Banking law Books

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

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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

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Book SynopsisOne of the main issues for a buyer making an acquisition is how to finance it. Acquisition Finance, 2nd edition considers the commercial factors that influence the choice of finance and analyses the most common forms of debt and equity finance. Offering in depth expert advice it provides a full picture for each scenario of the transaction structure and process from the initial commercial stages, to the structuring aspects, due diligence process, the legal documentation process (including a detailed look at the various legal documents required), to funding and completion. The second edition includes coverage of the following changes in the financial market: Impact of the credit crunch on the acquisition finance market and the terms currently available to borrowers (pricing, level of restriction, balance of negotiating power between lenders and borrowers); Types of acquisition finance currently available (less mezzanine finance, less second lien debt, but high yield debt market strengthening); Typical funding structures in the post-credit crunch market; How the financial assistance rules apply to buyouts since October 1, 2009; Changes to the players in the acquisition finance market, including the increasing involvement of non-bank lenders; Continued evolution of the private equity market; Current state of the public-to-private market and its regulation reflecting changes to the Takeover Code since 2008. Includes the following legislation and case law: Companies Act 2006 - how the financial assistance rules apply to buyouts since October 1, 2009; Changes to the Takeover Code since publication of the 1st edition in 2008; Makdessi v Cavendish Square Holdings BV and another (Appeal) [2013] EWCA Civ 1539; Re Uniq Plc [2011] EWHC 749 (Ch); Barclays Bank Plc and others v HHY Luxembourg SARL & Anor (Rev 1) [2010] EWCA Civ 1248. This title is included in Bloomsbury Professional's Banking and Finance online service. Previous print edition ISBN: 9781845920173Table of ContentsContents: CHAPTER 1 Introduction and Overview; CHAPTER 2 The Acquisition; CHAPTER 3 Financing the Acquisition; CHAPTER 4 The Equity Investment; TH CHAPTER 5 Senior Debt; CHAPTER 6 Unitranche Debt; CHAPTER 7 Second Lien Debt; CHAPTER 8 Mezzanine Debt; CHAPTER 9 High Yield Debt; CHAPTER 10 PIK Notes; CHAPTER 11 Ranking the Layers of Finance; CHAPTER 12 Deal Execution; CHAPTER 13 Public-to-Privates; CHAPTER 14 Multi-Jurisdictional Buy-Outs

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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Book SynopsisThe law of borrowings embraces many different areas of law: contract, company law, trusts, security, insolvency, tax, financial services and regulation. Corporate Borrowing: Law and Practice brings together all of these elements in a practical and concise single volume. It defines the most effective ways of raising debt finance - from bank loan agreements to MTN programmes - and examines the specific legal problems of security and prospectus requirements under the Prospectus Directive. It examines the issues relating to the various types of security, asset backed securities, guarantees, appointment of trustees, attracting lenders and the statutory provisions regarding invitational material, and the tax implications or borrowings by companies.The fifth edition includes:* Changes to prospectus regulation as a result of the EU Amending Directive (amending the Prospectus Directive)* New regime for registration of charges under Companies Act 2006, as 859A-Q* Changes to regulatory capital regime as a result of CRD IV and the Capital Requirements Regulation * Impact of US tax provisions under FATCA* New sections on commercial considerations of debt vs equity, differences between loan agreements and debt securities, and liability for misleading offering documents * Fully updated to reflect case-law, changes in legislation and changes in market practice and documentation since 2009

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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

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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

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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

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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

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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

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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

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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

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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

