Banking law Books

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

Read more less

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?

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

Book Synopsis

Read more less

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

Read more less

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

Read more less

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

Read more less