In the light of the financial crisis, it has become clear that the globalisation of financial markets has not been matched by the globalisation of legal certainty relating to financial transactions. The ability to give security influences not only the cost of credit but also, in some cases, whether credit will be available at all. Increasing the availability and lowering the cost of credit can make an important contribution to international and domestic economic development. Assessing the international challenges posed by inefficient secured credit laws, this book explores how these can be overcome to facilitate credit through legal reforms. Leading authorities in the field address the key issues surrounding the availability of credit, the role of banks in economic development and financial crises, UNCITRAL's legislative efforts, and international organisations and financial institutions and their involvement in the reform of secured transactions law.

Unternehmen fuhlten sich in der Vergangenheit zunehmend von der Finanzverwaltung kriminalisiert. Um diesem Gefuhl entgegenzuwirken und die Rechtssicherheit bei der Anwendung der steuerrechtlichen Regeln zu starken, erliess das Bundesfinanzministerium einen Anwendungserlass zu 153 AO. In diesem werden erstmals Vergunstigungen bei einem bestehenden Tax Compliance Management System (Tax CMS) in Aussicht gestellt. Ausgehend davon stellt die Autorin zunachst die Grundlagen von Tax Compliance im Unternehmen dar. Daraufhin uberpruft sie gesetzliche Anknupfungspunkte, an denen ein bestehendes Tax CMS im Steuer- und Ordnungswidrigkeitenrecht enthaftende Wirkung haben kann. Zuletzt stellt die Autorin die Compliance-Strategie der deutschen Finanzverwaltung im Vergleich zur auslandischen dar.

Developments within various sub-fields of international law influence international investment law, but changes in investment law also have an impact on the evolution of other fields within international law. Through contributions from leading scholars and practitioners, this book analyses specific links between investment law and other sub-fields of international law such as the law on armed conflict, human rights, sustainable development, trade, development and EU law. In particular, this book scrutinises how concepts, principles and rules developed in the context of such sub-fields could inform the content of investment law. Solutions aimed at resolving problems in other settings may provide instructive examples for addressing current problems in the field of investment law, and vice versa. The underlying question is whether key sub-fields of public international law, notably international investment law, are open to cross-fertilisation, or, whether they are evolving further into self-contained regimes.

The system of securities regulation that prevails today in the United States is one that has been formed through piecemeal federal legislation, Securities and Exchange Commission (SEC) invocation of its administrative authority, and self-regulatory episodic action. As a consequence, the presence of consistent and logical regulation all too often is lacking. In both transactional and litigation settings, with frequency, mandates apply that are erratic and antithetical to sound public policy. This book focuses on "rethinking" the securities laws, with particular emphasis on the Securities Act and Securities Exchange Act. In 1978, the American Law Institute (ALI) adopted the ALI Federal Securities Code. The Code has not been enacted by Congress and its prospects are dim. Since that time, no treatise, monograph, or other source comprehensively has focused on this meritorious subject. The objective of this book is to identify the deficiencies that exist under the current regimen, address their failings, provide recommendations for rectifying these deficiencies, and set forth a thorough analysis for remediation in order to prescribe a consistent and sound securities law framework. By undertaking this challenge, the book provides an original and valuable resource for effectuating necessary law reform that should prove beneficial to the integrity of the U.S. capital markets, effective and fair government and private enforcement, and the enhancement of investor protection.

Nearly all major global financial centres have developed systems of consumer financial dispute resolution. Such systems aim to assist parties to resolve a growing number of monetary disputes with financial institutions. How governments and self-regulatory organizations design and administer financial dispute resolution mechanisms in the context of increasingly turbulent financial markets is a new area for research and practice. Consumer Financial Dispute Resolution in a Comparative Context presents comparative research about the development and design of these mechanisms in East Asia, North America and Europe. Using a comparative methodology and drawing on empirical findings from a multi-jurisdictional survey, Shahla F. Ali examines the emergence of global principles that influence the design of financial dispute resolution models, considers the structural variations between the ombuds and arbitration systems, and offers practical proposals for reform.

