Financial law: general Books

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 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 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 book provides a comprehensive analysis of the primary challenges, opportunities and regulatory developments associated with the use of artificial intelligence (AI) in the financial sector. It will show that, while AI has the potential to promote a more inclusive and competitive financial system, the increasing use of AI may bring certain risks and regulatory challenges that need to be addressed by regulators and policymakers.After analysing the technological foundations of AI, the book focuses on the use and regulatory challenges of AI in the banking, capital markets and insurance industries. It also analyses, compares and assesses the different strategies and international approaches that have been adopted to address the challenges raised by the use of AI. The book concludes by providing a holistic and cross-sectoral analysis of the use of AI in the financial sector.The comprehensive, interdisciplinary, and industry-relevant approach adopted in Artificial Intelligence in Finance will provide students, practitioners and academics interested in financial markets with a broad understanding of the challenges and opportunities of AI in the financial sector. Additionally, the comparative and policy-oriented approach also adopted in the book will provide regulators and policymakers with innovative ideas and regulatory solutions that will help them address some of the most critical challenges associated with a new data-driven financial system.Table of ContentsContents: Introduction xvii PART I FOUNDATIONS OF AI AND AI GOVERNANCE 1 Foundations of artificial intelligence and machine learning 2 Alfonso Delgado De Molina Rius 2 Explaining explainable AI 19 Richard Zuroff and Nicolas Chapados 3 Harmony in chaos 60 Yeong Zee Kin and Larissa Lim 4 Responsible AI 87 Marcus Bartley Johns, Joy Fuyuno and Dennae Smith PART II OPPORTUNITIES AND REGULATORY CHALLENGES OF AI IN THE BANKING INDUSTRY 5 AI governance frameworks for the banking sector 114 Virginia Torrie and Dominique Payette 6 Machine learning, alternative data, and the regulation of consumer credit markets 142 Nikita Aggarwal 7 AI-based consumer credit underwriting 151 Maayan Perel and Ruth Plato-Shinar PART III OPPORTUNITIES AND REGULATORY CHALLENGES OF AI IN CAPITAL MARKETS 8 The promises and perils of robo-advisers 178 Aurelio Gurrea-Martinez and Wai Yee Wan 9 Regulating AI trading from an AI lifecycle perspective 198 Alessio Azzutti, Wolf-Georg Ringe and H. Siegfried Stiehl PART IV OPPORTUNITIES AND REGULATORY CHALLENGES OF AI IN THE INSURANCE INDUSTRY 10 Opportunities and use cases of AI in the insurance industry 244 Magdalene Loh and Terence Soo 11 Regulation of the use of artificial intelligence for investment in the insurance industry 271 Christopher Chao-hung Chen PART V CROSS-SECTORAL ISSUES ON THE USE OF AI IN THE FINANCIAL SECTOR 12 Regulating artificial intelligence in finance and other regulated industries 294 Douglas W. Arner, Ross P. Buckley, Dirk A. Zetzsche, Brian W. Tang and Lucien J. van Romburg 13 Bias and discrimination in the use of AI in the financial sector 320 Minesh Tanna and William Dunning 14 Interconnectedness and financial stability in the era of artificial intelligence 350 Nydia Remolina Index 368

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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 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 SynopsisFiscal reforms have been an integral and essential component of the structural adjustment programmes implemented in the least developed countries (LDCs) since the 1980s. The need for fiscal reform in the LDCs was motivated by the accumulation of unsustainable fiscal deficits, constraints on the availability of external finance, the adverse impact of distortionary tax systems on economic efficiency and deficiencies in public administration. Fiscal reform in the LDCs encompassed deficit reduction, the restructuring of the tax system, and the reform of public administration and public expenditures.The empirical research in this volume provides an analysis of the experience of the fiscal reforms carried out since the early 1980s in four different LDCs - Bangladesh, The Gambia, Malawi and the United Republic of Tanzania. The case studies examine the nature and budgetary impact of the fiscal reforms in these countries, assess the extent to which reforms have achieved their objectives and discuss the major obstacles to the success of fiscal reform. The empirical studies are supplemented by a chapter outlining the contribution which economic theory can make to the design of optimal tax and expenditure systems in developing countries and to the implementation of fiscal reforms. An overview chapter, which also serves as an introduction to the volume, discusses the reasons why LDCs have embarked on fiscal reforms, summarizes the salient findings of the country case studies and assesses the lessons which can be learnt from these empirical studies.Trade Review'This book provides a sound analysis of the experiences of the selected countries. It underscores the developmental debate on the necessity of supporting fiscal policy reforms by promoting administration and human capacity-building. The analysis also delivers important suggestions for the focal points of future development cooperation.' -- Susanne Giwer, Development and CooperationTable of ContentsContents: Preface 1. Overview (C.K. Patel, S. Toh, M. Brownbridge) 2. Fiscal Reform in Developing Countries (D.P. Coady) 3. Trade Policy Reforms and the Government Budget Constraint in Bangladesh (P. Basu, D. Greenaway) 4. Structural Adjustment and Fiscal Reforms in Malawi: An Assessment (P. Basu, C. Milner) 5. Fiscal Adjustment in the Gambia: A Case Study (P. Basu, N. Gemmell) 6. The Fiscal Impact of Adjustment in Tanzania in the 1980s (P. Basu, O. Morrissey) References Index

