Capital markets are a continuous stream of activity and innovation. Constantly evolving and inherently dynamic, they give rise to complex regulatory and policy issues and offer rich material for analysis. Additionally, globalization has incentivized cross-border listings and international flows of capital. Global Capital Markets takes stock of recent trends and events by exploring their legal and regulatory implications across several jurisdictions from around the world. This book provides a critical analysis of current issues including investor activism, the challenges of cross-border regulatory enforcement and recent initiatives to empower shareholders to improve corporate governance. It also surveys longer-term trends such as the development of the nascent capital markets law in China over the last two decades and discusses the emerging issues from the increased use of dual class voting shares. Case studies draw on examples from nations such as the US, Canada, Europe, China, India and New Zealand. Timely and incisive, this book will appeal to students and academics in international corporate and securities law. Contributors incude: A. Anand, Q. Bu, H. Donegan, T. Keeper, Y.-H. Lin, A.B Majumdar, C. Malberti, T. Rodriguez de las Heras Ballell, U. Varottil

Since a reform in 2010, foreign investors can establish a Foreign-Invested Limited Partnership Enterprise (FILPE) in China together with Chinese or foreign investors. The FILPE can be combined with a domestic or foreign corporate general partner, thus allowing for a structure that offers the flexibility and taxation conditions of a partnership while protecting its investors against personal liability like a company. The book explores from the perspective of a foreign investor if the FILPE is an attractive investment vehicle by analysing whether it provides the characteristics that are internationally recognized as constituting a standard corporate form. Among these characteristics, the three that are most strongly interconnected and interdependent form the core of the analysis: legal personality, limited liability and transferable ownership interest. These are analyzed in context of China's restrictive framework of foreign investment regulations and enterprise organization law.

This book observes that an in-depth study exclusively focusing on health service trade not only strengthens the overall services trade capacity of the South Asian region, but also promotes global as well as regional trade. There is a dearth of analytical research on estimating barriers to trade in health services, particularly in the context of South Asia, and as such, this book assesses the potential benefits and economic costs of barriers to trade in health services in select South Asian economies. It also analyzes the impact of liberalization and regulatory reforms on economic welfare. It broadly addresses issues relating to trade in health services, the GATS (General Agreement on Trade in Services), such as: Why are the current levels of trade in health services low? How will the GATS legally affect a country's health policy? What effect might liberalization have on national health systems? And what are the likely benefits of greater trade in health services? It also provides specific answers to the following questions: Does the substantial role of the government in health - as health service provider, financial supporter, regulator and promoter - have implications for the treatment of the sector under the GATS? What is the impact of liberalization of international trade in health services on the quality and availability of health services in developing SAARC countries? Given the importance of consumption abroad for trade in health services, and the gradual opening of health markets through Modes 1 and 3 (cross-border supply and commercial presence), how can problems associated with trade in these Modes be prevented? And are these problems sufficiently addressed by GATS disciplines? Answers to these questions will be of great use to researchers, policy makers as well as practitioners and NGOs of South Asia.

This book defines oil price as a social institution that exists beyond supply-demand mechanisms. Discussing oil markets in the context of the broader sociology of prices, it covers a number of theoretical and practical dimensions, such as new market uncertainties and trends, and social perceptions of energy security and of power. Further, based on case studies it explores the implications for OPEC, Russia, and Central and Eastern Europe, as well as for the energy transition and for international investment arbitration. Featuring contributions from leading academics, researchers and business professionals, the book offers an interdisciplinary perspective on the oil price. "This book brings together an impressive team of scholars with fresh perspectives on the oil price. Even as the world attempts energy transition, oil consumption continues and the oil price is likely to become even more unpredictable and unclear than in the past. This book helps make sense of this challenging topic." -Indra Overland is a Research Professor and Head of Centre for Energy Research, Norwegian Institute of International Affairs (NUPI) "A revealing and multidimensional analysis of oil price fluctuations in a market that seeks less uncertainty. This book discusses market and price evolution in the context of market theories, history and real-time market analysis. A welcome and timely contribution to our understanding of global energy markets." Dr. Sara Vakhshouri is Founder and President of SVB Energy International and Professor of Energy Security at the Institute of World Politics.

