Financial services law and regulation Books

Book SynopsisHow the Aussie economy got hooked on the world's dirtiest cash. Longlisted for a 2022 Walkley Award and earning the author the 2022 Financial Crime Fighter Award. In today's ruthless world of organised crime, the best criminals aren't foolish enough to steal money out of banks. They wear tailored suits, carry briefcases, and discreetly slip money into banks. Bigwigs, oligarchs and crime syndicates running drugs, trafficking guns and people, arming terrorists and subverting government controls are desperate to put a legitimate face on their wealth. Washing dirty money, moving it around the globe, making it look legitimate is where the action is for both criminals and the authorities chasing them. Australia is awash with dirty money. It flows through our economy, keeps banks running, powers big business, puts coffee on restaurant tables, seeps into clubs, pubs, sport, the art world and anywhere that value is moved. It infiltrates real estate, costs billions in policing, and takes

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Book SynopsisThis comprehensive Commentary examines the implications of the EU’s Market Abuse Regulation, introduced following the 2008 financial crisis after gaps were identified in the existing regulatory framework. It explores whether and how the Regulation achieves its aims of preserving the integrity of financial markets by preventing insider dealing and market manipulation, providing a harmonised legal framework, and increasing legal certainty for all market participants.Key features include: in-depth contributions from leading scholars and practitioners in the field practical discussion of the interpretation and implementation of the Regulation, including pertinent national and European case law systematic article-by-article analysis of the Regulation, illuminating the purpose of each provision as well as providing relevant historical and legal context Scholars of EU financial and banking law, particularly those with an interest in market abuse and financial crime and corruption, will find this Commentary a valuable resource. It will also be of great practical benefit for practitioners and in-house counsel working for or with banks, investment firms and other financial institutions.Trade Review‘This book provides an exhaustive analysis of the Market Abuse Regulation, which, despite Brexit, continues to be of core concern to practitioners in this area, for two reasons. First, the Regulation continues as part of domestic UK law as “retained EU law” and, second, its status in relation to EU financial markets remains undisturbed. This book, written by a distinguished group of scholars, lays out, article by article, a complete analysis of the Regulation and its now extensive accompanying pieces of secondary legislation and CJEU decisions. It brings together in a single volume a clear and incisive assessment of all the issues arising, and likely to arise, in the regulation of this notoriously challenging area of market behaviour.’ -- Paul L. Davies QC, University of Oxford, UK‘This is an invaluable guide to the Market Abuse Regulation. It is well structured and formatted allowing the reader to access the relevant information with ease. It provides useful information on the context and historical development of the various provisions and highlights the significant changes to the existing law. It identifies the objectives of each of the Articles providing links to relevant literature, caselaw, related legislation and guidance. The authors are experts in their fields and together they provide insights into the salient academic, public service, public policy, regulatory, jurisprudential, and practical dimensions of the Regulation. Although particular reference is made to the application of the market abuse regime in Austria, France, Germany and the UK, this text will provide a valuable resource to academics, regulators and practitioners in all Member States seeking to understand and implement the Market Abuse Regulation.’ -- Blanaid Clarke, Trinity College Dublin, Ireland‘If you have any question about the EU’s Market Abuse Regulation and its interpretation, look no further. This book provides a profound and authoritative analysis of each of its sections, as well as an excellent survey of private enforcement of capital markets law in Europe. It will be very useful to anyone working in European capital markets law.’ -- Martin Gelter, Fordham University School of Law, USTable of ContentsContents: 1 Subject matter 1 Elena Guggenberger 2 Scope 4 Elena Guggenberger 3 Definitions 10 Elena Guggenberger 4 Notifications and list of financial instruments 29 Elena Guggenberger 5 Exemption for buy-back programmes and stabilisation 33 Susanne Kalss 6 Exemption for monetary and public debt management activities and climate policy activities 52 Susanne Kalss 7 Inside information 56 Mario Hössl-Neumann and Ulrich Torggler 8 Insider dealing 82 Martin Winner 9 Legitimate behaviour 116 Martin Winner 10 Unlawful disclosure of inside information 139 Mario Hössl-Neumann and Ulrich Torggler 11 Market soundings 154 Mario Hössl-Neumann and Ulrich Torggler 12 Market manipulation 169 Susanne Kalss 13 Accepted market practices 182 Susanne Kalss 14 Prohibition of insider dealing and of unlawful disclosure of inside information 190 Martin Winner 15 Prohibition of market manipulation 195 Martin Oppitz 16 Prevention and detection of market abuse 199 Florian Kusznier 17 Public disclosure of inside information 203 Susanne Kalss and Clemens Hasenauer 18 Insider lists 243 Ursula Rath 19 Managers’ transactions 261 Susanne Kalss and Clemens Hasenauer 20 Investment recommendations and statistics 297 Martin Oppitz 21 Disclosure or dissemination of information in the media 303 Martin Oppitz 22 Competent authorities 309 Peter Jedlicka 23 Powers of competent authorities 317 Peter Jedlicka 24 Cooperation with ESMA 327 Alfred Schramm 25 Obligation to cooperate 331 Alfred Schramm 26 Cooperation with third countries 341 Alfred Schramm 27 Professional secrecy 348 Alfred Schramm 28 Data protection 352 Alfred Schramm 29 Disclosure of personal data to third countries 353 Alfred Schramm 30 Administrative sanctions and other administrative measures 354 Michael Rohregger and Nina Palmstorfer 30A Appendix to Art 30 MAR – Private enforcement 360 Chris Thomale 31 Exercise of supervisory powers and imposition of sanctions 414 Michael Rohregger and Charlotte Pechhacker 32 Reporting of infringements 418 Michael Rohregger and Charlotte Pechhacker 33 Exchange of information with ESMA 424 Michael Rohregger and Charlotte Pechhacker 34 Publication of decisions 428 Michael Rohregger and Nina Palmstorfer 35 Exercise of the delegation 432 Elisabeth Drach 36 Committee procedure 435 Elisabeth Drach 37 Repeal of Directive 2003/6/EC and its implementing measures 437 Elisabeth Drach 38 Report 439 Elisabeth Drach 39 Entry into force and application 441 Elisabeth Drach Annex I 443 Annex II 445 Index 450

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Book SynopsisTable of ContentsContents: PART I EU SUPERVISORS 1 Introduction on EU supervisors 7 2 European Banking Authority 11 3 European Securities and Markets Authority 23 4 European Insurance and Occupational Pensions Authority 33 5 European Central Bank 41 6 European Systemic Risk Board 49 PART II BANKING 7 Introduction on banking 55 8 Banking activities and institutions 59 9 Single Supervisory Mechanism 92 10 Bank Recovery and Resolution Directive 110 11 Single Resolution Mechanism 132 12 Reorganisation and winding-up of credit institutions 141 13 Deposit guarantee schemes 150 14 Non-performing Loans Directive 159 PART III SECURITIES 15 Introduction on securities 16 Prospectus 170 17 Transparency 183 18 Short selling 191 19 Takeover bids 198 20 Shareholders’ Rights Directive II 206 PART IV FINANCIAL MARKETS 21 Introduction on financial markets 214 22 MiFID II 219 23 IFR/IFD 243 24 Market abuse 253 25 Securities Financing Transactions Regulation 267 26 The Securitisation Regulation 275 27 Credit rating agencies 283 PART V DERIVATIVES, COLLATERAL MANAGEMENT AND POST-MARKET 28 Introduction on derivatives, collateral management and post-market 295 29 EMIR 302 30 Recovery and resolution of central counterparties 323 31 Settlement Finality Directive 337 32 Securities settlement and central securities depositories 343 33 Financial collateral arrangements 354 PART VI BENCHMARKS 34 Introduction on benchmarks 362 35 Benchmarks 365 PART VII FUNDS 36 Introduction on funds 378 37 Undertakings for Collective Investment in Transferable Securities 381 38 AIFMD 391 39 IFR/IFD 406 40 European Venture Capital Funds 412 41 ELTIF 418 42 Money Market Funds Regulation 426 43 Cross-border fund distribution 434 PART VIII INSURANCE 44 Introduction on insurance 442 45 Solvency II 445 46 Insurance Distribution Directive 467 PART IX PENSIONS 47 Introduction on pensions 480 48 Institutions for Occupational Retirement Provision II Directive 482 49 Pan-European Pension Product Regulation 488 PART X MARKETING 50 Introduction on marketing 497 51 Distance marketing of financial services 500 52 PRIIPs 508 PART XI PAYMENT SERVICES/E-MONEY 53 Introduction on payment services/e-money 517 54 Payment services 521 55 E-money 530 56 Payment accounts 535 57 Interchange fees 540 58 SEPA 547 59 Cross-border payments in the Union 553 PART XII COMPLIANCE 60 Introduction on compliance 558 61 Anti-money laundering and terrorist financing 561 62 Information accompanying transfer of funds 573 PART XIII CONSUMER CREDIT PROTECTION 63 Introduction on consumer credit protection 579 64 Consumer credit 581 65 Mortgage credit 591 PART XIV CROWDFUNDING 66 Introduction on crowdfunding 599 67 Crowdfunding 601 PART XV SUSTAINABLE FINANCE 68 Introduction on sustainable finance 611 69 SFDR 615 70 Taxonomy 625 71 Non-Financial Reporting Directive 634 72 Corporate Sustainability Reporting Directive 639 PART XVI DIGITAL FINANCE 73 Introduction on digital finance 646 74 DLT 649 75 MiCA 653 76 DORA 661

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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 timely book explores pertinent questions around the legitimacy and effectiveness of EU agencies‚Äô soft law, with a particular focus on the European Securities and Markets Authority (ESMA). It examines the variety of ESMA‚Äôs existing and newly granted soft law-making powers, which were intended to deal with the lack of effectiveness of its predecessor but are now called into question due to the ‚Äòhard‚Äô effect of these soft laws.Built on a combination of theoretical analysis and first-hand practical experience, Marloes van Rijsbergen tests the framework for each category of ESMA‚Äôs soft law instruments at each stage of the policy cycle, demonstrating that the framework can be applied to other EU agencies with similar soft law-making powers. This unique framework assesses which procedural and institutional safeguards regarding EU agencies' soft law would reflect an adequate balancing of both legitimacy and effectiveness concerns.Comprehensive yet accessible, this book will be a key resource for students and scholars of EU financial law, constitutional law, public administration and governance. Providing an evaluation of the legal nature of ESMA‚Äôs soft law acts in the context of the financial sector, it will also prove valuable for practitioners, compliance officers and parties establishing other EU agencies.Trade Review‚ÄòVan Rijsbergen makes a crucial contribution to the research on EU agencies and EU soft law. Adopting a much-needed empirical approach, her book makes important recommendations allowing a balance to be struck between legitimacy and effectiveness in soft-law making and application. As the field is currently subject to increasing litigation, the book is a must read not only for academics, but also for policy-makers, administrators, judges, and lawyers at all levels of governance.‚Äô -- ‚Äì Oana Stefan, Kings College London, UK‚ÄòThis book provides unique insights into the role soft rule-making plays within the framework of one of the most important EU regulatory agencies. It offers an in-depth and comprehensive study of this role at the decision-making, transposition, implementation and enforcement levels, drawing on findings gained by the author in ESMA‚Äôs daily practice. It presents highly relevant conclusions surrounding the current balance of effectiveness gains and legitimacy concerns regarding increased soft law-making within ESMA, making recommendations for improvement.‚Äô -- ‚Äì Linda Senden, Utrecht University, the NetherlandsTable of ContentsContents: 1. Setting the scene 2. Guiding principles for EU agencies’ soft law-making 3. Defining the legal basis for ESMA’s soft law-making powers 4. Initiation of ESMA’s soft law-making powers 5. ESMA’s decision-making process 6. Transparency with regard to ESMA’s soft law instruments 7. Transposition of ESMA’s soft law instruments 8. Compliance with ESMA’s soft law instruments 9. Enforcing ESMA’s soft law instruments vis-à-vis national authorities 10. Reviewing ESMA’s soft law instruments 11. Conclusions and recommendation Bibliography Index

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Book SynopsisFoundations for the LPC covers the compulsory foundation areas of the Legal Practice Course as set out in the LPC outcomes: professional conduct, tax and revenue law, and wills and administraion of estates. It also features coverage of human rights.

