Banking law Books

Book SynopsisSince the financial crisis, one of the key priorities of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) has been individual accountability. This book addresses the regulatory and employment law challenges that arise from the FCA's and PRA's requirements. The expert team of writers examine in depth the provisions of the Financial Services and Markets Act 2000 which relate to individuals, and the associated requirements of the PRA and FCA. The topics addressed include: The Senior Manager, Certification and Approved Person Regimes Regulatory references and whistleblowing Disciplinary investigations, enforcement and sanctions Notifications, Form C', and fitness & propriety Bonus disputes and the Remuneration Code Conduct and Pay in the Financial Services Industry considers the full extent of an individual's employmeTrade Review'...the authors provide valuable insights into issues that may need to be grappled with in due course... I anticipate that this will become the standard work for those of us who advise on questions of regulatory authorisation, conduct and pay in the financial services field. The authors have certainly achieved their objective of filling the gap that existed in our law libraries.'Richard Coleman Q.C. ARDL Quarterly Bulletin"A succinct, well-written book on the regulations governing conduct and pay in financial services…it is likely to be an essential read for any who have to advise clients in the financial services sector. Its greatest strength is that its contributors are practitioners with considerable collective experience of the sector who are also able to offer insight into the attitude and mindset of the regulators, coupled with an exceptionally high level of ability in and knowledge of employment law."Stephen Levinson, Employment Lawyers Association Table of Contents1. Introduction PART I: CONDUCT 2. The Conduct Regime 3. Fitness and Propriety 4. The Approved Persons Regime 5. The Certification Regime 6. The Senior Managers Regime 7. Notifications and the "Form C" Issue 8. Regulatory References and Whistleblowing 9. Misconduct 10. Sanctions 11. Enforcement Procedure PART II: PAY 12. Bonuses: the General Law 13. The Remuneration Codes 14. Malus and Clawback: Further Discussion

Read more less

Book SynopsisThis book provides a commentary on the law of the EU related to the Monetary Union. It contains a comprehensive analysis of all provisions of the Statute of the European System of Central Banks (ESCB) and the European Central Bank (ECB). In addition, the book also analyses all provisions of the Treaties themselves which regulate the ESCB and the ECB. This analysis is supplemented by commentaries on other Protocols which contain relevant rules for the Monetary Union. In essence, all relevant statutory rules governing the euro and its key monetary authority, the European Central Bank, are unfolded and explained in one volume. This gives the book a unique position in the legal literature on the law of the EU. With contributions by renowned academics and practitioners, this book is an expanded and updated translation of the 2013 German commentary, EWU Kommentar zu Europäischen Währungsunion (Mohr Siebeck) and is an invaluable resource for practitioners and academics alike who are looking for a provision-by-provision commentary on the laws governing the European Monetary Union.Table of ContentsPart I – Treaty on European Union Article 3 (ex Article 2 TEU) [Aims of the Union] (Siekmann) Article 13 [Institutional framework] (Siekmann) Part II – Treaty on the Functioning of the European Union Article 119 [Economic and monetary policy] (Siekmann) Article 120 (ex Article 98 TEC) [Conduct of economic policies] (Ohler) Article 121 (ex Article 99 TEC) [Coordination of economic policy] (Ohler) Article 122 (ex Article 100 TEC) [Emergency measures] (Kämmerer) Article 123 (ex Article 101 TEC) [Prohibition of credit facilities] (Kämmerer) Article 124 (ex Article 102 TEC) [Prohibition of privileged access to financial institutions] (Kämmerer) Article 125 (ex Article 103 TEC) [Prohibition to assume liabilities] (Ohler) Article 126 (ex Article 104 TEC) [Avoidance of excessive deficits; budgetary discipline] (Goldmann) Preliminary notes to Articles 127–133: monetary policy (Waldhoff) Article 127 (ex Article 105 TEC) [Objectives, tasks and competences of the ESCB] (Friebel/Waldhoff) Article 128 (ex Article 106 TEC) [Euro banknotes and euro coins] (Freimuth) Article 129 (ex Article 107 TEC) [Structure of the ESCB; Statute] (Becker) Article 130 [ex Article 108 TEC] [Freedom from instructions and independence] (Siekmann/Gesley) Article 131 (ex Article 109 TEC) [Harmonisation obligation of Member States] (Friebel) Article 132 (ex Article 110 TEC) [Regulatory instruments of the ECB] (Ohler/Wenzel) Article 133 [Legal acts concerning the euro] (Becker) Article 134 (ex Article 114 TEC) [Economic and Financial Committee] (Becker) Article 135 (ex Article 115 TEC) [Recommendations and proposals of the Commission] (Becker) Article 136 [Enhanced cooperation; stability mechanism] (Ohler) Article 137 [Euro Group] (Broemel/Meier) Article 138 (ex Article 111(4) TEC) [External representation of EMU] (Kadelbach) Article 139 [Member States with a derogation] (Broemel) Article 140 (ex Articles 121(1), 122(2), second sentence, and 123(5) TEC) [Convergence Report and Exemption Clauses] (Friebel/Herrmann) Article 141 (ex Articles 123(3) and 117(2) first five indents, TEC) [General Council of the ECB] (Sprung) Article 142 (ex Article 124(1) TEC) [Exchange rate policy] (Broemel) Article 143 (ex Article 119 TEC) [Balance of payment difficulties] (Broemel) Article 144 (ex Article 120 TEC) [Sudden balance of payment crisis] (Broemel) Article 219 (ex Article 111(1) to (3) and (5) TEC) [Monetary and exchange rate agreements] (Kadelbach) Article 282 [Status, governance, tasks and powers] (Becker) Article 283 (ex Article 112 TEC) [Composition of the decision-making bodies of the ECB] (Steven) Article 284 (ex Article 113 TEC) [Participation rights; annual reports] (Becker) Article 340 (ex Article 288 TEC) [Public liability of the Union] (Becker) Article 343 (ex Article 291 TEC) [Privileges and immunities of the Union] (Becker) Part III – Statute of the ESCB/ECB Protocol (No 4) On the Statute of the European System of Central Banks and of the European Central Bank Chapter I: The European System of Central Banks Article 1 The European System of Central Banks (Waldhoff) Chapter II: Objectives and tasks of the ESCB Article 2 Objectives (Waldhoff) Article 3 Tasks (Waldhoff) Article 4 Advisory functions (Waldhoff Article 5 Collection of statistical information (Muscheler/Rheinberger) Article 6 International cooperation (Broemel) Chapter III: Organisation of the ESCB Article 7 Independence (Siekmann) Article 8 General principle (Becker) Article 9 The European Central Bank (Becker) Article 10 The Governing Council (Steven) Article 11 The Executive Board (Steven) Article 12 Responsibilities of the decision-making bodies (Steven/Schweiss) Article 13 The President (Steven) Article 14 National central banks (Steven) Article 15 Reporting commitments (Siekmann) Article 16 Banknotes (Freimuth) Chapter IV: Monetary Functions and Operations of the ESCB Preliminary notes to Articles 17–24 Statute (Heidfeld) Article 17 Accounts with the ECB and the national central banks (Heidfeld) Article 18 Open market and credit operations (Heidfeld) Article 19 Minimum reserves (Heidfeld) Article 20 Other instruments of monetary control (Heidfeld) Article 21 Operations with public entities (Freimuth) Article 22 Clearing and payment systems (Alfes) Article 23 External operations (Kleine) Article 24 Other operations (Kleine) Chapter V: Prudential supervision Article 25 Prudential supervision (Friebel) Chapter VI: Financial provisions of the ESCB Article 26 Financial accounts (Freimuth) Article 27 Auditing (Freimuth) Preliminary notes to Articles 28–33 (Langner) Article 28 Capital of the ECB (Langner) Article 29 Key for capital subscription (Langner) Article 30 Transfer of foreign reserve assets to the ECB (Kleine/Langner) Article 31 Foreign reserve assets held by national central banks (Kleine) Article 32 Allocation of monetary income of national central banks (Langner) Article 33 Allocation of net profi ts and losses of the ECB (Langner) Chapter VII: General Provisions Article 34 Legal acts (Ohler/Wenzel) Article 35 Judicial control and related matters (Broemel) Article 36 Staff (Siekmann) Article 37 (ex Article 38) Professional secrecy (Siekmann) Article 38 (ex Article 39) Signatories (Becker) Article 39 (ex Article 40) Privileges and immunities (Becker) Chapter VIII: Amendment of the Statute and Complementary Legislation Article 40 (ex Article 41) Simplifi ed amendment procedure (Becker) Article 41 (ex Article 42) Complementary legislation (Becker) Chapter IX: Transitional and Other Provisions for the ESCB Article 42 (ex Article 43) General provisions (Broemel) Article 43 (ex Article 44) Transitional tasks of the ECB (Sprung) Article 44 (ex Article 45) The General Council of the ECB (Sprung) Article 45 (ex Article 46) Rules of Procedure of the General Council (Sprung) Article 46 (ex Article 47) Responsibilities of the General Council (Sprung) Article 47 (ex Article 48) Transitional provisions for the capital of the ECB (Langner) Article 48 (ex Article 49) Deferred payment of capital, reserves and provisions of the ECB (Langner) Article 49 (ex Article 52) Exchange of banknotes in the currencies of the Member States (Freimuth) Article 50 (ex Article 53) Applicability of the transitional provisions (Sprung) Part IV – Other Protocols Protocol (No 12) On the excessive defi cit procedure (Goldmann) Protocol (No 13) On the convergence criteria (Friebel) Protocol (No 14) On the euro group (Broemel) Protocol (No 15) On certain provisions relating to the United Kingdom of Great Britain and Northern Ireland (Siekmann) Protocol (No 16) On certain provisions relating to Denmark (Siekmann) Protocol (No 17) On Denmark (Siekmann) Protocol (No 18) On France (Siekmann)

Read more less

Book SynopsisThis book proposes a new way of thinking about the controversial and complex challenges associated with the regulation of high-cost credit, specifically payday lending. These products have received significant attention in both the media and political arena. The inadequacy of regulatory interventions has created ongoing problems with the provision of high-cost credit, particularly for consumers with lesser bargaining power and who are already financially vulnerable. The book tackles two specific gaps in the existing literature. The first involves inadequate analysis of the relevant philosophical concepts around high-cost credit, which can result in an over-simplification of what are particularly complex issues. The second is a lack of engagement in both the market and lived experience of borrowers, resulting in limited understanding of those who use these financial products. The Future of High-Cost Credit explores the theoretical grounding, policy initiatives and interdisciplinary perspectives associated with high-cost credit, making a novel and insightful contribution to the existing literature. The problems with debt extend far beyond the legal sphere, and the book will therefore be of interest to many other academic disciplines, as well as for those working in public policy and ‘the third sector’.Trade ReviewIn a world of increasingly insecure work and runaway inflation, the regulation of payday loans is a central policy priority. The challenge is complex, requiring a broad, interdisciplinary understanding not only of current legal regimes, but also their history, political economy, and lived reality. In this pathbreaking book, Dr Jodi Gardner brilliantly draws on these perspectives to provide urgently required directions for reform. * Jeremias Adams-Prassl, Professor, University of Oxford, UK *This theoretically and empirically rich analysis of high-cost credit provides a clear argument for both regulatory and broader welfare approaches to tackle the problems it causes. As such, this book deserves to be widely read by lawyers and social scientists alike. * Karen Rowlingson, Professor of Social Policy and Dean of the Faculty of Social Sciences, University of York, UK *Jodi Gardner’s The Future of High-Cost Credit blends philosophical, politico-economic and socio-legal analysis to make a sophisticated and important contribution to the debate on regulation of high-cost credit. * Iain Ramsay, Emeritus Professor of Law, University of Kent, UK *Jodi Gardner’s book, The Future of High-Cost Credit, .... steps across the freedom versus regulation dichotomy that typically characterises debate around high cost credit. Taking a clear eyed view of the issues at hand, the book also addresses the often neglected policy debate relevant to the harms arising from consumer reliance on high cost credit ... The Future of High Cost Credit is valuable, and indeed crucial, reading for those interested in contract theory, credit and banking law, financial regulation and social justice. * Jeannie Paterson, Professor of Law, Melbourne Social Equity Institute, Australia *Gardner provides a deft exploration of high-cost credit, or ‘payday’ loans, in the UK – not shying away from complexity and debate. She lays bare the business models which can keep borrowers trapped in an exploitative and expensive cycle of credit, the insufficiencies of the existing regulatory approaches to tame the market, and why the problem will persist as poverty rates soar in the UK. This book is a devastating indictment of the system around high-cost credit. * Mia Gray, Professor of Geography, University of Cambridge, UK *Table of Contents1. Introduction 1.1. Payday Problems 1.2. Why High-Cost Credit? 1.3. Method, Scope and Jurisdiction 1.4. Outline PART I PHILOSOPHICAL CONTEXT: THE CONCEPTS OF HIGH-COST CREDIT 2. High-Cost Credit in the UK 2.1. How is High-Cost Credit Regulated? 2.1.1. The History of Moneylending Regulation 2.1.2. The Office of Fair Trading 2.1.3. The Financial Conduct Authority 2.1.4. Non-Regulatory Legal Enforcement 2.1.5. What Can We Learn? 2.2. What are the Challenges to Regulation? 2.2.1. Victim Blaming 2.2.2. Inadequate Engagement with the Market 2.2.3. What Can We Do? 2.3. Conclusion 3. Freedom 3.1. What is Freedom? 3.2. The History of Freedom 3.3. Justifying Freedom 3.3.1. Consent 3.3.2. Human Rights Approaches 3.3.3. Responsibilisation and Financialisation 3.3.4. Differing Approaches to Financial and Physical Products 3.4. Examples of Freedom 3.4.1. Restrictions on Who Can Lend 3.4.2. Disclosure Obligations and Advertising Restrictions 3.4.3. Cooling-Off Rights 3.4.4. Unfair Relationship Test 3.4.5. Vitiating Factors 3.5. Limitations of Freedom 3.5.1. Failure of Disclosure 3.5.2. Lack of Meaningful Choice 3.5.3. Poverty 3.6. Conclusion 4. Regulation 4.1. What is Regulation? 4.2. The History of Regulation 4.2.1. Usury, Religion and High-Cost Credit 4.2.2. The Development of Regulation 4.2.3. What Can We Learn? 4.3. Explanations for Regulation 4.3.1. Preventing Harmful Outcomes 4.3.2. Stopping Unconscionable Behaviour 4.3.3. Defending the Vulnerable 4.4. Examples of Regulation 4.4.1. Amending or Prohibiting Contract Terms 4.4.2. Prohibiting or Limiting Interest 4.4.3. Responsible Lending Obligations 4.4.4. Unfair Terms Legislation 4.4.5. Common Law Protections 4.5. Limitations of Regulation 4.5.1. Overlap with Limitations of Freedom 4.5.2. Illegal Lending 4.5.3. Financial Exclusion 4.6. Conclusion 5. A Social Minimum 5.1. What is a Social Minimum? 5.2. The History of A Social Minimum 5.2.1. Religious and Charitable Obligations 5.2.2. The Poor Laws 5.2.3. The Beveridge Report 5.2.4. After the ‘Welfare State’ 5.3. Explanations for a Social Minimum 5.3.1. Equality and Liberal Democracy 5.3.2. Government Duty 5.3.3. Social Minimum and Happiness 5.4. Examples of a Social Minimum Provision 5.4.1. Welfare Provision 5.4.2. Bankruptcy Relief 5.4.3. Vitiating Factors 5.5. Limitations of a Social Minimum 5.5.1. Impact on Property Rights 5.5.2. Responsibility for the Social Minimum 5.5.3. Moral Hazards 5.6. Conclusion PART II THE SOCIAL CONTEXT: IDENTIFYING HIGH-COST CREDIT BORROWERS 6. The Lived Experience 6.1. Research Method and Results 6.1.1. Methodology of Stakeholder Interviews 6.1.2. Methodology of Borrower Interviews 6.1.3. Interview Results 6.2. Financially Secure Borrowers 6.2.1. Lending Scenarios 6.2.2. Application to High-Cost Credit Concepts 6.2.3. Application to Current Legal Approach 6.3. Financially Insecure Borrowers 6.3.1. Lending Scenarios 6.3.2. Application to High-Cost Credit Concepts 6.3.3. Application to Current Legal Approach 6.4. Significantly Impaired Borrowers 6.4.1. Lending Scenarios 6.4.2. Application to High-Cost Credit Concepts 6.4.3. Application to Current Legal Approach 6.5. Conclusion 7. Future Directions 7.1. Law Reform Recommendations 7.1.1. Enhanced and Meaningful Disclosure 7.1.2. Responsible Lending Obligations 7.1.3. Opt Out Processes 7.2. Social Welfare Responses 7.2.1. Providing a Social Minimum 7.2.2. Maintaining a Social Minimum 7.3. Further Research 8. Conclusion

