Financial services law and regulation Books

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.Table of ContentsPart 1: Professional Conduct 1: Ethics, professional conduct and regulation 2: Financial services 3: Money laundering Part 2: Revenue Law 4: An introduction to revenue law 5: Income tax 6: Capital gains tax 7: Inheritance tax 8: Corporation tax 9: Value added tax 10: Taxation of sole proprietors and partnerships 11: Taxation of trusts and settlements Part 3: Wills and Administration of Estates 12: Introduction to wills and administration of estates 13: Entitlement to the estate 14: Application for a grant of representation 15: Post-grant practice Part 4: Human Rights 16: Human rights

Read more less

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.

Read more less

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.

Read more less

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)

Read more less

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;

Read more less

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.

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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

Read more less

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;

Read more less

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

Read more less

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. This groundbreaking volume offers original, state-of-the-art research on the current money laundering debate and provides insightful predictions and recommendations for future developments in the field.The contributors to this volume - academics, practitioners and government representatives from around the world - offer a number of unique perspectives on different aspects of money laundering. Topics discussed include the history of money laundering, the scale of the problem, the different types of money laundering, the cost to the private sector, and the effectiveness of anti-money laundering policies and legislation. The book concludes with a detailed and insightful synthesis of the problem and recommendations for additional steps to be taken in the future.Students, professors and practitioners working in economics, banking, finance and law will find this volume a comprehensive and invaluable resource.Contributors: H. Addink, A. Argentiero, M. Bagella, R.W. Baker, J. Biggins, J. Brettl, A. Buehn, F. Busato, P. Costanzo, S. Dawe, I. Deleanu, J. Ferwerda, L. Groot, T. Krieger, M. Levi, D. Masciandaro, K.J. McCarthy, D. Meierrieks, B. Mühl, E. Nowotny, T. Pietschmann, P. Reuter, F. Schneider, M. Stouten, A. Tilleman, L. Tromp, B. Unger, M. van den Broek, D. van der Linde, P.C. van Duyne, V. van Kommer, J. van Koningsveld, I. van Rossum, F. van Waarden, J. Vervaele, B. Vettori, J. Walker, M. von und zu Liechtenstein, J.S. ZdanowiczTable 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

Read more less

Book SynopsisShareholder engagement with publicly listed companies is often seen as a key means to monitor corporate performance and behavior. In this book, the authors examine the corporate governance roles of key institutional investors in UK corporate equity, including pension funds, insurance companies, collective investment funds, hedge and private equity funds and sovereign wealth funds. The authors argue that institutions' corporate governance roles are an instrument ultimately shaped by private interests and market forces, as well as law and regulatory obligations, and that policy-makers should not readily make assumptions regarding their effectiveness, or their alignment with public interest or social good. They critically discuss the possibilities and limitations of shareholder stewardship i.e. the UK Stewardship Code and the EU Shareholder Rights Directive 2017 as well as explore various reforms of the UK pension fund structures, including the Local Government Pension Funds reform, the move from defined benefit to defined contribution schemes and implications for funds' asset allocation, investment management and corporate governance roles. This book will be of interest to academics in corporate law and governance as well as those in the corporate governance industry, such as institutions, trade associations, proxy advisors and other corporate governance service providers. Think tanks and research institutes tied to institutional investment, corporate governance, law and business may also be a key audience.Trade Review'In this thought-provoking and much-needed work, Barker and Chiu cast an informed and critical eye over the investment and governance practices of institutional fund managers, together with the limitations of the applicable regulatory framework. In doing so, they highlight the impracticability of many of the expectations that have been placed on the sector over recent years, before setting out an alternative normative paradigm for future public policymaking in this field. This book is a must-read not just for scholars and students of corporate governance and financial market regulation, but also for policymakers in search of a fresh handle on a difficult current problem.''Institutional investors are in the position to control many of the listed companies in the US and the UK thanks to their aggregate voting power. Can they credibly support and encourage long-term value creation at those companies? Barker and Chiu's book provides not only the legal framework to answer this fundamental question, but also a sharp and disenchanted sketch of the shortcomings of the financier capitalism model. Academics, policymakers and other concerned readers will find here plenty of food for thought to address the challenges and implications of this stage of capitalism.' --Luca Enriques, University of Oxford, UK'In this insightful new book, the authors provide a wide ranging analysis of modern asset management, and highlight its increasingly influential role as an owner of corporate equity. Their skepticism about the capacity of the industry to fulfill a meaningful stewardship role in investee companies may well prove prescient, and should inform the current policy debate on corporate governance.' --Andrew Clare, Cass Business School, UKTable of ContentsContents: Introduction 1. Investment Funds in an Era of Financialisation 2. The Governance, Structures and Incentives of Investment Funds- Shaping a Model of Modern Investment Management 3. Corporate Equity Ownership and the Misplaced Hope in Institutional Shareholder Stewardship 4. Pension Funds as Corporate Governance Actors 5. Mutual Funds as Corporate Governance Actors 6. Hedge Funds as Corporate Governance Actors 7. Private Equity Funds and their Corporate Governance Roles 8. Sovereign Wealth Funds in Corporate Governance Roles 9. Conclusion: Beyond Shareholder Stewardship: Visions for Responsible Investment Management and a New Corporate Governance Index