Statelessness remains an issue of concern in Europe. Stateless people are without any nationality and often experience problems with accessing basic rights, despite the proclamation of human rights and a right to a nationality for all. Various attempts have been made to address statelessness specifically, for instance by the adoption of the United Nations Statelessness Conventions, but also by European regional cooperation mechanisms. This research therefore analyses and places into context the legal approaches that states have taken together in the context of the Council of Europe and the European Union to prevent and solve statelessness from a human rights perspective. In understanding the contribution of European law to preventing and solving statelessness, the study also reflects on what this adds to the legal concept of nationality and ways in which to move forward.

External relations is currently among the most dynamic areas of EU law, its institutional structures profoundly affected by the Lisbon Treaty. This volume gathers leading analysts to assess core recent developments in the field, taking stock of the current law and potential developments in major policy areas.
The volume opens with an assessment of a central concept at the heart of EU external relations, underpinning its international identity. Christophe Hillion analyses the legal principles which ensure coherence between different strands of the EU's external activity, and the contribution of law to the consistency of the EU's international presence. Frank Hoffmeister turns the focus outwards to the interaction between the EU and the international legal order- the legal basis for the EU's activity in shaping international law and the EU's contribution to 'state practice'.
These opening chapters develop a picture of the EU's active international participation as well as the characteristic structural complexity of its external relations, and against this background the remainder of the book examines key policy areas of EU external action. Lorand Bartels analyses the relationship between trade policy and development; Markus Krajewski discusses trade in services and the link between external and internal policy issues; and Nathalie Tocci assesses the EU's contribution to conflict resolution, an important focus of the Common Foreign and Security Policy. The complex policy picture that emerges from the different goals, values and instruments across these areas is examined in the book's final chapter which focuses on the European Neighborhood Policy, frequently proclaimed as a strategic priority for the EU.
Together, the essays present a clear picture of the complex development of EU external relations, of the struggle for coherence in the increasingly active, visible and self-conscious role played by the EU as a participant in the international legal order.

The book systematically describes the theory and practice of ICSID annulment proceedings by thoroughly analyzing this mechanism in light of the annulment decisions rendered so far as well as the publications on the issue.
Organized to suit the needs of the practitioner, it outlines the recent trends in the area, providing the most up to date analysis of the subject. It also addresses key topics involving ICSID annulment such as the procedural issues which frequently arise in this type of proceedings, for example admissability of new evidence and arguments in annulment proceedings, res judicata in resubmitted cases.
The sections on each ground for annulment include an analysis of the applicable standard as well as a detailed description and study of each annulment decision that addressed the respective ground, creating an authoritative and complete resource.

In the wake of the credit crunch, structured finance is linked to bailed-out investment banks and overpaid executives rather than to the innovative financial solutions it continues to provide. The initial response from the financial markets has been a move back to basics, to plain vanilla transactions. Furthermore, securitization, derivatives and other structured products are facing intense regulatory and political scrutiny. These pressures notwithstanding, the potential of structured finance will play an important part in facilitating recovery. This book explains why. This book serves three purposes. First, it complements and updates the analysis of structured finance in the popular and highly acclaimed first volume in this series ("Securitization Law and Practice in the Face of the Credit Crunch"), with plenty of focus on derivatives. It includes a discussion of the collateralization of derivatives exposure as well as an analysis of novel derivative products such as weather and property derivatives. Second, it defines the key milestones of the credit crunch, focusing on the potential impact of the expected flow of litigation by aggrieved investors against the perceived deep pockets of arrangers and rating agencies around the world. Third, it illustrates ways in which the untapped potential of structured finance may well facilitate recovery. To this end, the book explores opportunities for securitization by sovereign states, by companies in emerging markets through DPRs, and by financial institutions plagued with non-performing loans and negative equity mortgages in the wake of property market conditions. Like its predecessor, this second volume in the series will again appeal to a wide variety of practitioners, whether lawyers in private practice or in-house or those active in the financial markets or in a supervisory or regulatory environment. Example structures and actual transactions make the topic very easily accessible and practice oriented. This book is an indispensable tool for any professionals connected with financial law in these turbulent times.