Read more less

Book SynopsisThis book addresses 3 questions: is money a way to create a European Union identity? If so, which type of identity is this? And in what ways is the EU identity changing? The book brings together experts from a variety of backgrounds and academic approaches to analyse the law of money and payments on the one side, and the law of capital and investments on the other. The book is divided into 2 parts. Part I covers scriptural, electronic, and digital money. It analyses the European framework for payment services users, explores limits and challenges of the Banking Union, and looks at the project for a digital euro. Part II investigates the policy and regulatory drivers of the EU's changing identity, from the early modern roots of the European law of money and capital to the regulatory strategy set in the Capital Markets Union and the role conferred on venture capital; from the fintech-based developments of payment systems to the newly-established fiscal and monetary policies in the post-COVID phase. The book will be of interest to researchers, academics and policy makers in the fields of law and regulation, as well as political economy and political sciences.Table of Contents1. The Life of EU Money: Value, Credit and Capital as Societal Processes Valentino Cattelan (Birmingham City University, UK; IE Business School, Spain) 2. Monetary Identity of the EU and The Drivers of Regulatory Change Gabriella Gimigliano (University of Siena, Italy) Part I: The Changing Matter of EU Money 3. EU Law of Money and the Payment Service Consumers: Miles Done and the Challenges Ahead Gabriella Gimigliano (University of Siena, Italy) 4. The Interplay Between the Framework for Payment Services and Data Protection: a Piece of European Community Identity Malgorzata Cyndecka (University of Bergen, Norway) 5. Boosting Economic Growth in Europe with Help of Technology: Innovation and the Role of FinTechs in Payments Ruth Wandhöfer (Chair of the Payment Systems Regulator Panel, UK) 6. A Substitute Without Substitute: Cash Money, Digital Euros, and the Shifting Futures of Currency Communities Ursula M Dalinghaus (Ripon College, USA) 7. Thinking of the Digital Euro as Legal Tender Gian Luca Greco (University of Milan ‘Statale’, Italy) and Vittorio Santoro (University of Siena, Italy) 8. The Approximation of National Banking Law in the European Banking Union Maria Elena Salerno (University of Siena, Italy) 9. The Banking Union in the Aftermath of the COVID-19 Pandemic: An Incentive to Finalise the Project? Marco Bodellini (Queen Mary University of London, UK) Part II: The Energy of Credit and Capital 10. The Progressively Increasing Relevance of Commercial Partnerships’ Monetary Capital in Early Modern Europe Luisa Brunori (University of Lille, France) 11. Towards European Venture Capital? A Proposal for More State Involvement in Venture Capital to Foster Inclusive and Green Growth and European Community Johannes Lenhard (University of Cambridge, UK) and Leo Rees (Milltown Partners LLP, UK) 12. Building an EU Venture Capital Market: What about Corporate Law? Casimiro a Nigro (Goethe University, Germany) and Alperen A Gözlügöl (Leibniz Institute for Financial Research, Germany) 13. Policy Coherence for Corporate Sustainability in the EU: Can We Achieve Sustainable Corporate Governance Without Sustainable Finance? Alexandra Andhov (University of Copenhagen, Denmark) and Lela Mélon (Pompeu Fabra University, Spain) 14. Fintech in Luxembourg: A new risk-management approach Marc Pilkington (Epoka University, Albania) 15. Some Thoughts on the Uneasy Fit Between the ECB’s Legal Mandate and its Crisis-Driven, ‘Whatever it Takes’, Policy Empowerment Marta Božina Beroš (Juraj Dobrila University of Pula, Croatia) and Marin Beroš (Ivo Pilar Institute for Social Sciences, Croatia)

Read more less

Book SynopsisThis new commentary analyses, article by article, the two most important regulations on the European banking union: firstly, the Single Supervisory Mechanism with the ECB as the single supervisory authority for major banking institutions; and secondly, the Single Resolution Mechanism with the Single Resolution Fund as the centralized decision-making body in the eurozone.Table of ContentsSINGLE SUPERVISORY MECHANISM REGULATION Art. 1 Subject matter and scope Art. 2 Definitions Article 2 SSM Framework Regulation Definitions Art. 3 Cooperation Art. 4 Tasks conferred on the ECB Art. 5 Macro-prudential tasks and tools Arts. 103–105 SSM Framework Regulation Art. 6 Cooperation within the SSM Art. 7 Close cooperation with the competent authorities of participating Member States whose currency is not the euro Art. 8 International relations Art. 9 Supervisory and investigatory powers Art. 10 Request for information Art. 11 General investigations Art. 12 On-site inspections Art. 13 Authorisation by a judicial authority Art. 14 Authorisation Art. 15 Assessment of acquisitions of qualifying holdings Art. 16 Supervisory powers Art. 17 Powers of host authorities and cooperation on supervision on a consolidated basis Arts. 8–17 SSM Framework Regulation Art. 18 Administrative penalties Art. 19 Independence Art. 20 Accountability and reporting Art. 21 National parliaments Art. 22 Due process for adopting supervisory decisions Art. 23 Reporting of violations Art. 24 Administrative Board of Review Art. 25 Separation from monetary policy function Art. 26 Supervisory board Art. 27 Professional secrecy and exchange of information Art. 28 Resources Art. 29 Budget and annual accounts Art. 30 Supervisory fees Art. 31 Staff and staff exchange Art. 32 Review Art. 33 Transitional provisions Art. 34 Entry into force SINGLE RESOLUTION MECHANISM REGULATION Art. 1 Subject matter Art. 2 Scope Art. 3 Definitions Art. 4 Participating Member States Art. 5 Relation to Directive 2014/59/EU and applicable national law Art. 6 General Principles Art. 7 Division of tasks within the SRM Art. 8 Resolution plans drawn up by the Board Art. 9 Resolution plans drawn up by national resolution authorities Art. 10 Assessment of resolvability Art. 10a Power to Prohibit Certain Distributions Art. 11 Simplified obligations for certain institutions Arts. 12–12k Minimum requirements Art. 13 Early intervention Art. 14 Resolution Objectives Art. 15 General principles governing resolution Art. 16 Resolution of financial institutions and parent undertakings Art. 17 Order of priority of claims Art. 18 Resolution procedure Art. 19 State aid and Fund aid Art. 20 Valuation for the purposes of resolution Art. 21 Write-down and conversion of capital instruments or eligible liabilities Art. 22 General principles of resolution tools Art. 23 Resolution Scheme Art. 24 Sale of business tool Art. 25 Bridge Institution Tool Art. 26 Asset separation tool Art. 27 Bail-in tool Art. 28 Monitoring by the Board Art. 29 Implementation of decisions under this Regulation Art. 30 Obligation to cooperate and information exchange within the SRM Art. 31 Cooperation within the SRM Art. 32 Consultation of, and cooperation with, non-participating Member States and third countries Art. 33 Recognition and enforcement of third-country resolution proceedings Art. 34 Requests for information Art. 35 General investigations Art. 36 On-site inspections Art. 37 Authorisation by a judicial authority Art. 38 Fines Art. 39 Periodic penalty payments Art. 40 Hearing of the persons subject to the proceedings Art. 41 Disclosure, nature, enforcement and allocations of fines and periodic penalty payments Art. 42 Legal status Art. 43 Composition Art. 44 Compliance with Union law Art. 45 Accountability Art. 46 National parliaments Art. 47 Independence Art. 48 Seat Art. 49 Participation in plenary sessions Art. 50 Tasks Art. 51 Meeting of the plenary session of the Board Art. 52 General provisions on the decision-making process Art. 53 Participation in the executive sessions Art. 54 Tasks Art. 55 Decision-making Art. 56 Appointment and tasks Art. 57 Resources Art. 58 Budget Art. 59 Part I of the budget on the administration of the Board Art. 60 Part II of the budget on the Fund Art. 61 Establishment and implementation of the budget Art. 62 Internal audit and control Art. 63 Implementation of the budget, presentation of accounts and discharge Art. 64 Financial rules Art. 65 Contributions to the administrative expenditures of the Board Art. 66 Anti-fraud measures Introduction to Arts. 67–74 SRMR Art. 67 General provisions Art. 68 Requirement to establish resolution financing arrangements Art. 69 Target level Art. 70 Ex-ante contributions Art. 71 Extraordinary ex-post contributions Art. 72 Voluntary borrowing between resolution financing arrangements Art. 73 Alternative funding means Art. 74 Access to financial facility Art. 75 Investments Art. 76 Mission of the Fund Art. 77 Use of the Fund Art. 78 Mutualisation of national financing arrangements in the case of group resolution involving institutions in non-participating Member States Art. 79 Use of deposit guarantee schemes in the context of resolution Art. 80 Privileges and immunities Art. 81 Language arrangements Art. 82 Staff Art. 83 Staff exchange Art. 84 Internal committees Art. 85 Appeal Panel Art. 86 Actions before the Court of Justice Art. 87 Liability of the Board Art. 88 Professional secrecy and exchange of information Art. 89 Data protection Art. 90 Access to documents Art. 91 Protection of classified and sensitive non-classified information Art. 92 Court of Auditors Art. 93 Exercise of the delegation Art. 94 Review Art. 95 Amendment to Regulation (EU) No 1093/2010 Art. 96 Replacement of national resolution financing arrangements Art. 97 Headquarters Agreement and operating conditions Art. 98 Start of the Board’s activities Art. 99 Entry into force

Read more less

Book SynopsisBegins with the essential questions: - whether brokerage and dealing in securities is regulated in a jurisdiction - what aspects of the activity could bring it in scope for authorisation; and - how it is determined which regulator has legal competence to supervise the business in scope. The recent liberalisation of national authorisation regimes across Europe in the wake of MiFID II and Brexit, which has resulted in tensions with recent attempts by the EU to harmonise centrally the single market authorisation regime, is fully addressed. It reviews the details of the activities of sales, sales trading, trading and execution, what they each constitute (with reference to established communication and order management systems), the potential conflicts of interest that they bring about for a firm and how such conflicts can be managed. Each of these activities are mapped against specific regulatory obligations, such as best execution, pre- and post-trade transparency, inducements, dealing commissions rules, the short selling regime and shareholder disclosures, depicting the obligations schematically to assist the practitioner. Also covers: - dealing commission unbundling, which has reformed the way the provision and consumption of independent research and corporate access are related to execution services, - the question of multilateral trading, in other words the point at which the activity of a broker becomes exchange-like and needs to be authorised as such, - principal trading and the ability of firms to advance risk to their clients in the wake of the Volcker rule in the United States and similar legislation in Germany and elsewhere, - the rise of Systematic Internalisers and the constraints imposed on them, such as the pre-trade transparency requirements and the tick size regime, and - electronic trading, algorithmic trading, direct electronic access and high frequency trading, as well as the risk control framework that is relevant to all these activities. This title is included in Bloomsbury Professional's Banking and Finance online service.Trade ReviewEssential reading. Highly recommend this unique and much needed work. -- Global Chief Compliance Officer - Optiver * Nicola Garrood *Table of Contents1 Introduction 2 Authorising and regulating securities dealing in Europe 3 Dealing in securities and the primary obligations 4 Market abuse regime in Europe 5 Dealing commissions and the unbundling challenge 6 Multilateral and bilateral trading systems 7 Mandatory trading obligations 8 Electronic trading 9 Best execution 10 The future of market structure in Europe

Read more less

Book Synopsis“This new edition of Consumer Credit Law and Practice - A Guide…is an essential tool for practitioners and scholars working in this field and I recommend it highly." From the Foreword by Roy Goode An easily accessible guide covering all aspects of consumer credit, consumer hire and ancillary credit businesses, this title is the most useful and comprehensive single volume work on consumer credit law and practice, and related subjects. Written in a clear and penetrating style, the new Sixth Edition has been extensively updated since 2018 and takes account of all relevant case law, legislative changes and developments and includes coverage of: - the impact of the UK’s departure from the European Union - extended analysis of the scheme of regulation under FSMA - the Financial Services and Markets Act 2023 - FCA developments, including the senior managers regime and the consumer credit sourcebook - the financial promotions regime - validation of credit agreements - mortgage contracts and P2P agreements - expanded analysis of dispute resolution and the role of FOS - the new Consumer Duty and the overlay with TCF (treating customers fairly) It is essential reading for: banking and commercial law practitioners; in-house lawyers; companies operating in consumer credit related industries, including banks and building societies, credit card companies, finance and leasing companies; compliance officers and personnel; and consumer advisers.Trade ReviewThere is a great need for a work which reduces the mass of case law and regulation covered in encyclopaedic works into a clear, concise and readable form which steers a way through the labyrinth. This is just such a book... -- Roy Goode, University of Oxford * Foreword to 5th Edition *It's the best guide I have seen so recommended. -- CityBoy * Amazon *Consumer Credit Law and Practice - A Guide achieves its aim of providing a clear explanation of consumer credit law with considerable ease. It provides an excellent account of the legislative framework and is written in a logical and engaging way...it remains an ideal text for anyone studying, practising or interested in this fascinating area of law. -- Student Law Journal * Review of Previous Edition *Table of Contents1. Development of United Kingdom consumer credit law 2. The general structure of the regulation of consumer credit agreements and consumer hire agreements 3. Consumer credit and consumer hire 4. Types of credit and credit agreements 5. Hire agreements 6. Exempt agreements 7. Multiple agreements; modifying agreements; novation, variation and assignment of agreements 8. The regulated agreement, pre-contract information and disclosure 9. Contract terms 10. Duties of creditor/owner and rights of debtor/hirer, prior to, during and after entry a regulated agreement 11. Post-contract Information 12. Linked transactions 13. Credit brokers 14. Agency 15. The supplier and related supplies 16. Ancillary credit businesses 17. Credit cards and other payment cards 18. Security (including mortgages) 19: The total charge for credit and APR 20. Advertising and promoting credit and hire facilities and ancillary credit business 21. Creditworthiness requirements 22. Discrete consumer credit agreements 23. Electronic communications 24. Unfair relationships 25. Enforcement, dispute resolution, damages claims and validation orders 26. Fraud, money laundering, criminal offences and civil penalties 27. Data protection 28. Funding and outsourcing 29. Miscellaneous accounting and tax aspects 30. The overall scheme of regulation by the FCA 31. The FCA Senior Managers and Certification regime 32. The consumer duty 33: FCA supervision, regulatory reporting and enforcement 34. Alternative dispute resolution 35. The European Community context 36. Concluding reflections

Read more less

Book SynopsisCovering all topics related to cryptocurrency, including its definition, regulatory issues, and taxation, this is a comprehensive guide to the legal framework surrounding cryptocurrency in the UK.This title: - Introduces cryptocurrency and its background, explaining the technology behind it, the different types of cryptocurrency, and how it is used in the UK - Focuses on regulatory issues related to cryptocurrency, including the laws and regulations that govern its use and the challenges that arise due to its decentralised nature- Discusses the taxation of cryptocurrency in the UK, including the rules for capital gains tax and income tax, as well as addressing the challenges that arise due to the difficulty of tracking transactions and users- Covers the use of cryptocurrency in money laundering and terrorist financing - Analyses the legal challenges that arise when dealing with disputes related to cryptocurrency, such as theft or fraudAn essential resource for legal practitioner

Read more less

Book SynopsisMadeleine Yates, Special Regulatory Advisor, Clifford Chance, London, UK.Gerald Montagu, Partner (from late November 2025), Corporate Tax, Private Client and Tax Disputes group, Stephenson Harwood LLP, London, UK.

