved in international finance transactions operating under English law. The second edition thoroughly updates the book to take account of major developments in regulation, practice, and case law since the first edition published in 2008. The most notable development in the intervening period has been the global financial crisis of 2008-9, whose effects have profoundly changed the nature of international finance, and the new edition has been updated by a team of expert editors and contributors to reflect the post-crisis legal framework of international transactions. The new edition covers the many significant changes to Bank Regulation which have occurred since 2008. Major developments in conflicts of laws and cross-border insolvency are addressed, including the consequences of the decision in Rubin v Eurofinance. This edition also takes account of major litigation in the sovereign debt field, significant developments in the loan markets, and recent challenges with the provision of legal opinions, including the increasing need to provide opinions in cross-border transactions. Developments in financing structures in the aftermath of the financial crisis are examined. Significant litigation in the derivatives field (partly as a response to the collapse of Lehman Brothers Holdings Inc.) and amendments proposed by the International Swaps and Derivatives Association are also addressed. There is also coverage of further work on secured transactions following the Law Commission's and the City of London Law Society's Working Party's proposals. Providing detailed transaction-led analysis of all aspects of international finance practice, this work is a must-have reference source for all practitioners and academics working in the field.