Read more less

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

Read more less

Book SynopsisThe Research Handbook on Central Banking focuses on global central banks as institutions and not abstractions, providing historical and practical detail about how central banks work and the challenges they face. This Research Handbook offers the most interdisciplinary treatment of global central banks published to date by addressing key questions regarding where they come from, how they have changed, and the challenges they face during uncertain times.Divided into two parts, the Research Handbook firstly takes readers on a global tour, covering central banks in the US, Latin America, Europe, Eastern Europe, Japan, China, Africa, and more. In the second part, authors delve into themes of broad application, including transparency, independence, unconventional monetary policy, payment systems, and crisis response. The interdisciplinary mix of contributors include some of the most prominent names in central banking as well as a new generation of scholars who are shaping the conversation about central banks and their role in global politics, economics, and society at large.Interdisciplinary and innovative, this Research Handbook will prove essential reading for scholars focusing on central banks, financial regulation, global governance, and related areas, as well as for central bankers and employees at central banks.Contributors include: C. Adam, K. Alexander, A. Berg, R. Bhala, D. Bholat, C. Borio, F. Capie, P. Conti-Brown, R. Darbyshire, F. Decker, B. Geva, C. Goodhart, A.G. Haldane, L.I. Jácome, H. James, J. Johnson, R.B. Kahn, H. Kanda, C. Kaufmann, R.M. Lastra, X. Liu, S. McCracken, E.E. Meade, S.T. Omarova, R. Portillo, M. Raskin, A.L. Riso, R. Smits, P. Tucker, F. Unsal, R.H. Weber, G. Wood, T. Yamanaka, D. Yermack, A. Zabai, Z. Zhou, C. ZilioliTrade Review'Events during the past century demonstrated the importance of price and financial stability as well as the difficulties of attaining and maintaining them. This book draws together a hugely diverse and rigorous set of analysis to capture what central banks are, have been, and might become. It should prove vital reading for academics, practitioners, and anyone with an interest in central banking.' --Mark Carney, Governor of the Bank of England'The global financial crisis and sluggish recovery has been a defining period for central banks, with the political reaction to the extraordinary steps they took often expanding their responsibilities, while at the same time threatening to constrain their degree of independence in some countries. The broad range of the analysis in this volume - over history, geography, and academic disciplines - is essential reading for anyone who wants to know how central banks got to where they are and provides a solid foundation for thinking about how central banking might evolve going forward.' --Donald Kohn, former vice chairman of the Board of Governors of the Federal Reserve System and Member of the Financial Policy Committee of the Bank of EnglandTable of ContentsContents: 1. The Central Banking Century: An Introduction to Institutional Central Banking Peter Conti-Brown 2. Central Banking and Institutional Change in the United States: Punctuated Equilibrium in the Development of Money, Finance, and Banking Peter Conti-Brown 3. The Development of the Bank of England’s objectives: evolution, instruction, or reaction? Forrest Capie and Geoffrey Wood 4. Central Banking in Japan Hideki Kanda and Toshiaki Yamanaka 5. Reserve Bank of India Raj Bhala 6. The Bank of Russia: From Central Planning to Inflation Targeting Juliet Johnson 7. Specific Challenges to the People’s Bank of China in a New Wave of Financial Reforms Zhongfei Zhou 8. An Evolutionary Theory of Central Banking and Central Banking in China Xiangmin Liu 9. New tasks and central bank independence: the Eurosystem experience Chiara Zilioli and Antonio Luca Riso 10. A central bank in times of crisis: the ECB’s developing role in the EU’s currency union René Smits 11. Monetary Policy and Central Banking in Sub-Saharan Africa Christopher Adam, Andrew Berg, Rafael Portillo and Filiz Unsal 12. The Reichsbank and the Bundesbank: The Legacy of the German Tradition of Central Banking Harold James 13. Central Banking in Australia and New Zealand: Historical Foundations and Modern Legislative Frameworks Frank Decker and Sheelagh McCracken 14. Central Banking in Latin America: Past, Present, and Challenges Ahead Luis I. Jácome H. 15. The Institutional Path of Central Bank Independence Rosa María Lastra 16. Central Bank Accounting David Bholat and Robin Darbyshire 17. International Aspects of Central Banking: Diplomacy and Coordination Robert B. Kahn and Ellen E. Meade 18. Central Bank Psychology Andrew G. Haldane 19. Banking Regulation and Supervision: A UK Perspective Kern Alexander and Rosa María Lastra 20. Unconventional monetary policies: a re-appraisal Claudio Borio and Anna Zabai 21. Central Banks and Payment System Risks: Comparative Study Benjamin Geva 22. Digital currencies, decentralized ledgers, and the future of central banking Max Raskin and David Yermack 23. Central Banks, Systemic Risk, And Financial Sector Structural Reform Saule T. Omarova 24. The Role of Macro-prudential Policy Charles Goodhart 25. Transparency of Central Banks’ Policies Christine Kaufmann and Rolf H. Weber 26. The Lender of Last Resort: Regimes for Stability and Legitimacy Paul Tucker Concluding observations Rosa María Lastra Index

