Financial law: general Books

Book Synopsis

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

Book Synopsis

Read more less

Book SynopsisOn 1 January 2016 the Single Resolution Mechanism (SRM) became fully operational. The SRM creates a framework for the uniform resolution of banks in the euro area and after the Single Supervisory Mechanism (SSM), it is the second pillar of the European Banking Union. Whereas the SSM aims to reduce the risk of bank failure by unifying the supervision of banks, the SRM’s aim is to increase the likelihood that a bank has been made “safe to fail”, if it is likely to fail; and to reduce the risk of a government having to bail out a bank, if it actually fails. The key actor in the framework of the SRM is the Single Resolution Board (SRB). The SRB is the European agency responsible for the effective and consistent functioning of the SRM. This entails a responsibility for drawing up resolution plans and adopting decisions relating to resolution for the institutions that are within its realm. The actual execution of the adopted resolution scheme must be closely monitored by the SRB, but is carried out by the national resolution authorities (NRA). For institutions that fall outside the scope of the SRB’s powers, the national resolution authorities are competent to adopt resolution plans and to take resolution decisions, albeit under oversight of the SRB. The SRB will be in charge of the Single Resolution Fund, a European pool of money that is transferred from domestic resolution funds, financed by the banking sector and set up to ensure that medium-term funding support is available while a credit institution is being restructured. This book takes stock after a year of application of the SRM and examines the situation from various perspectives: the perspective of the SRB, the NRA, the supervised bank and judicial protection. Special attention is given to the division of power between the SRB and the NRA and the impact on the supervised bank, the relationship and links between the SRM and the SSM and the query whether the right balance between national and supranational powers has been struck, also in view of the principle of subsidiarity. With contributions from Pierre E. Berger, Rudi Bonte, Evy De Batselier, Hans Gilliams, Stijn Goovaerts, Yves Herinckx, David Vanderstraeten and Eddy Wymeersch.Table of ContentsIntroduction Recovery and Resolution, Future Solutions for Dealing with Insolvency - Eddy Wymeersch - 1 The Single Resolution Mechanism. Institutional and Financing Arrangements for Bank Resolution in the European Banking Union - Pierre E. Berger and David Vanderstraeten - 7 I. Introduction - 7 II. Scope of the SRM Regulation - 11 A. Scope ratione personae - 11 B. Scope ratione materiae - 13 C. Scope ratione temporis - 15 III. Institutional framework of the Single Resolution Board - 15 A. Legal status and composition - 15 B. Governance - 16 C. Accountability of the SRB - 18 IV. Division of tasks between the Single Resolution Board and NRAs - 19 V. Cooperation and information exchange within the SRM - 22 A. Cooperation between the Single Resolution Board and NRAs - 22 B. Cooperation between several actors within the Eurozone - 23 C. Cooperation with national authorities of non-participating Member States - 24 VI. Resolution process - 25 A. Resolution planning - 25 B. Early intervention - 29 C. Resolution - 31 1. General principles governing resolution and resolution principles - 31 2. Conditions for resolution - 34 3. Resolution procedure - 36 4. Resolution tools - 37 VII. The Single Resolution Fund - 41 VIII. What will the future bring for banking resolution within the European Banking Union? - 45 Resolution from the Belgian Resolution Authority’s Perspective - Evy De Batselier - 49 I. Introduction - 49 II. Resolution from an institutional perspective - 52 A. The origin of national resolution authorities as first line of defence - 52 B. The subsequent creation of a European line of defence by the SRMR - 53 III. Division of tasks - 56 A. Division of tasks between the SRB and the Belgian Resolution Board - 56 1. Ratione personae - 56 2. Ratione materiae - 56 B. Division of tasks within the NBB in its capacity of both supervisory authority and resolution authority – 57 IV. Two phases of resolution – Preparation and actual resolution - 58 A. The preparation phase – Drafting of resolution plans - 59 1. The difference between recovery and resolution plans - 59 2. Resolution strategy for groups: single point of entry (SPE) vs multiple point of entry (MPE) - 61 3. Determining the level of liabilities eligible for bail-in: - 64 4. Resolvability assessment - 66 5. Some practical observations - 67 B. The phase of actual resolution - 68 1. Conditions before entering into resolution - 68 2. Resolution tools - 69 3. Bail-in and the principle of no creditor worse off - 70 V. Resolution financing - 73 VI. Conclusion - 74 Judicial Protection in the Single Resolution Mechanism - Yves Herinckx - 77 I. Introduction - 77 II. The Appeal Panel - 78 A. Boards of Appeal at European agencies - 78 B. Composition and status - 80 C. Jurisdiction - 84 D. Procedure - 85 E. A quasi-judicial body - 90 F. Standard of review - 94 III. The Court of Justice of the European Union - 98 A. Appeals against decisions of the Appeal Panel - 99 B. Actions for annulment - 101 C. Actions for damages - 109 IV. National courts - 111 A. Preliminary references - 112 B. Ex-ante judicial approval of crisis management measures - 114 C. Valuations - 115 V. Conclusion - 118 The Rules on State Aid and the Framework for Bank Resolution: Foreplay and Interplay - Hans Gilliams and Stijn Goovaerts - 121 I. Foreplay: State aid rules as precursor and inspiration for the Single Resolution Mechanism - 121 A. Precursor: From bail-out by the State to bail-in of shareholders and creditors - 122 B. Inspiration: the SRM & the BRRD’s rules on the prevention of moral - 124 II. Interplay: The possibility of authorizing R&R aid within the Single Resolution Mechanism - 126 A. When does a measure qualify as State aid? - 127 B. Prior to clearance of State aid: Standstill Obligation - 129 C. Assessment of State aid for the resolution of credit institutions - 130 Concluding Remarks on Resolution and Resolvability Challenges - Rudi Bonte - 135 I. The move from policy design to implementation - 135 II. The complex process of pulling the resolution trigger - 136 III. The comprehensive menu for the resolution authorities - 138 IV. The drivers to achieve resolvability - 139 V. The learning points from crisis management - 140