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Book SynopsisThis incisive book is an accessible guide to the laws and policies relating to economic and monetary union (EMU). Providing a rich, multidisciplinary analysis, it combines historical, legal and economic perspectives to offer a detailed understanding of how EMU has developed since its inception and how it works in practice today.Alberto Saravalle begins with an overview of the history of EMU, alongside a theoretical analysis of its regulatory framework and development. He then discusses the events of the European sovereign debt crisis, examining the measures taken by EU institutions such as the European Central Bank, as well as the responses of the Member States and the impact of economic policies they adopted as a result. Finally, he analyses recent proposed reforms to EMU and its possible future evolution, including a discussion of the effects of the Covid-19 pandemic on Member States' willingness to participate in further reform and integration.This book will be a valuable reference for those teaching and studying advanced courses on EU law, as well as courses that cover the economic history of EU integration. It will also be useful to practitioners, government officials and policy-makers wishing to familiarise themselves with the complex functioning of EMU.Trade Review'I learned a lot reading this very comprehensive book. I highly recommend it to anyone wanting to (better) understand the complex legal order on which EMU is based.' -- André Sapir, Université Libre de Bruxelles, BelgiumTable of ContentsContents: Introduction 1. Economic and monetary union 2. The Stability and Growth Pact and the other rules of fiscal surveillance 3. The Fiscal Compact 4. Financial assistance and crisis resolution mechanisms 5. The ECB’s non-standard measures 6. The sovereign debt crisis 7. The Italian predicament 8. Austerity policies before national and EU courts 9. Eurexit 10. Reform projects 11. The impact of the Covid-19 outbreak Index

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Book SynopsisIn this thoroughly revised third edition of what has become the standard work on information exchange in tax matters, Xavier Oberson provides an authoritative overview of the instruments and models used to exchange information on an international level. Addressing the latest developments in the movement towards increased global transparency in tax matters, this updated edition also includes new rules of information exchanges and reporting on digital platforms, crypto assets and crypto currencies.Key Features: Analysis of the OECD Common Reporting Standard of automatic exchange of information Discussion on a range of international instruments and models including: double taxation treaties, TIEAs, the OECD multinational convention, European Directives, FATCA and the Swiss Rubik model Examination of the new rules for information reporting to digital platforms and new reporting obligations for crypto-assets and e-money of the OECD Base Erosion and Profit Shifting (BEPS) Programme Lawyers, tax specialists and professionals in banking and finance looking to further their knowledge and gain insights into new developments in digital platforms and crypto currencies will find this book to be an invaluable reference. Students and academics in law, tax and economics will appreciate the clear overview and find this an essential resource.Trade Review‘Oberson’s book clearly describes all the legal instruments governing exchange of information. It offers a historical perspective on administrative cooperation and delves into both technological developments and public policy issues. A must-have for any international tax lawyer wishing to understand the tax challenges of a globalized economy and legal system.’ -- Daniel Gutmann, Sorbonne Law School, CMS Francis Lefebvre, France‘Oberson’s book has become the indispensable volume on exchange of information for practitioners, tax policy makers, and academics. The book cogently describes the recent evolution of exchange of information and the dramatic changes that ensued from the enactment of FATCA and the adoption of the Common Reporting Standard for automatic exchange of information. The new edition addresses important cutting edge topics like crypto assets. It also raises the increasingly crucial question of how to balance tax collection with taxpayer rights. This book is an outstanding contribution to knowledge and a crucial guide for future action.’ -- Reuven Aviyonah, University of Michigan Law School, US‘With his Third Edition of International Exchange of Information in Tax Matters; Towards Global Transparency, Xavier Oberson continues his master class on this intricate and important subject, with comprehensive coverage, exhaustive research, and cogent commentary that will be required reading for years to come.’ -- David Rosenbloom, Caplin & Drysdale, Washington DC, US‘Professor Oberson’s new edition of his book on international exchange of information in tax matters provides an insightful and detailed analysis of one of the key recent developments in international taxation. As such, it definitively is a “must read” for tax students and international tax practitioners alike.’ -- Shelby du Pasquier, Lenz & Staehelin, SwitzerlandTable of ContentsContents: 1. Introduction to International Exchange of Information in Tax Matters 2. Historical development of international exchange of information rules 3. Exchange of information under Double Taxation Conventions 4. A practical example: administrative assistance and exchange of information between the United States and Switzerland 5. Assistance in the collection of taxes under DTC 6. Tax Information Exchange Agreements (TIEAs) 7. The OECD Convention on Mutual Administrative Assistance in Tax Matters (CMAAT) 8. The EU Directives 9. The so-called Swiss ‘Rubik’ agreements 10. The Foreign Account Tax Compliance Act (FATCA) 11. Towards automatic exchange of information 12. Automatic exchange of information (AEOI): the OECD Common Reporting Standard 13. Solving the past 14. The impact of the OECD Base Erosion Profit Shifting (BEPS) Programme 15. Exchange of information on digital platforms 16. Exchange of information on crypto-assets and crypto-currencies 17. Legal protection of the taxpayer 18. Conclusion to International Exchange of Information in Tax Matters General bibliography Index