Read more less

Book Synopsis'In The ASEAN Comprehensive Investment Agreement: The Regionalization of Laws and Policy on Foreign Investment, Julien Chaisse and Sufian Jusoh provide analysis --unmatched in scope and detail -- of ACIA's role in supporting the development of the ASEAN Economic Community. This contribution will serve as an invaluable resource for policymakers, business leaders, lawyers, and scholars interested in the development of investment law and policy in Asia.'- Mark Feldman, Peking University, China'Julien Chaisse and Sufian Jusoh take up the formidable challenge of unpacking the ingredients of the Asian ''noodle bowl'', delivering a comprehensive book that synthesizes the convoluted investment legal standards pertaining to the ASEAN into an intelligible discourse. Throughout, they offer insight into the design and purpose of this model of economic integration, as well as its impact on the rights of investors from states neighbouring the ASEAN region. This volume serves as a reliable and practical guidebook that will edify any reader interested in the subject matter.'- Kyle Dickson-Smith, FCIArb., Canada/AustraliaThe international law of foreign investment is one of the fastest growing areas of international economic law and policy which increasingly rely on large membership investment treaties such as the ASEAN Comprehensive Investment Agreement (ACIA). This book comprehensively examines the role of this specific international treaty on investment and situates it in the wider global trend towards the regionalisation of laws and policy on foreign investment.Considering the state of the ASEAN Economic Community in 2015 and its transformation until 2025, Julien Chaisse and Sufian Jusoh illustrate the pivotal role ACIA has to play in future international investment law negotiations and the benefits to ASEAN and third country investors and their investments. Collective commitment to a common standard contributes to depoliticize any potential conflict between individual investors and host states making the agreement particularly crucial to discussions involving ASEAN member states and between ASEAN and Dialogue Partners as well as to investment decisions including investment liberalization and investment facilitation.Offering the first detailed analysis of ACIA and its applications, this book will prove essential reading for legal practitioners in the field of international investment law as well as researchers and students studying the ASEAN Economic Community and its contemporary moulding.Trade Review'Authored by two experts in the field, this book provides a thorough analysis of the ASEAN Comprehensive Investment Agreement. It is a timely contribution to an understanding of a key pillar of the ASEAN Economic Community and investment agreements in the Asia Pacific region. The book therefore serves as an essential source of reference for practitioners, scholars and policy makers.' --Pasha Hsieh, Singapore Management University'Despite its growing economic and political importance, ASEAN has attracted relatively little attention from international economic lawyers. In their new book, Julien Chaisse and Sufian Jusoh offer insightful and pellucid analysis of the complex investment rules within ASEAN that will inform scholars, legal practioners and policy-makers alike. It will sit at the vanguard of excellence for the next generation of ASEAN scholarship.' --Jurgen Kurtz, The University of Melbourne, Australia'ASEAN's Comprehensive Investment Agreement-ACIA-endows one of the world's most vibrant regional compacts with a novel set of rules in the fastest growing province of international economic law. Chaisse and Jusoh's detailed and richly contextualized depiction of ASEAN's new investment rules reveals the adaptive capacity of host states. It will appeal to all those interested in the scholarly study of global norms at the frontiers of trade and investment law and policy and the numerous forces shaping them.' --Pierre Sauve, University of Bern, SwitzerlandTable of ContentsContents: 1. General Introduction PART I INTRODUCTION: MAPPING THE GROWTH OF THE INTERNATIONAL LAW OF FOREIGN INVESTMENT IN THE ASIA-PACIFIC REGION 2. ASEAN as an Important Investment Destination 3. Emergence of Asian Noodle Bowl of IIAs 4. Recent Phenomena: The Rise of Plurilateral Agreements With Wider Scope PART II ACIA AS A MILESTONE IN ASEAN HISTORY 5. The Asean Economic Community and the Asean Investment Framework 6. ASEAN Investment Scenario PART III THE SUBSTANTIVE REGIME OF THE ACIA 7. Investment Liberalisation 8. Scope of the Agreement: The Investment and the Investor 9. Principle of Non-Discrimination 10. Standards of Protection: Protecting Investors and Investments 11. Other Substantive Rules 12. Exceptions Under ACIA PART IV ACCESS TO DISPUTE SETTLEMENT MECHANISMS 13. Dispute Settlement PART V THE EMERGENCE OF AN ASEAN EXTERNAL INVESTMENT POLICY 14. ASEAN+DP Investment Agreements 15. Salient Similarities and Differences of ASEAN+DP PTAs 16. Cross Benefits of ACIA and ASEAN+DP PTAs PART VI CONCLUSION 17 Conclusion Index

