Following the recent financial crisis, regulators have been preoccupied with the concept of systemic risk in financial markets, believing that such risk could cause the markets that they oversee to implode. At the same time, they have demonstrated a certain inability to develop and implement comprehensive policies to address systemic risk. This inability is due not only to the indeterminacy inherent in the term 'systemic risk' but also to existing institutional structures which, because of their existing legal mandates, ultimately make it difficult to monitor and regulate systemic risk across an entire economic system. Bringing together leading figures in the field of financial regulation, this collection of essays explores the related concepts of systemic risk and institutional design of financial markets, responding to a number of questions: In terms of systemic risk, what precisely is the problem and what can be done about it? How should systemic risk be regulated? What should be the role of the central bank, banking authorities, and securities regulators? Should countries implement a macroprudential regulator? If not, how is macroprudential regulation to be addressed within their respective legislative schemes? What policy mechanisms can be employed when developing regulation relating to financial markets? A significant and timely examination of one of the most intractable challenges posed to financial regulation.

The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets, and prompted a fundamental reconsideration of the design of financial regulation. As the financial system has become ever-more complex and interconnected, the pace of evolution continues to accelerate. It is now clear that regulation must focus on the financial system as a whole, but this poses significant challenges for regulators. Principles of Financial Regulation describes how to address those challenges. Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of regulation by drawing on economics, finance, and law methodologies. The volume examines regulation in a purposive and dynamic way by framing the book in terms of what the financial system does, rather than what financial regulation is. By analysing specific regulatory measures, the book provides readers to the opportunity to assess regulatory choices on specific policy issues and encourages critical reflection on the design of regulation.

New investment techniques and new types of shareholder activists are shaking up the traditional ways of equity investment that informs much of our present-day corporate law and governance. Savvy investors such as hedge funds are using financial derivatives, securities lending transactions, and related concepts to decouple the financial risk from shares. This leads to a distortion of incentives and has potentially severe consequences for the functioning of corporate governance and of capital markets overall. Taking stock of the different decoupling strategies that have become known over the past several years, this book then provides an evaluation of each from a legal and an economic perspective. Based on several analytical frameworks, the author identifies the elements of equity deconstruction and demonstrates the consequences for shareholders, outside investors, and capital markets. On this basis, the book makes the case for regulatory intervention, based on three different pillars and comprising disclosure, voting right suspension, and ex-post litigation. The book concludes by developing a concrete, comprehensive proposal on how to address the regulatory problem. Overall, this book contributes to the debate about activist investment and the role of shareholders in corporate governance. At the same time it raises a number of important considerations about the role of equity investment more generally.

The financial system and its regulation have undergone exponential growth and dramatic reform over the last thirty years. This period has witnessed major developments in the nature and intensity of financial markets, as well as repeated cycles of regulatory reform and development, often linked to crisis conditions. The recent financial crisis has led to unparalleled interest in financial regulation from policymakers, economists, legal practitioners, and the academic community, and has prompted large-scale regulatory reform. The Oxford Handbook of Financial Regulation is the first comprehensive, authoritative, and state-of-the-art account of the nature of financial regulation. Written by an international team of leading scholars in the field, it takes a contextual and comparative approach to examine scholarly, policy, and regulatory developments in the past three decades. The first three Parts of the Handbook address the underpinning horizontal themes which arise in financial regulation: financial systems and regulation; the organization of financial system regulation, including regional examples from the EU and the US; and the delivery of outcomes and regulatory techniques. The final three Parts address the major reoccurring objectives of financial regulation, widely regarded as the anchors of financial regulation internationally: financial stability; market efficiency, integrity, and transparency; and consumer protection. The Oxford Handbook of Financial Regulation will be an invaluable resource for scholars and students of financial regulation, and for economists, policy-makers and regulators.

