Search Results

ENGLISH

European Central Bank Standing Guard Over A European Currency Union

by Jan Meyers

~~164,30€~~ 147,87€ 10% OFF

 In this year of the euro’s 25th anniversary, the book revisits the architecture of the European currency union as it continues to evolve and faces today’s concurrent challenges posed by its members’ high and diverging government debt levels, debt sustainability concerns, and the considerable public expenditures, investments and reforms needed in particular to address climate change and the green transition.Key components reviewed include the single monetary policy for the eurozone; the common rules and processes for keeping a measure of discipline and orderliness in the members’ economic and budgetary policies; the containment of financial fragmentation within the eurozone; and stability support for members under financial stress.The book focuses on the central role of the European Central Bank (ECB) and considers such issues as:<ul><li>how the ECB has defined its monetary policy mandate and calibrated its actions within the matrix of broadly worded objectives and constraints set by the EU Treaties;</li><li>the possible tensions and trade-offs between the ECB’s primary mission of inflation control and the episodic need to avert risks to financial stability, contain financial fragmentation and preserve the cohesion of the European currency union;</li><li>the difficulties of a single monetary policy interacting with the relative heterogeneity of economic characteristics and national fiscal policies across the eurozone;</li><li>the ECB’s possible role in supporting the transition to a lower-carbon economy; and</li><li>how judicial review by the European Court of Justice has to contend with the complexities and inherent uncertainties of monetary analysis and the ECB’s need of a broad margin of policy judgment.</li></ul>As part of the EU’s incomplete economic and monetary union, the currency union remains a work in progress. The challenges and choices at hand present serious legal questions that cannot be viewed in isolation from the economic and political issues—a kind of 3D combination puzzle to be solved.
ENGLISH

European Central Bank Standing Guard Over A European Currency Union

by Jan Meyers

~~164,30€~~ 147,87€ 10% OFF

 In this year of the euro’s 25th anniversary, the book revisits the architecture of the European currency union as it continues to evolve and faces today’s concurrent challenges posed by its members’ high and diverging government debt levels, debt sustainability concerns, and the considerable public expenditures, investments and reforms needed in particular to address climate change and the green transition.Key components reviewed include the single monetary policy for the eurozone; the common rules and processes for keeping a measure of discipline and orderliness in the members’ economic and budgetary policies; the containment of financial fragmentation within the eurozone; and stability support for members under financial stress.The book focuses on the central role of the European Central Bank (ECB) and considers such issues as:<ul><li>how the ECB has defined its monetary policy mandate and calibrated its actions within the matrix of broadly worded objectives and constraints set by the EU Treaties;</li><li>the possible tensions and trade-offs between the ECB’s primary mission of inflation control and the episodic need to avert risks to financial stability, contain financial fragmentation and preserve the cohesion of the European currency union;</li><li>the difficulties of a single monetary policy interacting with the relative heterogeneity of economic characteristics and national fiscal policies across the eurozone;</li><li>the ECB’s possible role in supporting the transition to a lower-carbon economy; and</li><li>how judicial review by the European Court of Justice has to contend with the complexities and inherent uncertainties of monetary analysis and the ECB’s need of a broad margin of policy judgment.</li></ul>As part of the EU’s incomplete economic and monetary union, the currency union remains a work in progress. The challenges and choices at hand present serious legal questions that cannot be viewed in isolation from the economic and political issues—a kind of 3D combination puzzle to be solved.
ENGLISH

Digital Finance And Regulatory Competition - Regulating Distributed Ledger Technology-Based Financial Products And Services

by Lucien Van Romburg

~~128,53€~~ 115,68€ 10% OFF

 International Banking and Finance Law Series#39<a>Digital Finance and Regulatory Competition</a>Regulating Distributed Ledger Technology-Based Financial Products and ServicesLucien J. van RomburgGovernments, like people, compete against each other but do so in a bid to achieve their myriad socio-economic and political aims. In the operation of regulatory competition, governments may create rules with the intent of attracting capital and labour to their domains. In the twenty-first century, regulatory competition takes on a new dimension in the face of the rapid advancement of digital finance. The role of financial technology (fintech) as a tool through which governments achieve their aims cannot be overstated. The proliferation of distributed ledger technologies (DLT) marked a watershed moment for technological advancement and presented a ripe opportunity for governments to defend their competing claims for resources.In this context, this book tackles the question of whether the world’s leading financial centres - Hong Kong, London, and New York - engaged in regulatory competition against each other through their creation of rules to govern DLT-based financial products and services during the period 2008 until 2022. In answering this question, this book provides a cohesive framework for understanding the influence of regulatory competition on rule creation using a narrative lens based on a comparative study of legal, regulatory, and policy instruments. The lessons distilled from the analysis provide reasoned observations on the potential implications for the future regulation of financial products and services underlined by novel technologies.The topics covered in this book which concern the timely intersection of regulatory competition and fintech include the:<ul><li> emergence and impact of DLT, its core features, types, use cases and applications in the financial services industry;</li><li> origins of regulatory competition, from Charles Tiebout to the regulatory races to the top and bottom;</li><li> formulation of a definitional matrix which provides a cohesive framework for understanding regulatory competition;</li><li> regulatory frameworks for DLT-based financial products and services in Hong Kong, London, and New York; and</li><li> potential impact of regulatory competition on the future regulation of financial products and services underlined by novel technologies.</li></ul>This book represents one of the very few studies comprehensively tackling the topic of regulatory competition through the guise...
ENGLISH

