Financial law: general Books

Book SynopsisDeveloped over a period of some six years by teachers of the subject at the University of Toronto’s Faculty of Law, this book provides the first comprehensive and integrated teaching tool for the very basic field of debtor and creditor relations. The carefully designed text considers first the nature of the credit market and the setting in which debtor-creditor relations are formed. It proceeds to examine self-help collection, execution, garnishment, reviewable transactions, and bankruptcy. Other sections consider the rights of various special creditors (including government creditors and mechanics’ lien claimants), and proposals for comprehensive reform of the debt collection process. The authors attempt to deal with law from a national perspective. While considering in detail the statutory provisions relevant to debtor-creditor relations in Ontario, they also treat significant legislation of other provinces and examine the suitability of differing respo

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Book SynopsisNo single-volume publication brings together as many diverse and stimulating perspectives on secured financing law as does this EE Research Handbook. Its great strengths are asking hard questions and recognizing how difficult reform is. Contributors report on what works (and what doesn't), drawing on evidence from legal systems less often studied in this context (e.g., Brazil, Morocco). I cannot imagine a researcher in the field who would not be intrigued by analysis of such issues as access of women to secured financing, constraints Shari ah places on use of security devices, and reasons for Russia's meandering path to modernization.'- Peter Winship, SMU Dedman School of Law, USThis cutting-edge Handbook presents an overview of research and thinking in the field of secured financing, examining international standards and best practices of secured transactions law reform and its economic impact. Expert contributors explore the breadth and depth of the subject matter across diverse sectors, and illustrate the choices and trade-offs that policy makers face via a number of illuminating case studies.The book explores groundbreaking research across a comprehensive range of sectors and countries, including new, original analysis of Shari'ah compliant collateral regimes and improved access to finance for women. A diverse group of experts offer cutting-edge points of view as well as case studies from England and Wales, Morocco, Russia and Romania.The result is a unique and wide-ranging examination of secured transactions reform across the world and a valuable resource for researchers, government and development agencies, banks, and law firms.Contributors: J. Armour, S. Bazinas, N. Budd, A. Burtoiu, R. Calnan, F. Dahan, M. Dubovec, L. Gullifer, I. Istuk, T. Johnson, O. Lemseffer, C. de Lima Ramos, J. Lymar, C. Manuel, M.J.T. McMillen, A.P. Menezes, M. Mourahib, E. Murray, N. Nikitina, V. Padurari, J.-H. Röver, M. Uttamchandani, K. van Zwieten, P.R. WoodTrade Review‘No single-volume publication brings together as many diverse and stimulating perspectives on secured financing law as does this Research Handbook. Its great strengths are asking hard questions and recognizing how difficult reform is. Contributors report on what works (and what doesn’t), drawing on evidence from legal systems less often studied in this context (e.g., Brazil, Morocco). I cannot imagine a researcher in the field who would not be intrigued by analysis of such issues as access of women to secured financing, constraints Shari’ah places on use of security devices, and reasons for Russia’s meandering path to modernization.’ -- Peter Winship, Southern Methodist University, Dedman School of Law, USTable of ContentsContents: Foreword Philip R. Wood PART I SECURED TRANSACTIONS LAW, ECONOMIC IMPACT AND REFORM 1. How do Creditor Rights Matter for Debt Finance? A Review of Empirical Evidence John Armour, Antonia Menezes, Mahesh Uttamchandani And Kristin Van Zwieten 2. The Influence of the UNCITRAL Legislative Guide On Secured Transactions Spyridon V. Bazinas 3. A Single Framework Governing Secured Transactions? Comparative Reflections Frederique Dahan 4. Implementing Shari’ah-Compliant Collateral Security Regimes: Select Issues Michael J.T. Mcmillen 5. Levelling the Legal Playing Field: What the Law Can and Can’t do to Improve Women’s Access to Secured Finance Clare Manuel PART II SECURED FINANCING: MANY FACETS AND CONTEXTS 6. Untying the Gordian Knot: Farmers, Banks, Insurers, Warehouse Receipts, Commodity Exchanges, Collateral Managers and Access to Credit Nicholas Budd 7. Sowing the Good Seeds: The Brazilian Experience of Agriculture Financing Christian de Lima Ramos 8. The Potential of Factoring for Improving SME Access to Finance Ivor Istuk 9. Security in Project Finance and PPP and the Implications for Secured Transactions Law: “Security is a Shield, Not a Sword” Jan-Hendrik Röver 10. Keeping it Real: SME Financing, Secured Transactions and Risk Appetite Tom Johnson 11. Financial Collateral Arrangements and the Financial Markets Edward Murray 12. Fundamentals of Taking Security Interests in Bank Accounts Marek Dubovec PART III TRENDS AND PERSPECTIVES FOR REFORM 13. Secured Transactions Law Reform in Russia: A Tortuous but Ultimately Successful Journey Natalia Nikitina and Julia Lymar 14. Reforming an Established Secured Transactions Legal System: Why and How Morocco is Approaching the Challenge Mustapha Mourahib, Bertrand Fournier-Montgieux and Ouns Lemseffer 15. Taking Stock of Romanian Secured Transactions After 15 Years of Reform: A Mapping of Past, Present and Future Milestones Victor Pădurari and Andreea Simona Burtoiu 16. Piecemeal Reform: Is it The Answer? Louise Gullifer 17. What Makes a Good Law of Security? Richard Calnan Index

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Book SynopsisEnterprise law represents the entire range of private contracts and public regulations governing the relationship of different capital providers. Enterprise Law comparatively analyses the way these fundamental legal frameworks complement each other in the United States and Japan.In this collection of essays edited by Professor Zenichi Shishido, a wide range of leading scholars examine the firm as an incentive mechanism and show how law the whole legal system affect the incentive bargain between the firm's major players, positively with markets and social norms. They establish that enterprise law is not always effective in its attempt to affect the incentive bargain of the firm by itself, but instead works by interacting complementarily with markets and social norms.Demonstrating the dynamic relationship between parts and the whole of enterprise law, this exceptional book will be of special interest to comparative law, and law and economics scholars and students.Contributors: K.M. Ayotte, K.G. Dau-Schmidt, T. Eguchi, B.C. Ellis, D. Gamage, M.P. Gergen, G. Goto, B.E. Hermalin, Y. Higashi, A. Hoshi, H. Iida, H. Itoh, H.E. Jackson, T. Kitagawa, C.J. Milhaupt, H. Miyajima, E.R. Morrison, S. Osaki, K. Osugi, J.M. Ramseyer, S. Rana, R. Romano, K. Sekiguchi, Z. Shishido, W. Tanaka, A. Tokutsu, G. Triantis, J.H. Verkerke, T. Watanabe, N. YanagawaTable of ContentsContents: Introduction: The Incentive Bargain of the Firm and Enterprise Law: A Nexus of Contracts, Markets, and Laws Zenichi Shishido PART I: THE INCENTIVE BARGAINING BETWEEN EMPLOYEES AND MANAGEMENT 1. What We Know (and Don’t Know) About How Employment Protection Laws Affects Employment J.H. Verkerke 2. Complementarity among the Abusive Dismissal Rule, Company Community Norms, and an Illiquid External Labor Market: Transformation of Directors’ Fiduciary Duty under Japanese Corporate Law Toru Kitagawa 3. The Relative Bargaining Power of Employers and Unions in the Global Information Age: A Comparative Analysis of the United States and Japan Kenneth G. Dau-Schmidt and Benjamin C. Ellis 4. Employee Stock Purchase Plan in Japan Yosuke Higashi Comments Hideshi Itoh PART II: THE INCENTIVE BARGAINING BETWEEN CREDITORS AND MANAGEMENT 5. The Role of Debt in the Governance of US Business Corporations George Triantis 6. Senior Creditor Control in Chapter 11 Kenneth M. Ayotte and Edward R. Morrison 7. Cramdown v. Extinguishing Security Interests: Secured Claims in Bankruptcy in the United States and Japan Wataru Tanaka 8. Reduction of Retirees’ Benefits upon the Reorganization of a Company Gen Goto Comments Noriyuki Yanagawa PART III: THE INCENTIVE BARGAINING BETWEEN SHAREHOLDERS AND MANAGEMENT 9. Takeover Law and Managerial Incentives in the United States and Japan Curtis J. Milhaupt 10. Management–Shareholder Relations in Japan: What’s Next after Cross-Shareholdings? Takaaki Eguchi 11. Regulation of Bank Shareholding: A Functional and Historical Analysis Akira Tokutsu 12. Reappraising the Role of Appraisal Remedy Hidefusa Iida and Kenichi Sekiguchi 13. Appraisal or Injunction? Corporate Takeovers under Uncertain Judicial Valuation Akio Hoshi 14. Stagnant Japan? Why Outside (Independent) Directors Have Been Rare in Japanese Companies Kenichi Osugi Comments Hideaki Miyajima PART IV: THE ROLES OF GOVERNMENTS 15. Taxation and Incentives in the Business Enterprise David Gamage and Shruti Rana 16. Income Tax and Incentives for Corporate Transactions: A Japanese Perspective Tetsuya Watanabe 17. Tax Law Influences on the Form and Substance of Equity Compensation in the United States Mark P. Gergen 18. Public Enforcement: An Update of Literature on Resource-Based Evidence Howell E. Jackson 19. Transparency and Corporate Governance Benjamin E. Hermalin 20. Reverse Engineering SOX versus J-SOX: A Lesson in Legislative Policy Zenichi Shishido and Sadakazu Osaki 21. Regulating in the Dark Roberta Romano Comments Noriyuki Yanagawa General Comments Mark Ramseyer Index

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Book SynopsisThe financial crisis that engulfed global markets in 2008 created an acute need for improved international economic cooperation. Despite the G20’s prominent coordination role, the regulatory response to the crisis has varied considerably across governance arenas. This book focuses on international taxation and examines how the financial crisis prompted renewed attempts to enhance international tax transparency and confront tax havens. It highlights the complexity of international regime change and the significance of national and financial interests, international organizations, domestic politics and the emerging G20 leaders forum in this process.This timely book highlights the challenges in post-financial crisis global economic governance, information that will strongly appeal to scholars and graduate students in the fields of political science, international political economy, global governance, international taxation and law. Stakeholders in the international tax regime including diplomats and tax administrators, international organizations, NGO and business representatives will also find plenty of enriching information in this study.Trade Review‘This book is an exceptionally interesting and well-researched analysis of one of the most important reforms in global governance that have been put into place in the wake of the global financial crisis that began in 2007. Eccleston insightfully draws on and contributes to theories of global governance, explaining the surprisingly innovative and successful aspects of the global arrangements for combating tax evasion while also highlighting their deficiencies.’ -- Tony Porter, McMaster University, Canada‘In the atmosphere of fiscal emergency after the financial crisis, international tax policy has become a critical concern. There is no better guide to inter-linked political and economic challenges that result than Richard Eccleston’s new book, The Dynamics of Global Economic Governance. Eccleston provides a detailed and authoritative guide to global tax governance after the financial crisis, and makes a highly persuasive case that the current international tax regime is fundamentally flawed in its efforts to combat tax evasion.’ -- Jason Sharman, Griffith University, AustraliaTable of ContentsContents: Introduction: The Financial Crisis and the Politics of International Tax Cooperation 1. Governing International Taxation: Problems and Challenges 2. The Dynamics of Global Governance 3. Politics Without Conviction: The OECD’s Failed Harmful Tax Competition Initiative 4. The Financial Crisis and the Politics of International Tax Cooperation 5. The Domestic Politics of International Tax Cooperation in the United States and Switzerland 6. Beyond the Financial Crisis: Regime Implementation and Effectiveness Conclusion: Regime Dynamics and the Sustainability of International Tax Cooperation Index

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Book SynopsisThis Research Handbook is quite timely in its broad coverage of most, if not all, main aspects of SWFs, which have become such important players in the international investment arena. Thanks to the contribution of specialists with a diverse background in law, taxation, international economics, relations and governance, this book offers a comprehensive picture of their structure, functions, governance and practices. The analysis includes the impact that SWFs have both in individual host states where they invest and as agents of development in the global economy.'- Giorgio Sacerdoti, Bocconi University, ItalyResearch into the role of sovereign investments in a time of crisis is still unsatisfactory. This timely Research Handbook investigates the juridical foundation of sovereign wealth funds and investments and extends our frontier of understanding in this important area.Current research surrounding sovereign wealth funds is focused on investment flows and trends that are grounded in economics, neglecting to consider the role of law and governance in the investigation. From a legal perspective, the Handbook narrates a 'passive' side of sovereign wealth funds and state owned companies, exploring how and to what extent the legal constraints imposed by host States act as barriers to investments. Additionally, the active side is also discussed and the influence of ethical principles, treaty re-negotiations and sovereign immunity practices on state investments considered.A comprehensive reference on a complex area of research, the Handbook will be a valuable addition to the library of scholars and students interested in investment law, central banks, international economics and governance.Contributors: G. Adinolfi, F. Bassan, M. Castelli, L. Catà Backer, A. De Luca, S. Ghahramani, K. Gordon, L. Hsu, A.Lee, F. Munari, J. Pohl, B.J. Richardson, P. Rose, F. Scacciavillani, M. Vellano, A. Viterbo, T. Weiler, E. WhitsittTrade Review‘This Research Handbook is quite timely in its broad coverage of most, if not all, main aspects of SWFs, which have become such important players in the international investment arena. Thanks to the contribution of specialists with a diverse background in law, taxation, international economics, relations and governance, this book offers a comprehensive picture of their structure, functions, governance and practices. The analysis includes the impact that SWFs have both in individual host states where they invest and as agents of development in the global economy.’ -- Giorgio Sacerdoti, Bocconi University, ItalyTable of ContentsContents: PART 1 INTRODUCTION Introduction Fabio Bassan 1. SWFs and State Investments: A Preliminary General Overview Massimiliano Castelli and Fabio Scacciavillani PART II SWFS AND OTHER FORMS OF SOVEREIGN INVESTMENT 2. Sovereign Wealth Funds: A Definition and Classification Fabio Bassan 3. SWFs in Five Continents and Three Narratives: Similarities and Differences Larry Catá Backer PART III SWF AND INTERNATIONAL REGULATION 4. Santiago GAPPs and Code of Conducts: Limits and Chances of Negotiated Rules Locknie Hsu 5. Policy Frameworks for SWF Investments - OECD and Host Country Perspectives Kathryn Gordon and Joachim Pohl PART IV SWF AND REGULATION AT REGIONAL AND NATIONAL LEVEL 6. The Foreign Investment and National Security Act Of 2007: An Assessment of its Impact on Sovereign Wealth Funds and State-Owned Enterprises Paul Rose 7. The EU and Member States: FDI, Portfolio Investments, Golden Powers and SWFs Anna De Luca 8. SWFs and Taxation: National, Bilateral and Multilateral Approach Fabio Bassan PART V SWF INVESTMENT PROTECTION 9. SWF and State Immunity: Overcoming the Contradiction Giovanna Adinolfi 10. Sovereign Wealth Funds and Bilateral Investment Treaties’ New Models: Issues, New Trends and State Practice Elizabeth Whitsitt and Todd Weiler PART VI SWF’S RELEVANCE AND EFFECTS ON INTERNATIONAL INVESTMENTS 11. SWFs and Human Rights Protection Salar Ghahramani 12. SWFs and Environmental Protection Francesco Munari 13. SWFs and Development Michele Vellano and Annamaria Viterbo 14. Social Investing without Legal Imprimatur: the Latent Possibilities for SWFs Benjamin J. Richardson and Angela Lee Index

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Book SynopsisVirtual currencies, particularly crypt-currencies, have been identified as potential money laundering and terrorism financing instruments due to their ability to transfer money anonymously and instantaneously over the globe. Governments and regulators have also recognized the need to more closely monitor and track virtual currency purchases and accounts to avoid the industry being exploited for money laundering or terrorism financing purposes, as explained in this book. The broad overview of various international legal approaches attempting to address this issue would be a great resource for legal and anti-money laundering or counter terrorism financing graduate students, scholars and practitioners interested in virtual currencies research.'- Raymond Choo, University of South Australia'This book is a comprehensive, highly detailed review of cybercrime and the issues raised by gambling in virtual environments. It makes an excellent contribution to the evolving discussion about the risks and controls relating to these activities. I would highly recommend it to anyone interested in financial crime and virtual environments from an international perspective.'- Liz Falconer, University of the West of England, UKIn this unique book, the authors examine the relationship between real world legislation and new advancements in technology, showing how this can lead to loopholes in legislative protection. They draw on empirical research to highlight the jurisprudential issues relating to economic internet crime and digital currencies.Advancements in technology have seen gambling behavior transverse a new path. The law has not kept pace with such advances, leaving grey areas of concern undiscussed and unregulated.The authors provide a critical discussion on laws relating to gambling in virtual worlds, commenting that terms such as 'virtual' or fantasy are unhelpful in promoting effective legislation. The discussion reveals how virtual world gambling can lead on to other criminal acts within virtual worlds, and specifically examines the notion of cybercrime, economic internet crime and the problems associated with digital currencies. The book concludes by presenting the case for joined up national and international legislation to tackle virtual world crimes effectively.This distinctive study will appeal to researchers and advanced students with an interest in cybercrime, economic internet crime and virtual economies. Practitioners, policy-makers and law enforcement officers will find this book informative in promoting suitable legislation to encompass new technologies in economic crime.Contents: 1. Introduction to Virtual Worlds and Gambling 2. Cybercrime Critical Literature Review 3. Global and Virtual Gambling Legislation 4. International Measures Regulating Online Gambling 5. Global Regulation on Financial Crime 6. Digital Currencies and Financial Crime Conclusion and Recommendations IndexTrade Review’This is an informative book that is presented in a thoughtful and logical way and is written in an accessible style. As such it is useful to those unfamiliar with cybercrime, and explains in clear unambiguous language all concepts, ideas and legal frameworks, rather than burying them deeply in impenetrable technical jargon. This book therefore is of use both as an academic and practical text, and should reach a wide audience.’ -- Graham Brooks, Criminal Law and Criminal Justice Books’Virtual currencies, particularly crypt-currencies, have been identified as potential money laundering and terrorism financing instruments due to their ability to transfer money anonymously and instantaneously over the globe. Governments and regulators have also recognized the need to more closely monitor and track virtual currency purchases and accounts to avoid the industry being exploited for money laundering or terrorism financing purposes, as explained in this book. The broad overview of various international legal approaches attempting to address this issue would be a great resource for legal and anti-money laundering or counter terrorism financing graduate students, scholars and practitioners interested in virtual currencies research.’ -- Raymond Choo, University of South Australia’This book is a comprehensive, highly detailed review of cybercrime and the issues raised by gambling in virtual environments. It makes an excellent contribution to the evolving discussion about the risks and controls relating to these activities. I would highly recommend it to anyone interested in financial crime and virtual environments from an international perspective’ -- Liz Falconer, University of the West of England, UKTable of ContentsContents: 1. Introduction to Virtual Worlds and Gambling 2. Cybercrime Critical Literature Review 3. Global and Virtual Gambling Legislation 4. International Measures Regulating Online Gambling 5. Global Regulation on Financial Crime 6. Digital Currencies and Financial Crime Conclusion and Recommendations Index