Read more less

Book SynopsisIn the Research Handbook on Shadow Banking an international cast of experts discusses shadow banking activities, the purposes they serve, the risks they pose to the financial system, and the wider implications for regulators and the regulatory perimeter. Contributors offer high-level and theoretical perspectives on shadow banking and regulatory risks as well as more detailed explorations of specific markets in shadow banking.With perspectives from the United Kingdom, the European Union, the United States, China and Singapore, this Research Handbook discusses a range of wholesale sector shadow banking activities including the rehypothecation of markets, securitisation and derivatives as well as the implications of hedge fund activities for systemic risk. Further topics of discussion include a range of shadow banking activities led by financial and technological innovation, such as online equity and debt crowd-funding, the rise of exchange-traded funds, and the emergence of crypto-currencies and distributed ledger technology.Inter-disciplinary, broad and comprehensive in topic, this Research Handbook will prove to be a one-stop resource for legal academics and practitioners as well as for research students and those participating in the financial industry and trade associations.Contributors include: J.M. Amico, V. Baklanova, S. Bala, I. Chiu, J. Cullen, E. Curtin, P. de Gioia Carabellese, A. Donovan, E. Greene, P. Hanrahan, C. Hofmann, M. Hsiao, C. Johnson, M. Lin, I.G. MacNeil, H. McVea, H. Nabilou, A.M. Pacces, W. Shen, J. TanegaTrade Review'The Research Handbook brings a heavyweight group of contributors to the disparate group of financial activities called ''shadow banking''. Under the distinguished editorship of Professors Chiu and MacNeil, it provides an analysis of issues relating to financial regulation, the law, and policy making, which is both contemporary and of the highest quality.' --The Hon Sir William Blair, Queen Mary, University of London, UK'In the ten years since the financial crisis, we have seen a broad spectrum of the functions traditionally performed by banks being taken up by other players. This is one of the most fascinating fields of economics and regulation in the world of financial intermediaries. The books covers the entire spectrum of this new field, both wholesale as well as retail: a truly valuable contribution to this important topic.' --Katja Langenbucher, Goethe Universitat Frankfurt, GermanyTable of ContentsContents: The Risks and Regulatory Perimeter for Shadow Banking Iris H-Y Chiu and Iain G. MacNeil Part I Perspectives on Shadow Banking and the Regulatory Perimeter 1. The Law and Economics of Shadow Banking Hossein Nabilou and Alessio M. Pacces 2. Taking a Functional Approach to Understanding Shadow Banking: A Critical Look at Regulatory Policy Iris H-Y Chiu Part II Shadow Banking in the Wholesale Sector: Financial Innovation or Regulatory Arbitrage? 3. The Repo Market, Collateral and Systemic Risk: In Search of Regulatory Coherence Jay Cullen 4. Securitization and Structured Finance: from Shadow Banking to Legal Harmonization? Pierre de Gioia Carabellese 5. Pushing Shadow Banking into the Light: Reforming the US Tri‐Party Repo Market Christian Johnson 6. Targeting Hedge Funds and ‘Repo Runs’ Harry McVea 7. Regulating OTC Derivatives: The CCP’s Role and the EMIR Mark Hsiao 8. Shadow Banking Directive Instruments Edmond J. Curtin and Joseph Tanega Part III Shadow Banking in the Retail Sector and Issues Relating to Financial Innovation 9. Blockchain, Marketplace Lending and Crowdfunding: Emerging Issues and Opportunities in Fin Tech Edward F. Greene, Jeffrey M. Amico and Surya Bala 10. Out of the Shadow? Promises and Challenges of Peer-to-Peer Lending Mingfeng Lin 11. (Shadow) Banking on the Blockchain: Permissioned Ledgers, Interoperability and Common Standards Anna P. Donovan 12. European Money Market Fund Regulations and Universal Transparency Joseph Tanega and Viktoria Baklanova 13. Exchange Traded Funds in the Shadow Banking System Pamela F. Hanrahan Part IV Shadow Banking and Issues in Other Financial Centres 14. Understanding Shadow Banking in the Chinese Context: Shadow Banking with Chinese Characteristics Wei Shen 15. Shadow Banking in Singapore Christian Hofmann Index