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Book SynopsisInternational Monetary and Banking Law post COVID-19 analyses the response of major financial institutions and central banks to the COVID-19 pandemic, considering the impact on the architecture and content of international monetary and banking law.Table of ContentsIntroduction Part I: Responses to the COVID-19 Crisis and Maintenance of Financial Stability 1: The Role of International Financial Fora in Preserving Global Financial Stability amidst the Pandemic Crisis: The First 18 Months 2: Measures Taken by the Federal Reserve in Response to Financial Stress in the U.S. Economy Arising Out of the Global Pandemic 3: The Response of Central Banks to the COVID-19 Crisis: Legal Aspects of the ECB's Monetary Policy Measures 4: The Response of Central Banks to the COVID-19 Crisis: Legal Aspects of the Bank of England's Policy Measures 5: Central Bank Policy Responses to the Effects of COVID-19 on the Brazilian Economy 6: Maintaining Financial Stability in China: Legal and Institutional Framework Part II: Digitalisation of Money and Finance 7: Lex Cryptographica Financiera 8: Towards an international framework for the regulation and supervision of

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Book SynopsisEmerging market countries are currently facing a dual challenge. How to incorporate transnational regulations into their societies, while building their own versions of regulatory capitalism. This raises a multitude questions and challenges. Will the diffusion of international public and private regulations of developed countries, benefit a few and marginalize less developed countries? Or, can these regulations foster transnational public-private experiments to improve local regulatory capacities and social conditions? What kinds of strategies might facilitate or impede both transnational regulatory integration and local institutional upgrading? This book offers a fresh perspective in reconciling the seemingly incompatible goals of transnational integration and development. It offers a new analytical framework and a set of case studies that help forge a comparative analysis of integration and development. It offers both the identification of the mechanisms that can foster lasting transTable of ContentsPART I: STATICS AND DYNAMICS IN REGIONAL TIRS WITH RULE TAKERS AND HEGEMONS ; PART II: EMERGING TIRS IN THE GLOBAL SOUTH: BLOCKAGE AND COORDINATION IN THE MERCOSUR ; PART III: FRAGMENTATION AND REGIME COMPLEXITY IN TRRS

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Book SynopsisThe third edition continues to provide succinct analysis of the principles, rules, and concepts underpinning the practice of international finance and is updated to include cryptocurrencies and technology in financial markets.Table of Contents1: Introduction 2: Money 3: Payment 4: Personal and Property Rights 5: Intangibles as Property 6: The Legal Nature of the International Bond Market 7: Fiduciary Duties and How They Arise 8: Fiduciary Duties in Financial Markets 9: Credit Support in Financial Markets 10: Security Interests 11: The Construction of Financial Contracts

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Book SynopsisOver the decade or so since the global financial crisis rocked EU financial markets and led to wide-ranging reforms, EU securities and financial markets regulation has continued to evolve. The legislative framework has been refined and administrative rulemaking has expanded. Alongside, the Capital Markets Union agenda has developed, the UK has left the EU, and ESMA has emerged as a decisive influence on EU financial markets governance. All these developments, as well as the Covid-19 pandemic, have shaped the regulatory landscape and how supervision is organized. EU Securities and Financial Markets Regulation provides a comprehensive, critical, and contextual account of the intricate rulebook that governs EU financial markets and its supporting institutional arrangements. It is framed by an assessment of how the regime has evolved over the decade or so since the global financial crisis and considers, among other matters, the post-crisis reforms to key legislative measures, the massive expansion of administrative rulemaking and of soft law, the Capital Markets Union agenda, the development of supervisory convergence as the means for organizing pan-EU supervision, and ESMA''s role in EU financial markets governance. Its coverage extends from capital-raising and the Prospectus Regulation to financial market intermediation and the MiFID II/MiFIR and IFD/IFR regimes, to the new regulatory regimes adopted since the global financial crisis (including for benchmarks and their administrators), to retail market regulation and the PRIIPs Regulation, and on to the EU''s third country regime and the implications of the UK''s departure from the EU.This is the fourth edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Heavily revised from the third edition to reflect developments since the global financial crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, institutional, and international context of the regulatory and supervisory regime.

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Book SynopsisRegulation is often thought of as an activity that restricts behaviour and prevents the occurrence of certain undesirable activities, but the influence of regulation can also be enabling or facilitative, as when a market could potentially be chaotic if uncontrolled. This Handbook provides a clear and authoritative discussion of the major trends and issues in regulation over the last thirty years, together with an outline of prospective developments. It brings together contributions from leading scholars from a range of disciplines and countries. Each chapter offers a broad overview of key current issues and provides an analysis of different perspectives on those issues. Experiences in different jurisdictions and insights from various disciplines are drawn upon, and particular attention is paid to the challenges that are encountered when specific approaches are applied in practice. Contributors develop their own distinctive arguments relating to the central issues in regulation and applTrade Review...this Handbook is exactly what it says on the tin: provides high quality state of the art reviews of the main areas of work on regulation. * Michael Moran, University of Manchester Business School *Table of ContentsPART I: GENERAL ISSUES; PART II : PROCESSES AND STRATEGIES; PART III: CONTESTED ISSUES; PART IV: REGULATORY DOMAINS; PART V: CONCLUSION

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Book SynopsisExchanges play an essential and central role in the world''s economy. They epitomize transparency in the price-formation process, informing investors and disseminating vital information for the functioning of financial markets, and in so doing they represent an important source of capital for nascent and established companies alike. Even during the recent crisis, exchanges remained open and liquid in the face of extreme volatility-thus the trust investors place in regulated exchanges when confronted with uncertainty is beyond doubt. Since the inception of the World Federation of Exchanges in the 1960s, the operational and competitive landscape for organized exchanges has changed radically. Technology and globalization have allowed financial flows to move freely across borders, and burgeoning competition and lower regulatory barriers have spurred far-reaching transformations in the way securities are traded.Against this background, and on the occasion of the 50th anniversary of the World Federation of Exchanges, the WFE has partnered with Larry Harris and the Centre for European Policy Studies to produce a definitive volume of essays to take a look at the historic role exchanges have played in the global economy, highlighting pivotal innovations that shaped this role, and to lay out prospective ways in which exchanges will continue to shape the global economy in the future. Opening with key conceptual essays by leading academics, Regulated Exchanges examines the historical contribution of exchanges to the world''s economic growth, exchanges'' economic importance, and the regulatory characteristics of the space in which exchanges operate. The volume then presents essays on several defining milestones in the history of exchanges written by leading figures that took part in that very history, showing the interaction between the founding of exchanges, local cultures, and world financial markets. The book appropriately closes with a look forward, examining the competitive landscape and the exciting and promising future of regulated exchanges. Offering an unparalleled collection of perspectives from leading academics and practitioners involved in the history of exchanges, Regulated Exchanges sheds a brilliant and welcome light on how exchanges have influenced and fostered successful financial markets, and how they will do so for many years to come.Trade ReviewExchanges always should keep in mind their essential role-to facilitate the channelling of savings towards productive investment-which, as repeatedly has been demonstrated, is of the utmost relevance for economic development, and thus for the welfare of humankind. The hopes of millions of families, and the business projects of thousands of companies, have passed throughout the engines of our institutions: from the overseas trading companies in the seventeenth century to the construction of the railways in the nineteenth, to the design and deployment of modern telecommunications networks that connect the world in this still fresh millennium. * From the preface by Pedro Rodriguez Ponga, former President of the Bolsa de Madrid and former Chairman of the World Federation of Exchanges *Table of ContentsEDITOR'S INTRODUCTION - LAWRENCE HARRIS, EDITOR-IN-CHIEF, UNIVERSITY OF SOUTHERN CALIFORNIA MARSHALL SCHOOL OF BUSINESS; FORWARD AND ACKNOWLEDGEMENTS - WILLIAM J. BRODSKY, CHAIRMAN, WORLD FEDERATION OF EXCHANGES; CHAIRMAN, CHICAGO BOARD OPTIONS EXCHANGE AND THOMAS KRANTZ, SECRETARY GENERAL, WORLD FEDERATION OF EXCHANGES; PREFACE - PEDRO RODRIGUEZ PONGA, PAST PRESIDENT, BOLSA OF MADRID AND PAST CHAIRMAN, WFE; NICKY NEWTON-KING, DEPUTY CEO, JOHANNESBURG STOCK EXCHANGE AND SIOBHAN CLEARY, SENIOR MANAGER, JOHANNESBURG STOCK EXCHANGE; APPENDIX: WFE MEMORABILIA; INDEX