Digital Finance And Regulatory Competition - Regulating Distributed Ledger Technology-Based Financial Products And Services

by Lucien Van Romburg

~~128,53€~~ 115,68€ 10% OFF

 International Banking and Finance Law Series#39<a>Digital Finance and Regulatory Competition</a>Regulating Distributed Ledger Technology-Based Financial Products and ServicesLucien J. van RomburgGovernments, like people, compete against each other but do so in a bid to achieve their myriad socio-economic and political aims. In the operation of regulatory competition, governments may create rules with the intent of attracting capital and labour to their domains. In the twenty-first century, regulatory competition takes on a new dimension in the face of the rapid advancement of digital finance. The role of financial technology (fintech) as a tool through which governments achieve their aims cannot be overstated. The proliferation of distributed ledger technologies (DLT) marked a watershed moment for technological advancement and presented a ripe opportunity for governments to defend their competing claims for resources.In this context, this book tackles the question of whether the world’s leading financial centres - Hong Kong, London, and New York - engaged in regulatory competition against each other through their creation of rules to govern DLT-based financial products and services during the period 2008 until 2022. In answering this question, this book provides a cohesive framework for understanding the influence of regulatory competition on rule creation using a narrative lens based on a comparative study of legal, regulatory, and policy instruments. The lessons distilled from the analysis provide reasoned observations on the potential implications for the future regulation of financial products and services underlined by novel technologies.The topics covered in this book which concern the timely intersection of regulatory competition and fintech include the:<ul><li> emergence and impact of DLT, its core features, types, use cases and applications in the financial services industry;</li><li> origins of regulatory competition, from Charles Tiebout to the regulatory races to the top and bottom;</li><li> formulation of a definitional matrix which provides a cohesive framework for understanding regulatory competition;</li><li> regulatory frameworks for DLT-based financial products and services in Hong Kong, London, and New York; and</li><li> potential impact of regulatory competition on the future regulation of financial products and services underlined by novel technologies.</li></ul>This book represents one of the very few studies comprehensively tackling the topic of regulatory competition through the guise...
ENGLISH

Banking On Data - Evaluating Open Banking And Data Rights In Banking Law

by Scott Farrell

144,43€ + 10% CARD

 International Banking and Finance Law Series, Volume 37Despite open banking’s broad emergence in a variety of jurisdictions and the ambition shared for the benefits it is to deliver, there is a distinct lack of detailed analysis of the legal features which are needed for it to be effectively established. This indispensable study is the first to analyse open banking’s legal foundations by reference to banking law rather than to privacy law or competition law. With a detailed focus on the mature open banking systems of Australia and the United Kingdom, including Australia’s Consumer Data Right, the book’s thoroughgoing legal perspective provides a comprehensive framework which can be used to evaluate and design open banking in any jurisdiction.The presentation proceeds through a comparison of the legal rights, responsibilities, and relationships under open banking systems with equivalent rights in traditional banking payment systems. This process clearly reveals and addresses such salient open banking and data-sharing issues as the following:<ul><li>what data should be shareable and who should be required to share data;</li><li>how data should be shared and how rights to share data should be established;</li><li>the role of data minimisation and the role of consent;</li><li>how laws, standards, rules, and technology interact in an open banking system;</li><li>how open banking fosters competition, innovation, and financial inclusion;</li><li>how consumer protection can be included by design;</li><li>management of quality and security of shared data;</li><li>facilitation and regulation of participation;</li><li>legal relationships and allocation of liability among participants;</li><li>compensation for customers if something goes wrong;</li><li>strategic challenges and opportunities;</li><li>enforceability and insolvency;</li><li>systemic efficacy and safety; and</li><li>the role of trust.</li></ul>Also included is an assessment framework designed to categorise the risks which arise in open banking and other data-sharing systems.As a systematic appraisal of how banking law can be used to ensure the customer autonomy, data portability, recipient accountability and participant connectivity promised by open banking systems, the book’s legal perspective on the value of customer data will prove of inestimable value for lawyers in banking and finance, as well as for professionals in financial services or information technology.
ENGLISH