This is the first book to provide a complete comparative analysis of expedited corporate debt restructuring alternatives in the European Union. The work considers the different options available to a company facing a distress scenario and focuses on the options that provide expedited solutions to these issues. The techniques considered in full include: (1) out-of-court reorganization or (non-insolvency process-related) private workouts; (2) pre-packaged reorganization plans; and, (3) pre-arranged or pre-negotiated reorganization plans. The merits and suitability of each technique are considered and case studies are used to illustrate these points in each chapter. A considerable feature of the work is the jurisdiction analysis which allows the reader to compare the law and practice related to each method in each of the EU member states. Each country chapter sets out the relevant legal framework, illustrates its practical application and highlights potential problems through the use of case studies. The aim of the book is to work as a toolkit, a first point of reference for anyone dealing with companies in distress in the EU. In addition to the jurisdictional analysis, the thematic chapter provide an introduction to the techniques discussed and cover common issues for all EU jurisdictions.

The euro area sovereign debt crisis has been the greatest threat to the euro since its inception, but the consequences of the crisis go well beyond the realm of macroeconomics: the crisis has cast doubt on the viability of a mechanism of integration such as the one envisaged in Economic and Monetary Union (EMU), and on the future of the European Union as a political project in the face of citizens' growing disaffection. The various responses to the crisis have not only altered the principles underlying EMU; they have also had a profound impact on the constitutional orders of the EU and its Member States. This book focuses on the euro area crisis and its aftermath from a constitutional perspective. It provides a critical analysis of the workings and evolution of Economic and Monetary Union, the changes brought by the crisis and their broader effects, and the constitutional obstacles to integration in this area. Looking forward, it tackles the uncertain future of economic and fiscal integration and the challenges posed. This is a compelling and incisive account of some of the most significant developments and dilemmas facing the European Union since its creation.

In the next wave of conduct regulation in financial markets, from 2021 conduct regulators in the UK and elsewhere expect firms to produce evidence on how they are improving behaviour and culture. Facing this, many practitioners are anxious that their current reporting and management information (MI) are irrelevant to meeting as-yet unclear regulatory expectations. This book provides the insights and tools firms need to report on culture, securing both enhanced business value and the regulator's approval. Culture is now seen as a key contributor to good governance, feeding into existing discourse on environmental, social and governance (ESG) factors and the emerging dialogue on 'non-financial (mis)conduct', but conventional measures of business quality are unfit for the new reporting agenda. Culture Audit in Financial Services follows the arc of 'behavioural regulation' to examine what the regulator really wants, before offering guidance on how culture audit differs from conventional auditing, how to put the latest pure-research findings to work, and the key features of well-designed conduct and culture reports. Written by an impartial author and a variety of contributors with extensive experience working with practitioners, regulators, and many of the world's finest academic initiatives, this book is filled with practical, grounded advice on how best to approach this new challenge and avoid infractions.

From 2001 to 2011, the International Accounting Standards Board (IASB) and its International Financial Reporting Standards (IFRSs), 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 book is a leading authority on central banking and financial regulation, including detailed legal and policy analysis of the institutions that safeguard monetary stability and financial stability nationally, at the EU level and globally. The new edition has been renamed (previously 'Legal Foundations of International Monetary Stability') to better reflect the book's breadth of coverage, which includes an in-depth study of central banking, a fresh look at supervision, regulation and crisis management after the global financial crisis. It also includes updated material on the law of the European Central Bank and banking union, the law of the IMF and work undertaken by international standard-setters, in particular the FSB and the Basel Committee. Part I focuses on national developments, Part II deals with EU developments and Part III examines international developments. Each of these sections commences with a historical chapter, then analyses the framework of the 'monetary architecture'. Finally, each part considers the 'financial architecture' with regard to the functions of financial supervision (micro and macro) and surveillance, regulation and crisis management, including lender of last resort and resolution.

The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets, and prompted a fundamental reconsideration of the design of financial regulation. As the financial system has become ever-more complex and interconnected, the pace of evolution continues to accelerate. It is now clear that regulation must focus on the financial system as a whole, but this poses significant challenges for regulators. Principles of Financial Regulation describes how to address those challenges. Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of regulation by drawing on economics, finance, and law methodologies. The volume examines regulation in a purposive and dynamic way by framing the book in terms of what the financial system does, rather than what financial regulation is. By analysing specific regulatory measures, the book provides readers to the opportunity to assess regulatory choices on specific policy issues and encourages critical reflection on the design of regulation.