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Book SynopsisDr Roger Miles researches behavioural risk and the impacts of conduct regulation. He counsels Boards on human risk factors and uncertainty, and delivers bespoke risk workshops for leadership groups in government, NGOs and the professions. He teaches risk-related psychology at graduate schools including Cambridge University and the UK Defence Academy. He co-edits the LSE's annual Behavioural Economics Guide and publishes best practice guidance notes through professional bodies including British Bankers' Association (BBA), the Association of British Insurers (ABI), Global Association of Risk Professionals (GARP) and the Institute of Operational Risk (IOR).Trade Review"With the latest shocks to unsettle the predictable and rational world of deterministic and logical data-driven assumptions analysis, culminating in our inability to foresee Brexit and the rise of Donald Trump, financial practitioners would be well advised to pick up, discuss and take note of the behavioural approaches outlined in Dr Miles's Conduct Risk Management. The tools in here will help practitioners get themselves 'match fit' for managing risk in a world where almost everything you thought you knew may turn out to be wrong." * Dr David Hancock, Director HM Government Cabinet Office – Infrastructure and Projects Authority; former Head of Risk for TfL *"Dr Miles has important and timely lessons for the effective management of corporate risk, but this book goes well beyond a narrow risk focus and, with its application of and insights from behavioural science, will be of interest to students and practitioners of ethics, culture and conduct in financial services and, indeed, more widely. I'd encourage all bankers, regulators and students to read this book, which balances well academic study with practical, real-world lessons and conclusions." * Simon Thompson, Chief Executive, Chartered Banker Institute *"A refreshingly enjoyable read, but more than that, a timely expert insight into why and how the financial sector has to change fundamentally the way it engages with politics and public goods. This change of outlook has implications far beyond financial markets - there are valuable lessons for policy-making at the highest level." * Matthew Taylor, Chief Executive, RSA; Head of the Prime Minister’s Employment Law Review, 2016 *"A lively, interesting and very practical guide to understanding how regulators think, and getting on the front foot ahead of conduct risk. Using Dr Miles's techniques to 'work risk-aware' makes good business sense, is highly engaging for all business people and is certainly a better basis for effective compliance than old fashioned box-ticking." * Scott Wallace, Chief Risk Officer and Executive Director – Governance, Legal, Risk & Compliance *"Many practitioners are at a loss how to deal with Conduct Risk, yet clearly it's a vital topic to understand, now that the threat of prosecution hangs daily over every senior manager. Roger Miles is one of the very few genuinely expert sources on what the science of 'behavioural regulation' means for day-to-day business practice. This is a great opportunity to gather his insights, and enjoy his lively curiosity about where regulation comes from and will take us to next." * Donald Macrae, Senior Consultant on Regulatory Reform, World Bank *"Roger Miles has done an excellent job of animating and explaining in plain English this challenging area of regulation. His book should therefore be essential reading for any compliance and risk professional in order that they better understand the nature of conduct risk and how to mitigate the risks arising." * Brian Harte, Managing Director, Berkeley Research Group; former Group Head of Compliance and Regulatory Affairs, Barclays *Table of Contents Chapter - 01: Time for a Fresh Approach; Chapter - 02: Behavioural Science Sets Regulators Thinking…; Chapter - 03: The Onset of Financial Conduct Regulation; Chapter - 04: Why Regulators had to Change Direction; Chapter - 05: The Roots of Misconduct; Chapter - 06: The Politics of Prosecution; Chapter - 07: Establishing What Your ‘Good Behaviour Looks Like’; Chapter - 08: The ‘Behavioural Lens’, Part 1; Chapter - 09: The ‘Behavioural Lens’, Part 2; Chapter - 10: Looking Back, Looking Ahead

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Book SynopsisThis book provides a definition and classification for Sovereign Wealth Funds (SWFs) and discusses its phenomenon within the legal context.Trade ReviewBassan provides a remarkable compendium on the relevant laws, regulations, and standards affecting sovereign wealth funds. These institutions are now at the very centre of the global financial system and demand greater appreciation of their distinctive qualities as well as their likely implications for nation-states and the global economy. Bassan's book is a unique contribution to understanding the governance and regulation of these institutions and will be an important resource book for those who must grapple with the growing power and global scope of these institutions. --Gordon L. Clark, University of Oxford, UK and Monash University, AustraliaThis book is not the final word on the law of sovereign wealth funds (SWFs) but it should be the first word: the place any researcher should start their research. It is sensible, comprehensive, and balanced and it is the first monograph-length analysis of this topic of which I am aware. . . anyone wanting to understand the law that governs SWFs could do no better than by starting with this book. . . It is essential reading for all policy makers in the field, and for all who practise in this area of law, or who seek to study it. --Ross P. Buckley, Journal of International Economic Law[A} work that is both important, and likely to become foundational in the field that has yet to fully define itself. Bassan has helped take an important step in that direction. Bravo --Larry Catá Backer, Law at the End of the Day blogTable of ContentsContents: Foreword by Franco Bassanini Part I: SWFs: New Actors in the International Scene. A Definition and Classification 1. Sovereign Entities Investing Abroad as Private Entities: Limits of the Conventional Framework 2. SWFs: Definition and Classification Part II: SWFs’ National and International Regulation 3. Sovereign Wealth Funds’ Regulation 4. Host States’ Laws and SWFs Part III: SWFs’ Protection in Bilateral Relations 5. SWFs and State Immunity 6. SWFs and Bilateral Investment Treaties 7. Conclusions Bibliography Index

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Book SynopsisManaging Risk in the Financial System makes important and timely contributions to our knowledge and understanding of banking law.Trade ReviewThis book contains a large number of chapters, nearly 30 in all, by acknowledged experts on various aspects of the recent financial crisis. Whichever aspect of this crisis that may interest you, such as bank taxes, deposit insurance, TBTF and how to respond, cross-border issues, and many, many others, you will find chapters that are both authoritative and stimulating in this collection. The editors are to be congratulated not only in their selection of authors but also in the speed with which they have taken them from conference presentation to book chapter. --Charles Goodhart, London School of Economics, UKIncisive, authoritative and thoughtful, this important and timely collection of papers exploring the unresolved issues left by the recent global financial turmoil, will undoubtedly shape the policy responses to come. Interdisciplinary in approach and wide-ranging in jurisdictional scope, it draws together influential commentators, practitioners and regulators, to create a new milestone in the search for the fundamentals of a more stable global financial system. --Eva Lomnicka, King's College London, UKManaging Risk in the Financial System offers fresh and essential reading on the Global Financial Crisis. The coverage is unique in its scope - offering a close examination of fundamental concepts such as the nature of systemic risk; consideration of the impact of systemic crisis on both private institutions and national governments; and critique of popular reform proposals such as living wills, resolution funds and capital adequacy. Contributors to this volume are internationally recognized experts who offer sharp assessments of both the causes of the crisis and the proposed reforms. --Heidi Mandanis Schooner, Columbus School of LawTable of ContentsContents: Foreword: The 2010 Banking Law Symposium on Managing Systemic Risk Charles Enoch Special Address: The Deposit Insurer’s Role in Transitioning from a Government Deposit Guarantee Jean Pierre Sabourin Preface: It Has Been ‘A Hard Day’s Night’ John Raymond LaBrosse, Rodrigo Olivares-Caminal and Dalvinder Singh PART I: SYSTEMIC RISK 1. Investor Behaviour in the Period Before the 2007–08 Financial Crisis Richard J. Rosen 2. The Nature of Systemic Risk Jack Selody 3. The Government as Guarantor of Last Resort: Benefits, Costs and the Case for Premium Charges Sebastian Schich 4. The Troubled Asset Relief Program: Has Forbearance as Far as the Eye Can See Saved the US Economy? Gillian G.H. Garcia 5. Why is the Canadian Banking System so Remarkably Stable? A Comparative Analysis with the US Jean Roy, Rima Turk-Ariss and Yenni Redjah 6. Systemic Contingent Claim Analysis – A Model Approach to Systemic Risk Dale F. Gray and Andreas A. Jobst 7. Tax and the City: The UK’s Proposals for a Bank Levy John Snape PART II: SOVEREIGN DEBT 8. Iceland’s Financial Disaster and its Fiscal Impact Arnór Sighvatsson and Gunnar Gunnarsson 9. The Greek Tragedy: Is There a Deus ex Machina? Ioannis Kokkoris, Rodrigo Olivares-Caminal and Kiriakos Papadakis 10. Restructuring a Nation’s Debt Lee C. Buchheit and Mitu Gulati PART III: ADDRESSING THE PROBLEM OF ‘TOO-BIG-TO-FAIL’ 11. Firm Stability and System Stability: The Regulatory Delusion Geoffrey Wood with Ali Kabiri 12. ‘Living Wills’: Putting the Caboose Before the Engine and Designing a Better Engine George G. Kaufman 13. Finding a Solution to the ‘Too-Big-To-Fail’ Problem Arthur E. Wilmarth, Jr. 14. ‘Too-Big-To-Fail’ – Can Alternative Resolution Regimes Really Remedy Systemic Risk in Large Financial Institutions’ Insolvency? Jens-Hinrich Binder 15. To Divest or Not to Divest: That is the Question... Ioannis Kokkoris PART IV: CROSS-BORDER ISSUES 16. Resolving Large Complex Financial Institutions Within and Across Jurisdictions Robert R. Bliss and George G. Kaufman 17. From Consolidated Supervision to Consolidated Resolution Rosa M. Lastra and Rodrigo Olivares-Caminal 18. Creating an EU-Level Supervisor for Cross-border Banking Groups: Issues Raised by the US Experience with Dual Banking Larry D. Wall, María J. Nieto and David G. Mayes PART V: PRUDENTIAL REGULATION 19. Capital and Liquidity Reform – A New Global Agenda George A. Walker 20. Basel II to Basel III: A Great Leap Forward? Imad Moosa PART VI: COUNTRY CASE STUDIES 21. The US Architecture of Bank Regulation and Supervision: Recent Reforms in their Historical Context Dalvinder Singh 22. An Evaluation of the Canadian Financial Safety Net During the Global Financial Crisis John Raymond LaBrosse and James F. McCollum 23. Financial Safety Net Reform in Nigeria Ganiyu Ogunleye 24. Islamic Deposit Insurance System: The Malaysian Model Khairuddin Hj Arshad 25. Managing Financial Risk: The Precautionary Principle and Protecting the Public Interest in the UK John F. McEldowney Index