Banking On Data - Evaluating Open Banking And Data Rights In Banking Law

by Scott Farrell

144,43€ + 10% CARD

 International Banking and Finance Law Series, Volume 37Despite open banking’s broad emergence in a variety of jurisdictions and the ambition shared for the benefits it is to deliver, there is a distinct lack of detailed analysis of the legal features which are needed for it to be effectively established. This indispensable study is the first to analyse open banking’s legal foundations by reference to banking law rather than to privacy law or competition law. With a detailed focus on the mature open banking systems of Australia and the United Kingdom, including Australia’s Consumer Data Right, the book’s thoroughgoing legal perspective provides a comprehensive framework which can be used to evaluate and design open banking in any jurisdiction.The presentation proceeds through a comparison of the legal rights, responsibilities, and relationships under open banking systems with equivalent rights in traditional banking payment systems. This process clearly reveals and addresses such salient open banking and data-sharing issues as the following:<ul><li>what data should be shareable and who should be required to share data;</li><li>how data should be shared and how rights to share data should be established;</li><li>the role of data minimisation and the role of consent;</li><li>how laws, standards, rules, and technology interact in an open banking system;</li><li>how open banking fosters competition, innovation, and financial inclusion;</li><li>how consumer protection can be included by design;</li><li>management of quality and security of shared data;</li><li>facilitation and regulation of participation;</li><li>legal relationships and allocation of liability among participants;</li><li>compensation for customers if something goes wrong;</li><li>strategic challenges and opportunities;</li><li>enforceability and insolvency;</li><li>systemic efficacy and safety; and</li><li>the role of trust.</li></ul>Also included is an assessment framework designed to categorise the risks which arise in open banking and other data-sharing systems.As a systematic appraisal of how banking law can be used to ensure the customer autonomy, data portability, recipient accountability and participant connectivity promised by open banking systems, the book’s legal perspective on the value of customer data will prove of inestimable value for lawyers in banking and finance, as well as for professionals in financial services or information technology.
ENGLISH

Law And Regulation Of Payment Services - A Comparative Study

by Rhys Bollen

194,78€ + 10% CARD

 There is a widespread demand among businesses for more convenient and reliable international payment products, and inevitably this has led to calls for more predictable and consistent regulation of these products, especially in the light of such innovations as online payments and ‘stored value’ cards. Recognizing that recurring risks tend to be dealt with in similar ways by most legal regimes, this study - the first of its kind - draws on a detailed analysis of the strengths and weaknesses of existing regimes to develop an international model which incorporates both the legal elements and their practical application. In building his model, the author addresses the fundamental questions in the law of payment services: Who bears the risk of unauthorised payments? What must be done about claims of error? When are payments completed so that they discharge the underlying liability? When can payments be reversed? These issues are examined through in-depth descriptions of payment facilities as regulated in five key jurisdictions - Australia, the United Kingdom, the European Union, Singapore, and the United States - under the headings of scope, licensing, disclosure, obligations of the parties, liability, redress, and dispute resolution. The five regimes are further measured against the key harmonization project in this field, the UNCITRAL Model Law on Credit Transfers. The discussion is illustrated with analyses of leading cases and a number of worked examples.
ENGLISH

Standby Letters Of Credit In International Trade

by Ramandeep Kaur Chhina

210,68€ + 10% CARD

 The question of what constitutes ‘fraud in the transaction’ with respect to international letters of credit varies considerably among jurisdictions. In proving allegations of fraud, it is crucial for the practitioner to know the relevant jurisdiction’s case law, especially if wider defences such as inducement, unconscionable conduct or bad faith must be invoked. In this book, the author argues that, whereas ‘fraud in the documents’ is generally sufficient in cases involving commercial letters of credit, standby letters of credit demand a wider fraud exception. The central issue - how wide that fraud exception should be - is what this book explores in depth.This author compares and critically examines the application of the fraud exception in four major trade jurisdictions - the United States, England, Canada, and Australia. With an overall focus on how each jurisdiction’s fraud tests treat the autonomy of standby letters of credit, she builds her arguments on such relevant sources and concepts as the following: when it can be shown that the beneficiary has ‘no bona fide belief’ in the validity of its claim demand guarantees; international initiatives (ICC Rules and the UN Convention on Independent Guarantee and Standby Letters of Credit); the Sztejn Rule; parameters of the ‘fraud in the transaction’ defence ‘materiality’ standard; prerequisites for injunctive relief; arguing ‘fraud in the formation of the contract’; performance bond cases; applying the ‘breach of good faith’ defence; ‘negative stipulation’ in the underlying contract; and equitable versus statutory/broader notion of unconscionability. The presentation includes detailed summaries and analyses of leading cases in all four jurisdictions.
ENGLISH

Capital Structure And Corporate Governance - The Role Of Hybrid Financial Instruments