Read more less

Book SynopsisFinancial Services: Investigations and Enforcement is a comprehensive, practical, step-by-step guide to the often complex enforcement aspects of the regulatory regime. Designed to be used before, during and after an investigation, it provides the support and guidance that legal advisers need when navigating an investigation or disciplinary enquiry. Split in to five sections (Introduction to the Regulatory Regime; Investigations; Enforcement; Mis-selling, Consumer Redress and Intervention Powers; and Specific Topics) the third edition has been completely revised and updated to take account of the significant structural changes to regulation including the work of the FSA being divided between the FCA and PRA and the introduction of new statutory objectives. There are also new chapters on regulatory intervention in markets dealing with upstream disputes which are increasingly important and the competition elements of the regime; and on multi-jurisdictional investigations reflecting the increasing amount of cooperation and coordination between global regulators. Financial Services: Investigations and Enforcement is designed to be used by lawyers in private practice, in house lawyers in financial services providers, compliance professionals in financial services providers and post graduate students. Previous edition ISBN: 9781845922054 This title is included in Bloomsbury Professional's Banking and Finance online service.Table of ContentsSection A Introduction to the Regulatory Regime Chapter 1 An introduction to the UK and European regulatory authorities Chapter 2 The UK regime in more detail Section B Investigations Chapter 3 Steps to take when an issue arises Chapter 4 FCA and PRA powers of information gathering Chapter 5 Enforcement investigations Chapter 6 Skilled persons’ reports Chapter 7 Handling multi-jurisdictional investigations Section C Enforcement Chapter 8 Disciplinary sanctions and other regulatory action against firms Chapter 9 Disciplinary sanctions and other regulatory action against individuals Chapter 10 FCA enforcement process Chapter 11 PRA enforcement process Chapter 12 The Tribunal and appeals Section D Mis-selling, Consumer Redress and Intervention Powers Chapter 13 Mis-selling Chapter 14 Complaints handling and the Financial Ombudsman Scheme Chapter 15 Product and market intervention Chapter 16 ‘Own-initiative’ powers Section E Specific Topics Chapter 17 Market misconduct Chapter 18 Criminal prosecutions Chapter 19 Civil liability Chapter 20 Listed companies Chapter 21 Complaints and challenges against the Regulators

Read more less

Book SynopsisNeate and Godfrey: Bank Confidentiality deals with the topical subject of the duties or obligations of confidentiality or secrecy which banks owe to their customers in 37 countries around the world. The ways in which banks may be obliged to disclose information in court proceedings or to assist the authorities in combating money laundering or the funding of terrorism and wider international anti-money laundering initiatives are also considered. Since the financial crisis in some jurisdictions, politicians have been increasingly keen to reduce levels of bank secrecy. Conversely there is also pressure to protect customers’ information and prevent identity theft. Each chapter sets out the basic rules of confidentiality – the nature, extent and source of those rules – and examines their civil and criminal nature, the remedies available for breach of those obligations and the extent to which conflicts of interest arise and how data protection legislation operates in relevant jurisdictions. Each contributor then analyses these issues in the light of statutory and non-statutory frameworks of civil and criminal law in their jurisdiction. This title is included in Bloomsbury Professional's Banking and Finance online service.Table of ContentsContents: 1 Argentina; 2 Australia; 3 Austria; 4 Belgium; 5 Bermuda; 6 British Virgin Islands; 7 Canada; 8 Cayman Islands; 9 China; 10 Republic of Cyprus; 11 Czech Republic; 12 Denmark; 13 England; 14 Finland; 15 France; 16 Germany; 17 Greece; 18 Guernsey; 19 Hong Kong; 20 Hungary; 21 India; 22 Ireland; 23 Italy; 24 Japan; 25 Jersey; 26 Luxembourg; 27 Mexico; 28 Morocco; 29 The Netherlands; 30 Norway; 31 Poland; 32 Portugal; 33 Singapore; 34 South Africa; 35 Spain; 36 Sweden; 37 Switzerland; 38 USA; 39 International Anti-Money Laundering Initiatives

Read more less

Book SynopsisUnique in its depth of coverage and currency, Houseman's Law of Life Assurance has established a well-deserved reputation as an authoritative practitioner work on life assurance and is renowned for its practical insight into the workings of the industry. In addition to being fully updated to take account of new legislation and case law the new 15th edition also covers developments including: Significant structural changes to the UK regulatory framework since the 14th edition and in particular the creation of the Prudential Regulation Authority (PRA) and the Financial Conduct Authority each with their own different statutory objectives; Creation of the PRA and the introduction of a new rulebook with a different structure for conveying regulatory guidance; Implementation of the Solvency II Directive which has made fundamental changes to the way insurers calculate their capital, invest their assets and govern their businesses; Changes to insurance law on misrepresentation and warranties and the new duty on consumers to take reasonable care not to make a misrepresentation and on non-consumers to make a fair presentation of the risk; New e-commerce chapter to reflect the growing importance of this distribution channel for life insurance products; Anticipated changes to the regime applicable to insurance distribution because of the Insurance Distribution Directive and rules relating to packaged insurance investment contracts, including the impact on remuneration of intermediaries; Changes to the UK compensation scheme for insurance policyholders. This title is included in Bloomsbury Professional's Insurance Law online service.Table of ContentsChapter 1 The contract of life assurance Chapter 2 Insurance law issues Chapter 3 FSMA and the life office Chapter 4 Intermediation and distribution of life insurance products Chapter 5 Financial promotion and product disclosure Chapter 6 With-profits funds Chapter 7 Prudential regulation Chapter 8 Life reassurance Chapter 9 Claims and title to life policies Chapter 10 Assignments and Mortgages Chapter 11 Trusts and life assurance Chapter 12 Insolvency and MWPA trusts Chapter 13 The framework for pension scheme products sold by life offices Chapter 14 Income tax, capital gains tax, inheritance tax and the use of life policies in inheritance tax planning Appendix 1 Life Assurance Act 1774 Appendix 2 The Policies of Assurance Act 1867 Appendix 3 Statement of long-term insurance practice Appendix 4 Specimen Power of appointment Appendix 5 Statutory declaration Appendix 6 Deed of Indemnity Appendix 7 Payment into Court by Life Assurance Company (Ord 92, r 1) Appendix 8 Deed of Assignment Appendix 9 Notice of Assignment Appendix 10 ‘Double Option’ Agreement

Read more less

Book SynopsisCurrency fluctuation, currency wars and even potential currency collapse (the Euro, the Bitcoin) are all risks that commercial parties must consider and guard against. This book gathers together in one volume all the information and advice practitioners are likely to need when advising on, advancing or defending claims involving a foreign currency element.The determination of the proper currency (or currencies) of a claim often has a dramatic effect on the level of a court judgment or arbitration award that is ultimately obtained. It is, therefore, vital for practitioners to accurately assess claims which involve a foreign currency element. The authors guide the reader through the legal principles governing how foreign currency claims are treated in English law. The book covers both the treatment of foreign currency in substantive law as well as such procedural matters as how to claim interest correctly on a foreign currency claim and how to plead, prove or disprove the applicability of a particular currency. This book is an invaluable and essential resource for all lawyers involved in international commerce, but will be of particular interest to those engaged in international finance, commodity transactions, international shipping and transport, and the insurance of assets and liabilities abroad."Those who practise in this country need guidance in navigating the tricky waters that The Despina R unleashed. This excellent book provides that guidance."The authors "have been uniquely well placed to meet the challenge of analysing what is a perplexing body of jurisprudence, and to suggest principled answers to currency issues that have not yet been the subject of judicial decision. They consider not merely claims in contract and tort, but every type of claim that might raise an issue in relation to a foreign currency."The Rt Hon. The Lord Phillips of Worth Matravers, KG, PC, President of the Supreme Court of the United Kingdom, 2009-2012Trade Review"An excellent text in a field of great complexity... The text is comprehensive in seeking to cover a wide range of areas in which foreign currency issues may become relevant, and has been prepared by authors who are plainly well-suited to their task. The text will appeal to solicitors and barristers who need to argue these matters, but it also contains much discussion of real academic value."Charles Proctor Partner, Fladgate LLP"On any view, this is a most remarkable book… a well-researched, masterly study of a difficult subject. The authors tackle head-on practical problems concerning foreign currency claims in disparate areas of the law and, where appropriate, happily stick their necks out in expressing their views. Praise be to the brave. The result is a unique book which provides excellent and invaluable guidance for anyone concerned with claims in a foreign currency."Hon Sir Bernard Eder, The Law Quarterly ReviewTable of ContentsForeword, The Rt Hon The Lord Phillips of Worth Matravers Chapter 1: IntroductionChapter 2: Basic ConceptsChapter 3: Sterling: its Historical Role, and the Decline that Led to a Change in the LawChapter 4: The Euro ZoneChapter 5: The Change in English Law Introduced by Miliangos and its ForebearsChapter 6: ContractChapter 7: TortChapter 8: Restitution and Unjust EnrichmentChapter 9: The Law of Trusts and FiduciariesChapter 10: Claims Against Limited or Common FundsChapter 11: Set-offChapter 12: InterestChapter 13: Are currency exchange losses recoverable as damages?Chapter 14: Procedure and EvidenceChapter 15: Fiat Money, Legal Tender and Alternative Money

Read more less

Book SynopsisCross-border Electronic Banking addresses everything from the changes made to payment clearing since the deregulation of cross-border flows of funds, to the development of capital adequacy ratios and the Euro. This insightful and revealing book, backed up by extensive practical experience, will alert you to the ways that electronic banking practices affect even the simplest daily transactions, and will unveil the legal technicalities imposed by these developments.Table of ContentsForeword, Introduction, Contributors, Table of Cases, Table of Legislation, CHAPTER 1: INTERNATIONAL FUNDS TRANSFERS: MECHANISMS AND LAWS, CHAPTER 2: WHOLESALE FUND TRANSFERS — UCC ARTICLE 4A, CHAPTER 3: DEMATERIALISATION OF SHIPPING DOCUMENTS, CHAPTER 4: THE BOLERO SYSTEM, CHAPTER 5: PAYMENT SYSTEMS, DATA PROTECTION AND CROSS-BORDER DATA FLOWS, APPENDICES TO CHAPTER 5, CHAPTER 6: CONSUMER ELECTRONIC BANKING, CHAPTER 7: PAYMENT SYSTEMS FOR E-COMMERCE, CHAPTER 8: ELECTRONIC MONEY, CHAPTER 9: THE COMPUTERISATION OF THE SECURITIES MARKETS: FROM SECURITIES TO INTERESTS IN SECURITIES, Index

Read more less

Book SynopsisThis text looks at the options that the law provides, both domestically and internationally. It also explains the various opportunities available to reduce risk and organize and administer rescue packages for ailing institutions. This edition addresses the new civil procedures rules in England; arbitration in banking and finance; rescues; EC remedies and English law remedies.Table of ContentsChapter 1. The New Civil Procedures Rules In England Chapter 2. Arbitration in Banking And Finance Rescues Chapter 3. EC Remedies And English Law Remedies Chapter 4. Discovery Chapter 5. Cross-Border Court Orders And Banks Chapter 6. Insolvency Administration Chapter 7. Debt Reorganization Chapter 8. Set-Off And Remedies Under The Companies Act.

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

a huge range and FREE tracked UK delivery on ALL orders.

Read more less

Book SynopsisA solid understanding of how banks operate is crucial to grasp the functioning of modern society. Banks are an intrinsic part of business, finance, and everyday life. Modern banking is regulated by a sophisticated set of laws and regulations that are constantly evolving. Banking Law and Practice from the Hong Kong Institute of Bankers outlines and explains these laws and regulations clearly and in detail. This regulatory framework has a deep impact on banks, bankers, and anyone that deals with them, which is the overwhelming majority of society. This high level of impact makes Banking Law and Practice an important book as well as a necessary and authoritative reference for industry professionals, students, and the public at large. Banking Law and Practice discusses a range of topics that have a direct bearing on the day-to-day operations of banks, from contracts to how to ensure safe and secure lending. It examines the development and current state of banking legislation and reguTable of ContentsPreface ix PART 1 BANK-CUSTOMER RELATIONSHIP AND ACCOUNT OPENING 1 1 Contractual Relationships in Law and Practice 3 Learning Objectives 3 Introduction 4 Definition of ‘Customer’ 4 Nature of the Banker-Customer Relationship 5 Laws and Practice 7 Mandates 9 Power of Attorney 11 Limitation of Actions 14 Appropriation of Payments 15 Set-off 17 Banker’s Lien 20 Banker’s Duty of Secrecy 21 Personal Data and Consumer Credit Data 28 Statement of Account or Passbook 33 Wrongful Dishonour of Cheques 34 Exemption Clauses 36 Summary 37 Key Terms 38 Study Guide 39 Further Reading 39 2 Opening and Conduct of Accounts 41 Learning Objectives 41 Introduction 42 Opening of an Account 42 Conduct of Account 44 Closing of Account 51 Opening and Conduct of Accounts for Various Customers 52 Defi nition of Different Types of Authorities 82 Anti-Money Laundering and Counter-Terrorist Financing 85 Summary 98 Key Terms 99 Study Guide 100 Further Reading 100 PART 2 BANKING OPERATIONS 101 3 Bills of Exchange and Promissory Notes 103 Learning Objectives 103 Introduction 104 Negotiable Instruments 104 Bills of Exchange 107 Promissory Notes 124 Summary 127 Key Terms 128 Study Guide 128 Further Reading 129 4 Other Banking Operations 131 Learning Objectives 131 Introduction 132 Credit Cards 132 Direct Debiting 138 Automated Teller Machines 141 Electronic Funds Transfer at the Point of Sale 143 Investment Advice 144 Safe Custody 146 Other Banking Services 150 Internet and Phone Banking 152 Summary 154 Key Terms 156 Study Guide 156 Further Reading 157 PART 3 LAW RELATING TO SECURITY 159 5 Guarantee 161 Learning Objectives 161 Introduction 162 What is a Guarantee? 162 Undue Infl uence 165 Guarantees by Minors 166 Guarantees by Partnerships 167 Corporate Guarantees 168 Joint and Several Guarantees 168 Liability of Guarantors 170 Guarantor’s Rights as Against the Creditor 172 Guarantor’s Rights as Against the Debtor 173 Rights of Co-Guarantors 174 Duties of the Creditor Bank 175 Discharge of the Guarantor 176 Summary 180 Key Terms 181 Study Guide 182 Further Reading 182 6 Mortgage of Land 183 Learning Objectives 183 Introduction 184 Land in Hong Kong 184 Mortgages 187 Priorities 192 Rights of Mortgagee/Chargee 195 Rights of Mortgagors/Chargors 201 Discharge 205 Summary 205 Key Terms 206 Study Guide 207 Further Reading 207 7 Other Security Interests 209 Learning Objectives 209 Introduction 210 Company Charge 210 Pledge 218 Hypothecation 222 Company Shares 224 Insurance Policies 229 Bankers’ Lien 235 Summary 236 Key Terms 237 Study Guide 237 Further Reading 238 PART 4 INSOLVENCY 239 8 Bankruptcy 241 Learning Objectives 241 Introduction 242 Bankruptcy 242 Bankruptcy Order 244 Discharge From Bankruptcy 248 Voluntary Arrangements 248 Legal Issues for the Banker 250 Summary 254 Key Terms 256 Study Guide 256 Further Reading 256 9 Winding Up 257 Learning Objectives 257 Introduction 258 Winding Up 258 Compulsory Winding Up 259 Voluntary Winding Up 262 Petition for Winding Up 265 The Liquidator 265 Unregistered Companies 271 Assets Available for Distribution 271 Ranking of Claims 274 Antecedent Transactions 276 Legal Issues for the Banker 278 Summary 282 Key Terms 283 Study Guide 283 Further Reading 284 Index 285