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Book SynopsisA systemic risk event that leads to significant losses in banks that are significant financial institutions can expose them to insolvency, significant volatility and impose serious negative impact on a country’s economy, as witnessed during the 2008 financial crash. The viral spread of operational losses through global markets by interconnected multinational banks can be referred to as idiosyncratic viral loss theory. Operational Risk Management in Banks and Idiosyncratic Loss Theory: A Leadership Perspective identifies important considerations that can bolster effective risk management practices in comprehensive enterprise-wide risk, fraud control, going beyond minimum risk assessment required by banking regulators as well as independent risk identification and management. These considerations towards improving risk management practices may help reduce systemic operational losses spread virally in banks. Operational Risk Management in Banks and Idiosyncratic Loss Theory is a useful tool for scholars, bank practitioners, regulators, and accountants to understand the behaviour of idiosyncratic viral losses in banks and in the use of effective risk management practices. Bank practitioners and regulators can leverage the suggestions made by the panel of sector experts and bank leaders to construct action plans and training programs.Table of ContentsIntroduction. Outline of chapters PART I. Idiosyncratic Viral Losses Behavior and Global Economic Impact Chapter 1. Idiosyncratic Viral Losses and It’s Behavioral Practices Chapter 2. Regulation of Operation Losses and Capital in Banks Chapter 3. Idiosyncratic Losses in Mega Banks and SIFIs Chapter 4. SIFI Losses and Global Economic Impact Chapter 5. Idiosyncratic Viral Losses and Operational Risk PART II. Nature of Systemic Operational Risk (Human Error, Fraud, Legal) Chapter 6. Human Error and Processing Errors Chapter 7. Fraud and Criminal Activity Chapter 8. Internal Fraud Chapter 9. External Fraud Chapter 10. Legal expenses, Legal settlements, Statutory Penalties PART III. Operational Risk Environment and Leadership Chapter 11. Technology Risk Chapter 12. Natural Disasters and Viruses Chapter 13. Risk Management Chapter 14. Bank Operational Environment as Host for Idiosyncratic Viral Losses Chapter 15. Control Environment and Systemic Risk Chapter 16. Governance and Leadership

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Book SynopsisThis comprehensive and essential Commentary examines both the origins and effect of the EU’s 2015 Payment Services Directive (PSD2). Addressing a significant gap in the available literature, the book is divided into two parts: Part I analyses the legislative provisions of the Directive, while Part II explores the PSD2 implementation experience in selected EU Member States as well as in the United Kingdom.Table of ContentsContents: Foreword: Introduction to the PSD2 Commentary xxvi Acknowledgements xxviii PART I 1 Introduction to The Payment Services Directive II: A Commentary 2 Gabriella Gimigliano and Marta Božina Beroš 2 Title I: ‘Subject matter, scope and definitions’ (Art. 1–Art. 4): The regulated field (object and subject) 5 Benjamin Geva 3 Title II, Chapter 1, ‘Payment institutions’ (Arts 5–21) 31 Ciro G. Corvese 4 Title II, Chapter 1, Section 3–4, ‘Competent authorities and supervision’ (Arts 22–30), ‘Exemptions’ (Arts 31–34) 66 Marta Božina Beroš 5 Title II, Chapter 2, ‘Common Provisions’ (Arts 35–37) 86 Nikita Divissenko and Gabriella Gimigliano 6 Title III, Chapters 1, 2, 3 (Arts 38–58) 103 Gabriella Gimigliano 7 Title III, Chapter 4 (Arts 59–60) 122 Noah Vardi 8 Title III, Chapter 1 (Arts 61–63) 133 Gabriella Gimigliano 9 Title III, Chapter 2, ‘Authorisation of payment transactions’ (Arts 64–77) 146 Gabriella Gimigliano 10 Title IV, Chapter 3, ‘Rights and obligations in relation to the provision and use of payment services: execution of payment transactions’ (Arts 78–93) 163 Benjamin Geva Nikita Divissenko 12 Title IV, Chapter 5, ‘Operational and security risks and authentication’ (Arts 95–98) 190 Ruth Wandh.fer 13 Title IV, Chapter 6, ‘ADR procedures for the settlement of disputes’ (Arts 99–103) 210 Arno R. Lodder 14 Title IV, ‘Delegated acts and regulatory technical standards’ (Arts 104–106) 223 Martin Miernicki 15 Title VI, ‘Final provisions’ (Arts 107–117) 232 Gabriella Gimigliano PART II 16 Implementation of the PSD2 in Austria 246 Martin Miernicki 17 Transposition of the PSD2 into Croatian national legislation 265 Ivana Parać Vukomanović 18 Transposition of PSD2 into Czech law 283 Petr Kot.b, Jiř. Moravec and Jan Škrabka 19 PSD2 implementation in Estonia 305 Nikita Divissenko 20 Implementation of the PSD2 in Finland: a Nordic view on payment services regulation 319 Jyri Ter.maa 21 The transposition of the PSD2 into French law 338 Evelina Gratianu and Myriam Roussille 22 Transposition of PSD2 into German law with special consideration of the regulatory and civil law changes 357 Christian Conreder 23 The transposition of the PSD2 in Italy: policies and rules 387 Costanza Iacomini and Simone Mezzacapo 24 Spain’s implementation of PSD2 408 Fernando Zunzunegui 25 PSD2, Brexit and the financial regulation of payment systems in the UK 426 Daniele D’Alvia, Katrien Morbee and Rodrigo Olivares Caminal Appendix 445 Index