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Book SynopsisThis book explores the pressing topic of dark trading. Following new EU legislation regulating financial markets (MiFID II and MiFIR), it traces the development of off-market securities trading (“dark trading”), analyzes economic studies of this development, and positions the resulting regulatory framework of the EU over against that of the US. The study closes with proposals for reform that provide new impetus for further academic discussion.

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Book Synopsis

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Book SynopsisMoney travels the modern world in disguise. It looks like a convention of human exchange - a commodity like gold or a medium like language. But its history reveals that money is a very different matter. It is an institution engineered by political communities to mark and mobilize resources. As societies change the way they create money, they change the market itself - along with the rules that structure it, the politics and ideas that shape it, and the benefits that flow from it.One particularly dramatic transformation in money''s design brought capitalism to England. For centuries, the English government monopolized money''s creation. The Crown sold people coin for a fee in exchange for silver and gold. ''Commodity money'' was a fragile and difficult medium; the first half of the book considers the kinds of exchange and credit it invited, as well as the politics it engendered. Capitalism arrived when the English reinvented money at the end of the 17th century. When it established the Bank of England, the government shared its monopoly over money creation for the first time with private investors, institutionalizing their self-interest as the pump that would produce the money supply. The second half of the book considers the monetary revolution that brought unprecedented possibilities and problems. The invention of circulating public debt, the breakdown of commodity money, the rise of commercial bank currency, and the coalescence of ideological commitments that came to be identified with the Gold Standard - all contributed to the abundant and unstable medium that is modern money. All flowed as well from a collision between the individual incentives and public claims at the heart of the system. The drama had constitutional dimension: money, as its history reveals, is a mode of governance in a material world. That character undermines claims in economics about money''s neutrality. The monetary design innovated in England would later spread, producing the global architecture of modern money.Trade ReviewThis fascinating book offers an innovative approach to monetary history, by using the historical development of currency in England from the high middle ages to the nineteenth century to challenge the established theory of money and its role in the economyâ This book is an excellent contribution to the existing literature [âand] must also be considered an important contribution to fields such as law, economics, political science, and the history of economic ideas. * Paolo di Martino, The Economic History Review *A closing sentence of Desan's Making Money encapsulates what I find truly extraordinary about her book: Arguably capitalism... constructed a money [based on] individual exchange for profit, institutionalizing that motive as the heart of productivity." ... In my view Desan's greatest contribution in Making Money is a clear explanation of how monetary reform set the stage for modern economic performance. * Carolyn Sissoko, Synthetic Assets *This book is an obvious must for anyone interested in English history generally, and the history of money, banking or finance, or the legal history of these fields in particular. That much goes without saying. For historians of capitalism, it should be a lightning rod, attracting attention with a bold, unorthodox and analytically and historically compelling claim. * Roy Kreitner, Banking and Finance Law Review *Making Money is an impressive work of scholarship that not only surveys many centuries of history, but also offers fresh insights into a topic so laden with assumptions and parables as to seem barely worth reexamination. The book is part legal analysis, part political and economic history, and part numismatics, and it is more representative of an interpretive essay than an encyclopedia of monetary history. * Bruce G. Carruthers, American Historical Review *Christine Desans Making Money: Coin, Currency, and the Coming of Capitalism. . . expands the limited theoretical interventions of myriad governance-view theorists into positive, empirical claims by telling the story of British money through law from the fall of Rome to the eighteenth-century financial revolution, and in so doing expands on them significantly. . . What Desan has given us, and earlier authors have not, is a thorough alternative, grounded in legal history, that, helpfully, includes an origin story for the orthodox account of moneys origins. Although some may continue to defend the orthodox conjectural history of money. . . they will be hard-pressed to do so on empirical grounds in light of Desans account. * Andrew David Edwards, Law and Social Inquiry *Desan's singular achievement has been to not only synthesize a vast literature but to also produce a richly detailed, compelling, and original account of how the development of market commerce and capitalism was largely dependent upon the transformation of the ways in which people thought about and made their money. . . Needless to say this brief review in no way does justice to the narrative reconstruction, eye-watering detail, and historiographical engagement which will surely make Desan's text the definitive account for some time to come. * Simon Middleton, The Medieval Review *Making Money is a fascinating story, full of both meticulous historical detail and compelling conceptual arguments about the relationship between forms of currency, political authority, and the creation of the modern state . . . thought-provoking like David Graebers Debt, but firmly grounded in the minutiae of English history. In these times when everyone from gold bugs (like Ted Cruz, lets not forget) to Bitcoin enthusiasts is calling for a redefinition of money, it reminds us what a complicated and politically determined thing money always has been. * James Kwak, The Baseline Scenario *Christine Desans Making Money should be amongst the points of departure for analysis and reflection not beholden to the existing institutional structures and the interests served by such institutions...This insight elevates Desans book far above the kind of literature that cultivates a generalizing view of money, its current forms, and institutional settings as inevitable expressions of human nature. The conclusions from her contribution to the analysis of money are arguments for changing prevailing monetary regimes. Desan equips us with historical arguments for reinventing money. * Leopold Specht, International Journal of Constitutional Law *Making Money contributes to . . . understanding [the popularity of cash] by providing a detailed and insightful narrative of how cash developed into the killer app of payment technologies. * William Roberds, Journal of Economic Literature *[T]hose interested in gaining a comprehensive understanding of the evolution of money... Will find this book invaluable. [Desans] approach... Is essentially a new history and analysis of how money is made. * Katie Ball, Reviews in History *Making Money will undoubtedly become an exemplary text in its field. It has a lot to offer... In sum, this book is of tremendous value and a notable text in legal history and within those subjects at the peripheries surrounding it. It sets a new path in challenging our ways of studying commercial law and viewing money and currency as a purely economic tool and as a mechanism of exchange. * Victoria Barnes, The Journal of Legal History *[In this book] A constitutional historian dives deep into to joint creation with private investorsto illuminate how the means of exchange is in fact a form of governance and of social order * Harvard Magazine *Christine Desanâs Making Money is not only a fine monetary history of England. The 2014 book is relevant today. It shows cash and governments go together, the gold standard was a misnomer and central banking is political. And we should stop outsourcing money-creation to banks. * Edward Hadas, Breakingviews *Table of ContentsIntroduction ; 1. Creation Stories ; 2. From Metal to Money: Producing the "Just Penny" ; 3. Commodity Money as an Extreme Sport: Flows, Famines, Debasements, and Imitation Pennies ; 4. The High Politics of Money: Strong Coin, Heavy Taxes, and the English Invention of Public Credit ; 5. The Social Stratigraphy of Coin and Credit in Late Medieval England ; 6. Priming the Pump: The Sovereign Path Towards Paying for Coin and Circulating Credit ; 7. Interests, Rights, and the Currency of Public Debt ; 8. Reinventing Money: The Beginning of Bank Currency ; 9. Re-theorizing Money: The Struggle over Money in the Modern Imagination ; 10. The Eighteenth Century Architecture of Modern Money ; Epilogue: The Gold Standard in an Era of Inconvertibility ; Conclusion: From Blood to Water ; Bibliography