by Lorenzo Sasso

194,78€ + 10% CARD

 Despite a clear distinction in law between equity and debt, the results of such a categorization can be misleading. The growth of financial innovation in recent decades necessitates the allocation of control and cash-flow rights in a way that diverges from the classic understanding. Some of the financial instruments issued by companies, so-called hybrid instruments, fall into a grey area between debt and equity, forcing regulators to look beyond the legal form of an instrument to its practical substance. This innovative study, by emphasizing the agency relations and the property law claims embedded in the use of such unconventional instruments, analyses and discusses the governance regulation of hybrids in a way that is primarily functional, departing from more common approaches that focus on tax advantages and internal corporate control. The author assesses the role of hybrid instruments in the modern company, unveiling the costs and benefits of issuing these securities, recognizing and categorizing the different problem fields in which hybrids play an important role, and identifying legal and contracting solutions to governance and finance problems. The full-scale analysis compares the U.K. law dealing with hybrid instruments with the corresponding law of the most relevant U.S. jurisdictions in relation to company law. The following issues, among many others, are raised: decisions under uncertainty when the risks of opportunism of the parties is very high; contract incompleteness and ex post conflicts; protection of convertible bondholders in mergers and acquisitions and in assets disposal; use of convertible bonds to reorganise and restructure a firm; timing of the conversion and the issuer’s call option; majority-minority conflict in venture capital financing; duty of loyalty; fiduciary duties to preference shareholders; and financial contract design for controlling the board’s power in exit events. Throughout, the analysis includes discussion, comparison, and evaluation of statutory provisions, existing legal standards, and strategies for protection. It is unlikely that a more thorough or informative account exists of the complex regulatory problems created by hybrid financial instruments and of the different ways in which regulatory regimes have responded to the problems they raise.
ENGLISH

Saudi Capital Market - Development And Challenges

by Bader Alkhaldi

204,05€ + 10% CARD

 A thriving capital market, one that not only brings investment funds into a country but also distributes profits in a transparent manner, is essential for any economy, especially a rapidly developing one such as Saudi Arabia. Already a key player on the world stage, the Kingdom is going through a major planned economic transformation and diversification. In particular, a robust and transparent capital market, with a high level of integrity and sound enforcement, is well on the way to fruition. This book is the first in English to analyse and evaluate the roles of economic planning and a capital market in Saudi Arabia’s economic modernization.In the process of examining the level of transparency and fairness in Saudi Arabia’s capital market, the author provides detailed information and analysis of such issues and topics as the following:<ul><li>- market disclosure rules;</li><li>- insider trading laws;</li><li>- gaps in enforcement;</li><li>- dispute resolution;</li><li>- role of securities agencies;</li><li>- Saudi Arabia’s position in international organizations; and</li><li>- repercussions of the 2006 Saudi stock market collapse.</li></ul>The author draws on a wide range of sources in both English and Arabic, and concludes with well-grounded proposals for appropriate judicial, administrative, and enforcement policies.Investors, their management and attorneys, and other advisors with an eye on trade development in the Middle East will derive great benefit from the current and detailed information in this book. Lawyers and policymakers will discover all they need to know about the Saudi capital market, its developing trends, and applicable laws.
ENGLISH

Banking Regulation In Israel - Prudential Regulation Versus Consumer Protection

by Ruth Plato-Shinar

196,10€ + 10% CARD

 In the aftermath of the 2008 global financial crisis, many governments are seeking ways to improve their banking regulation systems in the interests of both economic health and consumer protection. Among the globally competitive countries that withstood the crisis with no significant disruption, Israel stands out, suggesting that other countries might benefit from an in-depth analysis of its banking system. This is the first book in English to provide such an analysis, emphasizing the crucial balance between prudential regulation and conduct of business regulation, which in Israel are both regulated by the same agency, unlike the ‘Twin Peaks’ model that prevails in other market-based economies.With recommendations that are highly applicable to many countries, the book examines a broad range of issues that are of current concern to the banking community worldwide. Among these issues are the following:<ul><li>- the architecture of financial regulation;</li><li>- nationalization and privatization of banks;</li><li>- conflicts of interest in the banking system resulting from universal banking;</li><li>- problems of concentration and lack of competitiveness in the banking system;</li><li>- the growing power of institutional investors and their entry into traditional banking activities;</li><li>- mechanisms for recovery and resolution in the event of a bank failure;</li><li>- new models of banking regulation, such as self-regulation and contractual regulation; and</li><li>- bank consumer protection, complaint handling and redress.</li></ul>Even though the book focuses on Israeli banking regulation, its detailed attention to the development of a suitable supervisory model is of immeasurable international value for regulators, lawyers, bankers, academics, and business people who are in any way connected to the banking world; particularly following the 2008 crisis and its devastating effects. It is sure to be of service as many jurisdictions continue to search for optimal tools designed to prevent another such crisis.
ENGLISH

Digital Innovation In Financial Services - Legal Challenges And Regulatory Policy Issues

by Phoebus L. Athanassiou

164,30€ + 10% CARD

 Consumer behaviour is rapidly trending towards the use of digital devices as instruments through which to transact day-to-day business. This original and timely book shows how this trend creates new opportunities not only for retail consumers but also for financial service providers, regulators and central banks. The author offers a comprehensive overview of these opportunities and their countervailing legal and regulatory challenges.The author describes and analyses in unprecedented detail the application of digital financial innovation (FinTech), and some of its core manifestations, including virtual currencies, Blockchain and distributed ledger technologies to the delivery of financial services, in areas such as:<ul><li>- payments;</li><li>- securities clearing and settlement;</li><li>- central banking;</li><li>- real-time access to financial information;</li> <li>- instant completion of core financial transactions;</li><li>- data validation and reconciliation processes; and</li><li>- digital contracting (smart contracts).</li></ul>Also clarified are the legal and other barriers to be overcome - including cybersecurity and risks to privacy - before any widespread adoption of digital innovation in the highly regulated financial sector context can occur.As an informed assessment of the legal merits and risks of technological innovation for financial service providers and central banks, and as a contribution to establishing a conceptual framework within which to analyse and better understand the applications of digital innovation to the financial sector, this practical work is bound to be welcomed by legal practitioners and legal scholars alike with an interest in financial services. Policymakers and regulators will also appreciate its guidance on how to temper the less benevolent aspects of FinTech with targeted, risk-focused regulation, so as to promote innovation and preserve the potential benefits for financial markets and their participants alike.
ENGLISH