This book provides a comprehensive overview of international cultural heritage law from the perspectives of non-state actors (NSAs). In keeping with the significant developments concerning the status and roles of NSAs in international law over the last century, NSAs such as communities, experts, NGOs, and international organizations have become important participants in the implementation of international cultural heritage conventions. Indeed, due to the emergence of new ideas on common heritage and cultural rights in the 20th century, international cultural heritage law has become inconsistent with States' claim to sole authority regarding the protection of cultural heritage. The author analyzes the texts of international cultural heritage conventions, as well as their operational texts, to track essential changes in the rights, obligations, and roles of NSAs since the mid-20th century. Practical cases on the status and roles of NSAs are introduced to glean empirical ideas and facilitate an in-depth understanding of their effectiveness. The analysis reveals that NSAs do have certain rights and responsibilities concerning the implementation of cultural heritage conventions, and their roles have been increasingly recognized. At the same time, however, discrepancies between text and practice can be observed when it comes to the status and roles of NSAs. They have emerged for various reasons, one of which is the politicization of conventions' governance. Adopting the standpoint of the NSAs, the book emphasizes the need to explore innovative and practical mechanisms that will allow NSAs to attain their proper status and take on practical roles under international cultural heritage law, which will in turn ensure the sustainable protection of cultural heritage. This message becomes more pertinent to the current conflicts where various tensions between states and NSAs have arisen and the roles of NSAs have become more important.Given its scope, the book will be of special interest to students, researchers and professionals at government and non-government organizations in the fields of heritage, the arts, law, administration, and development.

This book examines the impact of international trade rules on the promotion and protection of human rights, and explains why human rights are an important mechanism for assessing the social justice impact of the international trading system. The core of the book is an in depth analysis of the various ways in which international trade law rules impact upon human rights protection and promotion, emphasising the significance of the jurisdictional context in which the human rights issues arise: coercive measures that are taken by one country to protect and promote human rights in another country are distinguished from measures taken by a country to protect and promote the human rights of its own population. The author contends that international trade law rules have utilised certain ad hoc mechanisms to deal with particularly pressing human rights concerns in the trade context, but also argues that these mechanisms do not provide systemic solutions to the inter-linkages between the two legal systems. The author therefore examines mechanisms by which human rights arguments could be more systematically raised and adjudicated upon in WTO dispute settlement proceedings, highlighting future opportunities and difficulties. He concludes by considering broader systemic issues outside the dispute settlement process that need to be addressed if trade law rules are to successfully protect and promote human rights.

Since unification, the Federal Republic of Germany has made vaunted efforts to make amends for the crimes of the Third Reich. Yet it remains the case that the demands for restitution by many countries that were occupied during the Second World War are unresolved, and recent demands from Greece and Poland have only reignited old debates. This book reconstructs the German occupation of Poland and Greece and gives a thorough accounting of these debates. Working from the perspective of international law, it deepens the scholarly discourse around the issue, clarifying the 'never-ending story' of German reparations policy and making a principled call for further action. A compilation of primary sources comprising 125 annotated key texts (512 pages) on the complexity of reparations discussions covering the period between 1941 and the end of 2017 is available for free on the Berghahn Books website, doi: 10.3167/9781800732575.dd.

This book provides an in-depth assessment of the modern geopolitics of hydrocarbon resources in the territorial waters of the Eastern Mediterranean, highlighting the current conflicts and disputes in the maritime territories of Egypt, Israel, Lebanon, Cyprus, and Turkey. Further, these geopolitical aspects are analyzed within the broader context of the tensions between and competing interests of big powers such as the USA, Russia, and the European Union. To what extent can major powers influence regional actors and guide them toward rational outcomes? To what extent can economic self-interest contain nationalistic impulses? What are the most practical and sustainable ways of promoting win-win scenarios? This book focuses on such questions and presents a number of clear policy guidelines to help the conflict-laden Eastern Mediterranean region gain a more peaceful and sustainable footing for the greater benefit of the peoples living there.

This collection of essays critically evaluates the legal framework necessary for the use of autonomous ships in international waters. The work is divided into three parts: Part 1 evaluates how far national shipping regulation, and the public international law background that lies behind it, may need modification and updating to accommodate the use of autonomous ships on international voyages. Part 2 deals with private law and insurance issues such as collision and pollution liability, salvage, limitation of liability and allocation of risk between carrier and cargo interests. Part 3 analyses international convention regimes dealing with maritime safety and other matters, arguing for specific changes in the existing conventions such as SOLAS and MARPOL, which would provide the international framework that is necessary for putting autonomous ships into commercial use. The book also takes the view that amendment of international conventions is important in the case of liability issues, arguing that leaving such matters to national law, particularly issues concerning product liability, could not only restrict or hinder the availability of liability insurance but also hamper the development of technology in this field. Written by internationally-known experts in their respective areas, the book offers a holistic approach to the debate on autonomous ships and makes a timely and important contribution to the literature.