Read more less

Book SynopsisAlmost every country in the world has sophisticated systems to prevent banking crises. Yet, such crises remain common throughout the world. This title examines the causes of banking crises around the world, focusing on the lender of last resort; prudential regulation and the management of risk; and solvency regulations.Trade Review"Among economists' explanations are moral hazard, ill-judged capital adequacy rules and the incompetence of supervisors. Jean-Charles Rochet, a leading authority on banking, argues the real problem lies with politicians who too often insist on rescuing insolvent banks for short-term reasons of their own. [W]hatever the verdict on the policy proposals, the book makes interesting reading in current circumstances."--John Plender, Financial Times "The book provides an excellent introduction to the theory of banking regulation... I can recommend the book to anyone interested in a formal, academic approach to banking regulation. The concise conclusions of the individual articles provide valuable ideas for changes in banking regulation."--Bernd Brommundt, Financial Markets and Portfolio ManagementTable of ContentsPreface and Acknowledgments ix General Introduction and Outline of the Book 1 References 14 PART 1. WHY ARE THERE SO MANY BANKING CRISES? 19 Chapter 1: Why Are There So Many Banking Crises? by Jean-Charles Rochet 21 1.1 Introduction 21 1.2 The Sources of Banking Fragility 23 1.3 The Lender of Last Resort 24 1.4 Deposit Insurance and Solvency Regulations 27 1.5 Lessons from Recent Crises 28 1.6 The Future of Banking Supervision 30 References 33 PART 2. THE LENDER OF LAST RESORT 35 Chapter 2: Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All? by Jean-Charles Rochet and Xavier Vives 37 2.1 Introduction 37 2.2 The Model 41 2.3 Runs and Solvency 44 2.4 Equilibrium of the Investors' Game 47 2.5 Coordination Failure and Prudential Regulation 53 2.6 Coordination Failure and LLR Policy 55 2.7 Endogenizing the Liability Structure and Crisis Resolution 58 2.8 An International LLR 63 2.9 Concluding Remarks 66 References 67 Chapter 3: The Lender of Last Resort: A Twenty-First-Century Approach by Xavier Freixas, Bruno M. Parigi, and Jean-Charles Rochet 71 3.1 Introduction 71 3.2 The Model 75 3.3 Efficient Supervision: Detection and Closure of Insolvent Banks 81 3.4 Efficient Closure 85 3.5 Central Bank Lending 89 3.6 Efficient Allocation in the Presence of Gambling for Resurrection 95 3.7 Policy Implications and Conclusions 97 3.8 Appendix 98 References 101 PART 3. PRUDENTIAL REGULATION AND THE MANAGEMENT OF SYSTEMIC RISK 103 Chapter 4: Macroeconomic Shocks and Banking Supervision by Jean-Charles Rochet 105 4.1 Introduction 105 4.2 A Brief Survey of the Literature 106 4.3 A Simple Model of Prudential Regulation without Macroeconomic Shocks 108 4.4 How to Deal with Macroeconomic Shocks? 112 4.5 Is Market Discipline Useful? 118 4.6 Policy Recommendations for Macroprudential Regulation 121 References 123 Chapter 5: Interbank Lending and Systemic Risk by Jean-Charles Rochet and Jean Tirole 126 5.1 Benchmark: No Interbank Lending 132 5.2 Date-0 Monitoring and Optimal Interbank Loans 139 5.3 Date-1 Monitoring, Too Big to Fail, and Bank Failure Propagations 148 5.4 Conclusion 153 5.5 Appendix: Solution of Program (P) 155 References 157 Chapter 6: Controlling Risk in Payment Systems by Jean-Charles Rochet and Jean Tirole 159 6.1 Taxonomy of Payment Systems 161 6.2 Three Illustrations 166 6.3 An Economic Approach to Payment Systems 173 6.4 Centralization versus Decentralization 181 6.5 An Analytical Framework 184 6.6 Conclusion 191 References 192 Chapter 7: Systemic Risk, Interbank Relations, and the Central Bank by Xavier Freixas, Bruno M. Parigi, and Jean-Charles Rochet 195 7.1 The Model 199 7.2 Pure Coordination Problems 205 7.3 Resiliency and Market Discipline in the Interbank System 207 7.4 Closure-Triggered Contagion Risk 210 7.5 Too-Big-to-Fail and Money Center Banks 213 7.6 Discussions and Conclusions 215 7.7 Appendix: Proof of Proposition 7.1 217 References 222 PART 4. SOLVENCY REGULATIONS 225 Chapter 8: Capital Requirements and the Behavior of Commercial Banks by Jean-Charles Rochet 227 8.1 Introduction 227 8.2 The Model 230 8.3 The Behavior of Banks in the Complete Markets Setup 231 8.4 The Portfolio Model 238 8.5 The Behavior of Banks in the Portfolio Model without Capital Requirements 240 8.6 Introducing Capital Requirements into the Portfolio Model 244 8.7 Introducing Limited Liability into the Portfolio Model 246 8.8 Conclusion 249 8.9 Appendix 250 8.10 An Example of an Increase in the Default Probability Consecutive to the Adoption of the Capital Requirement 256 References 257 Chapter 9: Rebalancing the Three Pillars of Basel II by Jean-Charles Rochet 258 9.1 Introduction 258 9.2 The Three Pillars in the Academic Literature 259 9.3 A Formal Model 260 9.4 Justifying the Minimum Capital Ratio 266 9.5 Market Discipline and Subordinated Debt 268 9.6 Market Discipline and Supervisory Action 269 9.7 Conclusion 272 9.8 Mathematical Appendix 274 References 277 Chapter 10: The Three Pillars of Basel II: Optimizing the Mix by Jean-Paul Decamps, Jean-Charles Rochet, and Benoit Roger 281 10.1 Introduction 281 10.2 Related Literature 284 10.3 The Model 287 10.4 The Justification of Solvency Requirements 292 10.5 Market Discipline 294 10.6 Supervisory Action 298 10.7 Concluding Remarks 302 10.8 Appendix: Proof of Proposition 9.2 303 10.9 Appendix: Optimal Recapitalization by Public Funds Is Infinitesimal (Liquidity Assistance) 303 10.10 Appendix: Proof of Proposition 9.3 304 References 305

Read more less

Book SynopsisThis highly topical book examines how the leading credit rating agencies â Moody's, Standard & Poorâs and Fitch â have risen to prominence in the wake of the financial crisis.Trade Review'Aline Darbellay analyzes the obvious system relevance of credit rating agencies in depth and assesses the possible options for regulatory responses to this systemic issue. Thereby, the book is based on a fruitful comparative legal approach and formulates guidance principles for regulators, particularly addressing alternatives for restoring competition in the credit rating industry.' --Rolf Weber, The University of Zurich, SwitzerlandTable of ContentsContents: Foreword Part I: Prelude to the Credit Rating Industry 1. Introduction 2. History of Credit Rating Agencies 3. Description of the Credit Rating Industry Part II: Regulatory Structure 4. Rating-based Regulations 5. Regulatory Treatment of Credit Rating Agencies 6. Regulatory Trends Part III: Uses and Abuses of Credit Ratings in Structured Finance 7. Growth of the Structured Finance Segment 8. Wrong Incentives in the Credit Rating Industry 9. Regulatory Response to the Problems of Structured Finance Ratings Part IV: System-wide Effects of Credit Rating Downgrades 10. System-relevance of Credit Ratings 11. Market Reactions to Credit Rating Downgrades and their Consequences 12. Regulatory Response to the Systemic Issue Part V: Trends and Outlook 13. Restoring Competition in the Credit Rating Industry 14. Concluding Remarks Bibliography Index

Read more less

Book SynopsisThis thought-provoking book adds a new perspective to the analysis of how regulation should respond to the global financial crisis of 2008â2009. It focuses on the âprivateâ as opposed to âpublicâ aspect of regulation, and highlights the works of the publicâprivate dialectic in regulation and enforcement.Trade ReviewThe publication of this book could hardly be more timely; it fills a gap in present-day discussion of the reasons for the recent ongoing financial crises, and who was responsible. The balance between the governance and regulation of the international finance market underpins how securely we proceed into the future. At a time when sovereign defaults dominate public discussion, this issue is of quintessential importance. The editors are to be congratulated for this important publication. --Christoph Paulus, Humbolt University of Berlin, GermanyTable of ContentsContents: Preface Introduction 1. Private Regulation of Internationally Active Financial Services Firms 2. Private Regulation in the Credit Default Swaps Market: The Role of ISDA in the New Regulatory Scenario of CDSs 3. Private Regulation and Enforcement in Microfinance: A Multilayered and Polycentric Puzzle 4. Governing Global Payments Markets: The International Payments Framework – A New Actor on the Scene 5. The Legitimacy and Accountability of the IASB as an International Standard Setter 6. The Internal Ratings-based and Advanced Measurement Approaches for Regulatory Capital under the ‘Basel Regime’ Index

Read more less

Book SynopsisThis authoritative Commentary analyses the EU credit servicers directive, which represents a notable step towards legislative reform in the debt recovery framework. It provides an in-depth examination of the necessary legislative reform which serves to expedite the development of secondary markets for Non-Performing Loans.

Read more less

Book Synopsis

Read more less

Book SynopsisA practical, informative guide to banks' major weakness Legal Data for Banking defines the legal data domain in the context of financial institutions, and describes how banks can leverage these assets to optimise business lines and effectively manage risk. Legal data is at the heart of post-2009 regulatory reform, and practitioners need to deepen their grasp of legal data management in order to remain compliant with new rules focusing on transparency in trade and risk reporting. This book provides essential information for IT, project management and data governance leaders, with detailed discussion of current and best practices. Many banks are experiencing recurrent pain points related to legal data management issues, so clear explanations of the required processes, systems and strategic governance provide immediately-relevant relief. The recent financial crisis following the collapse of major banks had roots in poor risk data management, and the regulators' unawareTable of ContentsPreface vii Acknowledgements ix 1 The Role of Data in a Financial Crisis 1 2 The Law, Legal System and Basics of Contract Law 11 3 Structured Finance and Financial Products – Derivatives 27 4 Data, Data Modelling and Governance 53 5 BCBS 239 – Legal Data in Risk Aggregation 81 6 Capital and Netting 89 7 Collateral – Enforceability, Reform and Optimisation 115 8 CASS – Client Assets and Client Money 155 9 Liquidity Risk Management and Reporting 167 10 Contractual Impediments – Recovery and Resolution Planning 187 11 Document Generation/Data-Driven Contracts 213 12 Smart Contracts 233 13 Electronic and Digital Signatures 259 Appendix A 267 Appendix B 271 Appendix C 279 Index 281

Read more less

Book SynopsisA critical examination of the wrongdoing underlying the 2008 financial crisisAn unprecedented breakdown in the rule of law occurred in the United States after the 2008 financial collapse. Bank of America, JPMorgan, Citigroup, Goldman Sachs, and other large banks settled securities fraud claims with the Securities and Exchange Commission for failing to disclose the risks of subprime mortgages they sold to the investing public. But a corporation cannot commit fraud except through human beings working at and managing the firm. Rather than breaking up these powerful megabanks, essentially imposing a corporate death penalty, the government simply accepted fines that essentially punished innocent shareholders instead of senior leaders at the megabanks. It allowed the real wrongdoers to walk away from criminal responsibility. In The Case for the Corporate Death Penalty, Mary Kreiner Ramirez and Steven A. Ramirez examine the best available evidence about the wrongdoing underlying the financialTrade Review"This is an informative and at its heart very angry book, and is fascinating...reading for everyone whos still smarting from the crash." * Publishers Weekly *"The Ramirezes have unleashed a powerful condemnation of governments weak-kneed response to corporate crime in their impressive new studyThe Case for the Corporate Death Penalty...[This]book helps us not only understand the scale of criminality among Americas financial elites, but also the dynamics which propel elites like Trump into office. If action is not taken to rein in the lawlessness which the Ramirezes so thoroughly reveal, the economic and social implications for America are terrifying." * Popmatters.com *"Despite there being hundreds of books and articles written on the subject, only a few have directly tackled the issue of why the prosecutorial response was so anemic, and even fewer still with as much vigor or scope… For anyone trying to understand how the crisis originated and then filtered throughout the financial system, this book is an invaluable resource." -- Political Science Quarterly"In detailing the cases of Countrywide Financial, AIG Financial Products Group, JP Morgan Chase, and Goldman, Sachs, among others, Ramirez and Ramirez find ample evidence to proceed with criminal indictments." * Choice *"The Case for the Corporate Death Penaltyprovides an inspired and thoughtful roadmap for knowing the new lawlessness, reviving the old rule of law, and reclaiming our democratic nation in the process." * Criminal Law and Criminal Justice Books *"Its abundantly clear that law enforcement on Wall Street is woefully broken. In the wake of the financial crisis, not one senior bank executive has been held accountable for the pervasive wrongdoing that brought our economy to its knees, undermining confidence in the fairness of our legal system as well as deterrence against future misconduct. The authors confront this troubling reality head on and in stark detail, leading readers into a fulsome debate about what is to be done to restore the rule of law to our financial markets." -- Phil Angelides,Chairman, Financial Crisis Inquiry Commission (2009-2011)"The incontrovertible value of this book lies in the fact that while it informs average Americans about the details of potentially criminal conduct, it also provides policy discussions that include specific proposals for reformers. Mary Kreiner Ramirez and Steven A. Ramirez are excellent storytellers who expertly use salient narratives to support their theses." -- Cheryl Wade,Harold McNiece Professor of Law, St. John's University School of Law"Exciting, well written, and potentially explosive an extremely timely topic and one that may well prove to be controversial and garner national and international attention. The topic is critically important, as I have not before seen this subject dealt with as forthrightly or marshalled as effectively as here. To truly understand that, unlike the Enron-era scandals or the Savings & Loans scandals, the government has failed to bring criminal charges against any of the individuals responsible for the financial market crisis of 2007-09 defies logic and comprehension." -- André Douglas Pond Cummings,Professor of Law, Indiana Tech Law School"The authors were among the regulators and prosecutors with the spine to stop and jail financial frauds of the 1980s. Wall Street's criminal elites so feared the crackdown that they unleashed their political allies to turn the regulatory leaders into invertebrates. The authors show how to regrow our spines, restore the rule of law on Wall Street, and reclaim our Nation." -- William K. Black,Associate Professor of Economics and Law, University of Missouri-Kansas City

Read more less

Book SynopsisIn The Banker''s Blacklist, Julia C. Morse demonstrates how the Financial Action Task Force (FATF) has enlisted global banks in the effort to keep bad money out of the financial system, in the process drastically altering the domestic policy landscape and transforming banking worldwide.Trillions of dollars flow across borders through the banking system every day. While bank-to-bank transfers facilitate trade and investment, they also provide opportunities for criminals and terrorists to move money around the globe. To address this vulnerability, large economies work together through an international standard-setting body, the FATF, to shift laws and regulations on combating illicit financial flows. Morse examines how this international organization has achieved such impact, arguing that it relies on the power of unofficial market enforcementa process whereby market actors punish countries that fail to meet international standards. The FATF producesTrade ReviewHer detailed research provides a thorough examination of the organization that moves beyond headlines to test out different theories of how this international organization works. * Lawfare *Julia Morse provides groundbreaking research into the FATF that makes the FATF more accessible and serves as a very helpful guide for understanding how unofficial market enforcement can be harnessed to address AML/CFT risks at the country level, both now and into the future. * Lawfare *The bankers' blacklist presents an artful paradox: its insights are greater than the sum of its parts. This is a thought-provoking book[.] * International Affairs *Table of ContentsIntroduction: Cross-Border Banking in a Globalized Era 1. A Primer on International Financial Standards on Illicit Financing 2. A Theory of Unofficial Market Enforcement 3. The FATF's Fight against Illicit Financing 4. How the Noncomplier List Drives FATF Compliance 5. Unofficial Market Enforcement against Listed Countries 6. Fighting Illicit Financing in Southeast Asia Conclusion: The Power and Peril of Markets as Enforcers