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Book SynopsisAlthough the practice of disguising the illicit origins of money dates back thousands of years, the concept of money laundering as a multidisciplinary topic with social, economic, political and regulatory implications has only gained prominence since the 1980s.Table of ContentsContents: Preface Brigitte Unger and Daan van der Linde PART I: INTRODUCTION 1. Introduction Brigitte Unger PART II: THE HISTORY OF MONEY LAUNDERING 2. Money Laundering Regulation: From Al Capone to Al Qaeda Brigitte Unger PART III: THE PROBLEM 3. The Effects of Money Laundering Joras Ferwerda 4. Money Laundering and its Effects on Crime: A Macroeconomic Approach Donato Masciandaro 5. Money Laundering, Drugs and Prostitution as Victimless Crimes Loek Groot 6. The Costs of Fraud Michael Levi 7. Terrorism: Causes, Effects and the Role of Money Laundering Tim Krieger and Daniel Meierrieks PART IV: WHO IS THREATENED BY LAUNDERING ACTIVITIES? 8. Measuring Money Laundering Threat Jakub Brettl 9. Conducting National Money Laundering or Financing of Terrorism Risk Assessment Stephen Dawe 10. Why Do Some States Tolerate Money Laundering? On the Competition for Illegal Money Killian J. McCarthy 11. Money Laundering and Small States: The Practical Experience of Liechtenstein Prince Michael von und zu Liechtenstein 12. The Role of Small States for Financial Market Integrity: Austria Ewald Nowotny PART V: THE SCALE OF THE PROBLEM 13. Measuring Global Money Laundering: The ‘Walker Gravity Model’ John Walker and Brigitte Unger 14. A Preliminary Attempt to Estimate the Financial Flows of Transnational Crime Using the MIMIC Method Andreas Buehn and Friedrich Schneider 15. The Scale of the Global Financial Structure Facilitating Money Laundering Raymond W. Baker 16. Efforts of the UN to Find Out About Major Routes of Drugs and Drug Money Thomas Pietschmann 17. Using Dynamic Macroeconomics for Estimating Money Laundering: A Simulation for the EU, Italy and the United States Michele Bagella, Francesco Busato and Amedeo Argentiero 18. Are Estimates of the Volume of Money Laundering Either Feasible or Useful? Peter Reuter 19. Crime-Money and Financial Conduct Petrus C. van Duyne PART VI: WAYS TO LAUNDER 20. International Trade Mispricing: Trade-based Money Laundering and Tax Evasion John S. Zdanowicz 21. Detecting Money Laundering in the Real Estate Sector Joras Ferwerda and Brigitte Unger 22. Cash Economy, Measuring the Tax Gap from the Tax Administrative Perspective Victor van Kommer 23. Is the Netherlands a Tax (H)eaven? Lotte Tromp, Iris van Rossum, Andreas Buehn and Victor van Kommer 24. Dirty Complexity: Money Laundering through Derivatives John Biggins 25. E-gaming, Money Laundering and the Problem of Risk Assessment Michael Levi PART VII: LEGISLATION OF MONEY LAUNDERING 26. The Risk-based Approach to Anti-Money Laundering and Counter-Terrorist Financing in International and EU Standards: What it is, What it Entails Paolo Costanzo 27. Prevention of Money Laundering and Terrorist Financing from a Good Governance Perspective Melissa van den Broek and Henk Addink 28. Economic Crimes and Money Laundering: A New Paradigm for the Criminal Justice System? John Vervaele PART VIII: IMPLEMENTATION AND EFFECTIVENESS OF AML 29. How to Dodge Drowning in Data? Rule- and Risk-based Anti-Money Laundering Policies Compared Brigitte Unger and Frans van Waarden 30. Reporting Duty for Lawyers versus Legal Privilege – Unresolved Tension Maaike Stouten and André Tilleman 31. Money Laundering – ‘You Don’t See It, Until You Understand It’: Rethinking the Stages of the Money Laundering Process to Make Enforcement More Effective Jan van Koningsveld 32. Access by Law Enforcement Agencies to Financial Data Burkhard Mühl 33. The Role of Information for Successful AML Policy Ioana Deleanu 34. Evaluating Anti-Money Laundering Policies: Where Are We? Barbara Vettori Index

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Book SynopsisThe Global Financial Crisis is a unique investigation into the causes of the most savage economic downturn experienced since the Great Depression. With the advent of this challenging new work, these alternative perspectives should now receive a far closer examination given the unmistakable economic failures endured over the past few years.Table of ContentsContents: Introduction Steven Kates 1. Been There Done That: The Political Economy of Déjà Vu Peter J. Boettke, Daniel J. Smith and Nicholas A. Snow 2. Traditional Monetary Economics vs Keynesianism, Creditism and Base-ism Tim Congdon 3. Can a Progressive Capital Gains Tax Help Avoid the Next Crisis? Public Sector Governance in a Comprehensive Neo-Schumpeterian System Horst Hanusch and Florian Wackermann 4. The Great Recession and its Aftermath from a Monetary Equilibrium Theory Perspective Steven G. Horwitz and William J. Luther 5. Policy in the Absence of Theory: The Coming World of Political Economy without Keynes Steven Kates 6. Hindsight on the Origins of the Global Financial Crisis? Steve Keen 7. Four Theses on the Global Financial Crisis J.E. King 8. Monetary Policies During the Financial Crisis: An Appraisal Mervyn K. Lewis 9. After the Crash of 2008: Financial Reform in an Age of Plutocracy Robert E. Prasch 10. The New Institutional Economics and the Global Financial Crisis Martin Ricketts 11. Economics in the Mirror of the Financial Crisis Rodolfo Signorino 12. Human Resources: The Key to Institutional Economics after the Great Recession Charles J. Whalen 13. What Should a Financial System Do? Minskian Lessons from the Global Financial Crisis L. Randall Wray Index

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Book SynopsisThis important and timely book explains the legal principles and politics involved in the issue of odious debts, and sovereign debt arrangements more generally.Trade ReviewThis book provides a very valuable contribution to the discussion about odious debts in that it, quite successfully, structures the often rather elusive argumentation. By developing a new and stringent approach to the emergence of a valid legal concept of odious debts, the author presents a fresh perspective to its underlying evaluations and allows, thus, a re-consideration of the need for effective rules in this context. This book will certainly influence fundamentally the future debate of odious debts. - Christoph G. Paulus, Humboldt-Universitat zu Berlin, Germany Whenever a strict application of the law produces a result that is at variance with a general sense of what is morally right, trouble is surely in the offing. This is the central thesis of Yvonne Wong's Sovereign Finance and the Poverty of Nations. When is it legally permissible, when is it ethically acceptable, for a sovereign borrower to disavow a debt incurred in the name of the sovereign state, but not for its (or its citizens') benefit? And if debts incurred by unscrupulous politicians in one era can be disowned by their successors later on under gauzy notions of ''illegitimacy'' or ''odiousness'', what will prevent future unscrupulous politicians from casually dishonoring sovereign obligations that they would just prefer not to pay? These are deep waters, legally and morally. Wong has given us a fascinating insight into one of the most disquieting issues in international financial law. - Lee C. Buchheit, Cleary Gottlieb Steen & Hamilton LLP, US Saddam Hussein was overthrown and executed, but his successors to power are still liable for the debts that he contracted for the nation. Odious regimes can create debts without consent or benefit of their citizens who must subsequently repay them. This fact puzzles both international law specialists and intellectuals who read magazines like The Economist. The result seems wrong, but the right solution is elusive. Yvonne Wong's important and timely book solves some of the puzzles by using methods and theories from international law, economics, and political science. It explains the law and politics inherent in sovereign debt arrangements, and proposes a new legal framework for odious debt. - From the foreword by Robert Cooter Yvonne Wong's book is one of the best treatments of the Odious Debt problem in the literature. It is thorough, balanced and yet manages to be creative. I have already used an early version in my International Debt class and the discussions that were generated were excellent. For anyone seeking to tackle this age old problem, I highly recommend this book. - Mitu Gulati, Duke University, US With some excellent historical research and important analysis of ''odious debt'' accumulation and sovereign debt restructuring mechanisms in modern times, this book is placing the issue of ''odious debt'' at the heart of International law. Thus, it will prove an indispensable companion to any scholar or policy-maker who wishes to gain a multi-prismatic understanding of ''odious debt'' illegality and its implications for the welfare of entire nations. --- Emilios Avgouleas, University of Edinburgh, UKTable of ContentsContents: Foreword by Robert Cooter Introduction 1. The Odious Debts Doctrine: An Overview 2. Sovereign Debt and its Legal Framework 3. History of Sovereign Debt 4. Sovereign Debt and the Poverty of Nations 5. A New Era for International Finance 6. Justifications for a Law Banning Odious Debts 7. Current Ideas for How the Odious Debts Doctrine Could Apply in Practice 8. The New Approach Odious Debts Doctrine (NAODD) 9. Concluding Remark Index

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Book SynopsisThe Global Financial Crisis is a unique investigation into the causes of the most savage economic downturn experienced since the Great Depression. With the advent of this challenging new work, these alternative perspectives should now receive a far closer examination given the unmistakable economic failures endured over the past few years.Table of ContentsContents: Introduction Steven Kates 1. Been There Done That: The Political Economy of Déjà Vu Peter J. Boettke, Daniel J. Smith and Nicholas A. Snow 2. Traditional Monetary Economics vs Keynesianism, Creditism and Base-ism Tim Congdon 3. Can a Progressive Capital Gains Tax Help Avoid the Next Crisis? Public Sector Governance in a Comprehensive Neo-Schumpeterian System Horst Hanusch and Florian Wackermann 4. The Great Recession and its Aftermath from a Monetary Equilibrium Theory Perspective Steven G. Horwitz and William J. Luther 5. Policy in the Absence of Theory: The Coming World of Political Economy without Keynes Steven Kates 6. Hindsight on the Origins of the Global Financial Crisis? Steve Keen 7. Four Theses on the Global Financial Crisis J.E. King 8. Monetary Policies During the Financial Crisis: An Appraisal Mervyn K. Lewis 9. After the Crash of 2008: Financial Reform in an Age of Plutocracy Robert E. Prasch 10. The New Institutional Economics and the Global Financial Crisis Martin Ricketts 11. Economics in the Mirror of the Financial Crisis Rodolfo Signorino 12. Human Resources: The Key to Institutional Economics after the Great Recession Charles J. Whalen 13. What Should a Financial System Do? Minskian Lessons from the Global Financial Crisis L. Randall Wray Index

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Book SynopsisLaw Reform and Financial Markets addresses how law reform can be used to support strong financial markets and draws on the global financial crisis as a case study.Table of ContentsContents: Introduction PART I: REDESIGNING FINANCIAL REGULATION 1. The Rise, Fall and Fate of Principles-based Regulation Julia Black 2. Policy Stances in Financial Market Regulation: Market Rapture, Club Rules or Democracy? Nicholas Dorn PART II: THE CHALLENGES OF CAPITAL MARKET LAW REFORM 3. The Vexed Issue of Short Sales Regulation when Prohibition is Inefficient and Disclosure Insufficient Emilios Avgouleas 4. Regulating Complex Derivatives: Can the Opaque be Made Transparent? Michael A.H. Dempster, Elena A. Medova and Julian Roberts 5. The Role of Law and Governance in Financial Markets: The Case of the Emerging Chinese Securities Market Sanzhu Zhu 6. Of Corporations and Plumbers: Shareholder Voting Rights and Securities Clearing and Settlement in Europe Agata Waclawik-Wejman PART III: CONSUMER AND DEPOSITOR PROTECTION 7. The Crash that Launched a Thousand Fixes: Regulation of Consumer Credit after the Lending Revolution and the Credit Crunch Iain Ramsay and Toni Williams 8. Deposit Protection Schemes in British Offshore Finance Centres Philip Morris PART IV: THE ROLE OF THE LENDER OF LAST RESORT AND EU SOVEREIGN DEBT RESTRUCTURING 9. Exigent and Unusual Circumstances: The Federal Reserve and the US Financial Crisis Christian A. Johnson 10. Sovereign Debt Restructuring in the EU: Lessons from the Recent Crisis Kern Alexander Index

