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.

Dieses Essential bietet eine systematische und auch fur den Laien verstandliche Einfuhrung in die Grundlagen der komplexen Besteuerung von Dividendenausschuttungen und anderen Kapitaleinkunften aus dem In- und Ausland. Die wesentlichen ertragsteuerlichen Implikationen fur unbeschrankt steuerpflichtige naturliche Personen, Personengesellschaften sowie Koerperschaften werden in den Blick genommen. Dabei profitieren die Leser*innen von den ubersichtlichen Erlauterungen, praxisnahen Anmerkungen und Hinweisen.

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.

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.

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.

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.

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.

As Baby Boomers make the transition into their 60s, they have focused policymakers and the media's attention onto how this generation will manage the retirement phase of its lifetime. This volume acknowledges that many, though not all, in this older cohort have accumulated substantial assets, so for them, the question is what will they do with what they have?
We offer a detailed exploration of how people entering retirement will deploy their accumulated assets in the near and long term, so to best meet their myriad spending, investment, and other objectives. The book offers readers an invaluable study of emerging issues regarding assets and expectations on the verge of retirement, including uncertainty regarding life expectancy and morbidity. It is composed of chapters from a distinguished set of authors including a Nobel Laureate and a wonderful mix of academics and practitioners from the legal, financial, and economic fields.
This volume represents an invaluable addition to the Pension Research Council / Oxford University Press series. It will be especially useful for analysts and consumers concerned with ways to position, invest, manage, and spend retirement assets; financial advisers and academics debating ways to effectively manage assets in retirement; and lawyers and policy experts evaluating regulation for the retirement payout marketplace.

Geraten zu einer Unternehmensgruppe verbundene Rechtstrager in die Insolvenz, stellt dies nicht nur fur die Beteiligten, sondern auch fur das Insolvenzrecht eine grosse Herausforderung dar. Mit dem Ziel, insbesondere die speziell aus der Gruppenverbundenheit resultierenden Werte in und uber die Insolvenz hinaus zu bewahren, stehen die auf die Einzelinsolvenz zugeschnittenen Regelungen der InsO und der EuInsVO seit langem auf dem Prufstand. Der Autor untersucht die dahingehenden deutschen Reformansatze sowie die neuen Regelungen der EuInsVO. Dabei zeigt er, dass der Schlussel zur erfolgreichen Bewaltigung von Insolvenzen innerhalb einer Unternehmensgruppe vorrangig in einer Zustandigkeitskonzentration liegt; und zwar sowohl auf Gerichts-, als auch auf Verwalterebene.

Die Autorin untersucht den Ausgleich der widerstreitenden Interessen des Emittenten, des Grossaktionars und der Minderheitsaktionare bei einem freiwilligen und einem zwangsweisen Delisting in Deutschland und Sudkorea. Beide Rechtsordnungen versuchen auf unterschiedliche Weise, einen Ausgleich zwischen dem Anlegerschutz als Individualschutz und dem Funktionsschutz der Boerse bei einem Delisting zu erreichen. Ein Delisting auf Initiative des Emittenten darf in beiden La ndern nur stattfinden, wenn die Minderheitsaktiona re ein Kaufangebot fu r ihre Aktien erhalten. In Sudkorea handelt es sich bei den Delisting-Kriterien fur ein zwangsweises Delisting um ein praventives System, das dazu eingesetzt wird, gute von schlechten Emittenten an der Boerse zu unterscheiden.

The Oxford Handbook series is a major new initiative in academic publishing. Each volume offers an authoritative and state-of-the-art survey of current thinking and research in a particular subject area. Specially commissioned essays from leading international figures in the discipline give critical examinations of the progress and direction of debates. Oxford Handbooks provide scholars and graduate students with compelling new perspectives upon a wide range of subjects in the humanities and social sciences.
The Oxford Handbook of International Investment Law aims to provide the first truly exhaustive account of the current state and future development of this important and topical field of international law.
The Handbook is divided into three main parts. Part One deals with fundamental conceptual issues, Part Two deals with the main substantive areas of law, and Part Three deals with the major procedural issues arising out of the settlement of international investment disputes.
The book has a policy-oriented introduction, setting the more technical chapters that follow in their policy environment within which contemporary norms for international foreign investment law are evolving. The Handbook concludes with a chapter written by the editors to highlight the major conclusions of the collection, to identify trends in the existing law, and to look forward to the future development of this field.