This book examines the relatively recent and under-explored phenomenon of outward foreign direct investment (FDI) from the large emerging market countries, focusing on the four BRIC states (Brazil, Russia, India, and China) and on the services sector meaning primarily telecommunications, finance, and transport. It considers the international legal framework governing FDI, discussing the nature and extent of the bilateral and regional investment treaty commitments undertaken by each of the BRIC states, including their commitments under the WTO General Agreement on Trade in Services, as well as their obligations as members of the International Monetary Fund and the World Bank. Drawing on trends observed in the regulatory approach of these countries to FDI in services, including the observed flow of FDI both to and now from the developing world, the book proposes a multilateral investment treaty aimed at the liberalization and protection of FDI in services. The treaty will capture the emerging equilibrium in global FDI patterns signifying a unified approach to the regulation of foreign investment in the growing services economy by developing and developed economies alike. The treaty will strengthen the legitimacy of investor-state dispute settlement and recognize public interest norms such as environmental protection and human rights as well as allow signatories to retain sovereignty over matters relating to national security and economic stability.

This text remains the only book to analyse corporate internal investigations on an international level, covering the applicable law in each jurisdiction and providing guidance on how an integrated international investigation should be conducted. Since the first edition of the book, the area of corporate internal investigations has grown in importance and recognition. Demands for investigations are on the rise as the internal markets and the press become ever more critical of unethical corporate behaviour, and demand higher standards and closer regulation. The new edition of Corporate Internal Investigations addresses the recent legislative changes, including the long-awaited UK Bribery Act, and the new rules on whistleblowing and the Dodd Frank Act in the US. Many of these developments, including the adoption of OECD (Organisation for Economic Co-operation and Development) based anti-corruption legislation by countries such as Russia, China and India, will increase enforcement activity and the need for investigations. The need for advice and guidance on internal investigations is also increasing as companies move into emerging markets and face much greater risk. This second edition provides a vital tool in assisting companies and their legal advisers with planning for and conducting internal corporate investigations.

The early twenty-first century has seen a conspicuous absence of formal international law concerning money and finance. This book argues that this lack of formal international regulation was a significant contributing factor to the global financial crisis that began in 2007. It focuses on this lack of global substantive principles and 'hard law' rules in the field of financial regulation and monetary affairs, and analyses the emerging framework within international law that aims to govern financial institutions and markets. The global financial crisis has demonstrated the essential need for financial and monetary regulatory reform, and for the establishment of appropriate mechanisms for the settlement of financial disputes and for the regulation of cross-border financial institutions. This book therefore presents the foundations of solutions that could fill these critical gaps in international financial law. It addresses cross-border issues, financial regulation, and provides detailed analyses of monetary policies and regulation. This book is an updated collection of papers first published in the Special Edition of the Journal of International Economic Law on 'The Quest for International Law in Financial Regulation and Monetary Affairs' (Volume 12, Number 3, September 2010), which also show that the regulatory hands-off approach was not replicated in other areas of international economic law. International trade regulation witnessed an increased number of international rules and the reinforcement of a rule-oriented, if not rule-based, approach. Judicial dispute settlement and retaliation, exclusively based upon international ruling and authorization, was reinforced. Given the importance of trade regulation and WTO law, which has an established institutional and legal framework, the book therefore provides a much-needed comparative approach.

Combining perspectives from practice, legal theory and doctrinal analysis, this book presents a comprehensive examination of the questions facing the current understanding and future application of corporate finance law, such as the optimal adaptation of regulation in highly dynamic settings and the scope for innovation in legal markets in light of the current debt crisis.
Corporate Finance Law in the UK and EU considers areas of corporate finance that are likely to be of key importance in the next few years including regulatory reforms, which are of present concern. It also addresses timely and important questions such as the impact of higher interest rates on capital markets strategies and how directors should balance the demands for disclosure and transparency with the cost of compliance.
Bringing together contributions from over 20 international leading academic and practitioner experts in this area, this book provides a comparative perspective of equity financing, debt financing, European law and policy, and practical research on how to improve and solve current problems related to corporate finance.