Bail-In And Total Loss-Absorbing Capacity(Tlac) - Legal And Economic Perspectives On Bank Resolution With Functional Comparisons Of Swiss And Eu Law

by Yves Mauchle

266,33€ + 10% CARD

 As opposed to a bank bailout, a bail-in occurs when creditors are forced to bear some of the burden of bank failure. The principal aim of this restructuring tool is to eliminate some of the risk for taxpayers. Several jurisdictions, including Switzerland and the European Union (EU), have adopted legal provisions regarding the bail-in, but until this, book literature on its implementation has been scarce. Offering a detailed and comparative analysis of EU and Swiss law relating to bail-ins and their economic impact, this is the first book to provide in-depth coverage of this new method of dealing with the failure of systemically important banks.In its contextualisation and analysis of the bail-in resolution tool, the book identifies and discusses the legal and economic issues that arise, including such aspects as the following:<ul><li>- the legal and economic properties of bail-in capital;</li><li>? the regulatory standard on total loss-absorbing capacity (TLAC) issued by the Financial Stability Board (FSB);</li><li>? the scope and sequence of liabilities subjected to bail-in;</li><li>? the legal position of stakeholders affected by a bail-in;</li><li>? strategies and procedures for the implementation of a bail-in;</li><li>? the limited circumstances under which government rescues should be available; and</li> <li>? cross-jurisdictional issues and aspects of international cooperation.</li></ul>As well as case studies and analyses of legal issues with particular reference to Swiss law and the European Bank Resolution and Recovery Directive (2014/59/EU), the author applies economic concepts to the analysis of the law. International developments, in particular standards issued by leading regulatory bodies, are also covered. This book will be welcomed by legal practitioners working in banks and in banking regulation and by policymakers seeking information on the practical issues involved. As a detailed analysis of a new and highly significant development in banking law, it will also be of great interest to academics.
ENGLISH

Law And Governance Of The Asian Infrastructure Investment Bank

by Gu Bin

141,78€ + 10% CARD

 The Asian Infrastructure Investment Bank (AIIB), which began operations in 2016 and now has an approved membership of eighty-four worldwide, has quickly become perhaps one of the world’s most promising agents of global economic development. With its firm commitments to the twenty-first century imperatives of cost-effectiveness, zero tolerance for corruption and active promotion of environmental sustainability, its clearly stated aims and requirements echo the goal of reform that other multilateral institutions are undertaking. This book is among the first to offer an incisive introduction to the AIIB’s law and governance, which are now essentially in place.From a perspective of Chinese multilateralism, which parts ways from the dominant twentieth-century Bretton Woods arrangements, the author provides in great depth the details of such elements of the Bank’s Articles of Agreement as the following:<ul><li>- non-resident board system;</li><li>- procurement;</li><li>- role of trust funds;</li><li>- state-owned enterprises as private entities;</li><li>- immunity;</li><li>- dispute settlement;</li><li>- accountability for involuntary resettlement and human rights violations; and</li><li>- policy on prohibited practices.</li></ul>Throughout, the author provides deeply informed comparisons with such existing multilateral development banks as the World Bank, the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development and the Inter-American Development Bank, as well as with the World Trade Organization. He shows how the AIIB not only emulates but also innovates while continuing to collaborate closely with these institutions. He suggests what should be done to optimize governance, standards and operations of the AIIB together with these peer institutions in a mutually emulating manner.Lawyers and policymakers involved in international economic law and related fields will welcome this nuanced and in-depth description and analysis of the AIIB. Its concomitant analysis of political economy and global governance issues will be of interest to bankers, businesses, government officials and others looking for an overall understanding of multilateral development banking and China’s approach toward global governance in particular.
ENGLISH

Structured Finance - On From The Credit Crunch - The Road To Recovery

by Jan Job De Vries Robbé

245,13€ + 10% CARD

 In the wake of the credit crunch, structured finance is linked to bailed-out investment banks and overpaid executives rather than the innovative financial solutions it continues to provide. The initial response from the financial markets was a move back to basics, to plain vanilla transactions.Furthermore, many structured finance instruments, such as 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 the road to recovery. This book explains why.This book serves three purposes. First it continues the analysis of structured finance, and in this sense complements and updates the popular and highly acclaimed first edition of this series (<a href=''http://www.kluwerlaw.com/Catalogue/titleinfo.htm?ProdID=9041127151&name=Securitization-Law-and-Practice-in-the-Face-of-the-Credit-Crunch''>Securitization Law and Practice in the Face of the Credit Crunch</a>), with plenty of focus on derivatives. Second, the key milestones of the credit crunch are discussed with a focus on their potential impact for the expected flow of litigation by aggrieved investors against the perceived deep pockets of arrangers and rating agencies around the world. The third purpose is to illustrate ways in which the untapped potential of structured finance may well facilitate the road to recovery.
ENGLISH