Pleadings, Oral Arguments, Documents: Dispute Regarding Navigational and Related Rights (Costa Rica v. Nicaragua) Volume V

Opposite pages bear duplicate numbering. Volume 2. Memorial of Germany (continuation); Counter-memorial of the United States of America

This book examines the impact of EU trade and investment agreements on public services, a topic that continues to be the subject of heated political debate. It surveys a broad range of EU agreements and provides a comprehensive, up-to-date analysis of the rules and disciplines of such agreements that can affect the provision of public services. Going beyond the existing literature, it asks whether the treatment of public services in EU trade and investment agreements is coherent with the special status of public services in "internal" EU law, specifically internal market law, while also challenging the notion that trade and investment agreements automatically pose serious threats to public services. The book will be of keen interest to legal scholars and students specialising in EU and/or international economic law together with national and international policy-makers. Luigi F. Pedreschi is affiliated to the European University Institute in Florence, Italy, and currently works as a Research Associate at the Robert Schuman Centre for Advanced Studies, also located in Florence.

This multidisciplinary book introduces readers to original perspectives on crimmigration that foster holistic, contextual, and critical appreciation of the concept in Australia and its individual consequences and broader effects. This collection draws together contributions from nationally and internationally respected legal scholars and social scientists united by common and overlapping interests, who identify, critique, and reimagine crimmigration law and practice in Australia, and thereby advance understanding of this important field of inquiry. Specifically, crimmigration is addressed and analysed from a variety of standpoints, including: criminal law/justice; administrative law/justice; immigration law; international law; sociology of law; legal history feminist theory, settler colonialism, and political sociology. The book aims to: explore the historical antecedents of contemporary crimmigration and continuities with the past in Australia reveal the forces driving crimmigration and explain its relationship to border securitisation in Australia identify and examine the different facets of crimmigration, comprising: the substantive overlaps between criminal and immigration law; crimmigration processes; investigative techniques, surveillance strategies, and law enforcement agents, institutions and practices uncover the impacts of crimmigration law and practice upon the human rights and interests of non-citizens and their families. analyse crimmigration from assorted critical standpoints; including settler colonialism, race and feminist perspectives By focusing upon these issues, the book provides an interconnected collection of chapters with a cohesive narrative, notwithstanding that contributors approach the themes and specific issues from different theoretical and critical standpoints, and employ a range of research methods.

Written opinions are the primary means by which judges communicate with external actors. These sentiments include the parties to the case itself, but also more broadly journalists, public officials, lawyers, other judges, and increasingly, the mass public. In Creating the Law, Michael K. Romano and Todd A. Curry examine the extent to which judges tailor their language in order to avoid retribution during their retention, and how institutional variations involving intra-chamber dynamics may influence the written word of a legal opinion. Using an extensive dataset that includes the text of all death penalty and education decisions issued by state supreme courts from 1995-2010, Romano and Curry are the first to examine the connection between retention incentives and language choices. They utilize text analysis techniques developed in the field of communications and apply them to the text of judicial decisions. In doing so, they find that judges write with their audience in mind, and emphasize duelling strategies of justification and persuasion in order to please diverse audiences that may be paying attention. Furthermore, the process of drafting a majority opinion is a team exercise, and when more individuals are involved in its crafting, the product will reflect this complexity. This book gives students the tools for understanding how institutional variation affects judicial outcomes and shows how language relates to decision-making in the judiciary more specifically.

The book defines and critically discusses the following five principles: the harm principle, legal paternalism, the offense principle, legal moralism and the dignity principle of criminalization. The book argues that all five principles raise important problems that point to rejections (or at least a rethink) of standard principles of criminalization. The book shows that one of the reasons why we should reject or revise standard principles of criminalization is that even the most plausible versions of the harm principle and legal paternalism that have been offered so far are rendered redundant by general moral theories. Furthermore, it demonstrates that the other three principles (or versions thereof), the offense principle, legal moralism and the dignity principle of criminalization, can either be covered by the harm principle, thus making these principles also redundant, or be seen to have what look like other unacceptable implications (e.g. that versions of legal moralism are based on speculative and incorrect empirical assumptions or violate what is called the criminological levelling-down challenge). As such, there is reason to move beyond traditional principles of criminalization, and instead to investigate alternative principles the state should be guided by when attempting to justify which kinds of conduct should be criminalized. Moreover, this book presents and defends such a principle - the utilitarian principle of criminalization.