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Book SynopsisThis book expands upon research into the protection of foreign investments, which is currently an intensively studied area of international law.Table of ContentsContents: Preface Part I: Foreign Investments versus the Environment 1. Introduction: The Social and Legal Context 2. International Investment Law and Environmental Protection 3. Theoretical Approaches to International Investment Law 4. Applicable Law and Methods of Interpretation Part II: Integrating Environmental Protection into International Investment Law 5. Internal Arguments: From Ordinary Meanings to Derogatory Logic 6. Systemic Approaches 7. Exceptional Models 8. Environmental Exceptions, Indeterminacy and Legal Principles Bibliography Index

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Book SynopsisThis stimulating and original Handbook offers an updated and systematic discussion of the relationship between central banks, financial regulation and supervision after the global financial crisis.Trade Review’This collection of papers is essential reading for anyone interested in central banking, regulation and supervision. Sylvester Eijffinger and Donato Masciandaro have brought together contributions from the leading academics, central bankers and regulators, providing the most up-to-date analysis of this critical subject.’ -- Paul Mizen, University of Nottingham, UK’This handbook is a must read for policy makers and practitioners alike as well as excellent reading for advanced academic courses in international banking.’ -- Allard Bruinshoofd, SUERFTable of ContentsContents: Introduction Sylvester Eijffinger and Donato Masciandaro PART I: CENTRAL BANKING, REGULATION AND SUPERVISION 1. Central Banks and the Financial System Francesco Giavazzi and Alberto Giovannini 2. Monetary Policy Lessons from the Crisis Athanasios Orphanides 3. Reflections on the Crisis and on its Lessons for Regulatory Reforms and for Central Bank Policies Alex Cukierman 4. The Lender of Last Resort: Liquidity Provision versus the Possibility of Bailout Rob Nijskens and Sylvester Eijffinger 5. Transparency is Not Enough: Central Bank Governance as the Next Frontier Pierre L. Siklos 6. Central Banks and Banking Supervision Reform Pierre C. Boyer and Jorge Ponce 7. Institutional Structure and Effectiveness of Central Banks during the Financial Crisis: An Empirical Analysis Yiwei Fang, Iftekhar Hasan and Loretta J. Mester 8. New Advantages of Tying One’s Hands: Banking Supervision, Monetary Policy and Central Bank Independence Lucia Dalla Pellegrina, Donato Masciandaro and Rosaria Vega Pansini 9. How Should Central Banks Deal with a Financial Stability Objective? The Evolving Role of Communication as a Policy Instrument Benjamin Born, Michael Ehrmann and Marcel Fratzscher 10. Time Varying Monetary Policy Rules and Financial Stress Jaromír Baxa, Roman Horváth and Bořek Vašíček PART II: THE ARCHITECTURE OF REGULATION AND SUPERVISION 11. Defining and Measuring Systemic Risk Sylvester Eijffinger 12. Financial Regulation Charles A.E. Goodhart 13. Out-of-the-Box Thoughts about the International Financial Architecture Barry Eichengreen 14. Safe and Sound Banking: A Role for Countercyclical Regulatory Requirements? Gerard Caprio 15. Quality of Financial Sector Regulation and Supervision Around the World Martin Čihák and Alexander Tieman 16. Regulating the Regulators: The Changing Face of Financial Supervision Architectures Before and After the Financial Crisis Donato Masciandaro and Marc Quintyn 17. Will They Sing the Same Tune? Measuring Convergence in the New European System of Financial Supervisors Donato Masciandaro, Maria J. Nieto and Marc Quintyn 18. How Do Joint Supervisors Examine Financial Institutions? Marcelo Rezende 19. Credit Rating Agencies Jakob De Haan and Fabian Amtenbrink Index

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

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

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Book SynopsisTable of ContentsContents: 1 Introduction to Financial Services Law and Distributed Ledger Technology PART I THE NATURE AND USE OF DISTRIBUTED LEDGER TECHNOLOGY IN FINANCIAL SERVICES 2 Blockchain and distributed ledger technology 3 Digital assets and the token economy 4 The application of DLT in financial services: Benefits and use cases 5 Risks and the regulatory issues arising from the use of DLT PART II THE FINANCIAL SERVICES REGULATORY FRAMEWORK 6 Financial services regulation Part 1: The proprietary status of cryptoassets 7 Financial services regulation Part 2: The regulated activities 8 Financial services regulation Part 3: Other applicable provisions PART III REGULATING SPECIFIC USE CASES 9 Regulating trade in securities tokens 10 Cryptoassets in payments and payment services 11 Crypto lending platforms 12 Decentralised insurance PART IV JURISDICTION AND REMEDIES 13 Jurisdiction and applicable law 14 Dispute resolution and remedies 15 Conclusion: Regulating distributed ledger technology through financial services law

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Book SynopsisArtificial Intelligence and Market Abuse Legislation presents a wide-reaching interdisciplinary examination of the impact of AI on the EU Market Abuse Regulation (MAR).Trade Review‘Written by a renowned academic expert in the field of capital markets regulation, this book safely guides the reader through the way by which the application and enforcement of the key source of EU insider trading and market manipulation legislation – namely the 2014 “Market Abuse Regulation” – have been affected by developments in the field of artificial intelligence (AI). It thoroughly analyses this EU legislative act through the lens of the key topics currently discussed in relation to AI, with an emphasis on the rules governing algorithmic and high-frequency trading.’ -- Christos Gortsos, National and Kapodistrian University of Athens, GreeceTable of ContentsContents 1 Artificial intelligence and market abuse legislation: an introduction 2 The rationale and scope of the Market Abuse Regulation 3 Artificial intelligence: current debate and legislative proposals in the EU 4 Artificial intelligence and inside information 5 Artificial intelligence and market manipulation 6 Further issues and final conclusions Bibliography Index

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Book SynopsisTrade Review‘Richard Liskov has performed a valuable service in condensing and simplifying insurance regulation for those who have little familiarity with the subject. His book is essential reading for any lawyer with a client who is in the U.S. insurance marketplace or wants to be, any law student with an interest in how financial services are regulated in the U.S., and any insurance professional whose company is, or someday may be, under U.S. regulation.’ -- James Corcoran, Former Superintendent of Insurance for the State of New York, US‘This book provides a comprehensive overview of insurance regulation in the US. It should be required reading for all US insurance regulatory attorneys (and US insurance regulators as well). Equally important, it will prove to be a valuable resource for EU and UK attorneys who have insurance clients doing business, or who want to do business, in the US.’ -- Frederic M. Garsson, Saul Ewing LLP, US‘Insurance touches each of us in our daily lives. Having served as New York’s Attorney General for fifteen years, I know that Richard Liskov’s book is a valuable guide for lawyers, law students and those engaged in the insurance business in the United States – or indeed anyone interested in how insurance is regulated. It should be on everyone’s bookshelf.’ -- Robert Abrams, Former Attorney General of New York, USTable of ContentsContents: 1 An overview of U.S. insurance regulation and some key definitions 2 The respective roles of state and federal governments in U.S. insurance regulation 3 How state insurance departments are organized and operate 4 How states define what “insurance” is and who is an insurer, and how states license insurance companies and insurance professionals 5 How states monitor the financial condition of licensed insurance companies 6 How U.S. state insurance regulators deal with financially troubled insurance companies 7 How state insurance regulators supervise the market conduct of insurance companies and insurance professionals 8 How the U.S. federal government and state insurance regulators supervise health insurance 9 U.S. insurance regulation heading into the global technological future Index

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Book SynopsisTrade Review‘This is an important work that provides an insightful analysis of the ESG rating subject and its regulation. The book guides the reader through the peculiarities, growth and challenges of the ESG rating sector. A must read for experts in the field and a valuable addition to the sustainable finance literature.’ -- Francesco De Pascalis, Brunel University London, UK‘Credit rating agencies have taken criticism for misrepresenting risk, especially in relation to the 2008 global financial crisis. ESG ratings agencies have also occasionally underdelivered on their aim of providing useful information to investors. With issues such as climate change becoming front and center, it is refreshing to see this book emerge from Daniel Cash, one of the more thoughtful writers working on the connection between ESG and rating agencies.’ -- Cary Krosinsky, Brown University, USTable of ContentsContents: Foreword 1 Introduction to ESG Rating Agencies and Financial Regulation 2 Liability in the credit rating space 3 The relationship between ESG and the law 4 The ESG rating sector 5 Systemic signalling: The application of signalling theory to the ESG rating space 6 Conclusion to ESG Rating Agencies and Financial Regulation

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Book SynopsisTrade Review‘Professor Markham brings his expertise on existing banking, securities, and derivatives law to explain why each is ill-suited to optimally regulate the issuance and secondary trading of assets via blockchain technology. In so doing, he lays out a path forward that better balances competing interests in protecting the public and allowing innovation.’ -- Kevin Haeberle, University of California Irvine School of Law, US‘Because they don’t fit neatly into pre-existing legal paradigms, cryptocurrencies continue to vex lawmakers, financial regulators, dealers, and investors. Luckily, Jerry Markham has a unique blend of deep expertise in banking, commodities, and securities markets and he brings all three to bear in Cryptocurrency Regulation: A Primer. The book fills an important gap because it comprehensively examines the extent to which cryptocurrencies are, for legal purposes, money, securities, commodities, or some other kind of digital claim. As a result, this is the best scholarly resource available about the financial, legal, and regulatory issues raised by cryptocurrencies. By crystalizing these debates, the book also helps to advance a nuanced understanding of these products as they continue to evolve. Though styled as a “primer,” the book is also an excellent financial history of cryptocurrencies, a treatise on the relevant legal doctrine, and a critical assessment of alternative regulatory approaches for these products, virtues that will make it a classic in the field.’ -- Jose Gabilondo, Florida International University, US‘Readers of Markham’s primer will be able to confidently enter into the debate about how and why cryptocurrencies should be regulated. Markham leaves no stone unturned in explaining the often paradoxical, contradictory, and enigmatic statutory and regulatory framework that is asked to govern cryptocurrencies.’ -- Christian Johnson, Widener University Commonwealth Law School, USTable of ContentsContents: Introduction to Cryptocurrency Regulation 1. The invention and role of cryptocurrencies 2. Regulating cryptocurrencies under banking laws 3. Regulating cryptocurrencies under the federal securities laws 4. CFTC Regulation of cryptocurrencies as “commodities” 5. Constructing a regulatory structure for cryptocurrencies Conclusions on Cryptocurrency Regulation Selected bibliography Index