Law And Governance Of The Asian Infrastructure Investment Bank

by Gu Bin

141,78€ + 10% CARD

 The Asian Infrastructure Investment Bank (AIIB), which began operations in 2016 and now has an approved membership of eighty-four worldwide, has quickly become perhaps one of the world’s most promising agents of global economic development. With its firm commitments to the twenty-first century imperatives of cost-effectiveness, zero tolerance for corruption and active promotion of environmental sustainability, its clearly stated aims and requirements echo the goal of reform that other multilateral institutions are undertaking. This book is among the first to offer an incisive introduction to the AIIB’s law and governance, which are now essentially in place.From a perspective of Chinese multilateralism, which parts ways from the dominant twentieth-century Bretton Woods arrangements, the author provides in great depth the details of such elements of the Bank’s Articles of Agreement as the following:<ul><li>- non-resident board system;</li><li>- procurement;</li><li>- role of trust funds;</li><li>- state-owned enterprises as private entities;</li><li>- immunity;</li><li>- dispute settlement;</li><li>- accountability for involuntary resettlement and human rights violations; and</li><li>- policy on prohibited practices.</li></ul>Throughout, the author provides deeply informed comparisons with such existing multilateral development banks as the World Bank, the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development and the Inter-American Development Bank, as well as with the World Trade Organization. He shows how the AIIB not only emulates but also innovates while continuing to collaborate closely with these institutions. He suggests what should be done to optimize governance, standards and operations of the AIIB together with these peer institutions in a mutually emulating manner.Lawyers and policymakers involved in international economic law and related fields will welcome this nuanced and in-depth description and analysis of the AIIB. Its concomitant analysis of political economy and global governance issues will be of interest to bankers, businesses, government officials and others looking for an overall understanding of multilateral development banking and China’s approach toward global governance in particular.
ENGLISH

Letters Of Comfort - A Trans-Systemic Analysis

by Anton P. Trichardt

235,85€ + 10% CARD

 This book presents the first thoroughgoing analysis of the contractual effect of letters of comfort as it appears in both common law and civil law systems. The commentary draws on cases from a wide variety of jurisdictions and on the full range of legal scholarship on the subject in several languages. Among the specific issues and topics raised along the way are the following: the typology of letters of comfort; the legal nature of letters of comfort; the use of letters of comfort in corporate group and banking practice; the economic explanation for the use of letters of comfort; the contractual effect of letters of comfort in French law; ‘ten commandments’ of letters of comfort; Clearly evoking the tension between business needs, the law, and judicial application, the book analyses what happens when the relationship between a lender and a creditor breaks down, or the latter becomes insolvent, and courts or arbitrators are asked to determine the legal status of a comfort letter. This is an area of practice in which lawyers in any field of business activity are inevitably concerned, and in which useful guidance is scarce. For this reason this detailed analysis will be very welcome.
ENGLISH

Law And Regulation Of Payment Services - A Comparative Study

by Rhys Bollen

194,78€ + 10% CARD

 There is a widespread demand among businesses for more convenient and reliable international payment products, and inevitably this has led to calls for more predictable and consistent regulation of these products, especially in the light of such innovations as online payments and ‘stored value’ cards. Recognizing that recurring risks tend to be dealt with in similar ways by most legal regimes, this study - the first of its kind - draws on a detailed analysis of the strengths and weaknesses of existing regimes to develop an international model which incorporates both the legal elements and their practical application. In building his model, the author addresses the fundamental questions in the law of payment services: Who bears the risk of unauthorised payments? What must be done about claims of error? When are payments completed so that they discharge the underlying liability? When can payments be reversed? These issues are examined through in-depth descriptions of payment facilities as regulated in five key jurisdictions - Australia, the United Kingdom, the European Union, Singapore, and the United States - under the headings of scope, licensing, disclosure, obligations of the parties, liability, redress, and dispute resolution. The five regimes are further measured against the key harmonization project in this field, the UNCITRAL Model Law on Credit Transfers. The discussion is illustrated with analyses of leading cases and a number of worked examples. In summary, this very useful book synthesizes a logical and useful package of regulatory measures into a model that takes into account the lessons learnt in the regulation of payment services. Businesses will warmly welcome the study’s contribution toward reducing the cost of taking a product to market across multiple jurisdictions. Policymakers and legislators will find the task of comparing the various approaches to payment services regulation and analyzing their effectiveness greatly facilitated.
ENGLISH