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Book SynopsisWritten by exceptionally experienced practitioners in the field of finance, this enormously expert work is the ultimate answer to all questions anybody could ask about the law of financial collateral in England and Scotland, a stupendous achievement.'- Philip R. Wood, CBE, QC (Hon), Special Global Counsel, Allen & Overy LLP, London, UKAs the volume of transactions in European financial markets continues to grow, the use of financial collateral, be it in the form of cash, shares, bonds or credit claims, has become a critical tool in supporting and managing risk in financial transactions.This book is the first of its kind to offer a systematic examination of the whole law relating to financial collateral. It does so in two parts. First, it explains the law created by the Financial Collateral Arrangements (No 2) Regulations 2003, the Directive it implemented and related legislation. Second, it examines how financial collateral is used in practice in a range of different markets. It will be an essential reference point for all legal practitioners operating in financial markets.Key features:- Analytical rigour combined with insight into how financial collateral works in practice, covering both English and Scots law- Valuable discussion of control and possession tests, right of use, remedy of appropriation, close-out netting and impact of 'bail-in'- Explains use of financial collateral in the derivatives market, clearing houses, direct and indirect securities holding systems and use of repos, securities lending and prime brokerage- Highlights key issues on regulatory treatment and conflicts of laws- Discusses direction of future law reform- Written by leading experts in the field.Trade Review‘Written by exceptionally experienced practitioners in the field of finance, this enormously expert work is the ultimate answer to all questions anybody could ask about the law of financial collateral in England and Scotland, a stupendous achievement.’ -- Philip R. Wood, CBE, QC (Hon), Special Global Counsel, Allen & Overy LLP, London, UKTable of ContentsContents: PART I FINANCIAL COLLATERAL DIRECTIVE AND UK IMPLEMENTING REGULATIONS 1. Purpose of the Financial Collateral Directive, The Legislative Background and Key Issues Addressed by the Directive 2. Scope of the Financial Collateral Regulations 3. The Types of Financial Collateral: Cash, Financial Instruments and Credit Claims 4. Formal Requirements Disapplied by the Financial Collateral Regulations and Extent of Exemption from those Requirements 5. Impact of UK Insolvency Law and Bank Resolution Measures and the Extent to Which These are Disapplied in Relation to Financial Collateral Arrangements 6. Title Transfer Financial Collateral Arrangements 7. Security Financial Collateral Arrangements 8. Possession or Control Test to be Satisfied When Creating a Security Financial Collateral Arrangement 9. Extent to Which a Collateral-Provider May be Permitted to Exercise Rights Attaching to Charged Securities, Such as Voting Rights and the Right to Receive Income, if the Possession or Control Test is to be Satisfied 10. Close-out Netting Provisions and the Financial Collateral Regulations 11. The Right of Use and the Legal Consequences of its Exercise, Including Issues of Priority 12. Remedy of Appropriation 13. Financial Collateral and the Conflict of Laws 14. Retroactivity of the Financial Collateral Regulations PART II USE OF FINANCIAL COLLATERAL 15. Taking and Perfecting Security over Financial Collateral 16. Use of Securities Held in the CREST System as Collateral 17. Use of Close Out Netting and Financial Collateral in Relation to Derivatives (Including ISDA Documentation) 18. Special Issues Arising from the Use of Financial Collateral in Repos, Securities Lending and Prime Brokerage, Including Treatment of Client Assets and Use of Market Standard Documentation (Other Than ISDA Documentation) 19. Use of Book Entry Securities as Collateral 20. Use of Financial Collateral in UK Clearing Houses 21. Use of Contractual Set-Off and Flawed-Asset Arrangements for Taking Cash Collateral 22. Regulatory Treatment of Financial Collateral Arrangements; Margin Requirements for Non-Centrally Cleared Derivatives; and Reporting of Securities Financing Transactions 23. Scottish Law Perspective on the Financial Collateral Regulations and Their Application 24. Law Reform APPENDICES Index

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Book SynopsisThe recent financial crisis and associated real estate bubble demonstrated the damage that can be caused by imperfect financial market pricing. On the basis of these imperfections, strong financial returns earned by financial institutions in the run-up to 2008 were, in fact, illusory.Executive Compensation in Imperfect Financial Markets explores the relationship between bank lending, real estate markets and stock market prices. Offering a heterodox view of financial market pricing and its relationship with executive pay, this book offers a competing interpretation of the recent crisis, which emphasizes the role of bank leverage and investor expectations in generating instability - particularly through the interaction of financial institutions with the real estate market. In the process, it reveals that equity-based compensation incentivized increased bank leverage, which was a cardinal cause of the crisis.This timely book will be an essential read for all legal scholars and policy analysts operating in the field of banking and finance, as well as all those seeking a more rounded understanding of the financial crisis.Contents: 1. Introduction 2. An Analysis of the Role of Executive Compensation 3. Theories of Securities Market Operation: Principles and Flaws 4. Minsky and the Financial Instability Hypothesis: Implications for Market Efficiency 5. The Global Financial Crisis and the Complex Relationship between Asset Prices, Leverage, and Financial Instability 6. Post-Crisis Reform to Executive Compensation at Financial Institutions 7. Reconstituting Executive Compensation at Financial Institutions: Proposals for Reform 8. Conclusions IndexTrade Review'Jay Cullen's important book challenges the conventional wisdom that financial corporations will automatically further the public good as long as senior managers' pay is aligned with the share price. Drawing on behavioural finance and Minskyan economics, Cullen shows that flawed market pricing can cause, and result from, excessive risk-taking. As seen most recently in the financial crisis, these practices leads to enormous social costs, yet regulators face considerable pressure not to intervene in these market outcomes. The inclusion of an overview of recent regulation in this fast-moving area, as well as further suggestions for reform, makes this lucid and topical book essential reading for researchers and policy-makers in the field of corporate governance.' --Andrew Johnston, School of Law, University of Sheffield, UK'So much work on executive remuneration has looked at the specifics of executive compensation schemes without raising fundamental questions about capital markets' ability to price companies properly. This book has come to close this gap. With crisp and informed analysis of capital market dysfunctionalities, Dr Cullen's book brings an entirely new perspective on how to fix a broken system. Corporate boards, lawyers, and economists should all take stock of Cullen's argument.' --Emilios Avgouleas, University of Edinburgh, UK'Cullen's timely and important book demonstrates exactly what the problem is with executive compensation in banking and how to improve it. The current populist approach to simply cut banker pay is rejected in favour of a far more nuanced approach, fully cognizant of the inefficiencies in the very markets which value bonus share awards. The book encourages a much-needed long-term approach to compensation whilst also examining in an intelligent way the flaws in our seemingly efficient markets.' --Trevor Pugh, Head of Sterling Trading, HSBCTable of ContentsContents: 1. Introduction 2. An Analysis of the Role of Executive Compensation 3. Theories of Securities Market Operation: Principles and Flaws 4. Minsky and the Financial Instability Hypothesis: Implications for Market Efficiency 5. The Global Financial Crisis and the Complex Relationship between Asset Prices, Leverage, and Financial Instability 6. Post-Crisis Reform to Executive Compensation at Financial Institutions 7. Reconstituting Executive Compensation at Financial Institutions: Proposals for Reform 8. Conclusions Index

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Book SynopsisOne of the great successes of the law and economics movement has been the use of economic models to explain the structure and function of broad areas of law. The original contributions to this volume epitomize that tradition, offering state-of-the-art research on the many facets of economic modeling in law.The contributors employ a variety of economic methodologies to explore a wide range of topics, including torts, contracts, property, crime, employment, the environment, and legal procedure. This depth and breadth of scholarship reflect the continuing vitality of the economic approach to law, offering an illuminating look into the future of the field and providing inspiration and guidance for the next generation of theorists.This timely volume will appeal to students, professors and researchers in both law and economics, particularly those with an interest in the theoretical and practical intersections of the two fields.Contributors: L. Anderlini, M. Baker, F. Baumann, J. De Mot, B. Deporter, D. Dharmapala, W. Emons, L. Felli, C. Fluet, T. Friehe, N. Garoupa, Z. Grossman, S. Izmalkov, C. Landeo, R. McAdams, T. Miceli, M.Nikitin, J. Pincus, A. Postlewaite, R. Rabon, G. Ramello, K. Segerson, P. Shapiro, T. Tsvetanov, T. Ulen, N. Westelius, A. WickelgrenTable of ContentsContents: Introduction Thomas J. Miceli and Matthew J. Baker 1. Land Assemblage: Efficiency and Equity in Public–Private Projects Zachary Grossman, Jonathan Pincus and Perry Shapiro 2. The Economics of Activity Levels in Tort Liability and Regulation Nuno Garoupa and Thomas S. Ulen 3. Liability versus Regulation for Product-Related Risks Thomas J. Miceli, Rebecca Rabon and Kathleen Segerson 4. Regulation versus Liability: A Behavioral Economics Perspective Kathleen Segerson and Tsvetan Tsventanov 5. Strict Liability When Victims Choose the Value of the Asset at Risk Florian Baumann and Tim Friehe 6. Incentives for Care, Litigation, and Tort Reform Under Self-Serving Bias Claudia M. Landeo, Maxim Nikitin and Sergei Izmalkov 7. Tort Standards and Legal Expenditures: A Unified Model Jef De Mot and Ben Depoorter 8. Litigation Success Functions Jef De Mot 9. The Optimal Amount of Distorted Testimony When the Arbiter Can and Cannot Commit Winand Emons and Claude Fluet 10. Do Exclusionary Rules Convict the Innocent? Dhammika Dharmapala, Nuno Garoupa and Richard McAdams 11. Search, Seizure, and False (?) Arrest: An Analysis of Fourth Amendment Remedies When Police Can Plant Evidence Dhammika Dharmapala and Thomas J. Miceli 12. Crime, Expectations, and the Deterrence Hypothesis Matthew J. Baker and Niklas J. Westelius 13. Active Courts and Menu Contracts Luca Anderlini, Leonardo Felli and Andrew Postlewaite 14. The Efficiency of Affirmative Action with Purely Historical Discrimination Abraham L. Wickelgren 15. The Multi-layered Action of Trademark: Meaning, Law and Market Giovanni B. Ramello

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Book SynopsisCovering the most important areas of the subject, such as financial crises, the nature of the banking firm and issues in bank regulation, Economics of Financial Law is a comprehensive collection of the papers that have shaped the field of financial law. This original research review by editor Professor Geoffrey Miller provides a thorough and authoritative examination of the material and will prove to be an invaluable resource for academics and practitioners alike.Table of ContentsContents: Introduction Geoffrey P. Miller PART I THE NATURE OF THE BANKING FIRM 1. George J. Benston (2004), ‘What’s Special About Banks?’, Financial Review, 39 (1), February, 13–33 2. Martin Hellwig (1998), ‘Banks, Markets, and the Allocation of Risks in an Economy’, Journal of Institutional and Theoretical Economics, 154 (1), March, 328–45 3. Anil K. Kashyap, Raghuram Rajan and Jeremy C. Stein (2002), ‘Banks as Liquidity Providers: An Explanation for the Coexistence of Lending and Deposit-Taking’, Journal of Finance, 57 (1), February, 33–73 4. Douglas W. Diamond and Raghuram G. Rajan (2001), ‘Liquidity Risk, Liquidity Creation, and Financial Fragility: A Theory of Banking’, Journal of Political Economy, 109 (2), April, 287–327 PART II SHADOW BANKS 5. Gary Gorton and Andrew Metrick (2010), ‘Regulating the Shadow Banking System’, Brookings Papers on Economic Activity, 41 (2), Fall, 261–312 6. Morgan Ricks (2012), ‘A Regulatory Design for Monetary Stability’, Vanderbilt Law Review, 65 (5), October, 1289–360 PART III LIQUIDITY 7. Charles W. Calomiris and Charles M. Kahn (1991), ‘The Role of Demandable Debt in Structuring Optimal Banking Arrangements’, American Economic Review, 81 (3), June, 497–513 8. Gary Gorton and George Pennacchi (1990), ‘Financial Intermediaries and Liquidity Creation’, Journal of Finance, 45 (1), March, 49–71 PART IV LENDING 9. Gary Gorton and James Kahn (2000), ‘The Design of Bank Loan Contracts’, Review of Financial Studies, 13 (2), April, 331–64 10. Clifford W. Smith, Jr. and Jerold B. Warner (1979), ‘On Financial Contracting: An Analysis of Bond Covenants’, Journal of Financial Economics, 7 (2), June, 117–61 11. Douglas W. Diamond (1984), ‘Financial Intermediation and Delegated Monitoring’, Review of Economic Studies, 51 (3), July, 393–414 12. Franklin Allen and Anthony M. Santomero (1997), ‘The Theory of Financial Intermediation’, Journal of Banking and Finance, 21 (11–12), December, 1461–85 PART V CAPITAL 13. Douglas W. Diamond and Raghuram G. Rajan (2000), ‘A Theory of Bank Capital’, Journal of Finance, 55 (6), December, 2431–65 14. Berry K. Wilson and Edward J. Kane (1996), ‘The Demise of Double Liability as an Optimal Contract for Large-Bank Stockholders’, NBER Working Paper No. 5848, December, i, 2–24, notes 15. Benjamin C. Esty (1998), ‘The Impact of Contingent Liability on Commercial Bank Risk Taking’, Journal of Financial Economics, 47 (2), February, 189–218 16. John C. Coffee, Jr. (2011), ‘Systemic Risk After Dodd-Frank: Contingent Capital and the Need for Regulatory Strategies Beyond Oversight’, Columbia Law Review, 111 (4), May, 795–847 17. Patrick Bolton and Frédéric Samama (2012), ‘Capital Access Bonds: Contingent Capital with an Option to Convert’, Economic Policy, 27 (70), April, 277–317 18. Charles W. Calomiris and Richard J. Herring (2013), ‘How to Design a Contingent Convertible Debt Requirement That Helps Solve Our Too-Big-to-Fail Problem’, Journal of Applied Corporate Finance, 25 (2), Spring, 39–62 PART VI BANK RUNS AND SYSTEMIC RISK 19. Douglas W. Diamond and Philip H. Dybvig (1983), ‘Bank Runs, Deposit Insurance, and Liquidity’, Journal of Political Economy, 91 (3), June, 401–19 20. Charles W. Calomiris (1990), ‘Is Deposit Insurance Necessary? A Historical Perspective’, Journal of Economic History, 50 (2), June, 283–95 Index Volume II Acknowledgements An introduction to both volumes by the editor appears in Volume I PART I FINANCIAL CRISES 1. Franklin D. Roosevelt (1933), ‘First Fireside Chat, Delivered on 12th March 1933’, [accessed at http://www.presidency.ucsb.edu/ws/?pid=14540, 09.07.2015], re-set 2. Viral V. Acharya (2009), ‘A Theory of Systemic Risk and Design of Prudential Bank Regulation’, Journal of Financial Stability, 5 (3), September, 224–55 3. Steven L. Schwarcz (2008), ‘Systemic Risk’, Georgetown Law Journal, 97 (1), 193–249 4. Ben S. Bernanke (1983), ‘Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression’, American Economic Review, 73 (3), June, 257–76 5. Erik F. Gerding (2009), ‘Code, Crash, and Open Source: The Outsourcing of Financial Regulation to Risk Models and the Global Financial Crisis’, Washington Law Review, 84 (2), 127–98 6. Geoffrey P. Miller and Gerald Rosenfeld (2010), ‘Intellectual Hazard: How Conceptual Biases in Complex Organizations Contributed to the Crisis of 2008’, Harvard Journal of Law and Public Policy, 33 (2), March, 807–40 7. Martin F. Hellwig (2009), ‘Systemic Risk in the Financial Sector: An Analysis of the Subprime-Mortgage Financial Crisis’, De Economist, 157 (2), June, 129–207 PART II ISSUES IN BANK REGULATION 8. Kenneth E. Scott (1977), ‘The Dual Banking System: A Model of Competition in Regulation’, Stanford Law Review, 30 (1), November, 1–50 9. Henry N. Butler and Jonathan R. Macey (1988), ‘The Myth of Competition in the Dual Banking System’, Cornell Law Review, 73 (4), May, 677–718 10. Roberta Romano (2014), ‘For Diversity in the International Regulation of Financial Institutions: Critiquing and Recalibrating the Basel Architecture’, Yale Journal on Regulation, 31 (1), Winter, 1–76 11. Brett McDonnell and Daniel Schwarcz (2011), ‘Regulatory Contrarians’, North Carolina Law Review, 89 (5), 1629–79 12. James R. Barth, Gerard Caprio Jr. and Ross Levine (2004), ‘Bank Regulation and Supervision: What Works Best?’, Journal of Financial Intermediation, 13 (2), April, 205–48 13. Eric Posner and E. Glen Weyl (2013), ‘Benefit-Cost Analysis for Financial Regulation’, American Economic Review, 103 (3), May, 1–5 PART III GOVERNANCE 14. KJ Hopt (2013), ‘Corporate Governance of Banks and Other Financial Institutions After the Financial Crisis’, Journal of Corporate Law Studies, 13 (2), October, 219–53 15. Lucian A. Bebchuk (2010), ‘How to Fix Bankers’ Pay’, Daedalus, 139 (4), Fall, 52–60 PART IV CENTRAL BANKS 16. C A E Goodhart (2010), ‘The Changing Role of Central Banks’, Bank for International Settlements (BIS) Working Papers, 326, vii, ix, 1–23 17. Ben S. Bernanke and Mark Gertler (2001), ‘Should Central Banks Respond to Movements in Asset Prices?’, American Economic Review, Papers and Proceedings, 91 (2), May, 253–7 18. Alberto Alesina and Lawrence H. Summers (1993), ‘Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence’, Journal of Money, Credit and Banking, 25 (2), May, 151–62 PART V CONSUMER BANKING 19. Oren Bar-Gill (2009), ‘The Law, Economics and Psychology of Subprime Mortgage Contracts’, Cornell Law Review, 94, 1073–151 20. Oren Bar-Gill and Elizabeth Warren (2008), ‘Making Credit Safer’, University of Pennsylvania Law Review, 157 (1), November, 1–101 21. Michael S. Barr (2004), ‘Microfinance and Financial Development’, Michigan Journal of International Law, 26 (27), Fall, 271–96 Index

