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The third edition of this acclaimed book continues to provide a
discussion of key theoretical and policy issues in corporate
finance law. It has been fully updated to reflect developments in
the law and the markets. One of the book's distinctive features is
its equal coverage of both the equity and debt sides of corporate
finance law, and it seeks, where possible, to compare and contrast
the two. This book covers a broad range of topics regarding the
debt and equity-raising choices of companies of all sizes, from
SMEs to the largest publicly traded enterprises, and the mechanisms
by which those providing capital are protected. Each chapter
provides a critical analysis of the present law to enable the
reader to understand the difficulties, risks and tensions in this
area, and the attempts by the legislature, regulators and the
courts, as well as the parties involved, to deal with them. The
book will be of interest to practitioners, academics and students
engaged in the practice and study of corporate finance law.
Over the last few decades, many countries have reformed their
secured transactions law. One of the main reasons has been the
clear link between reform and the availability of credit, and the
drive to improve access to finance, particularly for micro, small
and medium-sized enterprises. This book focuses particularly on
developing economies in Africa, which have legal frameworks
influenced by English, French, Belgian, Roman-Dutch and other laws.
Reform in this area of law across African countries has taken a
number of forms, which are explored and discussed in this book.
Secured Transactions Law Reform in Africa is a mixture of a
critical description of the pre-reform law and practice, and the
reform process itself. It also includes a comparative analysis of
the legal provisions and an examination of the early results of the
reforms. The book sets out a road map for the future of secured
transactions reform; primarily in Africa, but also in other
countries that have undertaken or are contemplating similar
reforms. This book is the second in a series of books about Secured
Transactions Law in countries around the world, and its reform,
both on a national and an international scale. The first book,
Secured Transactions Law Reform: Principles, Policies and Practice,
was published in 2016.
Over the last few decades, many countries have reformed their
secured transactions law. One of the main reasons has been the
clear link between reform and the availability of credit, and the
drive to improve access to finance, particularly for micro, small
and medium-sized enterprises. This book focuses particularly on
developing economies in Africa, which have legal frameworks
influenced by English, French, Belgian, Roman-Dutch and other laws.
Reform in this area of law across African countries has taken a
number of forms, which are explored and discussed in this book.
Secured Transactions Law Reform in Africa is a mixture of a
critical description of the pre-reform law and practice, and the
reform process itself. It also includes a comparative analysis of
the legal provisions and an examination of the early results of the
reforms. The book sets out a road map for the future of secured
transactions reform; primarily in Africa, but also in other
countries that have undertaken or are contemplating similar
reforms. This book is the second in a series of books about Secured
Transactions Law in countries around the world, and its reform,
both on a national and an international scale. The first book,
Secured Transactions Law Reform: Principles, Policies and Practice,
was published in 2016.
Secured transactions law has been subjected to a close scrutiny
over the last two decades. One of the main reasons for this is the
importance of availability of credit and the consequent need to
reform collateral laws in order to improve access to finance. The
ability to give security effectively influences not only the cost
of credit but also, in some cases, whether credit will be available
at all. This requires rules that are transparent and readily
accessible to non-lawyers as well as rules that recognise the needs
of small and medium-sized enterprises. This book critically engages
with the challenges posed by inefficient secured credit laws. It
offers a comparative analysis of the reasons and the needs for a
secured transactions law reform, as well as discussion of the steps
taken in many common law, civil law and mixed law jurisdictions.
The book, written under the auspices of the Secured Transactions
Law Reform Project, informs the debate about reform and advances
novel arguments written by world renowned experts that will build
upon the existing literature, and as such will be of interest to
academics, legal practitioners and the judiciary involved in
secured transactions law around the world. The text considers
reform initiatives that have taken place up to the end of April
2016. It has not been possible to incorporate events since then
into the discussion. However, notable developments include the
banks decree passed by the Italian Government on 29th June 2016,
and the adoption of the Model Law on Secured Transactions by
UNCITRAL on 1st July 2016.