Standby Letters Of Credit In International Trade

by Ramandeep Kaur Chhina

210,68€ + 10% CARD

 The question of what constitutes ‘fraud in the transaction’ with respect to international letters of credit varies considerably among jurisdictions. In proving allegations of fraud, it is crucial for the practitioner to know the relevant jurisdiction’s case law, especially if wider defences such as inducement, unconscionable conduct or bad faith must be invoked. In this book, the author argues that, whereas ‘fraud in the documents’ is generally sufficient in cases involving commercial letters of credit, standby letters of credit demand a wider fraud exception. The central issue - how wide that fraud exception should be - is what this book explores in depth.This author compares and critically examines the application of the fraud exception in four major trade jurisdictions - the United States, England, Canada, and Australia. With an overall focus on how each jurisdiction’s fraud tests treat the autonomy of standby letters of credit, she builds her arguments on such relevant sources and concepts as the following: when it can be shown that the beneficiary has ‘no bona fide belief’ in the validity of its claim demand guarantees; international initiatives (ICC Rules and the UN Convention on Independent Guarantee and Standby Letters of Credit); the Sztejn Rule; parameters of the ‘fraud in the transaction’ defence ‘materiality’ standard; prerequisites for injunctive relief; arguing ‘fraud in the formation of the contract’; performance bond cases; applying the ‘breach of good faith’ defence; ‘negative stipulation’ in the underlying contract; and equitable versus statutory/broader notion of unconscionability. The presentation includes detailed summaries and analyses of leading cases in all four jurisdictions. Lawyers and corporate counsel responsible for arguing claims or defences in letter of credit transactions will welcome the way the author''s research and insight define the range of options in each case they handle. Academics also will appreciate the systematic way the book frames a complex area of international trade law.
ENGLISH

Capital Structure And Corporate Governance - The Role Of Hybrid Financial Instruments

by Lorenzo Sasso

194,78€ + 10% CARD

 Despite a clear distinction in law between equity and debt, the results of such a categorization can be misleading. The growth of financial innovation in recent decades necessitates the allocation of control and cash-flow rights in a way that diverges from the classic understanding. Some of the financial instruments issued by companies, so-called hybrid instruments, fall into a grey area between debt and equity, forcing regulators to look beyond the legal form of an instrument to its practical substance. This innovative study, by emphasizing the agency relations and the property law claims embedded in the use of such unconventional instruments, analyses and discusses the governance regulation of hybrids in a way that is primarily functional, departing from more common approaches that focus on tax advantages and internal corporate control. The author assesses the role of hybrid instruments in the modern company, unveiling the costs and benefits of issuing these securities, recognizing and categorizing the different problem fields in which hybrids play an important role, and identifying legal and contracting solutions to governance and finance problems. The full-scale analysis compares the U.K. law dealing with hybrid instruments with the corresponding law of the most relevant U.S. jurisdictions in relation to company law. The following issues, among many others, are raised: decisions under uncertainty when the risks of opportunism of the parties is very high; contract incompleteness and ex post conflicts; protection of convertible bondholders in mergers and acquisitions and in assets disposal; use of convertible bonds to reorganise and restructure a firm; timing of the conversion and the issuer’s call option; majority-minority conflict in venture capital financing; duty of loyalty; fiduciary duties to preference shareholders; and financial contract design for controlling the board’s power in exit events. Throughout, the analysis includes discussion, comparison, and evaluation of statutory provisions, existing legal standards, and strategies for protection. It is unlikely that a more thorough or informative account exists of the complex regulatory problems created by hybrid financial instruments and of the different ways in which regulatory regimes have responded to the problems they raise. Because business parties in these jurisdictions have a lot of scope and a strong incentive to contract for their rights, this book will also be of uncommon practical value to corporate counsel and financial regulators as well as to interested academics.
ENGLISH

Banking Regulation In Israel - Prudential Regulation Versus Consumer Protection

by Ruth Plato-Shinar

196,10€ + 10% CARD

 In the aftermath of the 2008 global financial crisis, many governments are seeking ways to improve their banking regulation systems in the interests of both economic health and consumer protection. Among the globally competitive countries that withstood the crisis with no significant disruption, Israel stands out, suggesting that other countries might benefit from an in-depth analysis of its banking system. This is the first book in English to provide such an analysis, emphasizing the crucial balance between prudential regulation and conduct of business regulation, which in Israel are both regulated by the same agency, unlike the ‘Twin Peaks’ model that prevails in other market-based economies. With recommendations that are highly applicable to many countries, the book examines a broad range of issues that are of current concern to the banking community worldwide. Among these issues are the following: <list><item>- the architecture of financial regulation;</item><item>- nationalization and privatization of banks;</item><item>- conflicts of interest in the banking system resulting from universal banking;</item><item>- problems of concentration and lack of competitiveness in the banking system;</item><item>- the growing power of institutional investors and their entry into traditional banking activities;</item><item>- mechanisms for recovery and resolution in the event of a bank failure;</item><item>- new models of banking regulation, such as self-regulation and contractual regulation; and</item><item>- bank consumer protection, complaint handling and redress.</item></list> Even though the book focuses on Israeli banking regulation, its detailed attention to the development of a suitable supervisory model is of immeasurable international value for regulators, lawyers, bankers, academics, and business people who are in any way connected to the banking world; particularly following the 2008 crisis and its devastating effects. It is sure to be of service as many jurisdictions continue to search for optimal tools designed to prevent another such crisis.
ENGLISH