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Book SynopsisThe growth of financial markets has clearly outpaced the development of financial market regulations. With growing complexity in the world of finance, and the resultant higher frequency of financial crises, all eyes have shifted toward the current inadequacy of financial regulation.This book expertly examines what this episode means for Asia's financial sector and its stability, and what the implications will be for the region's financial regulation. By focusing on legal and institutional frameworks, the book also elaborates on various issues and challenges in terms of how financial liberalization can maximize the benefits and minimize the risks of crisis.The book will appeal to academics, students, and policymakers across a diverse range of fields including: international finance and trade, economics, Asian studies, development, and development economics.Trade Review‘Policymakers and academics, especially those interested in understanding the complexity of Asian economies, may ?nd this book very useful as a starting point in their studies.’ -- Asian-Pacific Economic LiteratureTable of ContentsContents: PART I INTRODUCTION 1. Overview and Summary Iwan J. Azis and Hyun Song Shin PART II MACRO PRUDENTIAL SUPERVISORY SYSTEM AND DEVELOPMENT IMPACT 2. Monetary Aggregates and Procyclicality of the Financial System: An Asian Perspective Joon-Ho Hahm, Hyun Song Shin and Kwanho Shin 3. Non-Core Bank Liabilities and Vulnerability to Crisis: Implications for Asia Joon-Ho Hahm, Hyun Song Shin and Kwanho Shin 4. Monetary Aggregates and Global Liquidity: Evidence from Individual Firm Data from Asia Hyun Song Shin and Laura Yi Zhao 5. Economy-Wide Vulnerability in Asia: Flow-of-Fund Analysis Iwan J. Azis and Damaris Yarcia PART III ISSUES AND CHALLENGES ON LEGAL AND INSTITUTIONAL FRAMEWORK FOR EMERGING ASIA 6. Addressing Systemic Risk in East Asia: Financial Regulatory Design Rolf H. Weber, Douglas W. Arner, Evan C. Gibson and Simone Baumann 7. Financial Innovation and Development in East Asia: Balancing Risks and Opportunities Ross P. Buckley, Douglas W. Arner and Michael Panton 8. Implications of Global Financial and Regulatory Policies on Systemic Risk in Asia Fariborz Moshirian PART IV FINANCIAL INTEGRATION AND COOPERATION TO SUPPORT FINANCIAL STABILITY 9. Equity Home Bias, Financial Integration, and Regulatory Reforms: Implications for Emerging Asia Cyn-Young Park and Rogelio V. Mercado, Jr. 10. Regional Financial Arrangements: Lessons from the Eurozone Crisis for East Asia Emilios Avgouleas, Douglas W. Arner and Uzma Ashraf 11. The Role of Deposit Insurance in Financial Stability: Issues and Options in ASEAN + 3 A. Michael Andrews 12. Effective Resolution Regimes for Financial Institutions in ASEAN + 3 A. Michael Andrews 13. Capital Structure and the Issuance of Corporate Bonds in Emerging Asia Paul Mizen, Frank Packer, Eli Remolona and Serafeim Tsoukas PART V FINANCIAL SUPERVISION AND DEVELOPMENT CHALLENGES IN ASIA 14. Financial Monitoring in the New ASEAN-5 Countries Se Hee Lim and Noel Reyes 15. Financial Inclusion and Regulatory Implications Qifeng Zhang and Josephine Valle-Sison 16. Innovative Financing Modalities for SMEs and the Regulatory Implications Shigehiro Shinozaki 17. Global Financial Regulatory Trends and Challenges for the Development of the Insurance and Pensions Sector in the Asia-Pacific Region Arup Chatterjee 18. Impact of the Global Financial Crisis on Trade Finance in Asia and Cooperation that Reduced the Impact Steven Beck Index

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Book SynopsisFiduciary duties are widely viewed as essential to myriad private relationships, including guardianships, employment relationships, trusts, business organizations, and professional relationships. Recently, legal scholars and courts have devoted increasing attention to the application of fiduciary principles to public officials and public institutions. Some have argued that fiduciary relationships are unified by a common structure, but courts and commentators typically treat each fiduciary relationship as distinct. As a result, fiduciary law is often viewed as fragmented. The Research Handbook on Fiduciary Law shows that fiduciary law can be a distinctive field of study in its own right. This timely work presents important accounts of fiduciary relationships and new ideas on how fiduciary law can be explained. Coverage includes discussion of fiduciary obligations, fiduciary remedies, the role of equity and trusts, and public fiduciary law. A number of comparative perspectives are introduced to highlight similarities and differences between leading jurisdictions. The chapters in this Research Handbook help to show why this subject has drawn so many distinctive points of view, and sheds new light on a multi-faceted and rapidly growing field of study.This Research Handbook will be of interest to readers concerned with both the theory and practice of fiduciary law, as it incorporates significant new insights and developments in the field. It will also act as a starting point of new inquiry for those looking to contribute to the field themselves. Contributors include: S.M. Bainbridge, S.L. Bray, C.M. Bruner, M. Conaglen, E.J. Criddle, D.A. DeMott, E. Fox-Decent, S. Galoob, M. Gelter, A.S. Gold, M. Harding, G. Helleringer, C. Hill, J. Hill, L.P.Q. Johnson, S.H. Kim, A. Laby, E. Leib, A. Licht, B. McDonnell, P. Miller, D.T. Rave, D.G. Smith, A. Tuch, J. VelascoTrade Review‘The Handbook is an impressive and wide-ranging treatment of various aspects of fiduciary law that has a great deal to say that is of interest and value to someone looking at the subject without a particular corporate or governance interest.’ -- Daniel J Carr, The Edinburgh Law ReviewTable of ContentsContents: Part I Theories of Fiduciary Law 1. Fiduciary Law’s Mixed Messages Evan J. Criddle 2. Interpreting Fiduciary Law Andrew S. Gold 3. Fiduciary Relationships, Fiduciary Law, and Trust Matthew Harding 4. Delimiting Fiduciary Status Julian Velasco Part II Fiduciary Duties 5. The Parable of the Talents Stephen M. Bainbridge 6. Fiduciary Law’s Anti-Corruption Norm Sung Hui Kim 7. Competing Accounts of Fiduciary Obligation Arthur B. Laby 8. Motivation, Information, Negotiation: Why Fiduciary Accountability Cannot be Negotiable Amir N. Licht 9. Dimensions of Fiduciary Loyalty Paul B. Miller Part III Liability and Remedies 10. Punitive Damages Against Trustees? Samuel L. Bray 11. Culpable Participation in Fiduciary Breach Deborah A. DeMott Part IV Corporations 12. Structural Bias, R.I.P.? Claire A. Hill and Brett H. McDonnell 13. Relating fiduciary duties to corporate personhood and corporate purpose Lyman P.Q. Johnson Part V Comparative Fiduciary Law 14. Opting Out of Fiduciary Duties and Liabilities in U.S. and U.K. Business Entities Christopher M. Bruner 15. Directors’ Duties and Legal Safe Harbours: A Comparative Analysis Jennifer G. Hill and Matthew Conaglen 16. Corporate Opportunities in the US and in the UK: How differences in enforcement explain differences in substantive fiduciary duties Martin Gelter and Genevieve Helleringer 17. The Weakening of Fiduciary Law Andrew F. Tuch Part VI Public Fiduciaries 18. Challenges to Public Fiduciary Theory: An Assessment Evan Fox-Decent 19. The Core of Fiduciary Political Theory Stephen R. Galoob and Ethan J. Leib 20. Institutional Competence in Fiduciary Government D. Theodore Rave Index

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Book SynopsisWith fifty trillion in worldwide assets, the growth of mutual funds is a truly global phenomenon and deserves a broad international analysis. Local political economies and legal regimes create different regulatory preferences for the oversight of these funds, and academics, public officials and legal practitioners wishing to understand the global investing environment will require a keen awareness of these international differences. The contributors, leading scholars in the field of investment law from around the world, provide a current legal analysis of funds from a variety of perspectives and using an array of methodologies that consider the large fundamental questions governing the role and regulation of investment funds. This volume also explores the identity and behavior of investors as well as issues surrounding less orthodox funds, such as money market funds, ETFs, and private funds.This Handbook will provide legal and financial scholars, academics, lawyers and regulators with a vital tool for working with mutual funds.Contributors include: W.A. Birdthistle, M. Bullard, I.H-Y Chiu, B. Clarke, Q. Curtis, D.A. DeMott, J. Fanto, J.E. Fisch, P. Hanrahan, L.P.Q. Johnson, W.A. Kaal, A.K. Krug, A.B. Laby, J.D. Morley, A. Palmiter, I. Ramsay, E.D. Roiter, M. White, D.A. ZetzscheTrade Review'A splendid and illuminating overview of the regulation of mutual funds. The Research Handbook assembles contributions from leading scholars in the United States and around the world, offering a fascinating array of perspectives on the challenges facing mutual fund investors and regulators. The volume includes both insightful analyses of existing regulatory practices and creative prescriptions for reforms and renewal. The book will be an invaluable resource for both scholars and practitioners interested in understanding the evolution and future of the regulation of mutual funds.' --Howell Jackson, Harvard University, Law School, USTable of ContentsContents: List of Contributors Introduction to the Research Handbook on the Regulation of Monetary Funds William A. Birdthistle and John Morley PART I THE ROLE AND REGULATION OF INVESTMENT FUNDS 1. Why Do Investment Funds Have Special Securities Regulation? John Morley 2. The Rise and Fall of the Mutual Fund Brand Mercer Bullard 3. Fiduciary Contours: Perspectives on Mutual Funds and Private Funds Deborah A. DeMott 4. The Fiduciary Structure of Investment Management Regulation Arthur B. Laby PART II IDENTITY AND BEHAVIOR OF MUTUAL FUND INVESTORS 5. Who Are Mutual Fund Investors? Alan Palmiter 6. Protecting Mutual Fund Investors: An Inevitable Eclecticism Lyman P.Q. Johnson 7. The Past and Present of Mutual Fund Fee Litigation Under Section 36(b) Quinn Curtis 8. Toward Better Mutual Fund Governance Anita K. Krug 9. Mutual Fund Compliance: Key Developments and Their Implications James Fanto PART III THE BROADER RANGE OF INVESTMENT FUNDS 10. Tales From The Dark Side: Money Market Funds and the Shadow Banking Debate Jill E. Fisch 11. Exchange-Traded Funds: Neither Fish Nor Fowl Eric D. Roiter 12. Free Funds: Retirement Savings as Public Infrastructure William A. Birdthistle 13. Confluence of Mutual and Hedge Funds Wulf A. Kaal PART IV INTERNATIONAL PERSPECTIVES ON INVESTMENT FUNDS 14. The Anatomy of European Investment Fund Law Dirk A. Zetzsche 15. Governance Aspects of Mutual Funds in Ireland Blanaid Clarke and Mark White 16. Regulating Collective Retail Investment Funds in the United Kingdom with the Objective of Investor Protection, and Some Implications Iris H-Y Chiu 17. Regulation of Mutual Funds in Australia Pamela Hanrahan and Ian Ramsay Index

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Book SynopsisIncreasing international investment, the proliferation of international investment agreements, domestic legislation and investor-state contracts have contributed to the development of a new field of international law that defines obligations between host states and foreign investors with investor-state dispute settlements. This involves not only vast sums, but also a panoply of rights, duties and shifting objectives at the juncture of national and international law and policy. This engaging Research Handbook provides an authoritative account of these diverse investment law issues.Written by international experts in the field, the contributions provide economic, political and legal perspectives to cover all aspects of international and national investment law. With regional perspectives from Africa, Asia, Australia and New Zealand, Europe, and Latin and North America, this Research Handbook offers an analytical overview of the key areas of current research interest and developments in investment law. Vitally, the expert contributors outline future and upcoming issues, as well as providing a research agenda for the topic.This Research Handbook will be an excellent resource for researchers in academic institutions, governments and non-governmental organisations, as well as for practitioners including government officials, negotiators and practicing lawyers.Contributors: I. Alvik, D. Atanasova, J. Baumgartner, C. Binder, D.N. Dagbanja, S.B. Danzman, E. De Brabandere, A. De Luca, A. Dimopoulos, K.F. Gómez, K. Gülay, A.R. Hippolyte, R.T. Hoffmann, L. Hsu, M. Jacobson, P. Janig, L. Johnson, M. Krajewski, K. Magraw, A. Mitchell, M. Molinuevo, P.M. Protopsaltis, S. Robert-Cuendet, G. Sacerdoti, L. Sándor, S. Schacherer, S.W. Schill, C. Titi, E. TuerkTrade Review'This formidable work brings together the leading experts in the field of international investment law to address cutting edge issues in that law as well as covering the particular problems that arise in geographical regions. Existing areas are competently surveyed. But more importantly, new areas such as the impact of sustainable development, the interface with trade in services, the context of economic crises and others are conveniently covered in a single book so that a search does not have to be made in several works to find the law. It is a work that will be of immense help to students, researchers and practitioners in the field.' --M. Sornarajah, National University of SingaporeTable of ContentsContents: PART I FOUNDATIONS 1. The political economy of bilateral investment treaties Sarah Bauerle Danzman 2. Legal approaches to foreign direct investment Stephan Schill and Kerem Gülay 3. Foreign investment law and developing countries Antonius Rickson Hippolyte 4. FDI, international investment agreements and the sustainable development goals Lise Johnson PART II INTERNATIONAL INVESTMENT AGREEMENTS 5. Trends and reform debates Elisabeth Tuerk, Jorun Baumgartner and Dafina Atanasova 6. Scope of international investment agreements and substantive protection standards Catharine Titi 7. Investment dispute settlement Anna De Luca and Giorgio Sacerdoti 8. FDI and services trade: connections in rules and dispute settlement Martín Molinuevo and Michael Jacobson PART III INVESTMENT REGULATIONS AND INCENTIVES 9. Investor-state contracts Ivar Alvik 10. Investment guarantees and political risk insurance Panayotis M. Protopsaltis PART IV REGIONAL PERSPECTIVES 11. Africa Dominic Npoanlari Dagbanja 12. Asia Locknie Hsu 13. Australia and New Zealand Andrew Mitchell 14. European Union Angelos Dimopoulos 15. Central and Eastern Europe Lénárd Sándor 16. Latin America Katia Fach Gómez 17. North America Kendra Magraw PART V CHALLENGES AND CONTENTIOUS ISSUES 18. International investment law and sustainable development Stefanie Schacherer and Rhea Tamara Hoffmann 19. Protection of the environment and international investment law Sabrina Robert-Cuendet 20. Human rights and international investment law Eric De Brabandere 21. Investment agreements and financial crises Christina Binder and Philipp Janig Index

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Book SynopsisNo single-volume publication brings together as many diverse and stimulating perspectives on secured financing law as does this EE Research Handbook. Its great strengths are asking hard questions and recognizing how difficult reform is. Contributors report on what works (and what doesn't), drawing on evidence from legal systems less often studied in this context (e.g., Brazil, Morocco). I cannot imagine a researcher in the field who would not be intrigued by analysis of such issues as access of women to secured financing, constraints Shari ah places on use of security devices, and reasons for Russia's meandering path to modernization.'- Peter Winship, SMU Dedman School of Law, USThis cutting-edge Handbook presents an overview of research and thinking in the field of secured financing, examining international standards and best practices of secured transactions law reform and its economic impact. Expert contributors explore the breadth and depth of the subject matter across diverse sectors, and illustrate the choices and trade-offs that policy makers face via a number of illuminating case studies.The book explores groundbreaking research across a comprehensive range of sectors and countries, including new, original analysis of Shari'ah compliant collateral regimes and improved access to finance for women. A diverse group of experts offer cutting-edge points of view as well as case studies from England and Wales, Morocco, Russia and Romania.The result is a unique and wide-ranging examination of secured transactions reform across the world and a valuable resource for researchers, government and development agencies, banks, and law firms.Contributors: J. Armour, S. Bazinas, N. Budd, A. Burtoiu, R. Calnan, F. Dahan, M. Dubovec, L. Gullifer, I. Istuk, T. Johnson, O. Lemseffer, C. de Lima Ramos, J. Lymar, C. Manuel, M.J.T. McMillen, A.P. Menezes, M. Mourahib, E. Murray, N. Nikitina, V. Padurari, J.-H. Röver, M. Uttamchandani, K. van Zwieten, P.R. WoodTrade Review‘No single-volume publication brings together as many diverse and stimulating perspectives on secured financing law as does this Research Handbook. Its great strengths are asking hard questions and recognizing how difficult reform is. Contributors report on what works (and what doesn’t), drawing on evidence from legal systems less often studied in this context (e.g., Brazil, Morocco). I cannot imagine a researcher in the field who would not be intrigued by analysis of such issues as access of women to secured financing, constraints Shari’ah places on use of security devices, and reasons for Russia’s meandering path to modernization.’ -- Peter Winship, Southern Methodist University, Dedman School of Law, USTable of ContentsContents: Foreword Philip R. Wood PART I SECURED TRANSACTIONS LAW, ECONOMIC IMPACT AND REFORM 1. How do Creditor Rights Matter for Debt Finance? A Review of Empirical Evidence John Armour, Antonia Menezes, Mahesh Uttamchandani And Kristin Van Zwieten 2. The Influence of the UNCITRAL Legislative Guide On Secured Transactions Spyridon V. Bazinas 3. A Single Framework Governing Secured Transactions? Comparative Reflections Frederique Dahan 4. Implementing Shari’ah-Compliant Collateral Security Regimes: Select Issues Michael J.T. Mcmillen 5. Levelling the Legal Playing Field: What the Law Can and Can’t do to Improve Women’s Access to Secured Finance Clare Manuel PART II SECURED FINANCING: MANY FACETS AND CONTEXTS 6. Untying the Gordian Knot: Farmers, Banks, Insurers, Warehouse Receipts, Commodity Exchanges, Collateral Managers and Access to Credit Nicholas Budd 7. Sowing the Good Seeds: The Brazilian Experience of Agriculture Financing Christian de Lima Ramos 8. The Potential of Factoring for Improving SME Access to Finance Ivor Istuk 9. Security in Project Finance and PPP and the Implications for Secured Transactions Law: “Security is a Shield, Not a Sword” Jan-Hendrik Röver 10. Keeping it Real: SME Financing, Secured Transactions and Risk Appetite Tom Johnson 11. Financial Collateral Arrangements and the Financial Markets Edward Murray 12. Fundamentals of Taking Security Interests in Bank Accounts Marek Dubovec PART III TRENDS AND PERSPECTIVES FOR REFORM 13. Secured Transactions Law Reform in Russia: A Tortuous but Ultimately Successful Journey Natalia Nikitina and Julia Lymar 14. Reforming an Established Secured Transactions Legal System: Why and How Morocco is Approaching the Challenge Mustapha Mourahib, Bertrand Fournier-Montgieux and Ouns Lemseffer 15. Taking Stock of Romanian Secured Transactions After 15 Years of Reform: A Mapping of Past, Present and Future Milestones Victor Pădurari and Andreea Simona Burtoiu 16. Piecemeal Reform: Is it The Answer? Louise Gullifer 17. What Makes a Good Law of Security? Richard Calnan Index