Read more less

Book SynopsisFor academics, regulators and policymakers alike, it is crucial to measure financial sector competition by means of reliable, well-established methods. However, this is easier said than done. This comprehensive Handbook provides a collection of state-of-the-art chapters to address this issue. Using the latest empirical results from around the world, expert contributors offer a thorough assessment of the quality and reliability of the prevalent measures of competition in banking and finance. The Handbook consists of four parts, the first of which discusses the characteristics of various measures of financial sector competition. The second part includes several empirical studies on the level of, and trends in, competition across countries. The third part deals with the spillovers of market power to other sectors and the economy as a whole. Finally, the fourth part considers competition in banking submarkets and subsectors. This Handbook is an essential resource for students and researchers interested in competition, regulation, banking and finance. Politicians, policymakers and regulators will also benefit from the thorough explanation of the need for anti-trust regulation and identification of the most reliable competition measures.Contributors include: A.N. Berger, J.A. Bikker, W. Bolt, J. Bos, Y.L. Chan, P. Coccorese, M.D. Delis, J. Fernández de Guevara, Z. Fungácová, R. Gropp, I. Hasan, J.P. Hughes, D. Humphrey, L.F. Klapper, S. Kleimeier, C. Kok, S. Kokas, J.W. Kolari, M. Lamers, L. Liu, J. Maudos, L.J. Mester, C.-G. Moon, N. Mylonidis, S. Ongena, B. Overvest, V. Purice, R.J. Rosen, H. Sander, S. Shaffer, L. Spierdijk, D. Titotto, R. Turk-Ariss, G.F. Udell, L. Weill, J. Yuan, M. ZaourasTrade Review‘Bank competition and financial stability are inherent elements of economic growth. This book makes an invaluable contribution to an in depth understanding of this reality.’ -- MFSA NewsletterTable of ContentsContents: Part I. Measurement of financial-sector competition 1. Market power: competition among measures Sherrill Shaffer and Laura Spierdijk 2. The Panzar–Rosse revenue test and market power in banking: an empirical illustration Sherrill Shaffer and Laura Spierdijk 3. Adapting conjectural variations methods to banking competition Bastiaan Overvest 4. Bank risk and competition: the other side of the story Laura Spierdijk and Michalis Zaouras 5. Banking competition, concentration and critical mass: why the Herfindahl–Hirschman Index is a biased competition measure Jaap W.B. Bos, Yee Ling Chan, James W. Kolari and Jiang Yuan Part II. Empirical results on competition in banking and insurance 6. Global developments in banking competition Martien Lamers and Victoria Purice 7. Competition in the European banking markets in the aftermath of the financial crisis Juan Fernández de Guevara and Joaquín Maudos 8. Banking competition in China Zuzana Fungáčová and Laurent Weill 9. Performance of the life insurance industry under pressure: efficiency, competition, and consolidation Jacob A. Bikker Part III. Spill-overs of financial-sector competition 10. Bank competition and financial stability Allen N. Berger, Leora F. Klapper and Rima Turk-Ariss 11. Measuring agency costs and the value of investment opportunities of U. S. bank holding companies with stochastic frontier estimation Joseph P. Hughes, Loretta J. Mester and Choon‐Geol Moon 12. Banking competition and economic growth Paolo Coccorese 13. Shadow banking and competition: decomposing market power by activity Daniele Titotto and Steven Ongena 14. Banking competition and interest rate pass-through Stephanie Kleimeier and Harald Sander Part IV. Competition in banking submarkets and subsectors 15. SME business loans Richard J. Rosen and Gregory F. Udell 16. Competition and price conduct by bank service line Wilko Bolt and David Humphrey 17. Competition and contestability in bank retail markets Reint Gropp and Christoffer Kok 18. Bank market power and loan growth Manthos D. Delis, Iftekhar Hasan, Sotirios Kokas, Liuling Liu and Nikolaos Mylonidis Index

Read more less

Book SynopsisFor academics, regulators and policymakers alike, it is crucial to measure financial sector competition by means of reliable, well-established methods. However, this is easier said than done. This comprehensive Handbook provides a collection of state-of-the-art chapters to address this issue. Using the latest empirical results from around the world, expert contributors offer a thorough assessment of the quality and reliability of the prevalent measures of competition in banking and finance. The Handbook consists of four parts, the first of which discusses the characteristics of various measures of financial sector competition. The second part includes several empirical studies on the level of, and trends in, competition across countries. The third part deals with the spillovers of market power to other sectors and the economy as a whole. Finally, the fourth part considers competition in banking submarkets and subsectors. This Handbook is an essential resource for students and researchers interested in competition, regulation, banking and finance. Politicians, policymakers and regulators will also benefit from the thorough explanation of the need for anti-trust regulation and identification of the most reliable competition measures.Contributors include: A.N. Berger, J.A. Bikker, W. Bolt, J. Bos, Y.L. Chan, P. Coccorese, M.D. Delis, J. Fernández de Guevara, Z. Fungácová, R. Gropp, I. Hasan, J.P. Hughes, D. Humphrey, L.F. Klapper, S. Kleimeier, C. Kok, S. Kokas, J.W. Kolari, M. Lamers, L. Liu, J. Maudos, L.J. Mester, C.-G. Moon, N. Mylonidis, S. Ongena, B. Overvest, V. Purice, R.J. Rosen, H. Sander, S. Shaffer, L. Spierdijk, D. Titotto, R. Turk-Ariss, G.F. Udell, L. Weill, J. Yuan, M. ZaourasTrade Review‘Bank competition and financial stability are inherent elements of economic growth. This book makes an invaluable contribution to an in depth understanding of this reality.’ -- MFSA NewsletterTable of ContentsContents: Part I. Measurement of financial-sector competition 1. Market power: competition among measures Sherrill Shaffer and Laura Spierdijk 2. The Panzar–Rosse revenue test and market power in banking: an empirical illustration Sherrill Shaffer and Laura Spierdijk 3. Adapting conjectural variations methods to banking competition Bastiaan Overvest 4. Bank risk and competition: the other side of the story Laura Spierdijk and Michalis Zaouras 5. Banking competition, concentration and critical mass: why the Herfindahl–Hirschman Index is a biased competition measure Jaap W.B. Bos, Yee Ling Chan, James W. Kolari and Jiang Yuan Part II. Empirical results on competition in banking and insurance 6. Global developments in banking competition Martien Lamers and Victoria Purice 7. Competition in the European banking markets in the aftermath of the financial crisis Juan Fernández de Guevara and Joaquín Maudos 8. Banking competition in China Zuzana Fungáčová and Laurent Weill 9. Performance of the life insurance industry under pressure: efficiency, competition, and consolidation Jacob A. Bikker Part III. Spill-overs of financial-sector competition 10. Bank competition and financial stability Allen N. Berger, Leora F. Klapper and Rima Turk-Ariss 11. Measuring agency costs and the value of investment opportunities of U. S. bank holding companies with stochastic frontier estimation Joseph P. Hughes, Loretta J. Mester and Choon‐Geol Moon 12. Banking competition and economic growth Paolo Coccorese 13. Shadow banking and competition: decomposing market power by activity Daniele Titotto and Steven Ongena 14. Banking competition and interest rate pass-through Stephanie Kleimeier and Harald Sander Part IV. Competition in banking submarkets and subsectors 15. SME business loans Richard J. Rosen and Gregory F. Udell 16. Competition and price conduct by bank service line Wilko Bolt and David Humphrey 17. Competition and contestability in bank retail markets Reint Gropp and Christoffer Kok 18. Bank market power and loan growth Manthos D. Delis, Iftekhar Hasan, Sotirios Kokas, Liuling Liu and Nikolaos Mylonidis Index