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Book SynopsisBased on cross-national and cross-sectoral case studies, the revised and updated second edition of this seminal and successful text provides a multi-disciplinary introduction to key debates in regulation, including fundamental and institutional strategies and issues surrounding the design and operation of regulatory institutions.Trade ReviewReview from previous edition It is an excellently constructed work, and provides much food for thought for the times in which we live. * New Law Journal *The book is well researched and written with enough conviction to make a valuable contribution in developing our understanding of the choices regulation presents us with and the potential of new regulatory arrangements going forward. * Matthew Berry, Financial Adviser Careers Extra *Some of the material is very useful and not easily available in textbook form elsewhere ... a good way of catching up on the reforms in a variety of policy sectors and thinking in different disciplines. * Public Administration *Table of ContentsPART I: FUNDAMENTALS; PART II: STRATEGIES; PART III: RULES AND ENFORCEMENT; PART IV: QUALITY AND EVALUATION; PART V: REGULATION AT DIFFERENT LEVELS OF GOVERNMENT; PART VI: NETWORK ISSUES; PART VII: CONCLUSIONS

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Book SynopsisPreface Introduction Belgium Denmark France Germany Greece Ireland Italy The Netherlands Portugal Spain The United Kingdom Accounting Regulation in EuropeTable of ContentsPreface Introduction Belgium Denmark France Germany Greece Ireland Italy The Netherlands Portugal Spain The United Kingdom Accounting Regulation in Europe

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Book SynopsisThis guide to private equity transactions in the UK provides a lawyer's insight into the key commercial aspects of private equity deals and offers those looking to gain or refresh their understanding of the subject an overview of the legal issues they are likely to encounter.Table of Contents1. An introduction to private equity; 2. The deal process and preliminary matters; 3. Transaction structures and deal documents; 4. Acquisition issues; 5. Equity documentation; 6. Debt funding; 7. Employment issues; 8. Pensions; 9. Taxation on private equity transactions; 10. Public to private transactions; 11. Living with the investment; 12. Secondary buyouts; 13. Exits.

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

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

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

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

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

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

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

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

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

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

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

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Book Synopsis

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

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

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