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Book SynopsisA heavily debated topic, the evolution of shareholders' duties risks the transformation of the very concept of shareholder primacy, crucially associated with shareholder rights. Offering a distinctive and comprehensive examination of both current and forthcoming enforcement mechanisms in the area of shareholder duties, this timely book provides an exhaustive analysis of the many issues related to these mechanisms, and considers the ongoing challenges surrounding their implementation.Enforcing Shareholders' Duties is unique in critically challenging the revised Shareholder Rights Directive as well as other legal provisions. Adopting a holistic view of the possible enforcement issues shareholders may face in company law, it argues for a measured approach in the design of such enforcement mechanisms and for a careful consideration of the effects of a legal interventionist approach. Astute and engaging chapters provide arguments and recommendations for future regulatory initiatives aimed at ensuring shareholders will remain incentivised to invest in companies, whilst still assuming their responsibilities.Students and researchers with an interest in financial and corporate law, particularly from a policy and governance angle, will find this book an important resource. Its focus on the emerging agenda surrounding the enforcement of shareholders' duties ensure it is also highly relevant for legislators, policymakers, and practitioners.Contributors include: A. Anand, H.S. Birkmose, J. Borg-Barthet, I.H.-Y. Chiu, M. Gargantini, E. Howell, C. Malberti, M. Neville, J. Payne, C. PuskaTrade Review'The great financial crisis of 2008 led the EU to rethink the relationship between listed companies and shareholders. Institutional investors have been requested to play a stewardship role in listed companies as well as banks, and to force management to take a more long-term view. Enforcing Shareholders' Duties offers the first comprehensive analysis on the enforcement of these new obligations, examining the key issue as to whether jurisdictions should choose private, public or ''social'' enforcement, or a combination thereof, and to what extent? This book will be of great interest to institutional investors, companies, policymakers and academics, not just in the EU, but also worldwide.' --Pierre-Henri Conac, University of Luxembourg'The imposition of engagement and/or fiduciary duties upon shareholders, whether institutional or controlling ones, is a relatively new phenomenon in most jurisdictions, the implications of which for corporate law can hardly be overestimated. This volume fills an important gap in the literature by focusing on the law in action of shareholder duties. Its rich and insightful chapters give the reader a refined, nuanced and comprehensive understanding of the challenges and ramifications of the policies underlying the imposition of shareholder duties.' --Luca Enriques, University of Oxford, UK'The role of shareholders is paramount in corporate governance, and their duties are underexplored. This important book makes a crucial contribution to rethinking the different ways in which shareholders' obligations may be made operational in corporate law - with implications that must concern all scholars, policymakers and practitioners in this area.' --Wolf-Georg Ringe, University of Hamburg, GermanyTable of ContentsContents: Foreword Takis Tridimas PART I: The Contours of Enforcement 1. Legal and Economic Rationales for Shareholder Duties and their Enforcement Anita Anand and Christopher Puskas 2. Duties Imposed on Specific Shareholders Only, and Enforcement Implications Hanne Birkmose 3. Shareholder Engagement Duties: The European Move beyond Stewardship Christoph Van der Elst PART II: The Sources of Enforcement 4. Contractual Enforcement of Shareholders’ Duties Corrado Malberti 5. Private vs Public Enforcement of Shareholder Duties Iris Chiu 6. Legal vs Social Enforcement of Shareholder Duties Konstantinos Sergakis PART III: Sanctioning Shareholders’ Duties 7. Enforcing shareholder duties through suspension of the exercise of voting rights Karsten Sørensen and Mette Neville 8. Financial Sanctions for breach of shareholders’ duties Jennifer Payne and Elizabeth Howell 9. The Basis of Shareholder Liability for Corporate Wrongs Christian A. Witting PART IV: Barriers to Enforcement 10. Barriers to Shareholder Identification and Entitlement Matteo Gargantini 11. Barriers to the Enforcement of Shareholders’ Duties Flowing from Primary EU Law Christoph Teichmann and Lothar Wolff 12. Jurisdictional Barriers to Enforcement Justin Borg-Barthet Index

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Book SynopsisSustainable development remains a high priority in international politics and commerce. This timely book explores how the contours and facets of economic, environmental and social sustainability are reflected in the legal norms that govern trade, investment and finance. Examining a range of issues arising from private initiatives, national conduct and international organisations, the chapters interrogate the role of powerful global actors in the pursuit of sustainable development: China, the United States and the EU are all recognised as significant actors in a wider context of global partnership. The authors identify and investigate challenges to the realisation of a coherent sustainable development policy, engaging with the complex interactions of international, regional and national mechanisms that pose significant problems for the future of the planet, its people and their prosperity. Offering interdisciplinary insights on legal frameworks through the lens of sustainability, this discerning book will appeal to a range of academics interested in sustainability, trade, investment and finance, while also offering crucial insights for policy-makers into specific areas of regulation.Trade Review‘Understanding the regulatory frameworks of trade, investment and finance and their impact on corporate sustainability is crucial. This highly topical volume provides fresh insights combined with a comprehensive analysis that makes it a necessary contribution not only in trade, investment and finance, but also for scholars, students and policy-makers of company law, corporate governance and business generally.’ -- Beate Sjåfjell, University of Oslo and coordinator of the SMART project, NorwayTable of ContentsContents: 1. The Concept of Sustainability and its Application in International Trade, Investment and Finance Clair Gammage and Tonia Novitz PART I TRADE LAW 2. Sustainable Trade, Renewable Energy and the WTO Daniel Szabo 3. Social Norms in EU-Free Trade Agreements: Justiciable or Not? Clair Gammage 4. Increasing the Social Sustainability of Trade Agreements in Terms of Labour Standards: Insights from the TPP Experience Franz Christian Ebert PART II SUPPLY CHAINS 5. Sustainable Global Supply Chains: From Transparency to Due Diligence Kasey McCall-Smith and Andreas Rühmkorf 6. Regulating Sustainability by Combining Legality Verification and Market Access: Critical Reflections on the EU’s FLEGT Scheme as ‘Smart-Mix’ Multi-Level Regulation for the Timber Sector Karin Buhmann and Iben Nathan PART III CONTENT OF INVESTMENT TREATIES 7. Old Players, New Rules: A Critique of the China-Ethiopia and China-Tanzania Bilateral Investment Treaties Amy Man 8. The Principle of ‘CBDR’ in BITs to Promote Sustainable Development Strategies while Combating Environmental Degradation: A Developing Country Perspective Shamila Dawood PART IV INVESTMENT ARBITRATION 9. Human Rights Obligations in Investor-State Contracts: Reconciling Investors' Legitimate Expectations with the Public Interest Enrique Boone Barrera 10. From Myopia to Flashes of Clear Vision? Deciding Interaction and Conflict of Treaties in Investor-State Arbitration after Urbaser v Argentina Ahmad Ghouri 11. Achieving Sustainable Development Objectives in International Investment Law through the Lens of Treaty Interpretation Ying-Jun Lin PART V FUNDING, FINANCE AND TAX 12. Fossil Fuels Divestment: A Strategy for Sustainability? Benjamin J. Richardson 13. Creative Cocktails or Toxic Brews? Blended Finance and the Regulatory Framework for Sustainable Development Celine Tan 14. Apple Tax: The Core Issues Irene Lynch Fannon Index

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Book SynopsisThe Economic and Monetary Union (EMU) constitutes a key pillar of the project of European integration, and the law serves as the infrastructure of the EU's system of economic governance. This comprehensive Research Handbook analyses and explains this complex architecture from a legal point of view and looks ahead to the challenges it faces and how these can be resolved. Bringing together contributions from leading academics from across Europe and top lawyers from several EU institutions, this Research Handbook is the first to cover all aspects of the Eurozone's legal ecosystem, including the fiscal, monetary, banking, and capital markets unions. In doing so, it offers an up-to-date and in depth assessment of the norms and procedures that underpin EMU, exploring the latest developments, highlighting the strengths and weaknesses of the existing framework, and making suggestions for necessary reform through policy and law. Scholars and advanced students with an interest in EU economic law will find this Research Handbook to be an indispensable guide. It will also prove valuable to policy-makers and legal advisors working in EU institutions, as well as practitioners in the field and officials in both EU and national administrations.Trade Review'This Research Handbook is a thorough and well-organized volume on European economic law. It is a timely publication given the fast pace of changes in European economic affairs and presents a balanced look at the strengths and weaknesses among European Monetary Union institutions with an eye to the future from the contributors’ perspectives. This particular addition to the series is unique among other publications for its in-depth analysis of EU economic law.'--Stephanie C Miller, International Journal of Legal InformationTable of ContentsContents: 1. Introduction Federico Fabbrini and Marco Ventoruzzo PART I Economic Union 2. Institutional architecture Alberto de Gregorio Merino 3. Fiscal Rules Jean-Paul Keppenne 4. Mechanisms of Financial Stabilization Tomi Tuominen 5. Fiscal Capacity Federico Fabbrini PART II Monetary Union 6. Institutional architecture (ECB, Eurosystem) Phoebus Athanassiou 7. Conventional & Unconventional Monetary Policy Aikaterini Pantazatou and Ioannis Asimakopoulos 8. Monetary Policy and Judicial Review Stefania Baroncelli 9. Adjustment Programs and Conditionality Roderic O’Gorman PART III Banking Union 10. The Single Rulebook and the European Banking Authority Valia Babis 11. Single Supervisory Mechanism Tobias H. Troeger 12. Single Resolution Mechanism Christos Gortsos 13. European Deposit Insurance Scheme Christos Gortsos PART IV Capital Markets Union 14. The European System of Financial Supervision Sophie Vuarlot-Dignac and Eugenia Siracusa 15. Capital Markets Union Danny Busch 16. Financial Services and Investment Funds Filippo Annunziata 17. Clearing and Settlement Nadia Linciano 18. Concluding remarks Andreas Heinzmann and Valerio Scollo Index

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Book SynopsisAnti-Money Laundering Regulation and Compliance: Key Problems and Practice Areas is a comprehensive treatment of the anti-money laundering/combatting the financing of terrorism (AML/CFT) and sanctions compliance programs, recordkeeping and reporting requirements, and the best practices under the Bank Secrecy Act (BSA) and sanctions regulatory regimes. AML/CFT and sanctions provisions are highly interrelated. Onboarding and customer due diligence requirements generate the data entered into transaction monitoring and screening systems.This book is unique in placing the prescriptive and program elements within the 'risk-based approach'that is foundational to AML/CFT compliance and the related risk management systems. Relatedly, the book describes corporate governance best practices and the 'three lines of defense' model that hold management accountable for exposure to money laundering and terrorist financing risks created by their business strategies. The book includes practical guidance on AML/CFT and sanctions model risk management, reflecting firms' growing reliance on machine learning and AI compliance solutions and the compliance risk of firms that adhere to Federal Reserve model risk management expectations. Also unique in the literature, it identifies a 'compliance paradox' that arises from the sharp tension between firms' modes of generating revenue and the law enforcement focus of AML/CFT and sanctions regulation and explains how this tension can compromise compliance.Anti-Money Laundering Regulation and Compliance also serves as a go-to guide for practitioners and beginners in the field or as a required text in graduate, certificate, and law school programs.Trade Review'Alexander Dill‘s Anti-Money Laundering Regulation and Compliance provides a uniquely intelligent walk through the AML system that is so often reduced to a complex web of rules: the author approaches his topic from the most challenging end, trying to make sense of that enigmatic risk based approach... This book helps, like few others, those working within the financial services industry and outside observers alike to make sense of these heavily criticized AML standards.' -- Mark Pieth, University of Basel, SwitzerlandTable of ContentsContents: Preface 1. Introduction to Anti-Money Laundering Regulation and Compliance 2. Introductory overview of money laundering and terrorist financing risks and their regulation 3. AML/CFT and OFAC regulatory, supervisory, and enforcement framework 4. AML/CFT and OFAC reporting, recordkeeping, and information-sharing requirements 5. Regulatory expectations for AML/CFT and OFAC compliance programs 92 6. The role of corporate governance in mitigating AML/CFT and OFAC compliance risk 7. The role of risk management in meeting AML/CFT and OFAC regulatory expectations 8. The risk-based approach to suspicious transaction monitoring and sanctions screening References Index

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Book SynopsisAnti-Money Laundering Regulation and Compliance: Key Problems and Practice Areas is a comprehensive treatment of the anti-money laundering/combatting the financing of terrorism (AML/CFT) and sanctions compliance programs, recordkeeping and reporting requirements, and the best practices under the Bank Secrecy Act (BSA) and sanctions regulatory regimes. AML/CFT and sanctions provisions are highly interrelated. Onboarding and customer due diligence requirements generate the data entered into transaction monitoring and screening systems.This book is unique in placing the prescriptive and program elements within the 'risk-based approach'that is foundational to AML/CFT compliance and the related risk management systems. Relatedly, the book describes corporate governance best practices and the 'three lines of defense' model that hold management accountable for exposure to money laundering and terrorist financing risks created by their business strategies. The book includes practical guidance on AML/CFT and sanctions model risk management, reflecting firms' growing reliance on machine learning and AI compliance solutions and the compliance risk of firms that adhere to Federal Reserve model risk management expectations. Also unique in the literature, it identifies a 'compliance paradox' that arises from the sharp tension between firms' modes of generating revenue and the law enforcement focus of AML/CFT and sanctions regulation and explains how this tension can compromise compliance.Anti-Money Laundering Regulation and Compliance also serves as a go-to guide for practitioners and beginners in the field or as a required text in graduate, certificate, and law school programs.Trade Review'Alexander Dill‘s Anti-Money Laundering Regulation and Compliance provides a uniquely intelligent walk through the AML system that is so often reduced to a complex web of rules: the author approaches his topic from the most challenging end, trying to make sense of that enigmatic risk based approach... This book helps, like few others, those working within the financial services industry and outside observers alike to make sense of these heavily criticized AML standards.' -- Mark Pieth, University of Basel, SwitzerlandTable of ContentsContents: Preface 1. Introduction to Anti-Money Laundering Regulation and Compliance 2. Introductory overview of money laundering and terrorist financing risks and their regulation 3. AML/CFT and OFAC regulatory, supervisory, and enforcement framework 4. AML/CFT and OFAC reporting, recordkeeping, and information-sharing requirements 5. Regulatory expectations for AML/CFT and OFAC compliance programs 92 6. The role of corporate governance in mitigating AML/CFT and OFAC compliance risk 7. The role of risk management in meeting AML/CFT and OFAC regulatory expectations 8. The risk-based approach to suspicious transaction monitoring and sanctions screening References Index

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.This important Advanced Introduction considers the multiple ways in which law and entrepreneurship intertwine. Shubha Ghosh expertly explores key areas defining the field, including lawyering, innovation policy, intellectual property and economics and finance, to enhance both legal and pedagogical concepts.Key features include: a survey of critical scholarly articles in the field of law and entrepreneurship analysis of challenges to legal professions in the new technological environment traces the roots of law and entrepreneurship to scholarly study of intellectual property. This Advanced Introduction will be a useful resource for scholars and instructors in law and business schools who teach courses on innovation and entrepreneurship. Students at both undergraduate and postgraduate levels will also appreciate the insights provided into the basic concepts, methods and future research directions.Table of ContentsContents: 1. Concepts 2. Lawyering and entrepreneurship 3. Social entrepreneurship 4. Intellectual property law and entrepreneurship 5. Entrepreneurship and innovation policy 6. Economics, markets and entrepreneurship 7. Finance and entrepreneurship 8. Future directions Selected bibliography Index

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.This important Advanced Introduction considers the multiple ways in which law and entrepreneurship intertwine. Shubha Ghosh expertly explores key areas defining the field, including lawyering, innovation policy, intellectual property and economics and finance, to enhance both legal and pedagogical concepts.Key features include: a survey of critical scholarly articles in the field of law and entrepreneurship analysis of challenges to legal professions in the new technological environment traces the roots of law and entrepreneurship to scholarly study of intellectual property. This Advanced Introduction will be a useful resource for scholars and instructors in law and business schools who teach courses on innovation and entrepreneurship. Students at both undergraduate and postgraduate levels will also appreciate the insights provided into the basic concepts, methods and future research directions.Table of ContentsContents: 1. Concepts 2. Lawyering and entrepreneurship 3. Social entrepreneurship 4. Intellectual property law and entrepreneurship 5. Entrepreneurship and innovation policy 6. Economics, markets and entrepreneurship 7. Finance and entrepreneurship 8. Future directions Selected bibliography Index