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Book SynopsisIn this book, top legal and financial scholars propose bold new solutions to international financial regulation in the wake of the 2008 global financial crisis. Their call for innovative reform will be of primary interest to regulatory and banking legal practitioners, policy makers, scholars, research students and think tanks.Trade Review'The most outstanding contribution of the book to the literature on the global financial regulation is particularly manifested in shedding light on the most recent regulations and institutional developments introduced after the GFC, that have significant implications for the governance and regulation of global finance.' Hossein Nabillou, Banking and Finance Law ReviewTable of Contents1. Introduction Douglas W. Arner, Ross P. Buckley and Emilios Avgouleas; 2. The changing nature of banking and why it matters Ross P. Buckley; 3. Understanding the global in global finance and regulation Lawrence G. Baxter; Part I. Global Financial Architecture: Evolution, Shortcomings, Interdependence: 4. The financial stability board and the future of international financial regulation Douglas W. Arner and Michael Taylor; 5. Financial regulation's overlooked networks David Zaring; 6. Why has Basel III become hard law for China? The domestic political economy of international financial law Chao Xi; Part II. The Changing Face of Central Banking: 7. Reconceptualising central banking: from the great inflation to the great recession and beyond Donato Masciandaro; 8. The macroprudential quandary: unsystematic efforts to reform financial regulation Kern Alexander and Steven L. Schwarcz; 9. Rethinking the law in 'safe assets' Anna Gelpern and Erik F. Gerding; Part III. Reconceptualising Cross Border Finance: 10. Competing for renminbi: financial centres in the context of renminbi globalisation Shen Wei; 11. 'Market quality' and moral hazard in financial market design David C. Donald; 12. Cross border banking: reconceptualising bank secrecy Ruth Plato-Shinar; 13. Liability for transnational securities fraud, quo vadis? Amir N. Licht; Part IV. Addressing Too-Big-To-Fail and Shadow Banking: 14. Large systemic banks and fractional reserve banking, intractable dilemmas in search of effective solutions Emilios Avgouleas; 15. Turning the tide? How European banking and financial services legislation is making waves on the enforcement front Dalvinder Singh and James Hodges; 16. Shadow banking or 'bank's shadow:' reconceptualising global shadow banking regulation Yingmao Tang; 17. Shadow banking and its regulation: the case of China Robin Hui Huang; Part V. The Role of Culture and Ethics in Global Finance: 18. Promoting capital markets professionalism – an emerging Asian model Brian W. Tang; 19. Competitiveness of financial centres in light of financial and tax law equivalence requirements Dirk Zetzsche; 20. Human rights due diligence as new policy in financial institutions Rolf H. Weber; 21. Reconceptualising the role of standards in supporting financial regulation William Blair; 22. Conclusion Emilios Avgouleas, Douglas W. Arner and Ross P. Buckley.

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Book SynopsisThe bankruptcy of the investment bank Lehman Brothers was the pivotal event of the 2008 financial crisis and the Great Recession that followed. Ever since the bankruptcy, there has been heated debate about why the Federal Reserve did not rescue Lehman in the same way it rescued other financial institutions, such as Bear Stearns and AIG. The Fed''s leaders from that time, especially former Chairman Ben Bernanke, have strongly asserted that they lacked the legal authority to save Lehman because it did not have adequate collateral for the loan it needed to survive. Based on a meticulous four-year study of the Lehman case, The Fed and Lehman Brothers debunks the official narrative of the crisis. It shows that in reality, the Fed could have rescued Lehman but officials chose not to because of political pressures and because they underestimated the damage that the bankruptcy would do to the economy. The compelling story of the Lehman collapse will interest anyone who cares about what caused Trade Review'What caused the financial crisis of 2008? Are policymakers ready to handle the next one? These are key questions for anyone interested in economic history and policy. In the past decade, a conventional wisdom has developed about the answers. Yet a new book questions that orthodoxy, offering a more disturbing perspective on the past and a less sanguine prognosis for the future.' The New York Times'Ten years after the Lehman Brothers collapse, one might think that it's time to end the debate over its causes. Laurence M. Ball, an economics professor at The Johns Hopkins, doesn't agree. He makes a persuasive case that a key lesson remains overlooked: that the Lehman failure and the market crash that followed didn't have to happen and that the political response, the 2010 Dodd-Frank banking law, has made future financial crises more likely, not less … Mr Ball's argument that Dodd-Frank contains the seeds of further politically motivated fiascoes is persuasive - and worrisome.' Wall Street Journal'Laurence M. Ball has produced a brilliant and riveting study of the most important moment of modern financial history: the failure of Lehman Brothers in September 2008. In a remarkably detailed and careful analysis Ball argues that decisions were driven by politics rather than sound policy. In short, this is a must-read masterpiece of financial and historical analysis.' Jeffrey Sachs, Columbia University, New York'Government failure to rescue Lehman Brothers investment bank, and its bankruptcy in September 2008, precipitated a monumental financial crisis. Laurence M. Ball combs through a mass of documents, and presents a new and quite disturbing perspective on the events. Some may disagree with his take, but it is a milestone in the historical analysis of the crisis.' Andrei Shleifer, Harvard University, Massachusetts'A monumental piece of scholarship that is essential for understanding the financial crisis of 2008 - and the Great Recession that followed. Meticulous, gripping, and compelling.' David Romer, Herman Royer Professor of Political Economy, University of California, Berkeley'With unprecedented and exciting investigative research, Laurence M. Ball convincingly puts forth an important new view of the financial crisis, uncovering fundamental inconsistencies in the government's often-told story of its role in the Lehman Brothers bankruptcy and the panic of 2008. He shows that the Fed could have legally prevented the bankruptcy, but didn't do so either because of political concerns or a botched implementation of its game plan.' John B. Taylor, Mary and Robert Raymond Professor of Economics, Stanford University'The official narrative of any crisis is not always the most accurate. Professor Laurence M. Ball's authoritative account of Lehman's demise debunks the Fed's narrative of the calamity and raises uncomfortable questions about the Fed's inconsistent use of its discretionary authority. This captivating book should be required reading for anyone with a stake in preventing the next financial collapse.' Athanasios Orphanides, Massachusetts Institute of Technology'Ball supports his hypothesis with ample documentation. Whether readers come away convinced that the Fed made a grievous error in not being the lender of last resort to Lehman will probably depend on their view of the Fed. And even if future Fed leaders 'take the Lehman lesson to heart', they may be hamstrung in their actions.' Brenda Jubin, Talk Markets (www.talkmarkets.com)'Laurence Ball's new book The Fed and Lehman Brothers is an excellent book on the 2008 Financial Crisis … This is a valuable lesson I have learned from Professor Ball's explanation of how the Fed could have saved Lehman. Merely by broadening the types of collateral accepted for cash funding from the Fed and maintaining the functioning of the repo market, the Fed can ensure solvent financial institutions being able to withstand the turbulence of financial crisis.' Seeking Alpha (www.seekingalpha.com)'The bank that precipitated the [financial] crisis was Lehman Brothers. In The Fed and Lehman Brothers, [Laurence M. Ball], a senior American economics professor, has written an entire book on this episode, based on a careful archival reconstruction of events. His findings are fascinating and significant, and so is his villain: not Lehman Brothers but the Federal Reserve.' Paul Collier, The Times Literary SupplementTable of Contents1. Introduction; 2. The crisis of 2008; 3. The legal criteria for Fed assistance; 4. Lehman's balance sheet and solvency; 5. Lehman's liquidity crisis; 6. Lehman's collateral and the feasibility of liquidity support; 7. Fed discussions of collateral and liquidity support; 8. Fed actions that ensured Lehman's bankruptcy; 9. Possible long-term outcomes for Lehman; 10. How risky were the Fed's rescues of other firms?; 11. Who decided that Lehman should fail?; 12. Explaining the Lehman decision; 13. Conclusion; References; Endnotes; Index.

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An accessible, comprehensive analysis of the main principles and rules of banking regulation in the post-crisis regulatory reform era, this textbook looks at banking regulation from an inter-disciplinary perspective across law, economics, finance, management and policy studies. It provides detailed coverage of the most recent international, European and UK bank regulatory and policy developments, including Basel IV, structural regulation, bank resolution and Brexit, and considers the impact on bank governance, compliance, risk management and strategy.

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Book SynopsisSherry Madera is a prominent thought leader on sustainability, with a focus on sustainable finance, environmental data and public policy. She is the CEO of CDP, a non-profit that runs the world's environmental disclosure system for companies, cities, states and regions. Prior to joining CDP, Madera was Founder and Chair of the Future of Sustainable Data Alliance (FoSDA) and held senior global roles at Mastercard, the London Stock Exchange Group, and the City of London. She speaks regularly in global forums on topics including sustainable finance, FinTech, international trade, data policy and geopolitics.Trade Review"Sherry Madera poses the simple questions that many directors are too nervous to ask. Navigating Sustainability Data proceeds to answer them in plain English without condescension. A remarkable achievement in a complex area." * Sir Douglas Flint, Chairman, Abrdn, Previous Group Chairman, HSBC *"By demonstrating the potential for ESG data to improve organisational performance, Navigating Sustainability Data will help companies become more resilient in an era pregnant with a plethora of cascading and non-linear risks. Sherry Madera takes the reader systematically and critically through the key challenges and opportunities associated with ESG data and where it will go next" * Dr. Ben Caldecott, Professor, Oxford University, Founder Director of the Oxford Sustainable Finance Group at the University of Oxford Smith School of Enterprise and the Environment *"The future of our planet is under threat, yet too often business leaders do not know how to respond. Navigating Sustainability Data explores the urgency of this dilemma and why sustainability and responsibility go hand in hand. Sherry Madera makes a compelling case for the benefits of understanding the complex sustainability data landscape and why it matters, offering practical steps through which leaders can demonstrate stewardship of our precious planet today, whilst also building relevant organisations for tomorrow." * Katherine Garrett-Cox, CBE, Chair of Board of Trustees, CDP *"I strongly recommend Navigating Sustainability Data, an enlightening work written by an expert practitioner and entrepreneur. Data outlining sustainability should be simple, clear and actionable. This book is." * Paul Dickinson, Founder, CDP, Chair of the Trustees of ShareAction *"Navigating Sustainability Data provides real organizational boards with essential information on how sustainability will soon be the primary driver of business model transition within their firms. Sherry Madera delivers a sharp breakdown of complex climate issues such as Net Zero, carbon markets, regulations and disclosures confronting all business great and small." * Michael Sheren, Former Senior Advisor at the Bank of England and Co-Chairman of the G20 Sustainable Finance Study Group *"As companies across the world drive towards business models that are in harmony with nature, the companies who can access and analyse trustworthy, accurate sustainability data will be the companies who succeed. Navigating Sustainability Data shows how this can be achieved and is essential reading for management teams and boards." * David Craig, Former CEO Thomson Reuters Risk and Compliance, Former CEO Refinitiv, co-chair TNFD, Executive Fellow London Business School *"Navigating Sustainability Data should be priority reading for business leaders globally. ESG data is core to any business success and should not be sat at the periphery." * Dr. Ma Jun, President of Institute of Finance and Sustainability (Beijing) and Chairman of Green Finance Committee of China Society for Finance and Banking *Table of Contents Chapter - 01: Why sustainability data matters to organizational leaders; Chapter - 02: The ABCs of sustainability data use cases; Chapter - 03: What is ESG data?; Chapter - 04: How to map your organization’s ESG maturity; Chapter - 05: Prioritizing sustainability data use cases; Chapter - 06: Determine your sustainability data ambitions; Chapter - 07: Sustainability regulations – Europe’s biggest export?; Chapter - 08: International sustainability data trends; Chapter - 09: Identifying greenwashing; Chapter - 10: Sustainability data in the modern board; Chapter - 11: Conclusion – future-proofing with sustainability data;