Read more less

Book SynopsisScholarly analysis of the principal causes of the global economic crash of 2008 has largely ignored any investigation of a part played by white-collar crime in precipitating the collapse. Ryder is one of the few who is not content to let the blame lie with sub-prime mortgages and the inherent risks of the markets. He enquires into the relationship between the latter-day economic chaos and crime, particularly mortgage fraud and the examination he offers is compelling. Through a distillation of massive amounts of materials drawn from two critical global financial centers, the United States and the United Kingdom, Ryder concludes, reliant on tangible empirical examples, that the prevalence of white-collar fraud was an important constituent contributor to the financial crisis.'- Michelle Gallant Ph.D, Faculty of Law, University of Manitoba'In this well-researched and thoughtful new book, Nic Ryder makes a strong case for thinking more about the role of white collar crime in causing the financial crisis, and why prosecution has not been a bigger part (particularly in the UK) of the authorities' responses to it.'- Peter Cartwright, School of Law, University of NottinghamConcentrating on the relationship between the 2007 financial crisis and white-collar crime in both the United States of America and the United Kingdom this unique book asserts that such activity was an important variable that contributed towards the crisis. It also reveals a number of similarities and differences in the approach towards white-collar crime emanating from the financial crisis.Offering an important analysis of the factors which contributed to the global financial crisis and the role played by economic crime, the author provides an insightful critique of the legislative, regulatory and enforcement responses on both sides of the Atlantic. Specific examples include mortgage fraud, predatory lending, Ponzi fraud schemes, market misconduct and the manipulation of LIBOR. Nicholas Ryder's conclusions are powerful, and those responsible for policing the financial markets should take careful note of the recommendations he puts forward.This timely book will be of great use to both teachers and students of financial crime relevant modules. It will also appeal to policy-makers in government departments, law enforcement agencies and financial regulatory agencies, as well as professionals within the financial services sector, law and accountancy.Contents: 1. Introduction 2. The Financial Crisis an Alternative Interpretation - Part I 3. The Financial Crisis an Alternative Interpretation Part II 4. United States of America Policy, Legislative, Regulatory and Enforcement Responses 5. United Kingdom - Policy, Legislative, Regulatory and Enforcement Responses 6. Conclusions and Recommendations Bibliography IndexTrade ReviewIn his book, The Financial Crisis and White Collar Crime: The Perfect Storm? Nicolas Ryder connects the 2007 financial crisis to white-collar crime in both the United States and the United Kingdom. He seeks to address one of the most important questions raised since the outbreak of the financial crisis, namely, what variables contributed to or caused the largest financial crisis since the Great Depression and Wall Street Crash. . . . presents an extremely well-researched analysis of the spectrum of the financial crisis . . . and adeptly ties it all back in within the nexus of white-collar crime. Overall, this monograph presents an interesting juxtaposition of the US and UK white-collar crime and the respective government's responses to the financial crisis.'--Alison S. Burke, Criminal Justice Review'The Financial Crisis and White Collar Crime: The Perfect Storm? will be of value to those interested in white collar crime as well as anyone seeking to understand the underlying causes of the crisis and whether or not circumstances have changed to that similar events will not occur in the future.'--Banking & Finance Law Review'This mighty book by Nicholas Ryder is a tome of a monograph, with its 334 pages of which over 100 pages consist of its extensive bibliography, evidence of the huge impact that the financial crisis has had, warranting this plethora of news, official reports, laws, case law, new government policies, new regulatory agencies, television documentaries in many countries...Nicholas Ryder's book, The Financial Crisis and White Collar Crime, is pretty exhaustive in its description of the financial crisis and deserves a place among the reference books relating to the global financial crisis. I heartily recommend it.'--Sally Ramage, The Criminal Lawyer'Professor Nicholas Ryder in The Financial Crisis and White Collar Crime: The Perfect Storm? not only provides a detailed and comprehensive chronicle of the "dark side" of the near collapse of the western financial system, but in doing so raises a number of exceedingly important issues as to the systems ability to recognise the risks presented by serious crime and its ability to address them. The extent to which fraud and abuse exacerbated the crisis is and will remain a matter for debate. What this book does, often referring to contrasting US experience, is to illustrate the serious weaknesses that existed then and perhaps remain, in the criminal justice systems' ability to bring those who commit fraud and other abuses to book. Professor Ryder has made a significant contribution not only to our understanding of what went wrong, but also in pointing to what should be done in the future.'--Professor Barry Rider, Jesus College, Cambridge'Nic Ryder has produced an extremely readable and carefully researched monograph. It traces a thorough and intriguing timeline through the financial crisis, incrementally building the evidence to support the link to white collar crime. Each chapter is well argued, comprehensively leading the reader towards his compelling conclusion. It promises to find its way onto the reading lists for university finance, law and criminology courses alike"--Jackie Harvey, Newcastle Business School, Northumbria University'Scholarly analysis of the principal causes of the global economic crash of 2008 has largely ignored any investigation of a part played by white-collar crime in precipitating the collapse. Ryder is one of the few who is not content to let the blame lie with sub-prime mortgages and the inherent risks of the markets. He enquires into the relationship between the latter-day economic chaos and crime, particularly mortgage fraud and the examination he offers is compelling. Through a distillation of massive amounts of materials drawn from two critical global financial centers, the United States and the United Kingdom, Ryder concludes, reliant on tangible empirical examples, that the prevalence of white-collar fraud was an important constituent contributor to the financial crisis.'--Michelle Gallant Ph.D, Faculty of Law, University of Manitoba'In this well-researched and thoughtful new book, Nic Ryder makes a strong case for thinking more about the role of white collar crime in causing the financial crisis, and why prosecution has not been a bigger part (particularly in the UK) of the authorities' responses to it.'--Peter Cartwright, School of Law, University of Nottingham, UK'As Professor in Financial Crime in the Department of Law at the University of the West of England, Ryder has written what may well become the definitive work on the subject of white collar crime. . . From law, to finance to criminology, anyone involved in these areas should acquire a copy of this book, especially considering that the research is prodigious.'--Phillip Taylor MBE and Elizabeth Taylor, The Barrister Magazine'Professor Nicholas Ryder of the University of the West of England has written this impressive and very readable monograph... The book is highly recommendable reading for law makers, regulators and practitioners in the field of finance.'--Journal of International Banking Law and RegulationTable of ContentsContents: 1. Introduction 2. The Financial Crisis an Alternative Interpretation - Part I 3. The Financial Crisis an Alternative Interpretation Part II 4. United States of America – Policy, Legislative, Regulatory and Enforcement Responses 5. United Kingdom – Policy, Legislative, Regulatory and Enforcement Responses 6. Conclusions and Recommendations Bibliography Index

Read more less

Book SynopsisThis enlightening volume provides an invaluable guide for those perplexed by the seemingly intractable problems of financial crises, sovereign distress, and government guarantees. Contributors include an all-star cast of leading figures in the field. Highly recommended'- Geoffrey Miller, New York University, US'The history of the 2007-09 and possibly beyond near-global financial crisis needs to be examined carefully in order to identify and understand the causes, the transmission across countries, the harm to macroeconomies, the public policies adopted, the effectiveness of such policies, and the lessons to be learned to prevent or at least mitigate future such crises. This volume contributes to this task. It brings together under one cover the analyses of the various aspects of the crisis by experts in each area. It should be priority reading for serious students of the crisis.'- George G. Kaufman, Loyola University Chicago, US'The combination of the skills of the lawyer and of the economist has proved increasingly fruitful, developing both understanding and policy in many areas of life, such as accident prevention, crime prevention, and healthcare. This book follows the precedent of these areas and assembles a group of lawyers and economists who by their contributions, consider how best to deal with financial crises, and how to make their future occurrence less likely. It is both intellectually stimulating and practically important. The authors and editors are to be congratulated.'- Geoffrey Wood, Cass Business School and University of Buckingham, UKFinancial Crisis Containment and Government Guarantees analyzes the international community's commitment to forging enhanced, well thought-out, mechanisms for containing systemic risks in the context of a highly interconnected global financial framework which incorporates ongoing financial innovation.While use of government guarantees is a central theme, the book also analyses the roles played by prudential regulators, central banks, deposit insurers and treasuries in dealing with the crisis. The book examines how governments, central banks, regulators and deposit insurance agencies have worked together to contain the global financial crisis. Additionally, it focuses on efforts to overcome ongoing obstacles, as well as the most important proposals to improve safety nets, both at the national level and internationally.This concise and detailed book will strongly appeal to students in law, economics and finance, law practitioners, policymakers in central banks and ministries of finance, as well as deposit protection agencies and regulatory agencies.Contributors: L.C. Buchheit, G. Calice, J. Chen, C.M. Cumming, C. Enoch, A. Estrella, M. Faure, G.G. Garcia, C.A.E. Goodhart, G. Grande, M. Gulati, M. Guðmundsson, K. Heine, E. Hüpkes, J.R. LaBrosse, R.M. Lastra, A. Levy, J. Manns, D.G. Mayes, J.F. McCollum, M.J. Nieto, J.J. Norton, R. Olivares-Caminal, F. Panetta, C. Pleister, S. Schich, D. Singh, J. Williams, A.E. Wilmarth, Jr., A. ZaghiniTrade Review‘This enlightening volume provides an invaluable guide for those perplexed by the seemingly intractable problems of financial crises, sovereign distress, and government guarantees. Contributors include an all-star cast of leading figures in the field. Highly recommended.’ -- Geoffrey Miller, New York University, US‘The history of the 2007–09 and possibly beyond near-global financial crisis needs to be examined carefully in order to identify and understand the causes, the transmission across countries, the harm to macroeconomies, the public policies adopted, the effectiveness of such policies, and the lessons to be learned to prevent or at least mitigate future such crises. This volume contributes to this task. It brings together under one cover the analyses of the various aspects of the crisis by experts in each area. It should be priority reading for serious students of the crisis.’ -- George G. Kaufman, Loyola University Chicago, US‘The combination of the skills of the lawyer and of the economist has proved increasingly fruitful, developing both understanding and policy in many areas of life, such as accident prevention, crime prevention, and healthcare. This book follows the precedent of these areas and assembles a group of lawyers and economists who by their contributions, consider how best to deal with financial crises, and how to make their future occurrence less likely. It is both intellectually stimulating and practically important. The authors and editors are to be congratulated.’ -- Geoffrey Wood, Cass Business School and University of Buckingham, UKTable of ContentsContents: Foreword Joseph J. Norton Foreword Arthur E. Wilmarth, Jr. Preface John Raymond LaBrosse, James F. McCollum, Rodrigo Olivares-Caminal and Dalvinder Singh PART I: MANAGING THE FINANCIAL CRISIS 1. Managing Crises Without Government Guarantees: How Do We Get There? Christine M. Cumming 2. Improving the Decision-making Framework for Financial Crisis Management John Raymond LaBrosse and Dalvinder Singh 3. Powers and Scope of the Macro-prudential Authority Charles A.E. Goodhart 4. Resolving Systemically Important Financial Institutions (SIFIs): The Financial Stability Board Key Attributes of Effective Resolution Regimes Eva Hüpkes PART II: THE SPECIAL PROBLEMS OF EUROPE 5. Crisis Management and Guarantees in Europe Charles Enoch 6. Regulatory Responses to the Financial Crisis Rosa M. Lastra 7. The Federal Agency for Financial Market Stabilisation: From Rescuing to Restructuring Christopher Pleister 8. Extraordinary Measures for Extraordinary Times and the Need for Effective Bank Resolution Laws in Europe Gillian G. Garcia and Maria J. Nieto PART III: USING GOVERNMENT GUARANTEES 9. The Fault Lines in Cross-border Banking: Lessons from the Icelandic Case Már Guðmundsson 10. Government Guarantees and Contingent Capital: Choosing Good Shock Absorbers David G. Mayes 11. Public Guarantees on Bank Bonds: Effectiveness and Distortions Giusèppe Grande, Aviram Levy, Fabio Panetta and Andrea Zaghini 12. The Impact of Sovereign Guarantees on the Quality of Bank Debt: Theory and Evidence from Europe Arturo Estrella and Sebastian Schich 13. An Insurance Approach for Preventing Financial Crises Michael Faure and Klaus Heine 14. Transforming Bailouts into Investments: A Proposal for the Creation of the Federal Government Investment Corporation Jeffrey Manns PART IV: SOVEREIGN DEBT ISSUES 15. The Treatment of Contingent Liabilities in a Sovereign Debt Restructuring Lee C. Buchheit and Mitu Gulati 16. The European Stability Mechanism: Some Notes on a New EU Institution Designed to Avert Financial Crises Rodrigo Olivares-Caminal 17. Liquidity Spillovers in Credit Markets During the Eurozone Crisis Giovanni Calice, Jing Chen and Julian Williams Index

Read more less

Book SynopsisThis book is a rare addition to the literature on reforms in banking regulation. It brings together discussion and commentary from distinguished scholars covering the key area of bank corporate governance. The volume is as much reflective as forward looking and would appeal to students, academics and practitioners who wish to keep abreast of developments in this critical field and develop a more in-depth understanding of the complex and challenging nature of bank corporate governance.'- Emilios Avgouleas, University of Edinburgh, UK'This timely and thought-provoking collection explores a number of aspects of the current system of corporate governance in banks, probes their limitations and makes suggestions for further reform. It will be of particular interest to postgraduate students and researchers, academics and policy makers in the fields of banking or corporate governance.'- Andrew Johnston, University of Sheffield, UKCorporate governance in financial institutions has come under the spotlight since the banking crisis in the UK in 2008-9. In many respects, the banking business raises unique problems for corporate governance that are not found in other corporate sectors. The Law on Corporate Governance in Banks is the first work to provide a detailed survey and practical examination of key topical issues in the corporate governance of banks and financial institutions.Combining the insight and expertise of leading corporate lawyers in the field with rigorous academic analysis, the book unpicks and clarifies the legal issues that confront corporate and banking law practitioners when advising banks and financial institutions, including; governance structure, collective board responsibility, directors liability, the role of shareholders, corruption control mechanisms, remuneration, corporate accountability, and risk management.With its practical focus and strong theoretical platform, this book will be an important resource for corporate and financial lawyers seeking to understand and advise on the changing and dynamic legal landscape.Key features of the book include:- An author team of senior practitioners and leading academic experts- Detailed treatment of all the key corporate governance issues in financial sector- Comprehensive and up-to-date legislative analysis of latest reforms.Trade Review‘I believe this? ?book should be on the reading list of all UK and EU FinTech? ?and banking executives.’ -- Fin-Future magazine‘This book is a rare addition to the literature on reforms in banking regulation. It brings together discussion and commentary from distinguished scholars covering the key area of bank corporate governance. The volume is as much reflective as forward looking and would appeal to students, academics and practitioners who wish to keep abreast of developments in this critical field and develop a more in-depth understanding of the complex and challenging nature of bank corporate governance.’ -- Emilios Avgouleas, University of Edinburgh, UK‘This timely and thought-provoking collection explores a number of aspects of the current system of corporate governance in banks, probes their limitations and makes suggestions for further reform. It will be of particular interest to postgraduate students and researchers, academics and policy makers in the fields of banking or corporate governance.’ -- Andrew Johnston, University of Sheffield, UKTable of ContentsContents: 1. A Primer on Corporate Governance in Banks and Financial Institutions: Are Banks Special? 2. Corporate Governance and Banks- The Role and Composition of the Board 3. Directors Duties and Liabilities: Disqualifying ‘Unfit’ Directors at Banks? Political Rhetoric and the Directors’ Disqualification Regime 4. The Role of Institutional Shareholders: Stewardship and the Long/Short term Debate 5. Design and Control of Remuneration in UK Banks 6. Corporate Governance and Risk Management in Banks and Financial Institutions 7. Corporate Reporting and the Accountability of Banks and Financial Institutions 8. Systems and Controls in Anti-Bribery and Corruption 9. The Market for Corporate Control in the Banking Industry Index

Read more less

Book SynopsisThis volume is the definitive work on banking sector crisis management. It covers all recent legislative developments and it provides cognate analysis by leading experts on matters covering the whole spectrum of bank crisis management, ranging from early intervention and provision of emergency liquidity assistance by the central bank to group resolution and the workings of the Single Resolution Mechanism. Additionally, country reports of all major jurisdictions such as Australia, the US, UK, Germany, Japan and China provide comprehensive overviews of the current state. It will prove an invaluable companion to all those seeking to demystify this most complex area of legal and regulatory practice.'- Emilios Avgouleas, University of Edinburgh, UKIn this timely Handbook, over 30 prominent academics, practitioners and regulators from across the globe provide in-depth insights into an area of law that the recent global financial crisis has placed in the spotlight: bank insolvency law.Research Handbook on Crisis Management in the Banking Sector discusses the rules that govern a bank insolvency from the perspectives of the various parties that are affected by these rules. Thus, whilst many bank insolvency rules have been enacted only recently and their application is still clouded by a host of uncertainties, this book takes the perspectives of the relevant authorities, of the bank and of the bank's counterparties.Providing a comprehensive approach to crisis management in the banking sector, this Handbook will prove a valuable resource for academics, postgraduate students, practitioners and international policymakers.Contributors include: J. Adriaanse, D. Bernstein, V. Borger, A. Bornemann, W. Bosma, A. Campbell, A. Carr, B. Clarke, P. Davies, T. Dijkhuizen, P. Durban, J. Gabilondo, F. Garcimartín, M. Haentjens, T. Hayashi, T.F. Huertas, B.P.M. Joosen, S. Kaltsouni, Q. Kong, R. Mason, P. Moffatt, M. Murray, P. Rank, J.-P. van der Rest, M.I. Saez, R.A. Sahni, M. Schillig, D. Schoenmaker, J. Sluysmans, M. Timmer, N. van Triet, V. Troiano, T. Verdoes, L. Verrill, B. Wessels, S. Yonghui, G.S. ZavvosTrade Review‘This volume is the definitive work on banking sector crisis management. It covers all recent legislative developments and it provides cognate analysis by leading experts on matters covering the whole spectrum of bank crisis management, ranging from early intervention and provision of emergency liquidity assistance by the central bank to group resolution and the workings of the Single Resolution Mechanism. Additionally, country reports of all major jurisdictions such as Australia, the US, UK, Germany, Japan and China provide comprehensive overviews of the current state. It will prove an invaluable companion to all those seeking to demystify this most complex area of legal and regulatory practice.’ -- Emilios Avgouleas, University of Edinburgh, UKTable of ContentsContents: PART I INTRODUCTORY CHAPTERS 1. Too Big to Fail: A Policy’s Beginning, Middle and End (?) Thomas F. Huertas 2. Central Banks, Systemic Lending, and Collateral Markets José Gabilondo 3. A Fiscal Backstop to the Banking System Dirk Schoenmaker 4. Large Scale Bank Insolvencies and the Challenges Ahead Andrew Campbell and Paula Moffatt PART II EU AUTHORITIES PERSPECTIVE 5. The EU Resolution Toolbox Michael Schillig 6. Cross-border Cooperation between Resolution Authorities in the BRRD Vincenzo Troiano 7. The Single Resolution Mechanism in the European Banking Union: Legal Foundation, Governance Structure and Financing George S. Zavvos and Stella Kaltsouni 8. The European Stability Mechanism, A Crisis Tool Operating at Two Junctures Vestert Borger PART III BANK PERSPECTIVE 9. Regulatory Capital Requirements and Bail in Mechanisms Bart P.M. Joosen 10. Rescuing Banks in Crisis: Towards a Theoretical Turnaround Management Perspective Jan Adriaanse, Jean-Pierre van der Rest and Tim Verdoes 11. Resolution of Cross-border Groups Paul Davies 12. Bank Structural Reform: Too Big to Fail, Too Big to Save and Too Complex to Manage, Supervise and Resolve? Alexandria Carr 13. Implications for the Corporate Governance Structures of Banks Tom Dijkhuizen PART IV COUNTERPARTY PERSPECTIVE 14. Set-off, Netting and Close-out Netting Francisco Garcimartín and Maria Isabel Saez 15. Deposit Guarantee Schemes Blanaid Clarke 16. Legal and Operational Segregation of Securities: Derivatives and Cash Matthias Haentjens and Pim Rank 17. The Rule of Law: Protection of Property Jacques Sluysmans, Willem Bosma, Matthijs Timmer and Nikky van Triet PART V COUNTRY REPORTS 18. Australia Rosalind Mason and Michael Murray 19. China Qingjiang Kong and Sun Yinghui 20. Germany Alexander Bornemann 21. Japan: Regulatory Development of the Banking Resolution Regime Tomoaki Hayashi 22. United Kingdon (England and Wales) Louise Verrill and Paul Durban 23. United States Donald Bernstein and Reena Agrawal Sahni PART VI CONCLUSIONS 24. Conclusions Matthias Haentjens and Bob Wessels Index