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Book SynopsisThis indispensible book offers step-by-step guidance to small and mid-sized companies and non-profit organizations in managing corruption risks in overseas markets. It covers how and why to build a culture of integrity, develop a risk-based anti-corruption compliance programme, and engage with other industry players in collective action against shared corruption challenges. The focus on culture, compliance and collective action helps resource-stretched companies to build a strong foundation for a healthy and flourishing organization, as well as contribute towards raising standards of integrity across their industry. Key features include: Guidance for creating and contributing to collective action Quick definitions, tips and practical tools such as checklists A hands-on approach with an emphasis on culture and leadership Case studies and real-life examples of both corruption risks and the importance of a strong compliance culture. Anti-Corruption Compliance will be an invaluable resource for senior managers of small and mid-sized organizations in minimizing exposure to corruption risks in international markets. It will also prove useful to corporate lawyers and others involved with compliance functions in larger companies, as well as to academics and students of corporate law with an interest in anti-corruption and compliance.Trade Review'This book should have a place in the libraries of SMEs and MNEs alike, and worn copies on the desks of compliance personnel and other senior company officers concerned with risk. Well-written and researched, the book should help enlighten and inform its primary audience of SMEs as well as others ranging from experienced compliance professionals at MNEs to regulators and academics. The case studies put real meat on the bones of sometimes obtuse or confusing anti-corruption laws and showcase possible compliance responses and good governance solutions to difficult real-life corruption risks.' --Michael Silverman, Hughes Hubbard & Reed LLP and first World Bank Group Integrity Compliance Officer, US'This book is a must-read for people who are serious about understanding and complying with the myriad rules about corruption. The book is concise and direct, but comprehensive - it packs tremendous insight into a digestible format. I recommend this book to everyone with an interest in corruption control.' --Philip M. Nichols, University of Pennsylvania, US'Anti-corruption compliance is a must for SMEs as they are more vulnerable than large multinationals. At the same time, putting in place an anti-bribery anti-corruption (ABAC) compliance programme is often considered costly and burdensome, especially for SMEs. Gemma Aiolfi debunks these assumptions. The author, who has extensive experience in the area, clearly illustrates how anti-corruption compliance ought not to be ''a standalone topic but plays into wider frameworks of business strategy and risk management''. As she rightly points out ABAC compliance is not only a question of policies, process and procedures; it is first and foremost a pillar for a sound and sustainable corporate culture. In that respect being an SME may be an advantage rather than a disadvantage. Aiolfi's book addresses policy issues and presents practical solutions in a condensed and user-friendly manner. It is great reading for all practitioners, be they chief compliance officers, in house and external lawyers or CEOs.' --Nicola Bonucci, Paul Hastings (Europe) LLP, Paris, FranceTable of ContentsContents: 1. Introduction 2. Drivers of anti-corruption compliance affecting SMEs 3. Culture, leadership and governance 4. Corruption risks in context and how to assess them 5. From the code of conduct to controls 6. Common questions and practical tips 7. Anti-corruption collective action Appendix: International anti-corruption standards and a selection of national laws Index

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Book SynopsisThis indispensible book offers step-by-step guidance to small and mid-sized companies and non-profit organizations in managing corruption risks in overseas markets. It covers how and why to build a culture of integrity, develop a risk-based anti-corruption compliance programme, and engage with other industry players in collective action against shared corruption challenges. The focus on culture, compliance and collective action helps resource-stretched companies to build a strong foundation for a healthy and flourishing organization, as well as contribute towards raising standards of integrity across their industry. Key features include: Guidance for creating and contributing to collective action Quick definitions, tips and practical tools such as checklists A hands-on approach with an emphasis on culture and leadership Case studies and real-life examples of both corruption risks and the importance of a strong compliance culture. Anti-Corruption Compliance will be an invaluable resource for senior managers of small and mid-sized organizations in minimizing exposure to corruption risks in international markets. It will also prove useful to corporate lawyers and others involved with compliance functions in larger companies, as well as to academics and students of corporate law with an interest in anti-corruption and compliance.Trade Review'This book should have a place in the libraries of SMEs and MNEs alike, and worn copies on the desks of compliance personnel and other senior company officers concerned with risk. Well-written and researched, the book should help enlighten and inform its primary audience of SMEs as well as others ranging from experienced compliance professionals at MNEs to regulators and academics. The case studies put real meat on the bones of sometimes obtuse or confusing anti-corruption laws and showcase possible compliance responses and good governance solutions to difficult real-life corruption risks.' --Michael Silverman, Hughes Hubbard & Reed LLP and first World Bank Group Integrity Compliance Officer, US'This book is a must-read for people who are serious about understanding and complying with the myriad rules about corruption. The book is concise and direct, but comprehensive - it packs tremendous insight into a digestible format. I recommend this book to everyone with an interest in corruption control.' --Philip M. Nichols, University of Pennsylvania, US'Anti-corruption compliance is a must for SMEs as they are more vulnerable than large multinationals. At the same time, putting in place an anti-bribery anti-corruption (ABAC) compliance programme is often considered costly and burdensome, especially for SMEs. Gemma Aiolfi debunks these assumptions. The author, who has extensive experience in the area, clearly illustrates how anti-corruption compliance ought not to be ''a standalone topic but plays into wider frameworks of business strategy and risk management''. As she rightly points out ABAC compliance is not only a question of policies, process and procedures; it is first and foremost a pillar for a sound and sustainable corporate culture. In that respect being an SME may be an advantage rather than a disadvantage. Aiolfi's book addresses policy issues and presents practical solutions in a condensed and user-friendly manner. It is great reading for all practitioners, be they chief compliance officers, in house and external lawyers or CEOs.' --Nicola Bonucci, Paul Hastings (Europe) LLP, Paris, FranceTable of ContentsContents: 1. Introduction 2. Drivers of anti-corruption compliance affecting SMEs 3. Culture, leadership and governance 4. Corruption risks in context and how to assess them 5. From the code of conduct to controls 6. Common questions and practical tips 7. Anti-corruption collective action Appendix: International anti-corruption standards and a selection of national laws Index

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Book SynopsisThis book provides a concise, practical guide to the European Union's Anti-Tax Avoidance Directive (ATAD). Presenting unique insights into the ATAD's five specific anti-avoidance rules, its chapters explain the background of those rules, the directive's interactions with relevant jurisprudence, and the challenges posed to the ATAD's interpretation and implementation in domestic law. Key features include: critical, article-by-article analysis of the ATAD contextual information on the legislative environment in which the ATAD operates, embedding it in the wider landscape of CJEU jurisprudence insights into the day-to-day application of the ATAD rules in practice contributions from leading academics and practitioners in the field of tax law examples of the challenges to the interpretation and implementation of ATAD, taken from a range of EU Member States. European and international tax advisors, along with policy makers in the field of tax law, will find this book to be a comprehensive yet accessible guide to the ATAD and its correct application. Those who carry out research in European tax law can also benefit from this book's critical approach to the ATAD and the questions that surround anti-tax avoidance legislation in the European Union. Contributors include: D. Gutmann, W. Haslehner, R. Ismer, B. Kuzniacki, K. Pantazatou, L. Parada, I. Richelle, A. Rust, P. Schwarz, K. Spies, B. van Raaij, F. VanistendaelTrade Review'This book is an excellent guide to the many difficult issues posed by the implementation of the ATAD, in which the authors successfully combine fundamental technical analysis with practical conclusions. With its clear structure and lucid writing, it will prove an invaluable resource for any tax practitioner who faces the challenge of navigating the multi-layered maze of anti-avoidance rules in the EU.' --Kees van Raad, International Tax Center Leiden, the NetherlandsTable of ContentsContents: 1. From Abuse to Base Erosion, How Did It Come to This? Frans Vanistendael 2. The General Scope of the ATAD and Its Position in the EU Legal Order Werner Haslehner 3. Abuse of Law as a General Principle of European Union (Tax) Law Roland Ismer 4. The Interest Limitation (Article 4 ATAD) Daniel Gutmann 5. The Exit Tax Rule (Article 5 ATAD) Paloma Schwarz 6. The GAAR (Article 6 ATAD) Błażej Kuźniacki 7. Controlled Foreign Company Rule (Articles 7 and 8 ATAD) Alexander Rust 8. Hybrid Financial Instruments and Anti-Hybrid Rules in the EU ATAD (Article 9 ATAD) Leopoldo Parada 9. Hybrid Entities and Anti-Hybrid Rules in the EU ATAD (Article 9 and 9a ATAD) Karoline Spies 10. ATAD, Double Taxation and Tax Dispute Resolution Isabelle Richelle 11. Effective Implementation of the ATAD: Information Collection, Exchange and Monitoring through DAC 6 Katerina Pantazatou 12. Where Do We Go From Here? – The Steady Move Towards a Common Corporate Tax Base Bart van Raaij Index

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Book SynopsisThis textbook examines the legal and regulatory approaches to digital assets and related technology taken by United States regulators. As cryptoassets and other blockchain applications mature, and regulatory authorities work hard to keep pace, Daniel Stabile, Kimberly Prior and Andrew Hinkes invite students to consider the legal approaches, challenges and tension points inherent in regulating these new products and systems. The authors explore the attempts to apply securities laws and money transmission regulation, the growth of smart contracts, the taxation of digital assets, and the intersection of digital assets and criminal law. This innovative and unique textbook features: Commentary and analysis by three leading attorneys engaged with the regulation of digital assets and blockchain technology, offering practical, real-world acumen A comprehensive overview of the origins, key features and mechanisms of blockchain technology, as well as a broad intimation of the divisive debates that will shape the future of digital assets, to guarantee a thorough introduction to the topic for students Excerpts of authorities and other materials from key regulators, including the Financial Crimes Enforcement Network, the Securities and Exchange Commission, the Commodities Futures Trade Commission, and the Internal Revenue Service, to add insight and nuance to classroom discussions. In this, the first textbook of its kind, students of law, business, or technology will find crucial insights into the law and regulation of blockchain and a comprehensive overview of significant public debates on the topic.Table of ContentsContents: 1. Introduction 2. Overview of Distributed Ledger Technology and Terminology 3. The Regulation of Virtual Currency Businesses 4. Fundraising and Securities 5. Offers and Sales of Tokens Under U.S. Securities Laws 6. Smart Contracts 7. The Taxation of Digital Assets 8. Virtual Currency and Criminal Law Index

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Book SynopsisThis textbook examines the legal and regulatory approaches to digital assets and related technology taken by United States regulators. As cryptoassets and other blockchain applications mature, and regulatory authorities work hard to keep pace, Daniel Stabile, Kimberly Prior and Andrew Hinkes invite students to consider the legal approaches, challenges and tension points inherent in regulating these new products and systems. The authors explore the attempts to apply securities laws and money transmission regulation, the growth of smart contracts, the taxation of digital assets, and the intersection of digital assets and criminal law. This innovative and unique textbook features: Commentary and analysis by three leading attorneys engaged with the regulation of digital assets and blockchain technology, offering practical, real-world acumen A comprehensive overview of the origins, key features and mechanisms of blockchain technology, as well as a broad intimation of the divisive debates that will shape the future of digital assets, to guarantee a thorough introduction to the topic for students Excerpts of authorities and other materials from key regulators, including the Financial Crimes Enforcement Network, the Securities and Exchange Commission, the Commodities Futures Trade Commission, and the Internal Revenue Service, to add insight and nuance to classroom discussions. In this, the first textbook of its kind, students of law, business, or technology will find crucial insights into the law and regulation of blockchain and a comprehensive overview of significant public debates on the topic.Table of ContentsContents: 1. Introduction 2. Overview of Distributed Ledger Technology and Terminology 3. The Regulation of Virtual Currency Businesses 4. Fundraising and Securities 5. Offers and Sales of Tokens Under U.S. Securities Laws 6. Smart Contracts 7. The Taxation of Digital Assets 8. Virtual Currency and Criminal Law Index

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Book SynopsisSignificantly revised and expanded, this important book addresses the key pieces of EU legislation in the field of e-commerce, including on consumer rights, copyright, electronic identification, open internet access, electronic payments, competition law and digital content.Key features of this second edition include: thoroughly up-to-date analysis of decisions of the Court of Justice and the Commission article-by-article commentary on the latest directives and regulations in the field of e-commerce a unique structure featuring detailed tables of cases and legislation and paragraph references, enabling easy access to all substantive legal provisions new chapters featuring analysis of services in the internal market, copyright in the Digital Single market, measures concerning open internet access and more. This unique work provides an updated account of the essential pieces of EU legislation on e-commerce. Legal practitioners will benefit from the clear structure and close examination of key provisions. The book will also appeal to legal scholars and advanced students, who will appreciate the concise overview and thoughtful analysis on future developments in the field.Trade Review‘EU Regulation of E-Commerce: A Commentary is an invaluable resource for researchers and students interested in the regulation of digital environments. This edited volume contains an impressive range of scholars, and depth of analysis. In a fast-moving field, this volume covers the most important European directives and regulations dealing with subjects that range from copyright to consumer protection. The editors are some of the most recognised scholars in the field, and this is a valuable addition to any library.’ -- Andres Guadamuz, University of Sussex, UK‘This is an important contribution to understanding the most important policy objective of the European Union: the growth of a safe and secure, trustworthy, and legally accountable framework for transactional e-Commerce, that respects not only fundamental rights but the private rights of stakeholders. An excellent range of contributors offers chapters, not only about the ex-ante rules and protections available for consumers, rightsholders, and the supply of digital content but the range of ex-post remedies and enforcement mechanisms available in the EU.' -- Mark Leiser, Leiden University, the NetherlandsTable of ContentsContents: Preface xix 1 The European Union and E-Commerce 1 Arno R. Lodder and Andrew D. Murray 2 Directive 2003/31/EC on Certain Legal Aspects of Information Society Services, in particular Electronic Commerce in the Internal Market 18 Arno R. Lodder 3 Directive 2001/29/EC on the Harmonisation of Certain Aspects of Copyright and Related Rights in the Information Society 64 Tatiana Eleni Synodinou 4 Directive 2006/123/EC on Services in the Internal Market 115 Martien Schaub 5 Directive 2011/83/EU of the European Parliament and of the Council of 25 October 2011 on Consumer Rights 152 Christiana Markou 6 Directive 2013/11/EU on Alternative Dispute Resolution for Consumers and Regulation (EC) 524/2013 on Online Dispute Resolution 223 Pablo Cortés 7 Regulation (EU) No 910/2014 on Electronic Identification and Trust Services for Electronic Transactions in the Internal Market (EIDAS Regulation) 248 Jos Dumortier 8 Regulation 2015/2120/EU Laying down Measure Concerning Open Internet Access 282 Andrew Murray 9 Directive 2019/790/EU (Directive on Copyright and Related Rights in the Digial Single Market) 309 Luke McDonagh 10 Directive (EU) 2019/770 on Certain Aspects Concerning Contracts for the Supply of Digital Content and Digital Services 335 Jorge Morais Carvalho 11 Regulation 2019/1150/EU on Promoting Fairness and Transparency for Business Users of Online Intermediation Services 365 Andrej Savin 12 Electronic Payments and Consumer Protection 387 Christine Riefa and Pamela Nika 13 E-commerce and EU Competition Law 428 Sonia Jóźwiak-Górny, Magdalena Jóźwiak and Artur Szmigielski Index

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Book SynopsisThis comprehensive Commentary provides an in-depth analysis of each of the 31 UN Guiding Principles on Business and Human Rights, as well as the 10 Principles for Responsible Contracts. It engages in both a legal and contextual examination of the Principles alongside their application to real world practices at both the domestic and international levels.Key Features: One of the first detailed considerations of each of the Principles for Responsible Contracts Contributions from more than 40 leading international academics and practitioners in the field Discussion of legal and regulatory instruments as well as case law emanating from the Principles Offers information on interpreting, analysing, and using the UNGPs and the Principles for Responsible Contracts in a centralized accessible format. Practitioners, including government officials, who are responsible for corporate governance and human rights issues will find this Commentary invaluable for its systematic analysis of the obligations of both States and corporations. It will also be of interest to academics and those working for NGOs in the area of business and human rights, as well as businesses themselves looking to incorporate sustainability initiatives into their corporate practices.Trade Review‘The Commentary is a must-have for everyone who is working on business and human rights. The UNGPs constitute the base of all the work that has been done over the years in the field. Thus, to be able to comprehend what business and human rights mean and to build on them, it is essential to examine the UNGPs in detail, which is what the Commentary provides.’ -- Begüm Kilimcioglu, conflictoflaws.netTable of ContentsContents: Foreword by Surya Deva xxvi Acknowledgements xxix Table of cases xxxi Table of legislation xxxii The UN Guiding Principles on Business and Human Rights and Principles for Responsible Contracts: An Introduction 1 Barnali Choudhury PART I THE UNITED NATIONS GUIDING PRINCIPLES ON BUSINESS AND HUMAN RIGHTS 1 Guiding Principle 1: Scope of Obligations 12 Daniel Augenstein 2 Guiding Principle 2: Expecting Business to Protect Human Rights 20 Claire Methven O’Brien 3 Guiding Principle 3: General State Regulatory and Policy Functions 28 Anil Yilmaz Vastardis and Rachel Chambers 4 Guiding Principle 4: The Obligations of States in Markets With Respect to Enterprises Owned, Controlled, or Supported by the State 35 Larry Catá Backer 5 Guiding Principle 5: The Content of the State Duty to Protect in the Context of Privatization 42 Humberto Cantú Rivera 6 Guiding Principle 6: Respecting Human Rights Through Commercial Transactions 49 Annamaria La Chimia 7 Guiding Principle 7: Supporting Business Respect for Human Rights in Conflict-Affected Areas 56 Olga Martin-Ortega and Fatimazahra Dehbi 8 Guiding Principle 8: Ensuring Policy Coherence 63 Jena Martin 9 Guiding Principle 9: Domestic Policy 70 Carolina Olarte-Bácares 10 Guiding Principle 10: States as Members of Multilateral Institutions 77 Gamze Erdem Türkelli 11 Guiding Principle 11: The responsibility of business enterprises to respect human rights 85 Sara L. Seck 12 Guiding Principle 12: Minimum Human Rights Standards for Pillar II 92 Sarah Joseph 13 Guiding Principle 13: Responsibility of the Business Sector 101 Kishanthi Parella 14 Guiding Principle 14: Nature and Size of the Business Enterprise 109 Kishanthi Parella 15 Guiding Principle 15: Businesses Implementing Policies and Practices 113 Kishanthi Parella 16 Guiding Principle 16: Policy Commitments 118 Maddalena Neglia 17 Guiding Principle 17: Human Rights Due Diligence 126 Robert McCorquodale and Cristina Blanco-Vizarreta 18 Guiding Principle 18: Human Rights Impact Assessments 136 Claire Bright and Céline da Graça Pires 19 Guiding Principle 19: Acting Upon Human Rights Impact Assessments 145 Björn Fasterling 20 Guiding Principle 20: Tracking Business Human Rights Responses 155 Andreas Rühmkorf 21 Guiding Principle 21: Communication of Human Rights Impacts 162 Andreas Rühmkorf 22 Guiding Principle 22: Remediation 169 Florencia S. Wegher Osci 23 Guiding Principle 23: Legal Compliance Issues of Business Enterprises 176 Simon Baughen 24 Guiding Principle 24: Prioritization of Severe Human Rights Impacts by Businesses 184 Salvador Herencia-Carrasco 25 Guiding Principle 25: Access to Remedy—Foundational Principle 189 Dalia Palombo 26 Guiding Principle 26: Domestic Judicial Mechanisms 198 Penelope Simons 27 Guiding Principle 27: State-based Non-judicial Grievance Mechanisms 206 Markus Krajewski 28 Guiding Principle 28: Non-state-based Grievance Mechanisms 214 Jennifer A. Zerk 29 Guiding Principle 29: Non-State-Based Grievance Mechanisms; Role of Business 222 Martijn Scheltema 30 Guiding Principle 30: The Role of Collaborative Initiatives in Respecting Human Rights 230 Dorothée Baumann-Pauly and Lilach Trabelsi 31 Guiding Principle 31: Effectiveness Criteria for Non-Judicial Grievance Mechanisms 237 Anna Triponel PART II PRINCIPLES FOR RESPONSIBLE CONTRACTS 32 PRC 1: Preparation and Planning 248 Daria Davitti and Sorcha MacLeod 33 PRC 2: Managing Potential Adverse Human Rights Impact 255 Shavana Haythornthwaite 34 PRC 3: Project Operating Standards 263 Dr Shavana Haythornthwaite 35 PRC 4: Contractual Stabilization Clauses 270 Jernej Letnar Černič 36 PRC 5: Additional Goods or Services 277 Margaret G. Wachenfeld 37 PRC 6: Physical Security for the Project 285 Sorcha MacLeod and Daria Davitti 38 PRC 7: Designing Inclusive Community Engagement Strategies 292 Tehtena Mebratu-Tsegaye and Solina Kennedy 39 PRC 8: Project Monitoring and Compliance 299 Sarah Platts 40 PRC 9: Non-judicial Grievance Mechanisms 306 Stefan Zagelmeyer 41 PRC 10: Transparency and Disclosure of Contractual Terms – The last and the least of the ten principles? 314 Motoko Aizawa Index