Der Autor untersucht die Grenzen internationaler Schiedsvereinbarungen im Hinblick auf international zwingende Sachnormen (sog. Eingriffsnormen). Kann die Schiedseinrede mit dem Argument zuruckgewiesen werden, das vereinbarte Schiedsgericht werde eine Eingriffsnorm, die fur nationale Gerichte zwingend sei, nicht beachten? Oder hat das abredewidrig angerufene Gericht die Parteien dennoch auf das schiedsrichterliche Verfahren zu verweisen? Zur Klarung dieser Frage erfolgt eine umfangreiche Analyse zum Umgang mit Eingriffsnormen in der Schiedsgerichtsbarkeit sowie eine Auswertung der Schiedspraxis. Auf dieser Grundlage entwickelt der Autor einen detaillierten Loesungsvorschlag aus der Sicht eines deutschen Gerichts und wendet diesen auf praktisch relevante Beispielsfalle an.

Der Autor geht der Frage nach, welche Mitteilungspflichten bei Finanzinstrumenten nach der novellierten Transparenz-Richtlinie bestehen. Die den Mitteilungspflichten zugrunde liegende Beteiligungstransparenz bezweckt, Beherrschungsverhaltnisse, Aktionarsstruktur und Veranderungen massgeblicher Beteiligungen bei bestimmten Emittenten offenzulegen. Finanzinstrumente, die bisher keiner Publizitatspflicht unterlagen, ermoeglichten einen heimlichen Beteiligungsaufbau an Unternehmen ("Anschleichen"). Die korrespondierenden Regelungen sind derart erweitert worden, dass "hidden ownership" und das "Anschleichen" an Unternehmen nach Umsetzung der neuen Regelungen in nationales Recht der Mitgliedstaaten weitestgehend der Vergangenheit angehoeren durften.

Haftungsnormen uber die ordnungsgemasse Kapitalmarktinformation fuhren nicht nur zur individuellen Kompensation des von dem Geschadigten erlittenen Schadens, sondern starken zugleich das Vertrauen der Kapitalanleger und damit die Integritat und die Funktionsfahigkeit eines Finanzmarktes insgesamt. Unter dem Gesichtspunkt der Ausgleichsfunktion koennen die individuellen Schadensersatzanspruche eine hohe Praventivwirkung entfalten. Wahrend sich die Emittentenhaftung fur fehlerhafte Kapitalmarktinformation in Deutschland grundsatzlich allein auf den Emittenten richtet, ist sie in Korea nicht nur auf diesen beschrankt. Die Haftung erstreckt sich uber das Organmitglied hinaus auch auf Ausubende bestimmter Berufe, von denen man hinsichtlich ihrer beruflichen Ausbildung eine besondere Vertrauenswurdigkeit erwartet. Das Buch liefert einen umfassenden Vergleich der Schadensersatzhaftung fur fehlerhafte Kapitalmarktinformationen boersennotierter Aktiengesellschaften in beiden Landern.

Die Markte, an denen Finanzinstrumente gehandelt werden, haben sich in den letzten Jahrzehnten drastisch verandert und entwickelten sich von physischen Marktplatzen mit Handlern zu komplexen Computernetzwerken, die ohne menschliche Interaktion Marktdaten empfangen, auswerten und eigene Entscheidungen treffen. Seit der MiFID-Gesetzgebung sind diese Markte aufsichtsrechtlich fragmentiert und es bedarf eines Marktordnungsrechts bestehend aus Transparenz- und Best Execution-Vorschriften, um den potentiellen negativen Effekten der Marktfragmentierung entgegenzuwirken und die Funktionsfahigkeit der Sekundarmarkte zu gewahrleisten. Ausnahmen, die bestehen, wenn Orders im Vorhandelsbereich nicht transparent gemacht werden (verborgene Liquiditat), koennen die Effektivitat des Marktordnungsrechts beeintrachtigen.