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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

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Book SynopsisWith the extension of activities by banks and building societies, it is now difficult to demarcate between them. The differences that do still exist are largely due to the historical development of building societies and the purposes for which they were established. Many of the restrictions imposed on building societies have now been removed, but many prefer the freedom afforded to banks and have sought to register themselves under the Banking Act 1987. This book examines the law relating to banks and building societies, highlighting the differences in the regulation process and activities of the two institutions. It takes a close look at the extent to which they are both governed by the same systems of law, particularly in respect of banker and customer relationships.

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Book SynopsisMax Hall offers a thoroughly revised and updated edition of his classic handbook on the evolution and structure of UK banking supervision. He examines the major developments at the national and international level which have transformed the conduct of banking supervision in this country. New issues explored in depth include: the collapse of BCCI the collapse of Barings and its impact on domestic policy the Arthur Andersen review the creation of the Financial Services Authority reforms of the famous Basle Concordat and capital accord implementation of the European Commission's Single Market programme for financial services This book will prove indispensable to those concerned with the evolution and conduct of domestic supervisory policy in the area of banking.Trade Review'This new edition of the Handbook of Banking Regulation and Supervision in the United Kingdom is a timely and welcome addition to the literature. Its review of the major events in the history of supervision provide a context for our current system and its clear explanation of how banking supervisors currently go about their work is valuable to anybody with an interest in financial supervision.' -- From the foreword by Howard Davies, The Financial Services Authority, UKTable of ContentsContents: Preface Part I: The Evolution of Supervisory Practice 1. Regulation and Supervision in the Early Post-war Years (1945–73) 2. The UK ‘Secondary Banking Crisis’ (1973–75) 3. The Basle Concordat 4. Supervision under the Banking Act 1979 5. The Johnson Matthey Bankers Affair and its Aftermath 6. Reforms Instituted under the Banking Act 1987 7. International Harmonization of Banking Supervision 8. Implications of the Financial Services Act 1986 9. Requirements Arising from Membership of the European Community 10. The British and Commonwealth Bank Affair 11. The Bank of Credit and Commerce International Affair 12. The Barings Affair Part II: The Structure of UK Banking Supervision 13. An Overview of the Bank’s Supervisory Approach 14. The Role of Auditors and Reporting Accountants in the Supervisory Process 15. Relationships Between the Bank and other Supervisory Bodies 16. Authorization Procedures under the Banking Act 1987 17. The Assessment of Capital Adequacy 18. The Assessment of Liquidity Adequacy 19. The Treatment of Foreign Currency Operations 20. The Treatment of Large Exposures 21. The Assessment of the Adequacy of Provisions 22. The Assessment of Country Risk 23. Ownership Rules 24. Deposit Protection Arrangements 25. The Supervision of Banking Groups/Financial Conglomerates 26. Miscellaneous Index

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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

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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.