Saudi Capital Market - Development And Challenges

by Bader Alkhaldi

204,05€ + 10% CARD

 A thriving capital market, one that not only brings investment funds into a country but also distributes profits in a transparent manner, is essential for any economy, especially a rapidly developing one such as Saudi Arabia. Already a key player on the world stage, the Kingdom is going through a major planned economic transformation and diversification. In particular, a robust and transparent capital market, with a high level of integrity and sound enforcement, is well on the way to fruition. This book is the first in English to analyse and evaluate the roles of economic planning and a capital market in Saudi Arabia’s economic modernization.In the process of examining the level of transparency and fairness in Saudi Arabia’s capital market, the author provides detailed information and analysis of such issues and topics as the following:<ul><li>- market disclosure rules;</li><li>- insider trading laws;</li><li>- gaps in enforcement;</li><li>- dispute resolution;</li><li>- role of securities agencies;</li><li>- Saudi Arabia’s position in international organizations; and</li><li>- repercussions of the 2006 Saudi stock market collapse.</li></ul>The author draws on a wide range of sources in both English and Arabic, and concludes with well-grounded proposals for appropriate judicial, administrative, and enforcement policies.Investors, their management and attorneys, and other advisors with an eye on trade development in the Middle East will derive great benefit from the current and detailed information in this book. Lawyers and policymakers will discover all they need to know about the Saudi capital market, its developing trends, and applicable laws.
ENGLISH

Digital Innovation In Financial Services - Legal Challenges And Regulatory Policy Issues

by Phoebus L. Athanassiou

164,30€ + 10% CARD

 Consumer behaviour is rapidly trending towards the use of digital devices as instruments through which to transact day-to-day business. This original and timely book shows how this trend creates new opportunities not only for retail consumers but also for financial service providers, regulators and central banks. The author offers a comprehensive overview of these opportunities and their countervailing legal and regulatory challenges.The author describes and analyses in unprecedented detail the application of digital financial innovation (FinTech), and some of its core manifestations, including virtual currencies, Blockchain and distributed ledger technologies to the delivery of financial services, in areas such as:<ul><li>- payments;</li><li>- securities clearing and settlement;</li><li>- central banking;</li><li>- real-time access to financial information;</li> <li>- instant completion of core financial transactions;</li><li>- data validation and reconciliation processes; and</li><li>- digital contracting (smart contracts).</li></ul>Also clarified are the legal and other barriers to be overcome - including cybersecurity and risks to privacy - before any widespread adoption of digital innovation in the highly regulated financial sector context can occur.As an informed assessment of the legal merits and risks of technological innovation for financial service providers and central banks, and as a contribution to establishing a conceptual framework within which to analyse and better understand the applications of digital innovation to the financial sector, this practical work is bound to be welcomed by legal practitioners and legal scholars alike with an interest in financial services. Policymakers and regulators will also appreciate its guidance on how to temper the less benevolent aspects of FinTech with targeted, risk-focused regulation, so as to promote innovation and preserve the potential benefits for financial markets and their participants alike.
ENGLISH

Bail-In And Total Loss-Absorbing Capacity(Tlac) - Legal And Economic Perspectives On Bank Resolution With Functional Comparisons Of Swiss And Eu Law

by Yves Mauchle

266,33€ + 10% CARD

 As opposed to a bank bailout, a bail-in occurs when creditors are forced to bear some of the burden of bank failure. The principal aim of this restructuring tool is to eliminate some of the risk for taxpayers. Several jurisdictions, including Switzerland and the European Union (EU), have adopted legal provisions regarding the bail-in, but until this, book literature on its implementation has been scarce. Offering a detailed and comparative analysis of EU and Swiss law relating to bail-ins and their economic impact, this is the first book to provide in-depth coverage of this new method of dealing with the failure of systemically important banks.In its contextualisation and analysis of the bail-in resolution tool, the book identifies and discusses the legal and economic issues that arise, including such aspects as the following:<ul><li>- the legal and economic properties of bail-in capital;</li><li>? the regulatory standard on total loss-absorbing capacity (TLAC) issued by the Financial Stability Board (FSB);</li><li>? the scope and sequence of liabilities subjected to bail-in;</li><li>? the legal position of stakeholders affected by a bail-in;</li><li>? strategies and procedures for the implementation of a bail-in;</li><li>? the limited circumstances under which government rescues should be available; and</li> <li>? cross-jurisdictional issues and aspects of international cooperation.</li></ul>As well as case studies and analyses of legal issues with particular reference to Swiss law and the European Bank Resolution and Recovery Directive (2014/59/EU), the author applies economic concepts to the analysis of the law. International developments, in particular standards issued by leading regulatory bodies, are also covered. This book will be welcomed by legal practitioners working in banks and in banking regulation and by policymakers seeking information on the practical issues involved. As a detailed analysis of a new and highly significant development in banking law, it will also be of great interest to academics.
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