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Book SynopsisThis timely and engaging book examines how maximizing shareholder value has played a dominant role in corporate governance over recent decades, and analyzes the resulting effect on share prices in the stock markets. Alongside the rise in corporate power and deepening economic inequality, the author investigates corporate law reform as a corrective remedy.Beyond Shareholder Value offers an astute analysis of key topics such as corporate incentive structures that reward executives for delivering shareholder value and permissive rules that enable companies to issue shares at will at rising valuations. P.M. Vasudev explores the laws intended to protect stakeholders and deftly unpacks the shortcomings in employment-related laws and antitrust enforcement. Demonstrating how alternative dispute resolution can be used to promote stakeholder governance, the book explains how the overly broad business judgment rule impedes effective adjudication of complex stakeholder disputes.This insightful book offers a new perspective on stakeholder governance, and will prove indispensable reading for academics and legal researchers working in the field of corporate law and governance. Its innovative approach will also benefit practitioners and policy makers alike.Trade Review‘Professor Vasudev’s contribution is both timely and important. In identifying the normative tensions that mark the journey of the corporation until this very day, he is able to convincingly argue for a complex and long-term oriented understanding of business corporations and their place in changing political economies. Rather than being a mere investment vehicle that prioritizes and serves a limited set of interests, the corporation reemerges as a site of social transformation, innovation and sustainable planning. This excellent study is an inspiring and highly rewarding reading for anyone with a “stake” in reflecting on the blind spots of contemporary corporate governance.’Table of ContentsContents: Introduction PART I SHAREHOLDER VALUE AND ITS DISCONTENTS 1. Shareholder value – conception and execution 2. Shareholder value – delivery and outcomes 3. Impact on corporate governance and enterprise management PART II SHAREHOLDER VALUE AS LAW 4. Shareholder value becomes law 5. Shareholder primacy – the original sin? 6. The anatomy of shareholder value – shares unleashed 7. Corporate law and its making – the question of democratic legitimacy PART III STAKEHOLDER VISION – THE JOURNEY SO FAR AND THE FUTURE 8. The stakeholder journey – so far 9. Stakeholder governance – a framework for the present and the future References Index

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Book SynopsisThe second edition of the first and only concise introduction to American business insolvency law, this volume provides a succinct overview of American business bankruptcy as it is actually practiced, integrating the law as written and implemented, and now includes coverage of the Small Business Reorganization Act.American Business Bankruptcy explores specialized proceedings like brokerage liquidations, pre-packaged chapter 11 cases, and 363 sales. Professor Lubben also reviews the transnational aspects of modern American bankruptcy practice, and explains chapter 15 of the Bankruptcy Code, which allows for foreign insolvency proceedings to be ‘recognized’ in U.S. courts.U.S law students and junior attorneys, international insolvency professionals, and non-legal professionals, including bankers and accountants, will appreciate this practical synthesis, which includes citations and guidance for further research.Trade Review‘The author’s second edition of his primer on American Business Bankruptcy provides a concise and accessible description of the key chapters of the US Bankruptcy Code. This book would be quite useful to students of insolvency law and indeed anyone who wishes to develop a working knowledge of the key aspects of the American insolvency framework. It is direct and clear, while also providing enough depth and discussion that it would also be useful from a comparative perspective. It is a very practical synthesis which, in the second edition, integrates the recent Small Business Reorganisation Act.’ -- Jennifer L.L. Gant, eurofenix‘Stephen Lubben has provided the go-to overview of the American business bankruptcy system. American Business Bankruptcy is the ideal book for anyone looking to understand the overall design of business restructuring in the United States.’ -- Adam Levitin, Georgetown University Law Center, USTable of ContentsContents: Preface PART I BUSINESS BANKRUPTCY BASICS 1. Some historical context 2. The central core of business bankruptcy – section 109 PART II ELEMENTS COMMON TO ALL BUSINESS BANKRUPTCIES 3. The estate and the automatic stay 4. Creditors’ claims against the estate 5. Executory contracts and unexpired leases 6. The avoidance powers PART III LIQUIDATION UNDER CHAPTER 7. An introduction to chapter 7 of the Bankruptcy Code 8. The chapter 7 trustee 9. Distributing the chapter 7 estate 10. Special chapter 7 cases PART IV REORGANIZATION UNDER CHAPTER 11 11. An introduction to chapter 11 of the Bankruptcy Code 12. Stabilizing the debtor’s business in chapter 11 13. Committees 14. Professionals 15. The plan – formulation and voting 16. The plan – confirmation (consensual) 17. The plan – confirmation (cramdown) 18. 363 sales 19. Prepacks 20. The effects of plan confirmation 21. Small businesses in chapter 11 PART V TRANSNATIONAL BUSINESS BANKRUPTCY UNDER CHAPTER 22. An introduction to chapter 15 of the Bankruptcy Code Index

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Book SynopsisThis insightful book examines the impact of two competing visions of Asian-Pacific economic growth paths and development governance. It discusses law, development and finance in the context of the Indo-Pacific Strategy versus the Belt and Road Initiative (BRI), whilst also comparing parallel development financing systems.Jin Sheng reflects on and connects a series of issues of global significance, such as the economic Cold War, global debt, industrialisation and development in the developing world, and the changing international economic order. In so doing the author posits that the BRI’s ultimate objective is to export China’s development model, which is characterised by a focus on exports, experimentalism, and oversupply of currency. The book also critically examines China’s ambition to dominate the international economic order and set up its own favoured international rules.Alternative Development Finance and Parallel Development Strategies in the Asia-Pacific will be an important read for researchers and policy makers in the fields of law, development and finance in the Asia-Pacific region.Table of ContentsContents: 1. Infrastructure matters 2. Law, development, and finance 3. The One Belt One Road (obor) initiative: A global “great leap forward” or a “great leap outward”? 4. Asia’s two financial hubs and sovereign funds 5. Establishment and governance of Asian Infrastructure Investment Bank: Alternative development finance? 6. Established Bretton Woods IFIs vs emerging AIIB affiliates 7. Racing for development hegemony 8. Conclusion: The new Cold War has started Index

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Book SynopsisThis book questions whether investment law influences the wider field of general international law, and more specifically, whether approaches adopted by tribunals in investment arbitrations have radiated, or should radiate, into other fields of international law.To answer this question, the book engages in a detailed analysis of pronouncements by investment tribunals on state responsibility, the law of treaties, and general principles of dispute resolution, and evaluates their impact beyond the narrow field of investment law. The perspectives provided in the book highlight how rules of general international law are concretised, specified, and at times moulded in investment arbitration practice. By doing so, the book enhances our understanding of the relationship between general international law and one its most dynamic sub-disciplines.Combining conceptual and practical perspectives, and offering a detailed analysis of the pertinent case law, the book is a plea for a fuller engagement directed at both general international lawyers and international investment lawyers. It will help investment lawyers better understand the role of general international law in their field of practice. General international lawyers will benefit from paying close attention to how investment lawyers apply and interpret rules of general international law.Trade Review‘Few would deny today that general international law is pivotal in the everyday practice of investor-state dispute settlement. Matters of treaty interpretation, attribution of conduct or issues pertaining to remedies – among many others – have become the bread and butter of international investment law. This excellent volume, however, changes perspective. It assesses the actual and potential impact of international investment law practice on general international law: How does it shape, how do its investment law’s actors influence general international law? Such approach is fascinating not least because no other field of international law contributes as much to adjudicatory practice in terms of numbers of awards and decisions. The contributions in Radiating Effects intriguingly explore an understudied but rich topic, looking specifically at the law of treaties, international responsibility and dispute resolution. This book is a must-read not only for those interested in investment law and arbitration but for anybody who practices, studies or teaches international law.’ -- Andreas Kulick, University of Tübingen, GermanyTable of ContentsContents: Preface and acknowledgments x PART I OVERARCHING PERSPECTIVES 1 Radiating effects: The gentle impact of international investment law on general international law 2 Christian J. Tams, Stephan W. Schill and Rainer Hofmann 2 The development of international law by ICSID tribunals 31 Christoph Schreuer 3 Sources of international investment law: Sonderweg or lodestar in international dispute settlement? 47 Stephan W. Schill PART II INVESTMENT LAW AND THE GENERAL LAW OF TREATIES 4 Questions of treaty interpretation 80 Berta Boknik and Tarcisio Gazzini 5 The temporal scope of application of investment treaties and the effects on general international law 107 Christina Binder and Jane A. Hofbauer 6 Ways out of the marshland: International investment law and the law of state succession 150 Christian J. Tams PART III INVESTMENT LAW AND THE LAW OF INTERNATIONAL RESPONSIBILITY 7 Investment arbitration as an engine of development of the rules of attribution – with particular focus on lex specialis and de facto state organs 181 Stephan Wittich 8 The impact of investment arbitration in the development of state responsibility defences 209 Federica I. Paddeu 9 Remedies for wrongful conduct: Lessons from investment arbitration 246 Dirk Pulkowski PART IV INVESTMENT LAW AND THE GENERAL REGIME OF DISPUTE RESOLUTION 10 Investment arbitration as incubator of evidentiary principles in international and transnational law 280 Frédéric Gilles Sourgens 11 On the contribution of investment arbitration to issues of evidence and procedure before other international courts and tribunals 343 James G. Devaney 12 Review and enforcement of arbitral awards in international investment law and general public international law 368 Michail Risvas Index 393

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Book SynopsisThis thought-provoking book challenges the way we think about the regulation of cryptoassets based on cryptographic consensus technology. Bringing a timely new perspective, Syren Johnstone critiques the application of a financial regulation narrative to cryptoassets, questions the assumptions on which it is based, and considers its impact on industry development.Providing new insights into the dynamics of oversight regulation, Johnstone argues that the financial narrative stifles the 'New Prospect' for the formation of novel commercial relationships and institutional arrangements. The book asks whether regulations developed in the 20th century remain appropriate to apply to a technology emerging in the 21st, suggesting it is time to think about how to regulate for ecosystem development. Johnstone concludes with proposals for reform, positing a new framework that facilitates industry aspirations while remaining sustainable and compatible with regulatory objectives.Rethinking the Regulation of Cryptoassets will be an invaluable read for policy makers, regulators and technologists looking for a deeper understanding of the issues surrounding cryptoasset regulation and possible alternative approaches. It will also be of interest to scholars and students researching the intersection of law, technology, regulation and finance.Trade Review‘Prof. Johnstone’s book on the regulation of cryptoassets forces us to think twice about the way we try to regulate the digital economy. He challenges the habit of the regulators to push new disruptive ideas and instruments into old frames and concepts, and invites them to move out of their comfort zone. Rethinking the Regulation of Cryptoassets is a complete account of the challenges we face in developing a crypto-economy and proposes a coherent and sustainable regulatory framework that ensures both market efficiency and technological relevance.’ -- Eva Kaili, Chair of the STOA Committee, Rapporteur of the Blockchain Resolution of the European Parliament, Brussels‘Cryptographic consensus technology presents extraordinary market opportunities but also raises a host of vexing regulatory challenges. Rethinking the Regulation of Cryptoassets maps this complex terrain and charts a way forward, offering a novel approach to the regulatory enterprise to protect against abuses while fostering innovation. Johnstone brings considerable legal, financial, and technological sophistication to the task, and his analysis is at once rigorous and accessible. This book will become essential reading on the future of cryptoassets.’ -- Christopher Bruner, University of Georgia School of Law, US‘The crypto industry moves fast and requires regulatory frameworks that can cater to that pace. Prof. Johnstone brings forward a number of ideas that are worth reflecting on as crypto assets are definitely here to stay.’ -- Henri Arslanian, Global Crypto Leader and Partner, PwC‘Johnstone provides a refreshing way to think about the regulatory limits of applying the standard financial narrative to a technology that is globally programmable but locally valuable. His DBA (Determined-By-Architecture) framework may help align regulation with the borderless possibilities of mathematics.’ -- Pindar Wong, Chairman, VeriFi (Hong Kong) LtdTable of ContentsContents: About the author Foreword Preface Why cryptoasset regulation needs rethinking: an introduction PART I THE INITIAL JOURNEY Acquiring the tradition 2 Cypher fundamentals 3 Responses from the centre PART II THE PRIMARY ISSUES 4 Applying securities laws to cryptoassets 5 Regulatory building blocks and other concerns 6 Complexities in a developing technology PART III THE SECONDARY MARKET 7 An emerging market 8 Cryptoexchange models 9 The concept of an exchange 10 Regulatory concerns PART IV INFLUENCES AND CONSIDERATIONS 11 The ordering of progress 12 Ecosystem development 13 Incrementalism and paradigms PART V FUTURE DIRECTIONS 14 Responding to change 15 Proposals for policy development 16 The origin of cryptocommunity Suggested readings Postscript Index

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Book SynopsisBroker-Dealer Compliance is a concise yet comprehensive guide that reviews the state of broker-dealer compliance, both from general and practical perspectives. While the book has a practical focus, it also makes use of legal scholarship and behavioral and organizational literature on compliance that have grown exponentially in recent years.James Fanto discusses the main, well-established elements and practices in a broker-dealer compliance program and illustrates them with case studies and practical examples drawn from real-life situations to demonstrate the goals of a particular program element and problems in its implementation. Moreover, each chapter highlights the pressures on compliance officers and the trends that collectively may transform compliance practice in a particular area.Professionals in broker-dealer and investment firm compliance practice will find this book a readable introduction to the field. Experienced practitioners can refresh their knowledge and even learn something new about brokerage compliance program elements and practices.Trade Review‘Jim Fanto gives readers a readable, sophisticated and practical guide for all those trying to find their way through the maze of contemporary compliance, including best practices and traps for the unwary.’ -- Donald Langevoort, Georgetown University Law Center, US‘James Fanto has written a comprehensive and exceedingly accessible book on the topic of broker-dealer compliance. Professor Fanto is extraordinarily well-situated to address this topic, having served as a reporter on the American Law Institute’s Principles of Compliance project. The book clearly articulates the applicable rules and regulations, illustrating the key points with helpful case studies. It will be an indispensable reference work for those involved or interested in the field.’ -- Claire Hill, University of Minnesota Law School, USTable of ContentsContents: Preface 1. Introduction: why broker-dealer compliance? 2. Compliance risk management 3. Compliance policies and procedures 4. Compliance training 5. Compliance advice, ethics, and culture 6. Compliance monitoring and surveillance 7. Compliance investigations 8. Evaluation of the compliance program 9. Specialized compliance in broker-dealers 10. Compliance officer’s relationship with regulators 11. Reflections on the future of broker-dealer compliance Selected and annotated bibliography Index

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Book SynopsisIn this timely Research Agenda, Barry Rider has assembled a cast of internationally renowned experts to identify the most pressing questions and issues around financial crime, helping to inform our understanding of how best to protect our economies and financial institutions.The book begins by considering what is meant by the term financial crime, addressing how and to whom it causes harm, the ways in which we might evaluate its incidence and impact, and the increasing relevance of measures designed to disrupt economically motivated criminals. Chapters explore the various factors that have led to the rise of financial crime in recent decades, from advances in technology to the practical issues in effective prevention and interdiction. Bringing together an array of perspectives from experts in law, criminology, and regulation and compliance, the book ultimately advances multiple agendas for future research to enhance our understanding of financial crime and better promote its prevention, containment, and management.This incisive Research Agenda will be an invaluable resource for scholars of law, criminology, management studies, and compliance and risk. Its practical insights will also benefit criminal and regulatory lawyers, as well as legislators and researchers involved in the protection of their economies and financial institutions against financial crime.Trade Review‘Professor Barry Rider, himself a first rate authority on economic crime, has corralled a team of 10 noted academics to produce a timely agenda for research into fraud. His theme of prevention, containment and management provides a convincing response to a neglected but vital sector of criminality which enjoys worryingly exponential growth.’ -- Sir David Green CB QC, Former Director of the Serious Fraud Office‘This is an impressive array of experts with practical experience of the fight against all kinds of financial crime. Their agenda for in-depth research into the surge facing legislators, prosecutors, courts and regulators is thought-provoking. Conclusion: unless Governments resource more research and take more effective measures to prevent and punish financial crime things will only get worse, everywhere and for everyone except the criminals.’ -- Sir John Mummery, former Lord Justice of Appeal and former President of the Investigatory Powers Tribunal‘The nature of financial crime has changed due to automation and globalisation. The Research Agenda needs to change too. This book provides the up-to-date guidance researchers need to use if they’re going to provide the advice society needs to battle economic crime.’ -- Michael Mainelli, Chairman, Z/Yen Group, late Sheriff of the City of London 2019-2021Table of ContentsContents: Foreword xiii Introduction xvii 1 Financial crime as an area of study and research 1 Barry Rider 2 Corporate misconduct’s relevance to society 31 Eugene Soltes 3 Financial crimes – a criminological research perspective 49 Michael Levi 4 Controlling financial crime by utilizing the criminal justice system 69 John Reading SC 5 Challenges in policing financial crime 89 Mary Alice Young and Amber Phillips 6 Financial crime: the regulator’s perspective 105 G Philip Rutledge 7 Financial regulation and fraudulent activity 125 Andrew Haynes 8 Cybercrime and cyber resilience 147 Richard Parlour 9 Research priorities for the international control of economic and financial crime 169 Richard Alexander Index 189