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

Der Verein Fundare e.V., ein gemeinnutziger Verein zur Foerderung des Stiftungswesens, hat es sich zum Ziel gesetzt, zu einer aufbluhenden Stiftungskultur in Deutschland beizutragen. Dazu sollen insbesondere die wissenschaftlichen und praktischen Grundlagen des Stiftens erforscht werden. Der Erfullung dieser Aufgabe dient die Zeitschrift Die Stiftung - Jahreshefte zum Stiftungswesen. Sie beinhaltet in ihrer neunten Ausgabe vor allem die Vortrage, die auf dem von Fundare e.V. veranstalteten 9. Stiftungsrechtstag an der Ruhr-Universitat Bochum gehalten wurden. Daruber hinaus haben noch weitere Beitrage Aufnahme gefunden. Es werden nicht nur eingehend zivilrechtliche, sondern auch verwaltungs- und steuerrechtliche Problematiken des Stiftungsrechts beleuchtet. Der Schwerpunkt liegt hierbei auf dem in der Praxis viel diskutierten Thema "Compliance", wobei die aktuellen Themen im Stiftungs- und Stiftungssteuerrecht nicht vernachlassigt werden.

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

Die Lizenz ist ein immaterielles Gut von enormer wirtschaftlicher Bedeutung. Lizenzketten sind in der Praxis weit verbreitet, fur den Unterlizenznehmer jedoch risikobehaftet. Wird der Hauptlizenzvertrag beendet, ist das Schicksal der Unterlizenz ungewiss. Die Autorin verfolgt das Ziel, eine Loesung der Konfliktsituation herbeizufuhren. Ausgangspunkt der Untersuchung bildet eine Interessenanalyse mit anschliessender verfassungsrechtlicher Bewertung. Das Buch erhebt den Anspruch, die bestehende offene Regelungslucke zivilrechtlich zu schliessen und setzt sich mit dogmatischen Systemprinzipien des Lizenzverkehrs auseinander, wie der Dinglichkeit und dem Abstraktionsprinzip. Durch die Analyse verschiedener Beendigungsgrunde innerhalb der Lizenzkette gewinnt dieses Buch praktische Relevanz.

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

Islamische Banken und Versicherungen sind weltweit auf dem Vormarsch und verzeichnen zweistellige Wachstumsraten. Auch hierzulande erfreut sich das sog. Islamic Finance & Banking grosser Nachfrage. Im Fruhjahr 2015 wurde in Deutschland der ersten islamischen Bank die Lizenz erteilt. Produkte und Dienstleistungen dieser Banken basieren auf dem islamischen Wirtschaftsrecht (fiqh al-mu'amalat al-maliyya), welches die Autoren in diesem Band naher beleuchten. Neben der Frage nach der Umsetzbarkeit der Produkte und Dienstleistungen, die massgeblich von der Konformitat mit der hiesigen Rechtsordnung - insbesondere im Hinblick auf aufsichts-, zivil- und steuerrechtlichen Anforderungen - abhangt, behandeln sie grundsatzliche Fragen nach der Vereinbarkeit jener Institute mit dem herrschenden Wirtschaftssystem.

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

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

Regulatory and market developments have transformed the way in which UK private sector pension schemes operate. This has increased demands on trustees and advisors and the trusteeship governance model must evolve in order to remain fit for purpose. This volume brings together leading practitioners to provide an overview of what today constitutes good governance for pension schemes, from both a legal and a practical perspective. It provides the reader with an appreciation of the distinctive characteristics of UK occupational pension schemes, how they sit within the capital markets and their social and fiduciary responsibilities. Providing a holistic analysis of pension risk, both from the trustee and the corporate perspective, the essays cover the crucial role of the employer covenant, financing and investment risk, developments in longevity risk hedging and insurance de-risking, and best practice scheme administration.

A breach of fair and equitable treatment is alleged in almost every investor-state dispute. It has therefore become a controversial norm, which touches many questions at the heart of general international law. In this book, Roland Klager sheds light on these controversies by exploring the deeper doctrinal foundations of fair and equitable treatment and reviewing its contentious relationship with the international minimum standard. The norm is also discussed in light of the fragmentation of international law, theories of international justice and rational balancing, and the idea of constitutionalism in international law. In this vein, a shift in the way of addressing fair and equitable treatment is proposed by focusing on the process of justificatory reasoning.