The purpose of this book is to honour the influential and
wide-ranging work of Professor Hugh Beale. It contains essays by
twenty-five very distinguished authors, each of whom has worked
with Professor Beale as a co-author, as a teaching colleague,
during his time as Law Commissioner of England and Wales, or as
part of the study groups working in Europe on contract and
commercial law. The essays reflect different aspects of Professor
Beale's interests. Some concentrate on English contract law, either
from a historical or a current perspective, while others are
focused on aspects of European contract law. There are four essays
looking at current issues relating to security and financing, and,
as befits a former Law Commissioner, three essays on law reform.
The essays in the final section discuss trends in transnational and
European commercial law. This book brings together the reflections
of eminent writers from all over Europe on important issues facing
contract and commercial law and will be of interest to all scholars
and practitioners working in these areas.
The purpose of this book is to honour the influential and
wide-ranging work of Professor Hugh Beale. It contains essays by
twenty-five very distinguished authors, each of whom has worked
with Professor Beale as a co-author, as a teaching colleague,
during his time as Law Commissioner of England and Wales, or as
part of the study groups working in Europe on contract and
commercial law. The essays reflect different aspects of Professor
Beale's interests. Some concentrate on English contract law, either
from a historical or a current perspective, while others are
focused on aspects of European contract law. There are four essays
looking at current issues relating to security and financing, and,
as befits a former Law Commissioner, three essays on law reform.
The essays in the final section discuss trends in transnational and
European commercial law. This book brings together the reflections
of eminent writers from all over Europe on important issues facing
contract and commercial law and will be of interest to all scholars
and practitioners working in these areas.
Globally, there has been a shift from securities being held
directly by an investor, to a situation in which many securities
are held via an intermediary. The existence of one or more
intermediaries between the investor and the issuer has a
potentially significant impact on the rights of the investor, the
role and obligations of the issuer, and on the position and
responsibilities of the intermediary. However, different
jurisdictions have dealt with the issues arising from
intermediation in a variety of ways. In the UK, for example, the
concept of a trust is used to explain the different rights and
obligations which arise in this scenario, whereas in the US the
issues have been addressed by legislation, in the form of UCC
Article 8. This variety is problematic, given that it is possible
for an investor to hold securities in a number of different
jurisdictions. A new UNIDROIT Convention on the issue of
Intermediated Securities, the Geneva Securities Convention 2009,
aims to create a common framework for dealing with these issues.
This collection of essays explores the issues that arise when
securities are held via an intermediary, and in particular assesses
the solutions put forward by the new Convention on this issue. It
will be essential reading for practitioners and academics.
This collection of essays offers a unique insight and overview of
the secured transactions law in many of the most important
countries in Asia, as well as reflections on the need for, benefits
of and challenges for reform in this area of the law. The book
provides a mixture of general reflections on the history, successes
and challenges of secured transaction law reform, and critical
discussion of the law in a number of Asian countries. In some of
the countries, the law has already been reformed, or reform is
under way, and here the reforms are considered critically, with
recommendations for future work. In other countries, the law is not
yet reformed, and the existing law is analysed so as to determine
what reform is desirable, and whether it is likely to take place.
First, this book will enable those engaging with the law in Asia to
understand better the contours of the law in both civil and common
law jurisdictions. Second, it provides analytical insights into why
secured transactions law reform happens or does not happen, the
different methods by which reform takes place, the benefits of
reform and the difficulties that need to be overcome for successful
reform. Third, it discusses the need for reform where none has yet
taken place and critically assesses the reforms which have already
been enacted or are being considered. In addition to providing a
forum for discussion in relation to the countries in question, this
book is also a timely contribution to the wider debate on secured
transactions law reform which is taking place around the world.
This collection of essays offers a unique insight and overview of
the secured transactions law in many of the most important
countries in Asia, as well as reflections on the need for, benefits
of and challenges for reform in this area of the law. The book
provides a mixture of general reflections on the history, successes
and challenges of secured transaction law reform, and critical
discussion of the law in a number of Asian countries. In some of
the countries, the law has already been reformed, or reform is
under way, and here the reforms are considered critically, with
recommendations for future work. In other countries, the law is not
yet reformed, and the existing law is analysed so as to determine
what reform is desirable, and whether it is likely to take place.