Read more less

Book SynopsisThis book takes an interdisciplinary approach, linking the law and policy surrounding financial markets regulation in order to fill the gap in the analysis and understanding of the most salient issues related to the role of credit rating agencies (CRAs).Key features include: A critical appraisal of the ratings information system and the potential risks of disclosure failure Questioning how regulators can shape a proper responsibility for CRAs in the aftermath of the EU civil liability regime for rating agencies introduced by the CRA Regulation 2013 and the professional liability introduced by the US Dodd-Frank Act 2010 Assessment of CRAs' liability regimes in light of the recent developments in case law Analysis of the major weaknesses in legislative reforms adopted in the United States, the United Kingdom and the European Union, and suggestions for enhancing the current regulatory system of CRAs. The Governance of Credit Rating Agencies will be a valuable resource for those researching law and economic aspects of securities markets. Professionals in law firms with banking or financial services regulation practice, global rating firms, commercial banks, investment banks, international financial institutions and prudential regulatory agencies will also find this book an essential point of reference.Trade Review'Dr Andrea Miglionico's excellent book is an essential reading for anyone that wishes to understand what went wrong with credit rating agencies in the run up to the global financial crisis and the regulatory responses that have taken place in response to the crisis. The analysis of liability issues is both original and timely given the regulatory and business implications of ratings for banks and fund managers generally.' --Rosa Maria Lastra, Queen Mary University of London, UKTable of ContentsContents: Preface PART I THE BUSINESS OF CREDIT RATING 1. The Credit Rating Industry 2. Business Model of CRAs PART II THE REGULATION OF CRAs 3. Global Regulatory Framework 4. The US Regime 5. The EU Regime 6. The UK Regime PART III LIABILITY OF CRAs 7. United Kingdom 8. United States 9. European Union 10. Australia PART IV CONCLUSIONS 11. Findings of the Research Bibliography Index

Read more less

Book SynopsisThe financial crisis, which spanned 2007 and 2008, may have occurred ten years ago but the resulting regulatory implications are yet to be implemented. This book isolates the occurrences of the derivatives market, which were implied as the core accelerator and enabler of the global financial crisis.Offering a holistic approach to post-crisis derivatives regulation, this book provides insight into how new regulation has dealt with the risk that OTC derivatives pose to financial stability. It discusses the effects that post-crisis regulation has had on central counterparties and the risk associated with clearing of OTC derivatives. Alexandra G. Balmer offers a novel solution to tackle the potential negative externalities from the failure of a central counterparty and identifies potential new risks arising from post-crisis reforms.Comprehensive and astute, this book will provide legal and financial scholars, academics and lawyers with much food for thought. National supervisors and regulators will also benefit from an understanding of general market risks and factors affecting exposure to such risks.Trade Review'This book provides an in depth analysis of how banks failed to manage risks in the derivatives markets, but it also crucially points out how regulatory reforms can also contribute to the conditions that lead to financial market failure.' --Kern Alexander, University of Cambridge Centre for Risk Studies, UK and University of Zurich, SwitzerlandTable of ContentsContents: Foreword 1. Introduction 2. Derivatives 3. Clearing 4. Pre-Crisis Regulation of Derivatives and Clearing 5. Current Regulation and Implementation 6. Reforming the Reform 7. Regulatory Analysis 8. Summary of Findings and Outlook Bibliography Index