Read more less

Book SynopsisThe main aim of this book is to assess the importance of international rules for foreign direct investment and the major challenges to international harmonization of those rules. Particular attention is paid to the most controversial and contentious issues with the view of appraising the prospects for establishing global rules. The book is divided into three parts; the first part includes papers assessing the role of national and international legislation with further distinction being made between bilateral, regional and multilateral legal frameworks. The second part addresses regulatory issues of technology transfer, labor, environment, subsidies and investment incentives, national security, public services and sovereign wealth funds. The final part looks at the experience of some international fora in addressing these issues and at some theoretical and conceptual problems of rule harmonization. The papers have been written by legal and economic scholars from leading universities.Table of ContentsWTO Agreements and Other Multilateral Investment Instruments; Mode 3 GATS (and Protocols of Accession); Investment in National Legislation and Problems of Regulatory Diversity; The Limits of Harmonization: Controversial Issues in the Theory of Regulations; Environmental Protection; Transfer of Technology; Labor Standards; Investment Liberalization and National Security; Subsidies and the Existing Investment Regimes; Sovereign Wealth Funds; Public Services and Investment Liberalization; Level-Playing Fields for OECD and Non-OECD Countries? The Case of Extractive Industries in Developing Countries; The EU Investment Model.

Read more less

Book SynopsisIn this volume, what are thought to be some of the more important aspects of the Dodd-Frank Act are discussed from a number of perspectives, including that of industry scholars who have been actively involved in evaluating financial regulation, regulators who are responsible for implementing the reform, financial policy experts representing think tanks and banking trade associations, congressmen and congressional staff involved with developing the legislation, and legal scholars. The volume summarizes the act, evaluates how the new regulations are being implemented and how the implementation process is progressing, and discusses modifications that, in the views of the authors, might be needed to more effectively achieve the stated goals of the legislation.Table of ContentsIntroduction and Summary of the Act: The Dodd - Frank Act: An Overview (Douglas D Evanoff and William F Moeller); Critical Assessment of the Act: Regulating Wall Street: The Dodd - Frank Act (Matthew Richardson); Financial Stability Via Regulation: Financial Stability Regulation (Daniel K Tarullo); Implementing Dodd-Frank: Identifying and Mitigating Systemic Risk (Mark Van Der Weide); Implementing the Dodd - Frank Act: Progress to Date and Recommendations for the Future (Scott D O'malia); Dodd - Frank Act Implementation: Well Into It and No Further Ahead (Wayne A Abernathy); Financial Stability via Efficient Failure Resolution: We Must Resolve to End too Big to Fail (Sheila C Bair); The Orderly Liquidation of Lehman Brothers Holdings Inc. Under the Dodd - Frank Act FDIC; Implementing Dodd - Frank: Orderly Resolution (Martin J Gruenberg); Resolving Globally Active, Systemically Important, Financial Institutions Federal Deposit Insurance Corporation and Bank of England; An Alternative View: Financial Stability via Bank Breakups: Do Sifis Have a Future? (Thomas M Hoenig); Ending Taxpayer-Funded Bailouts: Dodd-Frank Promises More Than It Can Deliver (Richard W Fisher and Harvey Rosenblum); Solving the too Big to Fail Problem (William C Dudley); Consumer Protection: Partnering: The Consumer Financial Protection Bureau And State Attorneys Generals (Richard Cordray); Prepared Remarks Before the National Association of Attorneys General (Richard Cordray); The Consumer Financial Protection Bureau: The Solution or the Problem? (Brenden D Soucy); Was Dodd-Frank Necessary? Needed?: The Financial Crisis nd "Too Big to Fail" Barney Frank and the Minority Staff of the House Financial Services Committee; A Dissent from the Majority Report of the Financial Crisis Inquiry Commission (Peter J Wallison).

Read more less

Book SynopsisEver since the Great Recession, the global financial regulatory system has undergone significant changes. But have these changes been sufficient? Have they created a new problem of over-regulation? Is the system currently in a better position than in the pre-Recession years, or have we not adequately addressed the basic causes of the financial crisis and resulting Great Recession?These were the questions and issues addressed in the seventeenth annual international banking conference held at the Federal Reserve Bank of Chicago in November 2014. In collaboration with the Bank of England, the theme of the conference was to examine the state of the new global financial system as it has evolved in response to significant market changes and regulatory reforms triggered by the global financial crisis. The papers from that conference are collected in this volume, with contributions from an international array of government officials, regulators, industry practitioners and academics.

Read more less

Book Synopsis

Read more less