Read more less

Book SynopsisThe global financial crisis that struck Europe has profoundly affected its political, economic and regulatory landscape. This Research Handbook provides an inter-disciplinary view of State interventions in the banking sector, their control under State aid rules since the financial crisis of 2008 and the progressive emergence of a pan-European regulation of banks in distress.Assessing the policy of bank rescues over the past nine years provides a striking summary of European successes and failures and of the continuing tension between integration and fragmentation forces at play within the EU and its single market. This Research Handbook offers insights from law and economics - on the extent to which the EU/EEA State aid regime is able to address adequately the concerns of financial regulation without losing sight of its primary purpose. The contributors include academics, specialists in financial regulation, lawyers, economists and regulators, who have all followed or been directly involved in cases relating to the financial crisis.The Research Handbook on State Aid in the Banking Sector will appeal to advanced students and academics in law and economics, particularly those with an interest in financial institutions, governance and banking.Contributors include: C. Botelho Moniz, G. Bruzzone, M. Cassella, A. Champsaur, F. Coupé, F. de Cecco, J.-S. Duprey, S. Frisch, C. Froitzheim, P. Gouveia e Melo, J. Gray, V. Iftinchi, B. Joosen, I. Kokkoris, F.-C. Laprévote, S. Micossi, L. Nascimento Ferreira, P. Nicolaides, V. Power, C. Quigley, N. Robins, S. Shamsi, P. Solomon, D.S. TynesTrade ReviewFor all these reasons, this monograph is definitively recommended to practitioners and academics interested in the State aid field, but also for policy analysts, political scientists and generally for students of EU law. They will benefit from an overarching work that provides not only a detailed account of the law and case law concerning the application of the State aid discipline to the financial sector, but also a rich understanding of the principles that underpin the new regulatory framework for bank resolution in the EU, and valuable hints into its likely coexistence with the State aid framework. The editors and authors of this work should thus be highly commended.'--Juan Jorge Piernas López Murcia, Common Market Law Review'The Research Handbook on State Aid in the Banking Sector provides a wonderful and extensive insight into the state aid cases in the banking sector during the Great Financial Crisis (GFC). It brings together specialists from different angles as a result of which the book combines both the financial regulatory and state aid law angle. . .'--Journal of International Banking Law and RegulationTable of ContentsContents: Foreword François-Charles Laprévote, Cleary Gottlieb Steen and Hamilton (CGSH) Part I 1. The special nature of banks and its challenges for competition policy Ioannis Kokkoris 2. Competition, stability and moral hazard: the tension between financial regulation and State aid control Joanna Gray and Francesco de Cecco 3. State aid and the financial sector: the evolution of the legal framework of State aid law Violeta Iftinchi PART II 4. State aid to banking: application of the market economy investor principle Phedon Nicolaides 5. The States’ toolkit for rescuing banks in difficulty François-Charles Laprévote and Florine Coupé 6. Compensatory measures in the banking sector Sahar Shamsi, Pantelis Solomon and Nicole Robins 7. Preserving cross-border banking in the face of the crisis: State aid policy under the financial trilemma François-Charles Laprévote and Sven Frisch PART III 8. Crisis aid to banks in Germany Sven Frisch 9. The United Kingdom Conor Quigley 10. Ireland Vincent J.G. Power 11. State aid to banks in France Claire Froitzheim 12. State aid to banks in Belgium Jean-Sébastien Duprey 13. State intervention in the banking sector of The Netherlands Bart P.M. Joosen 14. Southern Program Countries – Cyprus, Portugal, Spain Carlos Botelho Moniz, Pedro de Gouveia e Melo and Luís do Nascimento Ferreira 15. Iceland Dora Sif Tynes Part IV 16. The new regulatory framework for bank resolution Ginevra Bruzzone, Miriam Cassella and Stefano Micossi 17. Hand in hand or parallel paths? Reflections on the future coexistence of State aid control and bank resolution in the EU François-Charles Laprévote and Amélie Champsaur Index

Read more less

Book SynopsisFocusing primarily on the banking system in the United States, this book offers an innovative framework that integrates a depository bank's liquidity and its capital adequacy into a unified notion of funding that helps to explain how the 2007-2008 crisis unfolded, why central banks succeeded in resolving the crisis, and how the conceptual legacy of the crisis and its resolution led to lasting changes in bank funding regulation, including new objective requirements for bank liquidity. To provide a comparative context, the book also examines the funding models of nonbank intermediaries like dealer banks and insurers.This book provides a nuanced understanding of bank funding practices for legal academics interested in banking regulation or corporate finance and helps place prudential regulation and the private law of funding in the context of the banking business model. Business model scholars, financial academics, and bank regulators will appreciate its readable, integrated approach to understanding some of the most current and conceptually challenging aspects of prudential regulation.Trade Review'One of this book's greatest accomplishments is showing why banks still matter: they provide a useful lens for truly understanding our financial system. This book will be indispensable for anyone interested in how banks fund their operations. But it will be of equal interest to those who want to understand what led to the financial crisis of 2007-2009 and how we may go about trying to prevent or at least soften the next one.' --Manuel Utset, Florida State University'In this very readable book, Professor Gabilondo explores the heretofore unexamined issue of the challenges to bank funding in the aftermath of the 2008 financial crisis and the Dodd­-Frank Act. The book should be read by anyone involved with bank financing, including policymakers.' --Tom Hazen, University of North Carolina, School of Law'Jose Gabilondo has recognized that the distinguishing characteristic of banking is not the making of loans but rather the taking of deposits. Bank Funding, Liquidity, and Capital Adequacy comes at a time when regulators are placing increasing emphasis on the liability side of the balance sheet. Through its examination of liquidity coverage ratio requirements and the anticipated net stable funding ratio requirements, this book helps to put the importance of funding in the financial system into a meaningful perspective.' --Oliver Ireland, Morrison and FoersterTable of ContentsContents: Why Bank Funding? 2. The Wages of Intermediation 3. Other Funding Models Part II The Crisis And Its Conceptual Legacy 4. Funding Lessons From the 2007-2008 Crisis Part III Post-Crisis Funding Reform 5. Regulatory Capital 6. Regulatory Liquidity Concluding Observations Index

Read more less

Book SynopsisThe global financial crisis highlighted the corrosive effects of unethical behaviour within the banking industry. This edited collection focuses on the role that ethics, as well as the law, can play to prevent such behaviour from reoccurring. It also examines the effectiveness of newly introduced regulations and supervisory actions in fostering ethical conduct with the aim of realigning the interests of financiers with those of society as a whole. Featuring contributions from authors in academia, central banks, and professional practice, this Research Handbook presents a comprehensive assessment of law, regulation and professional and market standards in the financial industry. The chapters discuss the philosophical foundations of ethics in financial law, the existence of a social licence to operate and how to nudge banks to be more inclusive. They also critically evaluate some of the key topics in the debate, including fiduciary duties and enforcement measures. The Research Handbook will be of great interest to academics, policy makers and practitioners in financial law and banking law, as well as legal ethics. Those working within the financial industry with an interest in corporate conduct and culture, will find the Handbook to be an invaluable source of information.Trade Review'This book is a work of leadership. It offers a brilliant combination of thought and experience about the law and ethics that finance and banking cannot do without. This is about ethics and law embedded in international respect, market culture, business purpose, corporate model and personal integrity. It is about the ends that finance and banking enable us to achieve, about finance earning trust, and about finance serving society, customer, employer and colleague. It is also about insisting that complexity is either understood or reduced. Let the global financial crisis remind us that this is a book on which we must build.' --Sir Robin Knowles, High Court of England and WalesThis book is path-breaking in addressing one of the key issues of our time, the role of ethics in finance. It provides the reader with a comprehensive and challenging analysis of the main aspects of the current debate. The editors have brought together some of the sharpest minds in the field who offer an in-depth, critical and in places novel analysis of the role of law, self-regulation and standards in guiding and channelling behaviour. The book is a tour de force in considering how ethical considerations can inform the financial system. Finance must serve society in a way which is fair, just and ethical. The book is a timely reminder of this function and a call to those involved to exercise diligence in their own self-interest and for the greater good.' --Sir Ross Cranston FBA, London School of Economics, UKTable of ContentsContents: Foreword Andrew Bailey Part I The foundations of ethics in banking and finance 1. The philosophical foundations of financial ethics Kara Tan Bhala 2. Ethics and standards in financial regulation William Blair and Clara Barbiani 3. Ethical foundation of financial law Rosa M. Lastra and Marcelo J. Sheppard Part II The role played by law and standards 4. Nudging inclusive banking and micro finance towards self-sustainability Katherine Hunt, Marco Lamandini and David Ramos Muño 5. The social licence for financial markets, written standards and aspiration David Rouch 6. The Development and Implementation of Professional Standards for UK Bankers: A Practitioner Perspective Simon Thompson 7. What should we do about the law of money, finance, banks and the like? Philip R. Wood CBE, QC (Hon) 8. Rebuilding Trust in Financial Markets: beyond the Limits of Law and Regulation Mark Yallop Part III Can law counteract unethical behaviour? Some examples 9. Ethical Considerations in the Representation of Sovereign Clients Lee C. Buchheit 10. Law and Ethics: The Bank's Fiduciary Duty towards Retail Customers Ruth Plato-Shinar 11. Market timers, late traders and the ultimate insiders Basil G. Zotiades Part IV The effectiveness of regulation and supervisory actions 12. Developing the Senior Managers Regime Alan Brener 13. What makes deterrence credible? Andromachi Georgosouli 14. Breaches of AML reporting requirements by UK Bankers: Are effective enforcement choices being made by financial regulators? Miriam Goldby Part V Are financial regulators ethical? 15. Ethical Culture and Central Banking Thomas C. Baxter Jr 16. Central Banks and Ethics: the Virtual Paradox of Transparency and Confidentiality Mandates Manuel Monteagudo 17. Enforcement, ethics and transparency: problems and perspectives Costanza A Russo Index

Read more less

Book Synopsis'Already an accomplished scholar Shen Wei offers a masterly study of the Chinese shadow banking sector in context. The book constitutes a thorough analysis of the nature of the Chinese shadow banking sector and of the political events, economic rationales and institutions that have shaped it. Beyond offering expert legal analysis this book is also very rich on information and research about the institutional and economic necessities that have shaped the Chinese financial system in its present form and gave rise to a mighty shadow banking sector. The book is very well organized and competently drafted, thus, it is easily accessible to both the expert and non-expert reader. I have no doubt that this is bound to become the standard reference work for everybody wishing to study the nature of the Chinese shadow banking sector and of the institutions underpinning it in context.'- Emilios Avgouleas, University of Edinburgh, UK'Shadow Banking in China: Risk, Regulation and Policy by Professor Shen Wei is a timely book, presenting readers with a comprehensive and coherent conceptualization of shadow banking in China. It systematically defines shadow banking, describes how the different types of shadow banking subsectors -- including wealth management products, peer-to-peer lending, local government financing vehicles, and underground lending -- are growing, and examines how Chinese regulators are responding. It also explains the risk-taking, economics, and behavioral aspects of each of these subsectors, revealing the endogenous market forces driving their expansion and describing how shadow banking is innovatively helping to channel funding to the cash-starved private sector and real economy.'- from the Foreword by Steven L. Schwarcz, Duke University, School of LawIn light of the current regulatory regime in China's banking sector, this book investigates the causes, key forms, potential risks and regulation of shadow banking in China.The first China-specific book of its kind, the author takes policy considerations into account whilst providing an analysis of the regulatory instruments tackling the systematic risks in its banking as well as shadow banking sectors. Key shadow banking subsectors discussed include P2P lending, wealth management products, local government debts, and the underground lending market. This book will be of interest to students and scholars in the legal field, as well as those from other disciplines including social science, business, and finance. It will also be of use to lawyers, policymakers and regulators looking for practical solutions in tackling the issues facing a rising shadow banking sector today.Trade Review'Shadow banking is attractive to those who like the informal sector, and other alternatives to the highly regulated state. For some observers, it is frightening, and global financial crises are blamed on it. Shen Wei informs and appeals to both groups in this comprehensive and innovative book on Shadow Banking in China. I highly recommend it to anyone interested in modern China, the regulatory strategies of the modern state, or money and banking.' --Saul Levmore, University of Chicago'If one wants to understand either the past or the future of the world financial system, one must understand the nature, impact, and role of shadow banking. If one wants to understand shadow banking, one must understand what the Chinese Communist Party might call ''shadow banking with Chinese characteristics.'' This book, by a highly respected legal and economic scholar explains both.' --Frank Upham, New York University, School of Law'Shadow banking has become one of the most important areas of study in domestic and international finance. China's sector is recognised as particularly significant, not least because of its size, and potential to destabilise. This work by a leading scholar contains a detailed factual explanation of the sector, and places it in the context of China's financial and regulatory system as a whole. The book is a valuable source of information and analysis that will provide a solid basis for practitioners, regulators and academics alike.' --Sir William Blair, Justice of the Queen's Bench Division, Commercial Court, President of the Board of Appeal of the European Supervisory AuthoritiesTable of ContentsContents: Foreword 1. Decoding Shadow Banking: A Primer 2. Myth of Chinese Banks’ Success and Shadow Banking 3. Financial Regulatory Architecture: Status Quo 4. Central Bank and Monetary Policy 5. Regulating Wealth Management Products 6. The Logic (or Illogic) of Local Government Debts Out of Control 7. Optimizing the Regulation of Internet Lending: From Popularity to Risks 8. Removing Underground Lending Markets out of the Shadows 9. Credit Crunch and Liquidity Supply in China’s Banking Sector 10. Interest Rate Reform: Full or Partial Liberalization? 11. Renminbi’s Ongoing Exchange Rate Reform 12. “A Tale of Three Zones” and Financial Reforms 13. Is China’s New Deposit Insurance Scheme a Panacea? – a Functional Analysis 14. No Conclusion Yet: Bringing China’s Shadow Banking into the Light Index