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Book SynopsisSherry Madera is a prominent thought leader on sustainability, with a focus on sustainable finance, environmental data and public policy. She is the CEO of CDP, a non-profit that runs the world's environmental disclosure system for companies, cities, states and regions. Prior to joining CDP, Madera was Founder and Chair of the Future of Sustainable Data Alliance (FoSDA) and held senior global roles at Mastercard, the London Stock Exchange Group, and the City of London. She speaks regularly in global forums on topics including sustainable finance, FinTech, international trade, data policy and geopolitics.Trade Review"Sherry Madera poses the simple questions that many directors are too nervous to ask. Navigating Sustainability Data proceeds to answer them in plain English without condescension. A remarkable achievement in a complex area." * Sir Douglas Flint, Chairman, Abrdn, Previous Group Chairman, HSBC *"By demonstrating the potential for ESG data to improve organisational performance, Navigating Sustainability Data will help companies become more resilient in an era pregnant with a plethora of cascading and non-linear risks. Sherry Madera takes the reader systematically and critically through the key challenges and opportunities associated with ESG data and where it will go next" * Dr. Ben Caldecott, Professor, Oxford University, Founder Director of the Oxford Sustainable Finance Group at the University of Oxford Smith School of Enterprise and the Environment *"The future of our planet is under threat, yet too often business leaders do not know how to respond. Navigating Sustainability Data explores the urgency of this dilemma and why sustainability and responsibility go hand in hand. Sherry Madera makes a compelling case for the benefits of understanding the complex sustainability data landscape and why it matters, offering practical steps through which leaders can demonstrate stewardship of our precious planet today, whilst also building relevant organisations for tomorrow." * Katherine Garrett-Cox, CBE, Chair of Board of Trustees, CDP *"I strongly recommend Navigating Sustainability Data, an enlightening work written by an expert practitioner and entrepreneur. Data outlining sustainability should be simple, clear and actionable. This book is." * Paul Dickinson, Founder, CDP, Chair of the Trustees of ShareAction *"Navigating Sustainability Data provides real organizational boards with essential information on how sustainability will soon be the primary driver of business model transition within their firms. Sherry Madera delivers a sharp breakdown of complex climate issues such as Net Zero, carbon markets, regulations and disclosures confronting all business great and small." * Michael Sheren, Former Senior Advisor at the Bank of England and Co-Chairman of the G20 Sustainable Finance Study Group *"As companies across the world drive towards business models that are in harmony with nature, the companies who can access and analyse trustworthy, accurate sustainability data will be the companies who succeed. Navigating Sustainability Data shows how this can be achieved and is essential reading for management teams and boards." * David Craig, Former CEO Thomson Reuters Risk and Compliance, Former CEO Refinitiv, co-chair TNFD, Executive Fellow London Business School *"Navigating Sustainability Data should be priority reading for business leaders globally. ESG data is core to any business success and should not be sat at the periphery." * Dr. Ma Jun, President of Institute of Finance and Sustainability (Beijing) and Chairman of Green Finance Committee of China Society for Finance and Banking *Table of Contents Chapter - 01: Why sustainability data matters to organizational leaders; Chapter - 02: The ABCs of sustainability data use cases; Chapter - 03: What is ESG data?; Chapter - 04: How to map your organization’s ESG maturity; Chapter - 05: Prioritizing sustainability data use cases; Chapter - 06: Determine your sustainability data ambitions; Chapter - 07: Sustainability regulations – Europe’s biggest export?; Chapter - 08: International sustainability data trends; Chapter - 09: Identifying greenwashing; Chapter - 10: Sustainability data in the modern board; Chapter - 11: Conclusion – future-proofing with sustainability data;

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Book SynopsisThe recently enacted Treaty on the Stability, Coordination and Governance of the Economic and Monetary Union (generally referred to as the Fiscal Compact) has introduced a 'golden rule', which is a detailed obligation that government budgets be balanced. Moreover, it required the 25 members of the EU which signed the Treaty in March 2012, to incorporate this 'golden rule' within their national Constitutions. This requirement represents a major and unprecedented development, raising formidable challenges to the nature and legitimacy of national Constitutions as well as to the future of the European integration project. This book analyses the new constitutional architecture of the European Economic and Monetary Union (EMU), examines in a comparative perspective the constitutionalization of budgetary rules in the legal systems of the Member States, and discusses the implications of these constitutional changes for the future of democracy and integration in the EU. By combining insights from law and economics, comparative institutional analysis and legal theory, the book offers a comprehensive survey of the constitutional incorporation of new fiscal and budgetary rules across Europe and a systematic normative discussion of the legitimacy issues at play. It thus contributes to a better understanding of the Euro-crisis, of the future of the EU, and the reforms needed towards a deeper and genuine EMU.Trade Review...this timely publication addresses some of the key issues regarding current challenges to and the future of the EMU and certainly lives up to its aspiration of contributing to the new debate and stimulating further discussions. -- Claudia Wutscher * International Journal of Constitutional Law *Table of ContentsForeword: Fiscal Capacity and Constitutional Reform in the EMU Miguel Poiares Maduro 1 Introduction—The Constitutionalization of European Budgetary Constraints: Eff ectiveness and Legitimacy in Comparative Perspective Maurice Adams, Federico Fabbrini and Pierre Larouche Part 1 The New Constitutional Architecture of European Economic and Monetary Union 2 Economic Governance and the Euro Crisis: Constitutional Architecture and Constitutional Implications Paul Craig 3 The Use of International Law as a Tool for Enhancing Governance in the Eurozone and its Impact on EU Institutional Integrity Angelos Dimopoulos 4 Diff erentiated Economic Governance and the Reshaping of Dominium Law Kenneth A Armstrong 5 EU Fiscal Governance and the Eff ectiveness of its Reform Alexandre de Streel 6 Maastricht Revisited: Economic Constitutionalism, the ECB and the Bundesbank Marijn van der Sluis 7 The Independence of the ECB after the Economic Crisis Stefania Baroncelli Part 2 The Constitutionalization of European Budgetary Constraints: Comparative Experiences 8 (Un)Balanced Budget Rules in Europe and America Pieter-Augustijn Van Malleghem 9 A Legalization of Financial Constitutions in the EU? Reflections on the German, Spanish, Italian and French Experiences Giacomo Delledonne 10 Fiscal Stability Rules in Central European Constitutions Marek Antoš 11 Can Constitutional Rules, Even if 'Golden', Tame Greek Public Debt? Lina Papadopoulou 12 Mandatory Balanced Budget in Dutch Legislation Following Examples Abroad? Michal Diamant and Michiel van Emmerik 13 An Analysis of the Method and Efficacy of Ireland's Incorporation of the Fiscal Compact Roderic O'Gorman Part 3 Towards a Genuine EMU: Democracy, Legitimacy and Integration 14 Domestic Courts, Constitutional Constraints and European Democracy: What Solution for the Crisis? Ingolf Pernice 15 National Parliaments' Say on the New EU Budgetary Constraints: The Case of Spain and Ireland Sonia Piedrafita 16 Who Got to Adjudicate the EU's Financial Crisis and Why? Judicial Review of the Legal Instruments of the Eurozone Samo Bardutzky and Elaine Fahey 17 Th e Impact of Stronger Economic Policy Co-ordination on the European Social Dimension: Issues of Legitimacy Francesco Costamagna 18 Power and Legitimacy in the Eurozone: Can Integration and Democracy Be Reconciled? Peter L Lindseth 19 From Fiscal Constraints to Fiscal Capacity: The Future of EMU and its Challenges Federico Fabbrini

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Book Synopsis“The richness, clarity and nuances of the structure and methodology followed by the contributors make the book a very valuable tool for students... seeking to obtain a general understanding of the market and how it is regulated.” – Ligia Catherine Arias Barrera, Banking & Finance Law Review The fully updated edition of this user-friendly textbook continues to systematise the European law governing capital markets and examines the underlying concepts from a broadly interdisciplinary perspective. The 3rd edition deals with 3 central developments: the project of the capital markets union; sustainable finance; and the further digitalisation of financial instruments and securities markets. The 1st chapter deals with the foundations of capital markets law in Europe, the 2nd explains the basics, and the 3rd examines the regime on market abuse. Chapter 4 explores the disclosure system and chapter 5 short-selling and high-frequency trading. The role of intermediaries, such as financial analysts, rating agencies, and proxy advisers, is described in chapter 6. Chapter 7 explains compliance and corporate governance in investment firms and chapter 8 illustrates the regulation of benchmarks. Finally, chapter 9 deals with public takeovers. Throughout the book emphasis is placed on legal practice, and frequent reference is made to the key decisions of supervisory authorities and courts. This is essential reading for students involved in the study of capital markets law and financial law.Trade ReviewThis work is probably the best treatise on European securities market law. … The book's greatest virtue is that this very important sector of the economy is approached from an interdisciplinary, systematic and dogmatic perspective. This point of view is not so common and is undoubtedly one of the main merits of the book. * Revista de derecho mercantil [Bloomsbury translation] *This book provides essential background information for understanding European capital markets law. -- Toshiaki Yamanaka * University of Tsukuba *Table of ContentsSUMMARY CONTENTS 1 Foundations of Capital Markets Legislature in Europe § 1. History (Rüdiger Veil) § 2. Concept and Aims of Capital Markets Regulation (Rüdiger Veil) § 3. Legislative Powers for Regulating and Harmonising Capital Markets in Europe (Rüdiger Veil) § 4. Rule-Making Process (Fabian Walla) § 5. Sources of Law and Principles of Interpretation (Rüdiger Veil) § 6. Intra- and Interdisciplinarity (Rüdiger Veil) 2 Basics of Capital Markets Law § 7. Capital Markets (Rüdiger Veil) § 8. Financial Instruments (Rüdiger Veil) § 9. Market Participants (Rüdiger Veil) § 10. Cryptoassets and DLT Market Infrastructures (Rüdiger Veil) § 11. Capital Markets Supervision (Fabian Walla) § 12. Sanctions (Rüdiger Veil) 3 Market Abuse § 13. Foundations (Rüdiger Veil) § 14. Insider Dealing (Rüdiger Veil) § 15. Market Manipulation (Rüdiger Veil) 4 Disclosure System § 16. Foundations (Hendrik Brinckmann) § 17. Prospectus Disclosure (Rüdiger Veil) § 18. Periodic Disclosure (Hendrik Brinckmann) § 19. Disclosure of Inside Information (Rüdiger Veil) § 20. Disclosure of Major Holdings (Rüdiger Veil) § 21. Directors’ Dealings (Rüdiger Veil) § 22. Corporate Governance and Shareholder Rights (Rüdiger Veil) 5 Trading Activities § 23 Investment Objectives (Rüdiger Veil) § 24 Short Sales and Credit Default Swaps (Fabian Walla) § 25 Algorithmic Trading and High-Frequency Trading (Marcus Lerch) 6 Intermediaries § 26 Financial Analysts (Rüdiger Veil) § 27 Rating Agencies (Rüdiger Veil) § 28 Proxy Advisors (Rüdiger Veil) 7 Investment Firms § 29 Foundations (Rüdiger Veil) § 30 Investment Services (Rüdiger Veil) § 31 Product Intervention (Rüdiger Veil) § 32 Foundations of Compliance (Malte Wundenberg) § 33 Compliance Requirements (Malte Wundenberg) § 34 Governance (Malte Wundenberg) 8 Regulation of Benchmarks § 35 Foundations (Malte Wundenberg) § 36 Market Supervision and Organisational Requirements (Malte Wundenberg) 9 Takeover Law § 37 Foundations (Rüdiger Veil) § 38 Public Takeovers (Rüdiger Veil) § 39 Mandatory Bid (Rüdiger Veil) § 40 Defence against Takeover Bids (Rüdiger Veil)