Read more less

Book SynopsisInstitutional Credit Markets provides a framework for understanding the institutional funding markets that undergird the U.S. credit system. It traces the evolution of the depository bank model, its non-bank competitors, and the financial conglomerates that span credit and capital markets.As securitization introduced structured credit products that rezoned credit markets, federal reforms let banks venture into a wider range of financial services. After the Global Financial Crisis revealed cracks in the system, lawmakers affirmed pre-crisis products and business models while adding some guardrails. The post-crisis scheme subjected large financial conglomerates to enhanced supervision while adjusting the structure of banks by making them more liquid and stable. Through its stabilization activities, the Federal Reserve has morphed from bank regulator to arbiter of financial market structure, now using a more statist approach to monetary policy that relies to a greater extent on administered interest rates rather than those set by the market forces. This book explains post-crisis regulation in terms of its capitulation to financial capitalism.Financial law regulators and academics will benefit from this integrated account that considers banking, structured finance, capital markets, and money markets as parts of an institutional funding ecosystem. This book will also provide a more nuanced understanding of financial institutions and markets for financial law practitioners, sector analysts and journalists.Trade Review‘Gabilondo’s book gives a unique overview of multiple credit markets, providing an informed and clear exploration of the multiple institutional funding markets. For those who focus in one area – such as banking – Gabilondo connects the dots to provide insight into several of the other sources of funding. A must read for anyone trying to understand the full scope of credit and how the markets have morphed in response to the Great Financial Crisis.’ -- Lissa L. Broome, University of North Carolina, USTable of ContentsContents: 1. First things PART I THE MARKETS 2. The depository bank 3. The Federal Reserve 4. Securities 5. Bonds PART II LINKS AND GAPS 6. Nonbank bridges 7. Structured credit 8. A new home for the bank 9. Learning from crisis PART III POST-CRISIS ARRANGEMENTS 10. The great capitulation 11. Bank financial structure 12. Financializing the central bank Index

Read more less

Book Synopsis'This is a most useful book which nicely combines theory and practice. In it the authors provide a framework which helps us better understand the nature of modern financial crises and how monetary and regulatory policies interact in delivering price and financial stability. Certainly worth reading by academics, policymakers and all those interested in deepening their knowledge of how modern financial systems work in both good and bad times.'- José Viñals, Standard Chartered, UK 'This collection of papers is a remarkable tour de force. Goodhart and Tsomocos have made pioneering steps toward understanding the causes of financial crises and showing how the financial system can be regulated to reduce and mitigate them. A must-read for anyone interested in financial stability.'- Doyne Farmer, University of Oxford, UK'Today almost everyone realizes the crucial importance of liquidity, a painful lesson taught by the global financial crisis. This collection records that Goodhart and Tsomocos were early and persistent voices, initially in the wilderness but now almost mainstream, showing the way forward by clothing old wisdom in new modelling.'- Perry G. Mehrling, Columbia University, US Charles Goodhart and Dimitrios P. Tsomocos examine the interaction of monetary and regulatory policy to achieve the important goals of price and financial stability. Their focus is on the relationship between liquidity and default in the post-crisis context, with special emphasis on macroprudential regulation. Exploring how financial stability can be continually assessed and measured, Financial Regulation and Stability discusses the interrelationships between liquidity and default. Without default there would be no concern about liquidity. But the financial crisis was not just a liquidity problem, it requires a general equilibrium model. The authors' model delineates all the potential interrelationships between the real and financial sectors of the economy, with special emphasis on the interaction between liquidity and default. Economists and central bankers will greatly benefit from the practical advice offered in this book to aid financial stability. Advanced students of financial economics will also find this a vital read to understand the consequences of the 2007-8 financial crisis in more depth and the lessons to be learnt.Trade Review'The 2008 global financial crisis not only damaged the world economy, it also left in the dust most of the prevailing approaches to macroeconomics. Core models which dominated the previous decades of academic research had fatally disregarded the complex workings of the financial sector. Sifting through this intellectual wreckage forms the ongoing work for the next generation of macroeconomic theorists and empiricists. Among those leading the way forward are Charles Goodhart and Dimitrios Tsomocos. This outstanding compilation of their work showcases nontrivial models of banking, well-grounded concepts of liquidity and default, and lessons for equilibrium, regulation, and monetary policy in a set of tractable and insightful frameworks.' --Alan M. Taylor, University of California, Davis, US'This volume gathers in one place the key contributions of Goodhart and Tsomocos on the interplay between capital and liquidity regulations and related macroprudential tools, all in their trademark setting of a fully-fledged multi-period general equilibrium model. The command of the authors over the theory is complemented by their insightful applications of their ideas to recent events. It is required reading for theorists and practitioners alike.' --Hyun Song Shin, Bank for International Settlements (BIS), Switzerland'Default plays a determining role in the operation of financial markets and the allocation of resources under uncertainty. Martin Shubik pointed out the importance of default long ago, but it is recent work, most prominently by John Geanakoplos, that has placed default in the mainstream of research. Goodhart and Tsomocos incorporate theoretical insights into operational models of monetary policy and, in particular, of financial regulation.' --Herakles Polemarchakis, University of Warwick, UKTable of ContentsContents: 1. Introduction By Charles A. E. Goodhart and Dimitrios P. Tsomocos 2. “Principles for Macroprudential Regulation”, (A.K. Kashyap, D.P. Tsomocos and A.P. Vardoulakis), Banque de France Financial Stability Review, No.18, pp. 173-182, April 3. “The Macroprudential Toolkit”, (R. Berner, A. Kashyap and C.A.E. Goodhart), I.M.F. Economic Review, Vol. 59, No 2, 2011 4. “Financial Regulation in General Equilibrium”, (C.A.E. Goodhart, A.K. Kashyap, D.P. Tsomocos and A.P. Vardoulakis), NBER WP17909, University of Oxford, Said Business School, 2011 5. “An Integrated Framework for Multiple Financial Regulations”, (C.A.E.Goodhart, A.K. Kashyap, D.P. Tsomocos and A.P. Vardoulakis), International Journal of Central Banking, Vol. 9, Supplement 1, pp.109-143, 2013 6. “The Lender of Last Resort in a General Equilibrium Framework”, (Akshay Kotak, Han Ozsoylev and D.P.Tsomocos) Saïd Business School WP 2017-18 7. “A Reconsideration of Minsky's Financial Instability Hypothesis”, (with S. Bhattacharya, C.A.E. Goodhart and A.P.Vardoulakis), Journal of Money, Credit and Banking, Volume 47, Issue 5, pages 931{973, August 2015 8. “Liquidity and default in an exchange economy”, (Juan Francisco Martinez S. and D.P. Tsomocos), Journal of Financial Stability, In press, 2016 9. “Monetary Transaction Costs and the Term Premium”, (R. Espinoza and D. P. Tsomocos), Economic Theory 59(2), pp 355-375, June 2015 10. “Debt Defation Effects of Monetary Policy”, (Li Lin, D.P. Tsomocos and Alexandros Vardoulakis), Journal of Financial Stability 21 (2015): 81-94, also appeared as Federal Reserve Board Staff Working Paper (2014-37), May, 2014 11. “International Monetary Equilibrium with Default”, (M.U. Peiris and D. P. Tsomocos), Journal of Mathematical Economics 56, pp 47-57, 2015 12. “Global Capital Imbalances and Taxing Capital Flows”, (C.A.E. Goodhart, M.U. Peiris and D.P. Tsomocos), International Journal of Central Banking, Vol. 9, Number 2, pp.13-45, 2013 13. “International Monetary Regimes”, (C.A.E. Goodhart and D.P. Tsomocos), Capitalism and Society, Vol. 9, No. 2, Article 2, 2014 14. “Debt, Recovery Rates and the Greek Dilemma”, (C.A.E. Goodhart and M.U. Peiris and D.P. Tsomocos), Journal of Financial Stability, forthcoming Index