Read more less

Book SynopsisThe Research Handbook on Central Banking focuses on global central banks as institutions and not abstractions, providing historical and practical detail about how central banks work and the challenges they face. This Research Handbook offers the most interdisciplinary treatment of global central banks published to date by addressing key questions regarding where they come from, how they have changed, and the challenges they face during uncertain times.Divided into two parts, the Research Handbook firstly takes readers on a global tour, covering central banks in the US, Latin America, Europe, Eastern Europe, Japan, China, Africa, and more. In the second part, authors delve into themes of broad application, including transparency, independence, unconventional monetary policy, payment systems, and crisis response. The interdisciplinary mix of contributors include some of the most prominent names in central banking as well as a new generation of scholars who are shaping the conversation about central banks and their role in global politics, economics, and society at large.Interdisciplinary and innovative, this Research Handbook will prove essential reading for scholars focusing on central banks, financial regulation, global governance, and related areas, as well as for central bankers and employees at central banks.Contributors include: C. Adam, K. Alexander, A. Berg, R. Bhala, D. Bholat, C. Borio, F. Capie, P. Conti-Brown, R. Darbyshire, F. Decker, B. Geva, C. Goodhart, A.G. Haldane, L.I. Jácome, H. James, J. Johnson, R.B. Kahn, H. Kanda, C. Kaufmann, R.M. Lastra, X. Liu, S. McCracken, E.E. Meade, S.T. Omarova, R. Portillo, M. Raskin, A.L. Riso, R. Smits, P. Tucker, F. Unsal, R.H. Weber, G. Wood, T. Yamanaka, D. Yermack, A. Zabai, Z. Zhou, C. ZilioliTrade Review'Events during the past century demonstrated the importance of price and financial stability as well as the difficulties of attaining and maintaining them. This book draws together a hugely diverse and rigorous set of analysis to capture what central banks are, have been, and might become. It should prove vital reading for academics, practitioners, and anyone with an interest in central banking.' --Mark Carney, Governor of the Bank of England'The global financial crisis and sluggish recovery has been a defining period for central banks, with the political reaction to the extraordinary steps they took often expanding their responsibilities, while at the same time threatening to constrain their degree of independence in some countries. The broad range of the analysis in this volume - over history, geography, and academic disciplines - is essential reading for anyone who wants to know how central banks got to where they are and provides a solid foundation for thinking about how central banking might evolve going forward.' --Donald Kohn, former vice chairman of the Board of Governors of the Federal Reserve System and Member of the Financial Policy Committee of the Bank of EnglandTable of ContentsContents: 1. The Central Banking Century: An Introduction to Institutional Central Banking Peter Conti-Brown 2. Central Banking and Institutional Change in the United States: Punctuated Equilibrium in the Development of Money, Finance, and Banking Peter Conti-Brown 3. The Development of the Bank of England’s objectives: evolution, instruction, or reaction? Forrest Capie and Geoffrey Wood 4. Central Banking in Japan Hideki Kanda and Toshiaki Yamanaka 5. Reserve Bank of India Raj Bhala 6. The Bank of Russia: From Central Planning to Inflation Targeting Juliet Johnson 7. Specific Challenges to the People’s Bank of China in a New Wave of Financial Reforms Zhongfei Zhou 8. An Evolutionary Theory of Central Banking and Central Banking in China Xiangmin Liu 9. New tasks and central bank independence: the Eurosystem experience Chiara Zilioli and Antonio Luca Riso 10. A central bank in times of crisis: the ECB’s developing role in the EU’s currency union René Smits 11. Monetary Policy and Central Banking in Sub-Saharan Africa Christopher Adam, Andrew Berg, Rafael Portillo and Filiz Unsal 12. The Reichsbank and the Bundesbank: The Legacy of the German Tradition of Central Banking Harold James 13. Central Banking in Australia and New Zealand: Historical Foundations and Modern Legislative Frameworks Frank Decker and Sheelagh McCracken 14. Central Banking in Latin America: Past, Present, and Challenges Ahead Luis I. Jácome H. 15. The Institutional Path of Central Bank Independence Rosa María Lastra 16. Central Bank Accounting David Bholat and Robin Darbyshire 17. International Aspects of Central Banking: Diplomacy and Coordination Robert B. Kahn and Ellen E. Meade 18. Central Bank Psychology Andrew G. Haldane 19. Banking Regulation and Supervision: A UK Perspective Kern Alexander and Rosa María Lastra 20. Unconventional monetary policies: a re-appraisal Claudio Borio and Anna Zabai 21. Central Banks and Payment System Risks: Comparative Study Benjamin Geva 22. Digital currencies, decentralized ledgers, and the future of central banking Max Raskin and David Yermack 23. Central Banks, Systemic Risk, And Financial Sector Structural Reform Saule T. Omarova 24. The Role of Macro-prudential Policy Charles Goodhart 25. Transparency of Central Banks’ Policies Christine Kaufmann and Rolf H. Weber 26. The Lender of Last Resort: Regimes for Stability and Legitimacy Paul Tucker Concluding observations Rosa María Lastra Index

Read more less

Book SynopsisIn the Research Handbook on Shadow Banking an international cast of experts discusses shadow banking activities, the purposes they serve, the risks they pose to the financial system, and the wider implications for regulators and the regulatory perimeter. Contributors offer high-level and theoretical perspectives on shadow banking and regulatory risks as well as more detailed explorations of specific markets in shadow banking.With perspectives from the United Kingdom, the European Union, the United States, China and Singapore, this Research Handbook discusses a range of wholesale sector shadow banking activities including the rehypothecation of markets, securitisation and derivatives as well as the implications of hedge fund activities for systemic risk. Further topics of discussion include a range of shadow banking activities led by financial and technological innovation, such as online equity and debt crowd-funding, the rise of exchange-traded funds, and the emergence of crypto-currencies and distributed ledger technology.Inter-disciplinary, broad and comprehensive in topic, this Research Handbook will prove to be a one-stop resource for legal academics and practitioners as well as for research students and those participating in the financial industry and trade associations.Contributors include: J.M. Amico, V. Baklanova, S. Bala, I. Chiu, J. Cullen, E. Curtin, P. de Gioia Carabellese, A. Donovan, E. Greene, P. Hanrahan, C. Hofmann, M. Hsiao, C. Johnson, M. Lin, I.G. MacNeil, H. McVea, H. Nabilou, A.M. Pacces, W. Shen, J. TanegaTrade Review'The Research Handbook brings a heavyweight group of contributors to the disparate group of financial activities called ''shadow banking''. Under the distinguished editorship of Professors Chiu and MacNeil, it provides an analysis of issues relating to financial regulation, the law, and policy making, which is both contemporary and of the highest quality.' --The Hon Sir William Blair, Queen Mary, University of London, UK'In the ten years since the financial crisis, we have seen a broad spectrum of the functions traditionally performed by banks being taken up by other players. This is one of the most fascinating fields of economics and regulation in the world of financial intermediaries. The books covers the entire spectrum of this new field, both wholesale as well as retail: a truly valuable contribution to this important topic.' --Katja Langenbucher, Goethe Universitat Frankfurt, GermanyTable of ContentsContents: The Risks and Regulatory Perimeter for Shadow Banking Iris H-Y Chiu and Iain G. MacNeil Part I Perspectives on Shadow Banking and the Regulatory Perimeter 1. The Law and Economics of Shadow Banking Hossein Nabilou and Alessio M. Pacces 2. Taking a Functional Approach to Understanding Shadow Banking: A Critical Look at Regulatory Policy Iris H-Y Chiu Part II Shadow Banking in the Wholesale Sector: Financial Innovation or Regulatory Arbitrage? 3. The Repo Market, Collateral and Systemic Risk: In Search of Regulatory Coherence Jay Cullen 4. Securitization and Structured Finance: from Shadow Banking to Legal Harmonization? Pierre de Gioia Carabellese 5. Pushing Shadow Banking into the Light: Reforming the US Tri‐Party Repo Market Christian Johnson 6. Targeting Hedge Funds and ‘Repo Runs’ Harry McVea 7. Regulating OTC Derivatives: The CCP’s Role and the EMIR Mark Hsiao 8. Shadow Banking Directive Instruments Edmond J. Curtin and Joseph Tanega Part III Shadow Banking in the Retail Sector and Issues Relating to Financial Innovation 9. Blockchain, Marketplace Lending and Crowdfunding: Emerging Issues and Opportunities in Fin Tech Edward F. Greene, Jeffrey M. Amico and Surya Bala 10. Out of the Shadow? Promises and Challenges of Peer-to-Peer Lending Mingfeng Lin 11. (Shadow) Banking on the Blockchain: Permissioned Ledgers, Interoperability and Common Standards Anna P. Donovan 12. European Money Market Fund Regulations and Universal Transparency Joseph Tanega and Viktoria Baklanova 13. Exchange Traded Funds in the Shadow Banking System Pamela F. Hanrahan Part IV Shadow Banking and Issues in Other Financial Centres 14. Understanding Shadow Banking in the Chinese Context: Shadow Banking with Chinese Characteristics Wei Shen 15. Shadow Banking in Singapore Christian Hofmann Index

Read more less

Book SynopsisThe global crises of the early 21st century have tested the international financial architecture. In seeking to ensure stability, governments have regulated financial and capital markets. This in turn has implicated international investment law, which investors have invoked as a shield against debt restructuring, bail-ins or bail-outs. This book explores whether investment law should protect against such regulatory measures, including where these have the support of multilateral institutions. It considers where the line should be drawn between legitimate regulation and undue interference with investor rights and, equally importantly, who draws it. Across the diverse chapters herein, expert international scholars assess the key challenges facing decision makers, analyze arbitral and treaty practice and evaluate ways towards a balanced system of investment protection in the financial sector. In doing so, they offer a detailed analysis of the interaction between investment protection and financial regulation in fields such as sovereign debt restructuring and bank rescue measures. Combining high-level analysis with a detailed assessment of controversial legal issues, this book will provide guidance for both academics and legal practitioners working in international economic law, international arbitration, investment law, international banking and financial law.Contributors include: A. Asteriti, P. Athanassiou, C.N. Brower, A. De Luca, A. Goetz-Charlier, A. Gourgourinis, R. Hofmann, H. Kupelyants, Y. Li, M. Mendelson, M.W. Müller, MTrade Review'This book closes a serious gap in the writings on international investment law. It explores the complex relationship between investment law and international finance, dealing with sovereign debt restructuring, bank rescues, monetary transfers and related topics. In doing so, it addresses the competing goals and divergent methodologies of the two fields and the potential tension between investment protection and broader macroeconomic concerns. A must in every library on international investment law and international finance.' --(Christoph Schreuer, University of Vienna, Austria)'The first book on the evolving panorama between the legal worlds of finances and of investment: new topics, new cases, new ideas. Timely, comprehensive, full of details embedded in the grander picture.' --(Rudolf Dolzer, University of Bonn, former Director of the Institute of International Law, Germany)'This timely book examines how investment law rubs up against the global financial architecture. The tension between state regulatory autonomy and the review of states' measures by investment tribunals is often acute. For policymakers the stakes are particularly high. The book offers an admirable and comprehensive exploration of how these two regimes with very different rationales interact.' --(Michael Waibel, University of Cambridge, UK)Table of ContentsContents: Part I Overarching Perspectives 1. International Investment Law and the Global Financial Architecture: Identifying Linkages, Mapping Interactions Christian J. Tams, Stephan W. Schill and Rainer Hofmann 2. International Investment Arbitration and the Global Financial System: Are They ‘Yin’ and ‘Yang’ or Like Oil and Water? Charles N. Brower and Alexandra Goetz-Charlier 3. International Investment Law and Financial Regulation: Towards a Deliberative Approach Matthias Goldmann Part II Sovereign Debt Restructurings 4. Police Powers of the State in Sovereign Debt Restructurings Hayk Kupelyants 5. Restructuring Sovereign Debt on the Basis of Collective Action Clauses Christoph Ohler 6. Sovereign Bond Disputes Before Investment Treaty Tribunals: Safeguarding the Exercise of Collective Action Clauses With a Single-Limb Voting Mechanism Yanying Li 7. Bilateral Investment Treaties and the Principles on Responsible Sovereign Lending and Borrowing: Working Together Towards the Provision of an International Legal Framework Addressing Sovereign Debt Issues? Marie Sudreau Part III Bank Rescue Measures 8. Bail-Ins and International Investment Law: In and Beyond Cyprus Maurice Mendelson QC and Martins Paparinskis 9. Bank Rescue Measures Under International Investment Law: What Role for the Principle Of Causation? Anna De Luca 10. BITs and Pieces: Reflections on the Relevance of BITs in Resolution-Related Litigation Phoebus Athanassiou Part IV Alternative Claims and Defences, New Actors 11. Capital-Flow Management Measures and International Investment Law – Never the Twain Shall Meet? Prabhash Ranjan 12. Crisis as Force Majeure Under International Law and Eu Law: Defending Emergency Measures, À La Européenne, In Investment Arbitration Under Intra-EU BITs Anastasios Gourgourinis 13. International Financial Institutions in Investment Law and Arbitration Michael Wolfgang Müller Index

Read more less

Book SynopsisSince the great financial crisis, many countries across the globe have witnessed the introduction of new recovery and resolution regimes for banks. The Research Handbook on Cross-Border Bank Resolution analyses the strengths and weaknesses of the current regulatory framework for resolving cross-border bank crises and proposes avenues for improvement. This cutting edge Research Handbook includes a broad range of perspectives of the regulatory and economic infrastructure of the banks themselves, third parties, and real life case studies, on both a domestic and, in particular, an international level. Chapters are authored by eminent experts in the field with contributions from the US, EU, Japan and China. With its comprehensive and rounded analysis of cross-border bank resolution, this wide-ranging Research Handbook will be of value to academics and researchers across the globe. The practical issues and policy recommendations included will also be of benefit for policy makers within the banking sector and bankers and lawyers alike.Trade Review'The editors have assembled an outstanding group of scholars to tackle the cutting-edge subject of international bank resolution.' --Jay L. Westbrook, University of Texas at Austin, USTable of ContentsContents: Introduction Part I Regulatory and economic infrastructure 1. Global solution Michael Anderson Schillig 2. Cross-border coordination of bank resolution in the EU: all problems resolved? Jens-Hinrich Binder 3. A macro approach to international bank resolution Dirk Schoenmaker Part II Bank perspective 4. Early intervention Andrew Campbell and Paula Moffatt 5. The EU bank resolution rules and national insolvency law Lynette Janssen 6. International insolvency law and EU bank resolution rules Bob Wessels 7. Corporate governance of SIFI risk-taking: an international research agenda Steven L. Schwarcz and Aleaha Jones Part III Third party perspective 8. Resolution and contracts Francisco J. Garcimatín Alférez and Sara Sánchez Fernández 9. Resolution and market infrastructures Luigi R.F. Sciusco 10. Judicial protection in cross-border bank resolution J.T. Tegelaar and M. Haentjens 11. Conflict-of-law issues Matthias Lehmann Part IV Case studies 12. Banco Espírito Santo João Cunha Marques 13. Lehman Brothers Treasury Frédéric Verhoeven 14. Cross-border bank resolution in Japan Tomoaki Hayashi and Hideki Kanda 15. An analysis of the development of cross-border crisis management in China’s bankruptcy law and regulations Armstrong Chen Part V Conclusions 16. Conclusions Matthias Haentjens, Bob Wessels and Shuai Guo Index

Read more less

Book SynopsisThis book takes an interdisciplinary approach, linking the law and policy surrounding financial markets regulation in order to fill the gap in the analysis and understanding of the most salient issues related to the role of credit rating agencies (CRAs).Key features include: A critical appraisal of the ratings information system and the potential risks of disclosure failure Questioning how regulators can shape a proper responsibility for CRAs in the aftermath of the EU civil liability regime for rating agencies introduced by the CRA Regulation 2013 and the professional liability introduced by the US Dodd-Frank Act 2010 Assessment of CRAs' liability regimes in light of the recent developments in case law Analysis of the major weaknesses in legislative reforms adopted in the United States, the United Kingdom and the European Union, and suggestions for enhancing the current regulatory system of CRAs. The Governance of Credit Rating Agencies will be a valuable resource for those researching law and economic aspects of securities markets. Professionals in law firms with banking or financial services regulation practice, global rating firms, commercial banks, investment banks, international financial institutions and prudential regulatory agencies will also find this book an essential point of reference.Trade Review'Dr Andrea Miglionico's excellent book is an essential reading for anyone that wishes to understand what went wrong with credit rating agencies in the run up to the global financial crisis and the regulatory responses that have taken place in response to the crisis. The analysis of liability issues is both original and timely given the regulatory and business implications of ratings for banks and fund managers generally.' --Rosa Maria Lastra, Queen Mary University of London, UKTable of ContentsContents: Preface PART I THE BUSINESS OF CREDIT RATING 1. The Credit Rating Industry 2. Business Model of CRAs PART II THE REGULATION OF CRAs 3. Global Regulatory Framework 4. The US Regime 5. The EU Regime 6. The UK Regime PART III LIABILITY OF CRAs 7. United Kingdom 8. United States 9. European Union 10. Australia PART IV CONCLUSIONS 11. Findings of the Research Bibliography Index