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Book Synopsis“… presents a very different case: that of a civilized and cultivated cosmopolitan legal scholar, with a keen sense of international commercial and financial practice, with an in-depth grounding in both comparative legal history and comparative law, combined with the ability to transcend conventional English black-letter law description with critical judgment towards institutional wisdom and intellectual fashions.” (International and Comparative Law Quarterly) Volume 5 of this new edition uses the insights developed in Volumes 3 and 4 to deal with financial products and financial services, the structure and operation of banking and of the capital markets, and the role of modern commercial and investment banks. Sections on products and services address the blockchain and its potential in the payment system, in securitisations, in the custodial holdings of investment securities, and in the derivative markets. The complete set in this magisterial work is made up of 6 volumes. Used independently, each volume allows the reader to delve into a particular topic. Alternatively, all volumes can be read together for a comprehensive overview of transnational comparative commercial, financial and trade law.Table of Contents1. Secured Transactions, Finance Sales and Other Financial Products and Services 1.1 Civil and Common Law Approaches to Financial Law. Credit Cultures and Transnationalisation 1.2 The Situation in the Netherlands 1.3 The Situation in France 1.4 The Situation in Germany 1.5 The Situation in the UK 1.6 The Situation in the US 2. Financial Products and Funding Techniques. Private, Regulatory and International Aspects 2.1 Finance Sales as Distinguished from Secured Transactions: The Re-characterisation Risk 2.2 Modern Security Interests: The Example of the Floating Charge 2.3 Receivable Financing and Factoring. The 1988 UNIDROIT Factoring Convention and the 2001 UNCITRAL Convention on the Assignment of Receivables in International Trade 2.4 Modern Finance Sales: The Example of the Finance Lease. The 1988 UNIDROIT Leasing Convention 2.5 Asset Securitisation and Credit Derivatives. Covered Bonds 2.6 Options, Futures and Swaps. Their Use and Transfers. The Operation of Derivatives Markets, Clearing and Settlement and the Function of Central Counterparties 2.7 Institutional Investment Management, Funds, Fund Management and Prime Brokerage 3. Payments, Modern Payment Methods and Systems. Set-off and Netting as Ways of Payment. International Payments. Money Laundering 3.1 Payments, Payment Systems. Money and Bank Accounts 3.2 The Principles and Importance of Set-off and Netting 3.3 Traditional Forms of International Payment 3.4 Money Laundering 4. Security Entitlements and Their Transfers through Securities Accounts. Securities Repos 4.1 Investment Securities Entitlements and Their Transfers. Securities Shorting, Borrowing and Repledging. Clearing and Settlement of Investment Securities 4.2 Investment Securities Repos

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Book Synopsis“… presents a very different case: that of a civilized and cultivated cosmopolitan legal scholar, with a keen sense of international commercial and financial practice, with an in-depth grounding in both comparative legal history and comparative law, combined with the ability to transcend conventional English black-letter law description with critical judgment towards institutional wisdom and intellectual fashions.” (International and Comparative Law Quarterly) Volume 5 of this new edition uses the insights developed in Volumes 3 and 4 to deal with financial products and financial services, the structure and operation of banking and of the capital markets, and the role of modern commercial and investment banks. Sections on products and services address the blockchain and its potential in the payment system, in securitisations, in the custodial holdings of investment securities, and in the derivative markets. The complete set in this magisterial work is made up of 6 volumes. Used independently, each volume allows the reader to delve into a particular topic. Alternatively, all volumes can be read together for a comprehensive overview of transnational comparative commercial, financial and trade law.Table of Contents1. Secured Transactions, Finance Sales and Other Financial Products and Services 1.1 Civil and Common Law Approaches to Financial Law. Credit Cultures and Transnationalisation 1.2 The Situation in the Netherlands 1.3 The Situation in France 1.4 The Situation in Germany 1.5 The Situation in the UK 1.6 The Situation in the US 2. Financial Products and Funding Techniques. Private, Regulatory and International Aspects 2.1 Finance Sales as Distinguished from Secured Transactions: The Re-characterisation Risk 2.2 Modern Security Interests: The Example of the Floating Charge 2.3 Receivable Financing and Factoring. The 1988 UNIDROIT Factoring Convention and the 2001 UNCITRAL Convention on the Assignment of Receivables in International Trade 2.4 Modern Finance Sales: The Example of the Finance Lease. The 1988 UNIDROIT Leasing Convention 2.5 Asset Securitisation and Credit Derivatives. Covered Bonds 2.6 Options, Futures and Swaps. Their Use and Transfers. The Operation of Derivatives Markets, Clearing and Settlement and the Function of Central Counterparties 2.7 Institutional Investment Management, Funds, Fund Management and Prime Brokerage 3. Payments, Modern Payment Methods and Systems. Set-off and Netting as Ways of Payment. International Payments. Money Laundering 3.1 Payments, Payment Systems. Money and Bank Accounts 3.2 The Principles and Importance of Set-off and Netting 3.3 Traditional Forms of International Payment 3.4 Money Laundering 4. Security Entitlements and Their Transfers through Securities Accounts. Securities Repos 4.1 Investment Securities Entitlements and Their Transfers. Securities Shorting, Borrowing and Repledging. Clearing and Settlement of Investment Securities 4.2 Investment Securities Repos

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

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Book SynopsisThis book examines the role, impact, and limitations of regulation as a tool for shaping innovative markets.It contends that the current supply-centred approach is suboptimal in the context of digital innovation and proposes a blueprint for a more demand-conscious approach to regulation. The focus on the demand-side is prompted by the evolving role of consumers within the innovation process in the digital and data-driven economy, the regulatory implications of which are underexplored in legal scholarship.The book features in-depth case studies of the most recent regulatory initiatives in the EU, including Open Banking, the Digital Markets Act (DMA), and the AI Act. It dismantles innovative regulatory instruments, and critically examines their underlying assumptions from an innovation perspective. The new demand-based approach informs the design and use of supply-side market centred tools, behaviourally-informed demand-side instruments, and technological regulation, by introducing a coherent set of demand-centred considerations.The book offers a regulatory toolbox recalibrated for the digital age and serves as a practical guide for academics, policymakers, regulators, and legal practitioners seeking to understand and engage with the regulation of innovative markets.

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Book SynopsisAre you fully prepared for the implementation of the Senior Managers and Certification Regime across financial services firms and the related regulatory scrutiny on conduct and accountability? The 2008 financial crisis sparked major changes in global financial services regulation with attention and resources focused on the behaviour of firms and senior individuals and how they conduct their business. Regulatory reforms have been designed and implemented globally to address accountability and conduct in financial services. In the UK this has resulted in the Senior Managers and Certification Regime (SM&CR) being implemented across all FSMA-regulated firms. Conduct and Accountability in Financial Services: A Practical Guide provides comprehensive and expert guidance on how best to implement and comply with the SM&CR. In addition to acting as a guide to rule book requirements and regulatory expectations, it provides an in-depth look at the implications of the global focus on culture and conduct risk. A must-read text for all staff in UK financial services firms, professional associations, industry bodies, regulators, academics and advisers to financial services organisations, it covers: The context and regulatory basis for SM&CR including an overview of the development and roll-out of the regime Analysis of key changes from the previous ‘approved person’ approach Practical considerations for HR, internal audit and non-executive directors The increasing role of culture and conduct risk A practical overview of enforcement, penalties and learning lessons from enforcement actions Overarching principles of how to manage personal regulatory risk Regulatory relationship management The impact of technology An overview of related global developments Appendices with timeline, bibliography and a selection of other useful sources for senior managers Conduct and Accountability in Financial Services: A Practical Guide is on the syllabus reading list for the Regulation and Compliance exam offered by the Chartered Institute of Securities and Investments. This title is included in Bloomsbury Professional's Banking and Finance online service.Trade Review...provide[s] an excellent overview of conduct, culture, and governance expectations worldwide and talk[s] about the implications of the global focus on culture and conduct risk. -- Julie DiMauro * The FCPA Blog *As an article contributor to the Journal of Financial Compliance 2022, I found the text by English and Hammond an invaluable source of accurate regulatory compliance information to draw from. Well laid out, clear and detailed, I also look forward to the second edition of this important contribution to the field. -- EMEA Head of Commercial Bank Compliance, Citi * Rocky Hirst *Table of ContentsChapter 1: Context and drivers for the new regime Chapter 2: Key changes from previous regime Chapter 3: Specifics based of the Senior Managers and Certification Regime as it applies to banks and large investment firms Chapter 4: Specifics of the Senior Managers and Certification Regime for insurers Chapter 5: Extension of SM&CR to (almost) all financial services firms Chapter 6: Key roles in embedding and overseeing the SM&CR Chapter 7: Practical aspects of better risk mitigation Chapter 8: Practical challenges to overcome Chapter 9: Role of culture and conduct risk Chapter 10: Other areas personal liability can arise Chapter 11: Enforcement Chapter 12: Overarching principles for how to manage personal regulatory risk Chapter 13: Regulatory relationship management Chapter 14: Technology Chapter 15: Overview of related global developments Appendix 1: Full timeline Appendix 2: Useful sources for senior managers of UK financial services firms

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Book Synopsis

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Book Synopsis

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