Die Autorin untersucht den unverausserlichen Kernbereich der Leitungstatigkeit des Vorstands einer Aktiengesellschaft. Die Arbeit begegnet damit dem haftungstrachtigen Spannungsverhaltnis, in dem sich die Mitglieder des Vorstands einer Aktiengesellschaft befinden: Einerseits mussen sie gemass 76 Abs. 1 AktG die Aktiengesellschaft leiten, woraus gefolgert wird, dass sie die Leitung nicht ubertragen durfen. Andererseits erfordert eine effiziente Unternehmensorganisation gerade auch die Delegation von Leitungsaufgaben. Ziel der hier entwickelten, aktienrechtlichen Kernbereichslehre ist es, konkrete Aufgaben des Gesamtvorstands und deren Inhalte zu benennen, damit der Gesamtvorstand erkennen kann, welche Aufgaben er zwingend selbst wahrnehmen muss und welche er ubertragen darf.

Das Buch verdeutlicht die Rechtsprobleme von Transferinvestments, der sogenannten "third-party ownership", im Lizenzfussball. Die Investition Dritter in "Transfer-" oder "Spielerrechte" zwecks Beteiligung an der zwischen zwei Vereinen gezahlten Transferentschadigung wird von den Verbanden, insbesondere dem Weltfussballverband FIFA, kritisch gesehen. Beschrankungs- und Verbotsregeln wurden eingefuhrt, die nicht unumstritten sind. Philipp Wackerbeck entwickelt auf der Basis einer umfassenden Analyse verbands- und nationalrechtlicher Rahmenbedingungen einen Loesungsansatz. Er zeigt auf, dass Beschrankungen des Transferinvestments im Interesse des Sports zulassig sind, wahrend ein vollstandiges Verbot des Transferinvestments rechtswidrig ist.

Das aktienrechtliche Beschlussmangelrecht ist seit Jahren heftiger Kritik ausgesetzt. Die Autorin greift diese Kritik auf und befasst sich mit der Frage, ob und wie die Nichtigkeitsgrunde des 241 AktG reformiert werden sollten. Der Untersuchungsansatz der Autorin basiert auf einer Beleuchtung der Nichtigkeitsgrunde aus drei Perspektiven. Neben der Historie der Nichtigkeitsgrunde eruiert die Autorin die Nichtigkeitsgrunde de lege lata auf ihre Funktion und Konsistenz und stellt die Konsequenzen einer Abschaffung der Nichtigkeitskategorie dar. Mit dem klaren Verdikt einer Daseinsberechtigung der ex lege eintretenden Nichtigkeit befasst sich die Autorin mit bestehenden Reformansatzen und prasentiert anschliessend basierend auf den gewonnenen Erkenntnissen einen eigenen Reformvorschlag zur kunftigen Ausgestaltung der Nichtigkeitsgrunde im Aktienrecht.

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

Das heutige Wucherverbot der 138 II BGB, 291 StGB ist das Ergebnis einer fur das 19. Jahrhundert exemplarischen Normenentwicklung. Dabei bildete die Zins-Wucher-Gesetzgebung den wesentlichen Ausgangspunkt fur die modernen Individualwucherbestimmungen. Vor allem jene Gesetzgebung und deren Veranderung in diesem Jahrhundert zeigt beispielhaft, wie sehr neue wirtschaftspolitische "Dogmen", allgemeinwirtschaftliche und gesellschaftliche Strukturen und die Legislative miteinander verknupft waren. Gegenstand dieser entwicklungsgeschichtlichen Betrachtung ist sowohl die Verdeutlichung der unmittelbaren Vorgeschichte des 138 II BGB, als auch die Darstellung jener engen Abhangigkeiten von rasanter wirtschaftlicher Entwicklung des 19. Jahrhunderts und sich dem anpassenden radikalen gesetzgeberischen Reaktionen. Zugleich wird die Suche des Gesetzgebers nach einer normierten Schnittmenge zwischen ungezugeltem Fortschrittsglauben und "liberalistischer Ideologie" einerseits und effektivem Schutz vor - vornehmlich auf dem Land auftretender - wucherischer Ausbeutung andererseits beleuchtet.

As governments around the world withdraw from welfare provision and promote long-term savings by households through the financial markets, the protection of retail investors has become critically important. Taking as a case study the wide-ranging EC investor-protection regime which now governs EC retail markets after an intense reform period, this critical, contextual and comparative examination of the nature of investor protection explores why the retail investor should be protected, whether retail investor engagement with the markets should be encouraged and how investor protection laws should be designed, particularly in light of the financial crisis. The book considers the implications of the EC's investor protection rules 'on the books' but also considers investor protection law and policy 'in action', drawing on experience from the UK retail market and in particular the Financial Services Authority's extensive retail market activities, including the recent Retail Distribution Review and the Treating Customers Fairly strategy.

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