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Book SynopsisIn two volumes, this book covers in a comprehensive, internally balanced, systematic and detailed way the field of European Union (EU) banking law and regulation. In three parts, Volume I offers a brief introduction to the role of banks in the contemporary financial system and the theory of banking regulation, a thorough analysis of international financial standards which are contained in the sources of public international banking law (and of public international financial law, in general), a detailed presentation of the gradual evolution and the sources of EU banking law, as well as a precise analysis of the law-making process and the key institutional aspects of this branch of EU economic law. The standards and rules adopted and the institutions created in the aftermath of the (2007-2009) global financial crisis and the subsequent euro area fiscal crisis, as well as during the current pandemic crisis are discussed, as appropriate. A detailed analysis of the substantive aspects of EU banking law will follow in Volume IITable of ContentsPart ITheory Of Banking Regulation And International Financial Standards Chapter 1 The Case For Banking Regulation Chapter 2 Key Aspects Of Public International Financial Law – International Financial Standards Chapter 3 Key Institutional Aspects Of The International Financial Architecture And An Interim Assessment Part II Part II: European Banking Regulation (Law): Definition, Evolution And Sources Chapter 4 Definition And Evolution Up To The Creation Of The Banking Union Chapter 5 Developments After The Establishment Of The Banking Union Chapter 6 The Legislative Acts Which Constitute The Sources Of Eu Banking Law Part III European Banking Regulation (Law): Key Institutional Elements Chapter 7 The European Banking Authority (Eba) And Its (Significant) Role In The Law-Making Process Chapter 8 The Single Supervisory Mechanism (Ssm) Chapter 9 The Single Resolution Mechanism (Srm)

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Book SynopsisThe books deals with the questions that really matter for green finance: Where will the money to finance the transition to a low carbon environment come from, how far do the banks’ balance sheets stretch and where will the rest of the money come from? How much can we rely on the capital markets, especially in the EU, to get money to the parts of the economy which really need it, without greenwashing? How do governments organize not just a transition, but a just transition to a low carbon environment? Is it time to revisit received ideas about the proper role for centralbanks?

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Book Synopsis

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Book Synopsis

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Book Synopsis

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Book Synopsis

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Book Synopsis

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Book Synopsis

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Book Synopsis

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Book SynopsisAn analysis of the difficulties and problems encountered in transforming the Vietnamese financial sector from one subordinate to government objectives and goals to an autonomous sector guided by market forces and competitive pressures. Here, the history of financial sector liberalization is traced and close attention paid to the activities and autonomy of the State Bank of Vietnam, the institution responsible for the supervision and regulation of the financial sector in Vietnam.Table of Contents1. Introduction; 2. Executive Summary; 3. Central Planning and the First Phase of Reforms; 4. The East Asian Financial Crisis and its Aftermath, 1997-2003; 5. A Regional Comparison of Bank Supervision and Regulation; 6. The State Bank of Vietnam; 7. Financial Services to the Agricultural Sector; 8. Conclusion; Appendix A. The State Owned Commercial Banks; Appendix B. Important Events 1988-2003; Appendix C: Bank Supervision and Regulation Indicators; References; Index

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Book SynopsisAn analysis of the difficulties and problems encountered in transforming the Vietnamese financial sector from one subordinate to government objectives and goals to an autonomous sector guided by market forces and competitive pressures.Here, the history of financial sector liberalization is traced and close attention paid to the activities and autonomy of the State Bank of Vietnam, the institution responsible for the supervision and regulation of the financial sector in Vietnam.Table of Contents1. Introduction; 2. Executive Summary; 3. Central Planning and the First Phase of Reforms; 4. The East Asian Financial Crisis and its Aftermath, 1997-2003; 5. A Regional Comparison of Bank Supervision and Regulation; 6. The State Bank of Vietnam; 7. Financial Services to the Agricultural Sector; 8. Conclusion; Appendix A. The State Owned Commercial Banks; Appendix B. Important Events 1988-2003; Appendix C: Bank Supervision and Regulation Indicators; References; Index

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