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Book SynopsisThis contemporary Research Agenda examines the threats to stability and sustainability presented by economically motivated crime and misconduct. Featuring contributions from distinguished experts in the field of criminal law and justice, this book proposes avenues for future research into the legal frameworks designed to prevent and manage economic crime and corruption. Barry Rider begins by considering the importance of discouraging economically relevant criminals from undermining the efficacy and stability of global economies. Chapters analyse a myriad of topics, including the economic crime-related repercussions of the Covid-19 pandemic, the development of small state financial centres, and the key measures adopted by the Financial Action Task Force (FATF) to combat corruption. The book concludes by examining comparative perspectives in fighting organised crime, featuring case studies involving human trafficking and issues of compliance. A Research Agenda for Economic Crime and Development will be an essential resource for scholars and academics studying criminal law and justice, economic crime and corruption, and law and development. It will also be beneficial to criminal and regulatory lawyers, policymakers, and researchers interested in the prevention of economic crime.Trade Review‘Professor Barry Rider OBE has been the leading academic on economic crime since the early 1980s. His important scholarship on financial fraud, and on cross cutting issues including restitution and tort liability, has shaped the academic field and set the agenda for the cooperation between different government agencies. This book introduces a fresh and important research agenda for economic crime and development, challenging traditional assumptions, and confronting the real damage that economic crime can do to the economies of the world.’ -- Mads Andenas KC, University of Oslo, Norway and University of London, UK‘A Research Agenda for Economic Crime and Development seamlessly weaves together a compendium of insightful, thought-provoking pieces written by established, and emerging, scholars and legal practitioners. Professor Barry Rider and all the contributors should be commended for producing this timely must-read for academics, policymakers and anyone concerned with the much overlooked, yet fundamental, inter-relationship between economic crime and developmental issues.’ -- Shazeeda Ali, University of the West Indies, JamaicaTable of ContentsContents: Foreword xv Preface xix 1 Introduction to A Research Agenda for Economic Crime and Development 1 Barry Rider 2 Stability, security and sustainable development 47 Ingrida Kerusauskaite 3 Economic crime in developing and transition economies 75 Dayanath Jayasuriya 4 Corruption and development 93 Patrick Rappo 5 Anti-money laundering, suspect wealth and development 117 Dominic Thomas-James 6 International interventions and sovereignty 137 Rohan Clarke 7 Governance, integrity and sustainability – joining the dots? 155 Chizu Nakajima 8 FATF measures and the combating of corruption in developing countries 175 Louis de Koker 9 Comparative perspectives in fighting organized crime 205 Antonello Miranda Index

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Covering all aspects of federal securities law, this Advanced Introduction provides an excellent understanding of how U.S. securities regulation works, particularly as this emerging area of law becomes more prevalent for those working or involved in general corporate and commercial practices. It examines the definition of securities and how modern investment opportunities may be subject to this regulation as well as more traditional forms such as stocks or bonds. Key Features: Providing up to date information on the latest developments in securities law Presenting complex material in a clear and comprehensive format and defining key concepts Thoroughly reviewing significant Supreme Court cases, alongside the noteworthy statues and Securities and Exchange Commission Rules This informative book will be invaluable reading for practitioners and others engaged in the business and securities world looking for a detailed overview of U.S. securities law. It will also be a useful resource for lawyers, scholars, and policy advisors.Trade Review‘The scope, density and mysteries of the American securities laws cannot be overstated. Even to one who deals regularly in advising clients how to raise capital, there are robust fields, e.g., broker-dealer regulation and the securities laws own corporate law that is housed in the Investment Company Act, that are outside the lawyer’s comfort level. Professor Hazen’s book thus fills the need for everyone pondering that first step toward advising a client. He combines understandability with depth of coverage in this very comprehensive, and long overdue, pathway through the American securities laws.’ -- James D. Cox, Duke University, School of Law, US‘Professor Thomas L. Hazen is a leading and much cited scholar on the scope and application of the federal securities laws. His most recent work, Advanced Introduction to U.S. Federal Securities Law, provides an invaluable overview of those statutes. It will be particularly useful and highly recommended for those unfamiliar with their mandates and for practitioners needing a refresher course on securities law issues.’ -- Jerry W. Markham, Florida International University, Miami, USTable of ContentsContents: Preface 1. Introduction and Scope of U.S. Securities Laws 2. Regulating Securities Distributions—Securities Act of 1933 3. 1933 Act Registration Exemptions 4. 1933 Act Liabilities 5. 1934 Act 6. 1934 Act Liabilities 7. Insider Trading 8. Market Regulation 9. The Trust Indenture Act of 1939 10. The Investment Company Act of 1940 11. The Investment Advisers Act of 1940 Index

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Covering all aspects of federal securities law, this Advanced Introduction provides an excellent understanding of how U.S. securities regulation works, particularly as this emerging area of law becomes more prevalent for those working or involved in general corporate and commercial practices. It examines the definition of securities and how modern investment opportunities may be subject to this regulation as well as more traditional forms such as stocks or bonds. Key Features: Providing up to date information on the latest developments in securities law Presenting complex material in a clear and comprehensive format and defining key concepts Thoroughly reviewing significant Supreme Court cases, alongside the noteworthy statues and Securities and Exchange Commission Rules This informative book will be invaluable reading for practitioners and others engaged in the business and securities world looking for a detailed overview of U.S. securities law. It will also be a useful resource for lawyers, scholars, and policy advisors.Trade Review‘The scope, density and mysteries of the American securities laws cannot be overstated. Even to one who deals regularly in advising clients how to raise capital, there are robust fields, e.g., broker-dealer regulation and the securities laws own corporate law that is housed in the Investment Company Act, that are outside the lawyer’s comfort level. Professor Hazen’s book thus fills the need for everyone pondering that first step toward advising a client. He combines understandability with depth of coverage in this very comprehensive, and long overdue, pathway through the American securities laws.’ -- James D. Cox, Duke University, School of Law, US‘Professor Thomas L. Hazen is a leading and much cited scholar on the scope and application of the federal securities laws. His most recent work, Advanced Introduction to U.S. Federal Securities Law, provides an invaluable overview of those statutes. It will be particularly useful and highly recommended for those unfamiliar with their mandates and for practitioners needing a refresher course on securities law issues.’ -- Jerry W. Markham, Florida International University, Miami, USTable of ContentsContents: Preface 1. Introduction and Scope of U.S. Securities Laws 2. Regulating Securities Distributions—Securities Act of 1933 3. 1933 Act Registration Exemptions 4. 1933 Act Liabilities 5. 1934 Act 6. 1934 Act Liabilities 7. Insider Trading 8. Market Regulation 9. The Trust Indenture Act of 1939 10. The Investment Company Act of 1940 11. The Investment Advisers Act of 1940 Index

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Book SynopsisThis innovative Commentary boasts contributions from internationally renowned experts with extensive and diverse backgrounds, providing a comprehensive, critical, article-by-article and thematic analysis of the EU Regulation No 1503/2020 on European Crowdfunding Service Providers for Business (ECSPR). Chapters analyse Member States’ adaptation of their legal frameworks to the ECSPR, underlying similarities, divergences, additional problematic issues and residual regulatory fragmentation.Key Features: A theoretical and cross-sectoral approach to crowdfunding services and relative regulations Constant comparison of ECSPR’s provisions with other similar or interrelated EU frameworks An article-by-article and thematic analysis of the ECSPR, underlying its strengths, innovative characters and problematic aspects Analysis of the implementation of the ECSPR in different countries and adaptation of their legal frameworks, including France, Germany, Italy, Portugal, Spain, the Netherlands, Nordic countries and the Baltics The Commentary is a fundamental companion to the interpretation and application of the ECSPR which will appeal to a diverse range of readers. Academics, scholars, practitioners and professionals interested in financial regulation, EU law, technology law, business law, law of contracts, competition law, international law and comparative law will find this a beneficial resource.Table of ContentsContents: Foreword xxxv Diego Valiante Preface and acknowledgments xli PART I THE EUROPEAN CROWDFUNDING REGULATION: PRELIMINARY ASPECTS 1 Introduction to the Crowdfunding Regulation 2 Eugenia Macchiavello 2 The context: the crowdfunding market and its recent developments 15 Rotem Shneor PART II THE REGULATION ON EUROPEAN CROWDFUNDING SERVICE PROVIDERS FOR BUSINESS: AN ARTICLE-BY-ARTICLE ANALYSIS 3 The scope of the ECSPR: the difficult compromise between harmonization, client protection and the ‘level playing field’ (Arts 1–2, 46, 48–9, 51) 44 Eugenia Macchiavello 4 The provision of crowdfunding services under the ECSPR (Art 3) 68 Sebastiaan Niels Hooghiemstra 5 Legal issues in the obligations for an effective and prudent management of crowdfunding service providers (Art 4) 86 Federico Ferretti and Francesca Mattassoglio 6 Due diligence of project owners (Art 5) 105 Marije Louisse 7 Individual portfolio management of loans (Art 6) 113 Roberto Ferretti 8 Complaints handling (Art 7) 130 Roberto Ferretti 9 Intermediation risk and conflicts of interest (Art 8) 136 Diogo Pereira Duarte 10 Outsourcing under the ECSPR (Art 9) 150 Ella van Kranenburg 11 The provision of asset safekeeping services and payment services by ECSP and third parties (Art 10) 167 Sebastiaan Niels Hooghiemstra 12 Prudential requirements for crowdfunding service providers (Art 11) 184 Marije Louisse 13 Authorisation procedure, scope of authorisation and register (Arts 12–14) 197 Tanja Aschenbeck and Lina Engler 14 Supervision and reporting obligations of crowdfunding service providers (Arts 15–16) 229 Francesca Chiarelli, Leonardo Droghini and Raffaele D’Ambrosio 15 Causes and procedure of authorisation withdrawal (Art 17) 241 Tanja Aschenbeck and Lina Engler 16 The EU passporting system for crowdfunding service providers: towards a new type of passport for digital financial services? (Art 18) 252 Vittorio Tortorici 17 Investor protection and information to clients (Articles 19–20 and 26) 266 Diogo Pereira Duarte 18 Between investor protection and access to crowdfunding: the entry knowledge test and the simulation of the ability to bear loss (Art 21 and Annex II) 280 Joeri De Smet and Veerle Colaert 19 Withdrawal rights in crowdfunding transactions: the precontractual reflection period (Art 22) 300 Konstantinos Serdaris 20 On the merits of the Key Investment Information Sheet in the ECSPR (Arts 23–24 and Annex I) 310 Karsten Wenzlaff, Ana Odorović, Tobias Riethmüller and Patrick Wambold 21 Secondary markets for crowdfunding: bulletin boards (Art 25) 350 Matteo Gargantini 22 The new European rules on advertising crowdfunding campaigns: between proportionality and customer protection (Arts 27–28) 367 Tommaso Martini Varvesi and Vittorio Tortorici 23 Competent authorities: their power and their coordination (Arts 29–30 and 33) 383 Anna Maria Agresti 24 From cooperation to coercion: the relationships between competent authorities under Articles 31, 34 and 37 ECSPR (Arts 31, 34, 37) 391 Nathan de Arriba-Sellier 25 ESMA and NCAs: cooperation in supervision (Art 32) 409 Giuseppe Pala, Marco Lamandini and Raffaele D’Ambrosio 26 Balancing confidentiality and transparency: the ECSPR professional secrecy standard in light of cross-sectoral EU financial regulation and ECJ case law (Art 35) 419 Nikolai Badenhoop 27 The GDPR and the data processing of the competent authorities in performing their duties under the ECSPR (Art 36) 434 Federico Ferretti 28 Complaint handling: the role of competent authorities (Art 38) 451 Anna Maria Agresti 29 Ex post enforcement of the EU crowdfunding regime: administrative sanctions and measures (Arts 39–43) 455 Konstantinos Serdaris 30 The delegation of powers to the European Commission within the crowdfunding legal framework (Art 44) 474 Federico Riganti 31 The Commission’s interim report and prospective adaptations of the ECSPR (Art 45) 482 Eugenia Macchiavello 32 The protection regime of the Whistleblower Directive (Arts 47 and 50) 497 Ghazale Mandegarian-Fricke PART III A FOCUS ON SPECIAL ISSUES WITHOUT ANSWER IN THE ECSPR 33 The silence of the ECSPR on tax law – reduction of hurdles in the distant future? 514 Ulrike Bär 34 Crowdfunding in the EU: private international law issues by design 529 Ivana Kunda 35 Crowdfunding, alternative investment funds and the relationship between the ECSPR and the AIFMD 548 Sebastiaan Niels Hooghiemstra 36 Crowdfunding and DLTs: the imperative need for more clarity 565 Filippo Annunziata and Thomaz de Arruda 37 Crowdfunding platforms, competition law and platform sector regulation 578 Carmen Estevan de Quesada 38 Crowdfunding and consumer credit protection in the EU 591 Antonella Sciarrone Alibrandi and Edoardo Grossule 39 Invoice trading and regulation: the case of Italy 607 Umberto Piattelli and Sofia Caruso 40 Beyond the ECSPR and financial return: the Regulation of donation and reward-based crowdfunding in the EU 619 Eugenia Macchiavello and Chiara Valenti 41 Crowdlending and crowdinvesting in Europe: a comparative analysis between the UK and EU regulatory frameworks 646 Francesco De Pascalis PART IV THE IMPACT OF THE ECSPR ON THE CROWDFUNDING LEGAL FRAMEWORK IN SELECTED COUNTRIES 42 Crowdfunding in France after the adoption of the ECSPR 664 Jean-Marc Moulin 43 The crowdfunding regulation in Germany – on the path to self-isolation? 673 Karsten Wenzlaff and Ana Odorović 44 The impact of the ECSPR on the crowdfunding legal framework in Italy 694 Umberto Piattelli and Sofia Caruso 45 Where the ECSPR pinches the Dutch shoe: some brain teasers from a Dutch law perspective 711 Anne Hakvoort 46 The Portuguese crowdfunding regime and the impact of the ECSPR 729 Diogo Pereira Duarte and Joana da Costa Lopes 47 A comparative analysis of Spanish crowdfunding regulation and the ECSPR 751 Matilde Cuena Casas and Segismundo Álvarez Royo-Villanova 48 The regulation of crowdfunding in the Nordic countries 765 Elif Härkönen, Thomas Neumann and Cecilie Højvang Christensen 49 ECSPR implementation in the Baltics 784 Nikita Divissenko 50 ECSPR versus the United States crowdfunding regime 796 Elif Härkönen 51 Conclusions about the ECSPR and its harmonization force: a brief summary of the objectives achieved and the remaining ‘grey’ areas from a comparative law perspective 808 Eugenia Macchiavello Annex: The evolution of the ECSPR text – overview of the main revisions in trilateral negotiations 822 Eugenia Macchiavello Index 825

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Book SynopsisThis Commentary presents a critical examination of the 2012 European Market Infrastructure Regulation (EMIR) and its 2019 Refit. Mark Hsiao evaluates the effectiveness of this EU framework in regulating over-the-counter (OTC) derivatives, exploring how the legislation fits into a broader global context while underscoring its pluralist elements.