Bei einem vorgepragten Ermessen kann nach der Rechtsprechung des Bundesfinanzhofs auf die Begrundung des Ermessens verzichtet werden. Diese Folge uberrascht, weil eine mangelnde Begrundung der Ermessensentscheidung grundsatzlich einen Ermessensfehler indiziert. Die Arbeit analysiert diese Rechtsprechung. Anschliessend geht sie auf die dieser Figur zumindest eng verwandte Form des intendierten Ermessens ein. Jan Popel differenziert zwischen den beiden Begriffen und ordnet sie in die Ermessensdogmatik ein. Beide Figuren sind von der Ermessensreduzierung auf Null abzugrenzen. Der Autor macht einen rechtspolitischen Vorschlag. Das Ermessen ist in bestimmten Konstellationen vorgepragt oder intendiert. Eine Begrundung der Ermessenserwagungen ist in beiden Fallen nicht erforderlich.

Soll das Urheberrecht im Internet Verbotsrecht oder Teilhaberecht sein? Diese kritische Grundfrage nach der ratio legis stellt der Autor und diskutiert ein rechtlich und oekonomisch fundiertes Loesungsmodell. Angesichts automatisierbarer Abrechnungsmoeglichkeiten entfallt im Internet zunehmend der Bedarf nach Kontrolle uber die Werkdistribution. Stattdessen kommt es darauf an, Urheber starker in Wertschoepfungsspielraume zu integrieren. Das derzeitige urheberrechtliche Verwertungsrecht ist nach Einschatzung des Autors hierfur ungeeignet, weil es zu eng an der Loesung von vergangenen Konflikten und weniger an realer Teilhabemaximierung orientiert ist. Der Autor geht dem ursprunglich definierten Schutzbedarf fur das Urheberrecht auf den Grund und entwickelt hieraus die Idee fur ein Teilhabemodell, dass grundsatzlich ohne Upload-Filter oder Abmahnungen funktioniert.

Das Buch befasst sich mit der Teilnahme des Staates als Partei an verwaltungs- und zivilrechtlichen Schiedsverfahren. Nach Darstellung der einfach-rechtlichen Grundlagen wird der Frage nachgegangen, inwiefern gerade die Zunahme von oeffentlich-privaten Partnerschaften in Deutschland auch zu einem Bedeutungszuwachs der Schiedsgerichtsbarkeit im Verhaltnis zur oeffentlichen Hand gefuhrt hat. Zu diesem Zweck analysiert der Autor eine Reihe entsprechender Vorhaben und pruft, ob die Parteien fur Konflikte alternative Streitloesungsmechanismen in den Projektvertragen vereinbart haben. Sodann wird untersucht, ob sich die Teilnahme des Staates an Schiedsverfahren im Einklang mit seinen grundgesetzlichen Bindungen befindet. Einen Schwerpunkt der Eroerterungen bilden dabei Probleme der Transparenz.

Das Buch behandelt den Verjahrungsbeginn nach 199 Abs. 1 BGB bei Anspruchen von AG und GmbH gegen ihre Geschaftsleiter. Ziel ist es, umfassend zu klaren, durch wessen Kenntnis auf Organebene und unterhalb der Organebene der Verjahrungsbeginn bewirkt wird. Der Verfasser kommt zu dem Ergebnis, dass fur den Verjahrungsbeginn entgegen der herrschenden Meinung auf die Kenntnis des Organs abzustellen ist, das im Rahmen der internen Willensbildung uber die Geltendmachung des Anspruchs gegen den Geschaftsleiter entscheidet. Daneben ist fur den Verjahrungsbeginn auf sog. Wissensvertreter abzustellen. AG und GmbH unterliegen im Rahmen des 199 Abs. 1 BGB keiner Wissensorganisationspflicht.