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.

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.

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.

Corporate law and corporate governance have been at the forefront of regulatory activities across the world for several decades now, and are subject to increasing public attention following the Global Financial Crisis of 2008. The Oxford Handbook of Corporate Law and Governance provides the global framework necessary to understand the aims and methods of legal research in this field. Written by leading scholars from around the world, the Handbook contains a rich variety of chapters that provide a comparative and functional overview of corporate governance. It opens with the central theoretical approaches and methodologies in corporate law scholarship in Part I, before examining core substantive topics in corporate law, including shareholder rights, takeovers and restructuring, and minority rights in Part II. Part III focuses on new challenges in the field, including conflicts between Western and Asian corporate governance environments, the rise of foreign ownership, and emerging markets. Enforcement issues are covered in Part IV, and Part V takes a broader approach, examining those areas of law and finances that are interwoven with corporate governance, including insolvency, taxation, and securities law as well as financial regulation. Now in paperback, the Handbook is a comprehensive, interdisciplinary resource placing corporate law and governance in its wider context, and is essential reading for scholars, practitioners, and policymakers in the field.

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.

This title provides an explanation of the law governing cheques. It addresses certain fundamental issues such as how to draw a valid cheque; the immediate legal consequences of payment by cheque; cheque negotiation; the legal implications of a dishonoured cheque; and the legal position of banks that pay out on a cheque without authority.

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.

Die Bankrechtliche Vereinigung - Wissenschaftliche Gesellschaft fA1/4r Bankrecht e.V. - hat ihren Bankrechtstag 2000 am 30. Juni 2000 in Wien angesichts der besonderen Bedeutung unter das Thema "Funktionsauslagerung (Outsourcing) bei Kreditinstituten" gestellt.

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.

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.