First, this book will enable those engaging with the law in Asia to
understand better the contours of the law in both civil and common
law jurisdictions. Second, it provides analytical insights into why
secured transactions law reform happens or does not happen, the
different methods by which reform takes place, the benefits of
reform and the difficulties that need to be overcome for successful
reform. Third, it discusses the need for reform where none has yet
taken place and critically assesses the reforms which have already
been enacted or are being considered. In addition to providing a
forum for discussion in relation to the countries in question, this
book is also a timely contribution to the wider debate on secured
transactions law reform which is taking place around the world.
The global shift from the direct holding of securities by investors
to the current intermediated holding system raises many important
legal issues. These include the impact of the intermediated holding
system on the rights of investors, and the enforcement of those
rights against intermediaries and issuers. The cross-border nature
of many holding patterns adds another layer of complexity to these
issues, and reduces legal certainty. Against this, intermediation
offers benefits for many investors, including the ability to hold a
cross-border portfolio with one intermediary, a reduction in costs
and the facilitation of the use of securities in the collateral,
repo, and securities lending markets. This book covers a number of
legal topics relating to intermediated securities including the
history of intermediation, the benefits and problems in the current
intermediated holding system, and how future legal and
technological developments could help to resolve these problems
while retaining the benefits of intermediation. It also examines
the possible impact of FinTech on this area, in particular the
potential for Blockchain to be used in the issuing, holding and
settlement of securities, the extent to which this will solve some
of the difficulties that currently exist, and whether the use of
Blockchain will create new difficulties that will need to be
overcome. This book, which originated in a series of workshops
organised by the Commercial Law Centre at Harris Manchester
College, Oxford, will appeal to those interested in financial and
corporate law, including academics, practitioners, policy makers
and students.
Secured transactions law has been subjected to a close scrutiny
over the last two decades. One of the main reasons for this is the
importance of availability of credit and the consequent need to
reform collateral laws in order to improve access to finance. The
ability to give security effectively influences not only the cost
of credit but also, in some cases, whether credit will be available
at all. This requires rules that are transparent and readily
accessible to non-lawyers as well as rules that recognise the needs
of small and medium-sized enterprises. This book critically engages
with the challenges posed by inefficient secured credit laws. It
offers a comparative analysis of the reasons and the needs for a
secured transactions law reform, as well as discussion of the steps
taken in many common law, civil law and mixed law jurisdictions.
The book, written under the auspices of the Secured Transactions
Law Reform Project, informs the debate about reform and advances
novel arguments written by world renowned experts that will build
upon the existing literature, and as such will be of interest to
academics, legal practitioners and the judiciary involved in
secured transactions law around the world. The text considers
reform initiatives that have taken place up to the end of April
2016. It has not been possible to incorporate events since then
into the discussion. However, notable developments include the
banks decree passed by the Italian Government on 29th June 2016,
and the adoption of the Model Law on Secured Transactions by
UNCITRAL on 1st July 2016.
Recent case-law and legislation in European company and insolvency
law have significantly furthered the integration of European
business regulation. In particular, the case-law of the European
Court of Justice and the introduction of the EU Insolvency
Regulation have provided the stimulus for current reforms in
various jurisdictions in the fields of insolvency and financial
law. The UK, for instance, has adopted the Enterprise Act in 2002,
designed, inter alia, to enhance enterprise and to strengthen the
UK's approach to bankruptcy and corporate rescue. In a similar
vein, recent reform in France has modernized French insolvency law
and has even introduced a tool similar to the successful English
'company voluntary arrangement' (CVA). This book provides a
collection of studies by some of the leading English and French
experts today, analyzing current perspectives of insolvency and
financial law in Europe, both on the national level as well as on
the European level.
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