Read more less

Book SynopsisInstitutional Credit Markets provides a framework for understanding the institutional funding markets that undergird the U.S. credit system. It traces the evolution of the depository bank model, its non-bank competitors, and the financial conglomerates that span credit and capital markets.As securitization introduced structured credit products that rezoned credit markets, federal reforms let banks venture into a wider range of financial services. After the Global Financial Crisis revealed cracks in the system, lawmakers affirmed pre-crisis products and business models while adding some guardrails. The post-crisis scheme subjected large financial conglomerates to enhanced supervision while adjusting the structure of banks by making them more liquid and stable. Through its stabilization activities, the Federal Reserve has morphed from bank regulator to arbiter of financial market structure, now using a more statist approach to monetary policy that relies to a greater extent on administered interest rates rather than those set by the market forces. This book explains post-crisis regulation in terms of its capitulation to financial capitalism.Financial law regulators and academics will benefit from this integrated account that considers banking, structured finance, capital markets, and money markets as parts of an institutional funding ecosystem. This book will also provide a more nuanced understanding of financial institutions and markets for financial law practitioners, sector analysts and journalists.Trade Review‘Gabilondo’s book gives a unique overview of multiple credit markets, providing an informed and clear exploration of the multiple institutional funding markets. For those who focus in one area – such as banking – Gabilondo connects the dots to provide insight into several of the other sources of funding. A must read for anyone trying to understand the full scope of credit and how the markets have morphed in response to the Great Financial Crisis.’ -- Lissa L. Broome, University of North Carolina, USTable of ContentsContents: 1. First things PART I THE MARKETS 2. The depository bank 3. The Federal Reserve 4. Securities 5. Bonds PART II LINKS AND GAPS 6. Nonbank bridges 7. Structured credit 8. A new home for the bank 9. Learning from crisis PART III POST-CRISIS ARRANGEMENTS 10. The great capitulation 11. Bank financial structure 12. Financializing the central bank Index

Read more less

Book SynopsisThe European Banking Union and the Role of Law offers a comprehensive and unique examination of the European Banking Union's (EBU) impact on existing legal disciplines and assesses the role of law in shaping the EBU framework.With expert contributions from academics, practitioners and EU officials, this thought-provoking book provides different perspectives on the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). Evaluating and proposing original interpretations on the EBU at a key stage of its development in the European Union, this book assesses topical issues relating to the institutional and administrative rules of the EBU, the interpretation and application of banking law, supervision and resolution frameworks, judicial rules and protection in the EBU. The book is structured into three parts: a general overview of the EBU framework and specific reflections on both the SSM and the SRM. The contributions show that the EBU is a successful European integration project, yet challenges still lie ahead. This topical and engaging book will be an important resource for practitioners, and public servants in the financial sector. Academics and students of financial law and European law will also find this book a valuable read.Contributors include: K. Alexander, G. Barrett, M.P. Chiti, A. de Gregorio Merino, D. Fromage, P. Fucile, S. Gleeson, R. Ibrido, G. Lo Schiavo, A. Miglionico, C.A. Petit, P. Schammo, M. Schillig, R. Smits, N. XanthoulisTrade Review'This is a timely collection of valuable insights into the legal basis and the functioning of the European Banking Union. Academic scholars, students and practitioners will benefit from a wide range of stimulating chapters covering all relevant aspects of the emerging practice - as well as areas for future reform.' --Jens-Hinrich Binder, Eberhard Karls University of Tübingen, GermanyTable of ContentsContents: Introduction Part I The European Banking Union – general framework 1. The relationship between the Banking Union and the Economic and Monetary Union: A re-telling of Cinderella with an uncertain happy ever after? Gavin Barrett 2. Banking Union in EU law: an EU institutional law perspective Alberto de Gregorio Merino 3. The European Banking Union and EU Administrative Law Mario P. Chiti 4. Accountability and Democratic Oversight in the European Banking Union Diane Fromage and Renato Ibrido 5. Banking Union and Brexit: the challenge of geography Pierre Schammo Part II The Single Supervisory Mechanism 6. The SSM and the ECB decision-making governance Christy Ann Petit 7. Reflections on euro area banking supervision: context, transparency and culture from an institutional law perspective René Smits 8. The ECB’s Macroprudential Tasks and Home-Host Supervision in the SSM: tasks, powers and supervisory gaps Kern Alexander 9. The ECB and its application of national law in the SSM Gianni Lo Schiavo 10. The SSM and the prudential regime of non-performing loans Andrea Miglionico Part III The Single Resolution Mechanism 11. The Single Resolution Mechanism and the EU crisis management tools Simon Gleeson 12. BRRD/SRM, Corporate Insolvency Law and EU State Aid Law – The Trifurcated EU Framework for Dealing with Banks in Distress Michael Schillig 13. Resolution framework and the protection of fundamental rights Paolo Fucile 14. Single Resolution Fund and Emergency Liquidity Assistance: Status quo and reform perspectives on emergency financial support in the banking union Napoleon Xanthoulis Index

Read more less

Book SynopsisThis is the first book to offer a profound, practical analysis of the framework for the judicial and pre-judicial protection of rights under the supranational banking supervision and resolution powers in the European Banking Union (EBU). It is also unique in its in-depth commentary on the developing case law from the European Court of Justice in this new field of EU litigation.Key features include: clarity on the procedural requirements for judicial review a comprehensive commentary on the existing case law of EU courts in the field insight and analysis from front-line practitioners, as well as expert scholars a detailed and up-to-date examination of banking supervision and resolution in the EBU discussion of the development of EBU law as a crucial area of EU law and its integration into the EU’s legal order. This book is a must-read for practitioners in the field of banking law and regulation. In particular it will be the authoritative reference point for those working in European and national public institutions such as supervisory and resolution authorities, courts, central banks and ministries of finance, as well as those working in or advising private organisations concerned with the exercise of supervisory and resolution powers. The book will also be of significant interest to scholars and postgraduate students of EU financial and banking law and governance.Trade Review‘With this edited volume, Zilioli and Wojcik, two esteemed experts in the area, present a very comprehensive, but tightly focused analysis of judicial and pre-judicial review mechanisms in the EU for the financial sector. By assembling a very useful set of tools for everyone involved in this field, the volume provides an essential support for further developing the new branch of litigation as a part of supranational administrative law.’ -- Cornelia Manger-Nestler, Common Market Law Review‘The book covers an evolving topic that becomes more relevant each day as the European Economic and Monetary Union (EMU) is deepened and is therefore a good addition to any law library.’ -- Jenny Gesley, International Journal of Legal Information‘The European banking union has led to the creation of a unique legal framework in which national and European authorities and rules governing banking supervision and resolution procedures are intertwined. This brings about many challenging and interesting questions with regard to judicial protection of banks, shareholders and other stakeholders that are currently emerging into a whole new branch of litigation before the European courts. This book gathers contributions by highly recognized practitioners and researchers that have closely followed the developments from the very beginning and gives a comprehensive and problem-oriented overview of current questions as well as possible future developments. It is therefore a highly useful tool for everyone working in this field.’Table of ContentsContents: Foreword by Lady Mary Arden xxiii 1. European Banking Union: a giant step towards European integration and a challenge for judicial review 1 Chiara Zilioli and Karl-Philipp Wojcik PART I COMMON ASPECTS OF JUDICIAL REVIEW IN THE BANKING UNION 2. Democratic accountability within the framework of the SSM and the SRM as a complement to judicial review 17 Édouard Fernandez-Bollo 3. Administrative pre-litigation review mechanism in the SSM: The Administrative Board of Review 28 Eleni Koupepidou 4. Administrative pre-litigation review mechanism in the Single Resolution Mechanism (SRM): The SRM Appeal Panel 44 Marco Lamandini and David Ramos Muñoz 5. Private law in Banking Union litigation 59 Matthias Haentjens 6. Jurisdiction, locus standi and the circulation of judgments in the Banking Union 77 Matthias Lehmann 7. Composite procedures in the SSM and SRM – an analytical overview 97 Filipe Brito Bastos 8. Procedural and judicial implications of composite procedures in the Banking Union 114 Vittorio Di Bucci 9. The judicial review of discretion in the Banking Union: from ‘soft’ to ‘hard(er)’ look? 130 Michael Ioannidis 10. Procedural law requirements for conducting administrative procedures by the ECB and the SRB 146 Klaus Lackhoff 11. Confidentiality and access to documents in the Banking Union 165 Daniel Sarmiento 12. Interim relief 194 Emilie Yoo 13. Banking Union and the Charter of Fundamental Rights 209 Niamh Moloney 14. The liability of authorities in supervisory and resolution activities 221 Martina Almhofer PART II SPECIFIC ASPECTS OF JUDICIAL REVIEW WITHIN THE SSM PILLAR OF THE BANKING UNION 15. The application of national law by the ECB, including options and discretions, and its impact on the judicial review 236 Andreas Witte 16. Banking authorisations and the acquisition of qualifying holdings as unitary and composed procedures and their judicial review 251 Giorgio Buono 17. The investigatory powers, including on-site inspections, of the ECB, and their judicial control 285 Daniel Segoin 18. The legal review of ECB instructions under Article 9 SSM Regulation 304 Carmen Hernández Saseta 19. The legal review of SSM administrative sanctions 316 Raffaele D’Ambrosio 20. The ECB’s regulatory powers, their scope and their judicial review 333 Alberto de Gregorio Merino 21. Close cooperation and aspects of judicial review 345 Agnese Pizzolla PART III SPECIFIC ASPECTS OF JUDICIAL REVIEW WITHIN THE SRM PILLAR OF THE BANKING UNION 22. Resolving a bank – judicial review with regard to the exercise of resolution powers 367 Jens-Hinrich Binder 23. Judicial control of resolution planning measures 395 Seraina Grünewald 24. The procedure to exercise investigatory powers, including on-site inspections, by the SRB and their judicial control 416 Jakub Kerlin 25. The judicial review of fines and penalty payments set by the SRB 429 Leo Flynn 26. Judicial review of the SRB’s contributions and fees decisions 443 Myrte Meijer Timmerman Thijssen 27. Judicial control of the interface between the ECB and the SRB in the SRM 461 Anna Gardella 28. State aid and bank resolution law before the Court 473 Kathrin Blanck PART IV CASE NOTES OF THE FIRST BANKING UNION CASES IN THE GENERAL COURT AND IN THE ECJ 29. A Prime for the SSM before the Court: the L-Bank case 494 Antonio Luca Riso 30. The Crédit Mutuel Ark.a case: central bodies and the SSM, and the interpretation of national law by the ECJ 504 Francesco Martucci 31. The Crédit Agricole cases: banking corporate governance and application of national law by the ECB 510 Christos V. Gortsos 32. The Trasta Komercbanka cases: withdrawals of banking licenses and locus standi 521 Giorgia Marafioti 33. Silvio Berlusconi and William of Ockham: Entia non sunt multiplicanda sine necessitate – Case C-219/17 530 Giovanni Bassani 34. The VQ case T-203/18: administrative penalties by the ECB under judicial scrutiny 542 Laura Wissink 35. Overview on the litigation on the ‘ex ante contributions’ to the SRF: the strict standard of review adopted by the Court to ensure effective legal protection 551 Concetta Brescia Morra and Federico Della Negra 36. Public interest for resolution action in the light of the ABLV cases 564 Audronė Steiblytė 37. The VTB case: administrative penalties and administrative measures 571 Jeanne Poscia Index 579

Read more less

Book SynopsisThis comprehensive Commentary provides article-by-article exploration of EU Regulation 655/2014, analysing and outlining in a straightforward manner the steps that lawyers, businesses and banks can take when involved in debt recovery. It offers a detailed discussion of national practice and legislation in order to provide context and a deeper understanding of the complex difficulties surrounding the procedural system created by the European Account Preservation Order (EAPO) Regulation.Aiming to offer a practical and comprehensive overview of the EAPO Regulation, this book highlights its strengths and potential to increase the efficiency of cross-border debt recovery within the European judicial area. D’Alessandro and Gascón Inchausti examine the descriptive and analytical literature focusing on the EAPO Regulation, while also considering available reports and national case law databases. The book also takes into account the interplay between the EAPO Regulation and the other instruments of the European Law of Civil Procedure, and provides analysis of the case law of the Court of Justice of the European Union and national courts.Key Features: Article-by-article commentary and analysis Practical direction in the field of cross-border debt recovery Detailed discussion of national practice within the EU A contextual approach Offering a clear and direct way to address the issues and solutions surrounding EAPO Regulation, this comprehensive book will be an ideal companion for legal practitioners specializing in debt recovery as well as students interested in European law and finance.Trade Review‘Getting judgments may often seem the easy part; enforcing them is the main event. In the EU, this enforcement effort can be complicated by diverging practices in EU member states. The recent adoption of an EU-wide procedure offers positive results, and the fact some 55 billion Euros in judgments go unpaid each year proves the need for something like this. This book, by leading academics, introduces and explains the new procedure. It should be of great use to every judgment holder in every EU member state.’ -- Richard Marcus, University of California College of the Law, San Francisco, USTable of ContentsContents: Preface xxii General introduction 1 Elena D’Alessandro and Fernando Gascón Inchausti PART I SUBJECT MATTER, SCOPE AND DEFINITIONS 1 Subject matter 7 Marcin Walasik 2 Scope 17 Marcin Walasik 3 Cross-border cases 35 Marcin Walasik 4 Definitions 49 Mar.a Luisa Villamarín López PART II PROCEDURE FOR OBTAINING A PRESERVATION ORDER 5 Availability 63 Elisabetta Silvestri 6 Jurisdiction 69 Pietro Franzina 7 Conditions for issuing a preservation order 80 Elisabetta Silvestri 8 Application for a Preservation Order 84 Katharina Lugani 9 Taking of evidence 96 Elisabetta Silvestri 10 Initiation of proceedings on the substance of the matter 100 Fernando Gascón Inchausti 11 Ex parte procedure 112 Fernando Gascón Inchausti 12 Security to be provided by the creditor 118 Pilar Peiteado Mariscal 13 Liability of the creditor 130 Pietro Franzina and Caterina Benini 14 Request for the obtaining of account information 144 Carlos Santaló Goris 15 Interest and costs 159 Guillaume Payan 16 Parallel applications 164 Pilar Peiteado Mariscal 17 Decision on the application for the preservation order 175 Guillaume Payan 18 Time-limits for the decision on the application for a preservation order 185 Guillaume Payan 19 Form and content of the Preservation Order 193 Guillermo Schumann Barragán 20 Duration of the preservation 200 Guillermo Schumann Barragán 21 Appeal against a refusal to issue the Preservation Order 206 Enrique Vallines García PART III RECOGNITION, ENFORCEABILITY AND ENFORCEMENT OF THE PRESERVATION ORDER 22 Recognition and enforceability 218 Elena D’Alessandro 23 Enforcement of the Preservation Order 224 Elena D’Alessandro 24 Implementation of the Preservation Order 230 Elena Alina Onţanu 25 Declaration concerning the preservation funds 245 Katharina Lugani 26 Liability of the bank 251 Pietro Franzina and Caterina Benini 27 Duty of the creditor to request the release of over-preserved amounts 257 Elena Alina Onţanu 28 Service on the debtor 265 Fernando Gascón Inchausti 29 Transmission of documents 274 Guillermo Schumann Barragán 30 Preservation of joint and nominee accounts 279 María Luisa Villamarín López 31 Amounts exempt from preservation 286 María Luisa Villamarín López 32 Ranking of the Preservation Order 293 María Luisa Villamarín López PART IV REMEDIES 33 Remedies of the debtor against the Preservation Order 299 María Luisa Villamarín López 34 Remedies of the debtor against enforcement of the Preservation Order 308 María Luisa Villamarín López 35 Other Remedies Available to the Debtor and the Creditor 316 Katharina Lugani 36 Procedure for the remedies pursuant to Articles 33, 34 and 35 319 Silvana Dalla Bontà 37 Right to appeal 331 Silvana Dalla Bontà 38 Right to provide security in lieu of preservation 339 Carlos Santaló Goris 39 Right of third parties 345 Elena D’Alessandro PART V GENERAL PROVISIONS 40 Legalization or other similar formality 353 Martina Mantovani 41 Legal representation 361 Guillaume Payan 42 Court fees 367 Guillermo Schumann Barragán 43 Costs incurred by the banks 371 Carlos Santaló Goris 44 Fees charged by authorities 376 Guillermo Schumann Barragán 45 Time frames 379 Guillermo Schumann Barragán 46 Relationship with national procedural law 383 Elena D’Alessandro 47 Data protection 386 Martina Mantovani 48 Relationship with other instruments 398 Guillermo Schumann Barragán 49 Languages 405 Carlos Santaló Goris 50 Information to be provided by Member States 414 51 Establishment and subsequent amendment of the forms 416 52 Committee procedure 417 53 Monitoring and review 418 54 Entry into force 420 Pilar Peiteado Mariscal Annex I 423 References 433

Read more less