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Book SynopsisThis comprehensive Research Handbook provides an in-depth analysis of the different financial law approaches, legal systems and trends throughout Asia. Considering how reforms following the crises have been critical for the development and growth of the region, this insightful book explores a broad range of post-crisis financial regulatory issues. It also examines how inconsistent and divergent approaches to financial market regulation are curtailing the region's potential. By focusing on the legal frameworks and regulatory models at a national level, this innovative Research Handbook addresses opportunities and challenges for financial markets and convergence in the region. Key topics include the different legal and regulatory approaches to common issues, such as banking regulation and resolution, FinTech, insolvency frameworks and ASEAN financial market integration. Specific regulatory approaches are discussed in relation to areas such as Renminbi internationalization, Islamic banking and finance, shadow banking, crowdfunding, venture capital, derivatives, bond and securities markets. The book concludes with an analysis of the impact of FinTech on regulatory convergence in Asia. The Research Handbook on Asian Financial Law will be of great value to law students, academics and policymakers working across a diverse range of fields including financial regulation, Asian studies, banking resolution and insolvency. Contributors include: D. Arner, J. Barberis, L. Bromberg, S. Butt, A. Chan, C. Chen, V. Chen, H. Dervan, D. Donald, D. Elms, S. Gao, E. Gibson, A. Godwin, S.i Han, L.C. Hang, C. Hofmann, I.R. Ibrahim, S. Jensen, S. Kourabas, T. Lindsey, T. Morishita, D. Neo, M.H. Nguyen, I. Ramsay, W. Shen, T. Srinopnikom, S. Steele, N.N. Thani, C.-h. Tsai, W.Y. Wan, C. Watters, C. XiTrade Review'This is an excellent Research Handbook on Asian financial law and regulation. It brings together 32 of the leading experts in the area examining the subject across 27 substantial and informed chapters. The coverage is extensive. The treatment is sharp and professional. The analysis is deep and balanced. This is a timely and necessary piece of work, especially following the recent crises and instability in Asian and global financial markets and the future potential of the region. This sets a new standard of scholarship in the area and will immediately become the new reference text on this fascinating subject.' --George Walker, Queen Mary University of London, UK'This volume brings together leading experts in Asia-Pacific financial law and regulation, offering distinguishing perspectives from literature focused on the US/EU/UK. Asian financial law and regulation deserves its own platform and this volume is timely and highly valuable to researchers and practitioners alike.' --Iris H-Y Chiu, University College London, UK'This Research Handbook brings together the region's pre-eminent financial law scholars to analyse the major issues confronting East Asia. It is filled with illuminating and incisive insights across a broad and comprehensive canvas. I commend it to all who are interested in the development of the financial systems in our part of the world. No one could dip into this work without being deeply educated.' --Ross Buckley, University of New South Wales, AustraliaTable of ContentsContents: PART I INTRODUCTION AND CONCEPTUAL FRAMEWORK 1 Introduction to Research Handbook on Asian Financial Law 2 Douglas W. Arner, Wai Yee Wan, Andrew Godwin, Wei Shen, and Evan Gibson 2 The historical development of financial regulatory principles: influences on Asia-Pacific systemic supervision 10 Evan Gibson and Douglas W. Arner 3 Trends and theory in financial regulation and regulatory design after the global financial crisis 30 Steve Kourabas PART II FINANCIAL REGULATION IN ASIA 4 Financial regulatory models in the Asia-Pacific – a case study in diversity 50 Andrew Godwin 5 Bank resolution 64 Christian Hofmann 6 Networked securities markets: from cross-listing to direct connection 86 David C. Donald 7 Regulation of derivatives in Asia: when technology meets financial engineering 101 Christopher Chen 8 Internationalization of renminbi: offshore renminbi businesses, offshore renminbi centres and renminbi’s reserve currency status 122 Wei Shen PART III FINANCIAL INTEGRATION IN ASIA 9 Understanding ASEAN integration and trade 145 Deborah Elms and Minh Hue Nguyen 10 Cross-border regulation of securities markets in ASEAN 173 Wai Yee Wan 11 ASEAN bond markets: developments and challenges 192 Tir Srinopnikom 12 Consumer financial dispute resolution in a time of increased regulatory scrutiny 209 Vivien Chen, Andrew Godwin and Ian Ramsay 13 Depositor preference and deposit insurance schemes – challenges for regulatory convergence and regulatory coordination in Asia 233 Angus Chan, Andrew Godwin and Ian Ramsay 14 Cross-border insolvency in East Asia: cooperation and convergence 257 Casey G. Watters PART IV COUNTRY STUDIES 15 Anti-‘grey rhino’: prudential regulation and bank resolution in China 274 Simin Gao 16 China’s puzzling banking and shadow banking sectors after the global financial crisis 293 Wei Shen 17 Macau banking law and financial institutions 315 Leong Cheng Hang 18 Indonesian financial laws: banking, insolvency and taxation 336 Tim Lindsey and Simon Butt 19 The development of Islamic banking and finance: the Malaysian experience 368 Nik Norzrul Thani and Ili Rahilah Ibrahim 20 Financial regulation in New Zealand: optimizing twin peaks 387 Helen Dervan and Simon Jensen 21 Financial consumer protection in Singapore 408 Dora Neo PART V FINTECH AND INNOVATIVE FINANCE 22 FinTech and its regulation in Hong Kong 431 Douglas W. Arner, Evan Gibson, and Janos Barberis 23 Recent developments of Japanese laws and regulations on FinTech 454 Tetsuo Morishita 24 Lessons from Mt Gox: practical considerations for a virtual currency insolvency 479 Stacey Steele and Tetsuo Morishita 25 Financial regulation as interagency competition? The saga of venture capital rule-making in China 499 Sirui Han and Chao Xi 26 Is a bird in the hand worth two in the bush? Reflections on equity crowdfunding regulation in Taiwan 525 Chang-hsien Tsai 27 Sandboxes and bridges – the impact of Fintech on regulatory convergence and coordination in Asia 547 Lev Bromberg, Andrew Godwin and Ian Ramsay Index 569

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Book SynopsisThis book develops a conceptual framework that captures not only the tensions between constitutional values that are common to liberal democracies – human rights, democracy, and the rule of law – and the investment treaty regime, but also the potential for co-existence and complementarity.Contributions from leading experts in the field address how different systems of constitutional law interact with the investment treaty regime. Chapters provide a detailed overview of the various forms of interaction, and critically engage with the competing claims for supremacy that constitutional law and international investment law formulate. The book also addresses the reactions within the investment treaty regime to the demands formulated by constitutional law, in particular the use of constitutional analogies to understand international investment law and investor-state dispute settlement.Investigating the leading questions and issues surrounding this growing topic, this book will be an ideal read for students and scholars interested in financial, economic, and international law. Practitioners of constitutional law will also benefit from this innovative book.Trade Review‘This book offers a unique comparative contribution to the incredibly important but insufficiently investigated intersections between investment law and constitutional law. As legal systems in Europe and elsewhere grapple with these common problems at both doctrinal and systemic levels, this volume is essential reading for judges, arbitrators, lawyers and policymakers.’ -- Peter B. Rutledge, University of Georgia School of Law, US‘The interface between investment law and constitutional law is an issue of increasing salience to treaty negotiators, lawyers, apex court judges, and scholars. In this impressive collection, representing a diverse range of provocative perspectives, the authors help to further a research agenda too long overlooked. Of interest to the contributors are not only investment law’s impact on national and regional constitutional systems but also the prospects of investment law as nascent global constitutional law. If investment law scholarship has been too preoccupied with discrete doctrinal developments, this book should spark new thinking about the regime’s impact on the constitutional world-at-large.’ -- David Schneiderman, University of Toronto, Canada‘Thanks to Stephan Schill, Christian Tams and the colleagues they have assembled, the reader is given a wide-ranging insight to the various interactions between investment law and constitutional law. The book shows us that we are at a time of multiple encounters between these two bodies of law. The points of synergy and tension in these encounters are explored, such as the potential for shared values across these legal disciplines, the constraints that constitutional law imposes on investment law and arbitration, as well as the constitutionalization trends in investment law, among others. This is a must read book for those who wish to grasp the fundamental evolution of international economic law, and more especially investment law.’ -- Laurence Boisson de Chazournes, University of Geneva, SwitzerlandTable of ContentsContents: PART I INTRODUCTION 1 International investment protection and constitutional law: Between conflict and complementarity 2 Stephan W. Schill and Christian J. Tams PART II FRAMING THE DEBATE: HUMAN RIGHTS – DEMOCRACY – RULE OF LAW 2 Re-embedding foreign investment through human rights obligations for business entities: A nightmare or a noble dream? 39 Markus Krajewski 3 International investment law, democratic legitimacy, and the protection of human rights: Transforming constitutional property protection 56 Rhea Tamara Hoffmann 4 ‘Which it seeks to advance in the wider world’ – The EU’s legal obligation to promote the rule of law in international investment law 94 Till Patrik Holterhus PART III CONSTITUTIONAL LAW LIMITS IN COMPARATIVE PERSPECTIVE 5 Investor-state dispute settlement and French constitutional law: The Conseil constitutionnel’s decision of 31 July 2017 on CETA 119 Sabrina Robert-Cuendet 6 Constitutional courts and international investment law in Latin America: Between escalation and conditional coexistence 149 José Gustavo Prieto Muñoz 7 The constitutional fundamentals of EU investment policy 180 Angelos Dimopoulos 8 Constraints on intra-EU BITs in the Union legal order 221 Hannes Lenk PART IV CONSTITUTIONAL ANALOGIES IN INTERNATIONAL INVESTMENT LAW 9 Investment protection standards as global constitutional law 255 Joshua Paine 10 Inter-civilizational approaches to investor-state dispute settlement: Global constitutional adjudication or international adjudication? 306 Valentina Vadi Index 353

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Book SynopsisThis important and topical book provides a comprehensive overview of the challenges raised by blockchain from the perspective of public law. It considers the ways in which traditional categories of public law such as sovereignty, citizenship and territory are shaped, as well as the impact of blockchain technology on fundamental rights and democratic values.Articulated in two sections, the first analyses the opportunities and the challenges that blockchain and distributed ledger technologies raise in the field of public and constitutional law, while the second highlights challenges derived from the intersection between blockchain and other legal fields such as contract law, financial law and antitrust law. A wide variety of expert contributions offer further examinations of the constitutional challenges of blockchain technologies that provide regulatory options for governments and lawmakers.Blockchain and Public Law will be a critical point of reference for scholars and students of legal theory, public policy and governmental law. It will also be beneficial to legal practitioners and lawmakers to further develop their knowledge of the field of blockchain at national and international levels.Trade Review‘The broader variety of perspectives in the book make an important contribution to current scholarly debates. Hopefully this research will also be noticed by policymakers presented with opportunities (or pressures) to adopt blockchain technologies.’ -- Albert Sanchez-Graells, How to Crack a Nut: A blog on EU economic law‘This book is a comprehensive yet extensive study on how blockchain changes our relationship with existing public institutions.‘ -- Thibault Schrepel, Utrecht University, the Netherlands‘This book cuts through the blockchain hype by compiling the research of prominent scholars that critically engage with the technology and its legal implications. It is a rich collection of lucid evaluations of blockchain and the law and an invaluable resource for anyone interested in this particular technology but also the intersection between law and technological innovation more generally.‘ -- Michèle Finck, Max Planck Institute for Innovation and Competition, GermanyTable of ContentsContents: 1 Introduction to Blockchain and Public Law 1 Oreste Pollicino and Giovanni De Gregorio PART I BLOCKCHAIN AND PUBLIC LAW 2 Blockchain utopia and its governance shortfalls 13 Uta Kohl 3 Blockchain and sovereignty 40 Riccardo de Caria 4 Blockchain and citizenship: uneasy bedfellows 59 Oskar J. Gstrein and Dimitry V. Kochenov 5 Blockchain and democracy: Challenges and opportunities of blockchain and smart contracts for democracy in the distributed, algorithmic state 76 Jurgen Goossens 6 Blockchain and authoritarianism: The evolution of decentralized autonomous organizations 89 Tom W. Bell 7 Blockchain and public administration 104 Yoan Hermstrüwer 8 Blockchain and freedom of expression 122 Giovanni De Gregorio 9 Blockchain, privacy, and data protection 140 Paul De Hert and Ashwinee Kumar 10 Blockchain for healthcare applications and use cases 156 Immaculate Motsi-Omoijiade and Alexander Kharlamov PART II BLOCKCHAIN AND PUBLIC LAW AT THE INTERSECTION 11 Blockchain and contract law: Smart contracts 191 Pietro Sirena and Francesco P. Patti 12 Blockchain and financial law: FinTech and crypto-assets 208 Filippo Annunziata 13 Blockchain and antitrust law: A roadmap 224 Maria Teresa Maggiolino and Laura Zoboli Index

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Book SynopsisThis comprehensive Practical Guide provides direction on the wide array of legal questions and challenges that start-ups face. Start-up Law features analysis from five jurisdictions that represent a variety of legal traditions across different continents. Expert contributors address key legal issues for technology-based start-ups and entrepreneurs, as well as providing insights into the law and practice of the countries examined. Key features include: a focus on the complete life cycle of a start-up, from innovative idea through growth of the business to success or failure specific, in-depth analysis of law relating to start-up businesses in Denmark, Canada, Israel, Switzerland and the United States guidance aimed at helping start-ups and entrepreneurs navigate the diverse legal and regulatory hurdles they may encounter, including practical insights from expert contributors with first hand industry experience. Start-up Law will prove crucial reading for lawyers advising technology start-ups, as well as entrepreneurs themselves in this sector. It will also be useful for scholars and students in business and commercial law, as well as policy-makers interested in providing a supportive regulatory environment for innovation and start-ups.Trade Review‘Start-up Law provides a broad overview of the key legal questions that young companies are required to master, doing so in comprehensive language, understandable by non-practitioners. It particularly addresses the need for start-up companies to look outside their own borders to benefit from the various opportunities of global jurisdictions. For anyone who is either starting a company or looking to expand to one of the covered jurisdictions, this resource will help you save a lot of valuable time and legal fees.' -- Matthieu Guiessaz, Blockchain Valley Ventures, SwitzerlandTable of ContentsContents: Part I – Introduction and Importance of Start-ups 1. Introduction Alexandra Andhov 2. Importance of Start-ups for our Legal Systems Alexandra Andhov Part II - Jurisdictions 3. Canada Oleg Stratiev 4. Denmark Alexandra Andhov, Jakob Wested and Rasmus Kristian Feldthusen 5. Israel Ehud Kamar, Ayal Shenhav and Shay Yanovsky 6. Switzerland Michèle Ineczka Kappeler and Luigi Bruno 7. The United States Drew Amerson and Alice Armitage Index

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Book SynopsisThis comprehensive Practical Guide provides direction on the wide array of legal questions and challenges that start-ups face. Start-up Law features analysis from five jurisdictions that represent a variety of legal traditions across different continents. Expert contributors address key legal issues for technology-based start-ups and entrepreneurs, as well as providing insights into the law and practice of the countries examined. Key features include: a focus on the complete life cycle of a start-up, from innovative idea through growth of the business to success or failure specific, in-depth analysis of law relating to start-up businesses in Denmark, Canada, Israel, Switzerland and the United States guidance aimed at helping start-ups and entrepreneurs navigate the diverse legal and regulatory hurdles they may encounter, including practical insights from expert contributors with first hand industry experience. Start-up Law will prove crucial reading for lawyers advising technology start-ups, as well as entrepreneurs themselves in this sector. It will also be useful for scholars and students in business and commercial law, as well as policy-makers interested in providing a supportive regulatory environment for innovation and start-ups.Trade Review‘Start-up Law provides a broad overview of the key legal questions that young companies are required to master, doing so in comprehensive language, understandable by non-practitioners. It particularly addresses the need for start-up companies to look outside their own borders to benefit from the various opportunities of global jurisdictions. For anyone who is either starting a company or looking to expand to one of the covered jurisdictions, this resource will help you save a lot of valuable time and legal fees.' -- Matthieu Guiessaz, Blockchain Valley Ventures, SwitzerlandTable of ContentsContents: Part I – Introduction and Importance of Start-ups 1. Introduction Alexandra Andhov 2. Importance of Start-ups for our Legal Systems Alexandra Andhov Part II - Jurisdictions 3. Canada Oleg Stratiev 4. Denmark Alexandra Andhov, Jakob Wested and Rasmus Kristian Feldthusen 5. Israel Ehud Kamar, Ayal Shenhav and Shay Yanovsky 6. Switzerland Michèle Ineczka Kappeler and Luigi Bruno 7. The United States Drew Amerson and Alice Armitage Index

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Book SynopsisIn this thorough and enlightening book, the authors examine the role of law in developing the large financial markets necessary for national economic success. They discuss the basic foundational law of contracts, property and tort, corporate law, and securities law, providing both a broad theoretical and empirical case for its value in financial markets. The book begins with an historical analysis of the law's development, reviewing the legal governance of corporate finance with an emphasis on the development of US securities law in the twentieth century. Also provided is an extensive empirical analysis of the law's effect. A unique benefit of the book is its integration of all the relevant aspects, rather than examining them in isolation. Chapters cover the role of law in corporate finance, behavioral and empirical analyses, as well as current controversies in law and corporate finance. Ultimately, the book is a defense of the economic value of the law in the United States and throughout the world.Students and scholars of business and law will find much of interest in the authors' comprehensive study of the rule of law in today's financial markets.Trade Review'Frank Cross and Robert Prentice have written a quite useful and very clear analysis and review of the interplay between law and corporate finance.' -- Mark Roe, Harvard University Law School, US'In this impressive and ambitious book, the authors explore the role of the law in advancing the economic wellbeing of a society. Three tiers of legal regulation of business enterprises and of equity markets are examined: basic foundational law of contracts, property and tort; corporate law; and securities law. The classical economic case for government intervention on the grounds that it can enhance trust, reduce transaction costs and contribute to valuable network externalities is clearly and cogently outlined. There is also a thoughtful account of behavioural analysis of law and corporate finance. New empirical evidence is presented alongside a useful review of studies conducted by other scholars. Complementing the economic, behavioural and empirical analyses, the book also provides a concise history of the development of the law governing corporate finance. Having examined corporate finance law from these different standpoints, in the final chapter the authors draw upon their deep understanding of the subject to provide a new perspective on current controversies. A great virtue of this book is that it covers a great deal of material in a concise, lucid and stimulating manner. The fresh and rigorous analysis also stands out. There is much here that will be of value to students and scholars.' -- Eilis Ferran, University of Cambridge, UKTable of ContentsContents: 1. The Role of Law in Corporate Finance 2. The Economics of the Law and Corporate Finance 3. Behavioral Analysis of Law and Corporate Finance 4. History of Law and Corporate Finance 5. Empirical Analysis of the Law and Corporate Finance 6. Current Controversies in Law and Corporate Finance Index

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Book SynopsisThe financial crisis that engulfed global markets in 2008 created an acute need for improved international economic cooperation. Despite the G20’s prominent coordination role, the regulatory response to the crisis has varied considerably across governance arenas. This book focuses on international taxation and examines how the financial crisis prompted renewed attempts to enhance international tax transparency and confront tax havens. It highlights the complexity of international regime change and the significance of national and financial interests, international organizations, domestic politics and the emerging G20 leaders forum in this process.This timely book highlights the challenges in post-financial crisis global economic governance, information that will strongly appeal to scholars and graduate students in the fields of political science, international political economy, global governance, international taxation and law. Stakeholders in the international tax regime including diplomats and tax administrators, international organizations, NGO and business representatives will also find plenty of enriching information in this study.Trade Review‘This book is an exceptionally interesting and well-researched analysis of one of the most important reforms in global governance that have been put into place in the wake of the global financial crisis that began in 2007. Eccleston insightfully draws on and contributes to theories of global governance, explaining the surprisingly innovative and successful aspects of the global arrangements for combating tax evasion while also highlighting their deficiencies.’ -- Tony Porter, McMaster University, Canada‘In the atmosphere of fiscal emergency after the financial crisis, international tax policy has become a critical concern. There is no better guide to inter-linked political and economic challenges that result than Richard Eccleston’s new book, The Dynamics of Global Economic Governance. Eccleston provides a detailed and authoritative guide to global tax governance after the financial crisis, and makes a highly persuasive case that the current international tax regime is fundamentally flawed in its efforts to combat tax evasion.’ -- Jason Sharman, Griffith University, AustraliaTable of ContentsContents: Introduction: The Financial Crisis and the Politics of International Tax Cooperation 1. Governing International Taxation: Problems and Challenges 2. The Dynamics of Global Governance 3. Politics Without Conviction: The OECD’s Failed Harmful Tax Competition Initiative 4. The Financial Crisis and the Politics of International Tax Cooperation 5. The Domestic Politics of International Tax Cooperation in the United States and Switzerland 6. Beyond the Financial Crisis: Regime Implementation and Effectiveness Conclusion: Regime Dynamics and the Sustainability of International Tax Cooperation Index

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