Read more less

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

Read more less

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

Read more less

Book SynopsisIn the next wave of conduct regulation in financial markets, from 2021 conduct regulators in the UK and elsewhere expect firms to produce evidence on how they are improving behaviour and culture. Facing this, many practitioners are anxious that their current reporting and management information (MI) are irrelevant to meeting as-yet unclear regulatory expectations. This book provides the insights and tools firms need to report on culture, securing both enhanced business value and the regulator's approval. Culture is now seen as a key contributor to good governance, feeding into existing discourse on environmental, social and governance (ESG) factors and the emerging dialogue on 'non-financial (mis)conduct', but conventional measures of business quality are unfit for the new reporting agenda. Culture Audit in Financial Services follows the arc of 'behavioural regulation' to examine what the regulator really wants, before offering guidance on how culture audit differs from conventional auditing, how to put the latest pure-research findings to work, and the key features of well-designed conduct and culture reports. Written by an impartial author and a variety of contributors with extensive experience working with practitioners, regulators, and many of the world's finest academic initiatives, this book is filled with practical, grounded advice on how best to approach this new challenge and avoid infractions.Trade Review"A highly useful travelogue written by acclaimed experts in an easy-going manner that nevertheless serves to deepen awareness and understanding. After a survey of concepts and how conduct regulation is evolving, Culture Audit opens a window on using behavioural science to frame 'better questions' and introduces straightforwardly the benefits of some advanced technology. These elements weave together to explain where thought leadership has been and points to areas for further exploration like purpose, individual character development and the excitement that awaits firms who are not quite prepared for their first earnest discussion of culture with a regulator." * Ted MacDonald, Technical Specialist, Wholesale Banking Supervision, UK Financial Conduct Authority *"Roger Miles has brought together a stellar group of experts in conduct risk and fashioned a unique resource for the financial services industry and beyond. The authors and Dr Miles himself have been there, done that and have the t-shirt when it comes to conduct risk management. Oozing with practical wisdom, this book brings concepts from psychology and behavioural science to a financial services audience, to help address the seemingly intractable challenge of workplace misconduct. Culture change programmes fail at least as often as they succeed, but Culture Audit contains many insights that will enhance the chances of success. As a business school professor teaching post-experience, post-graduate programs, I'm often looking for material that is evidence-based but accessible; that avoids bland motherhood statements and excites interests; that presents solutions that are seen as feasible and not utopian. This book has all those qualities and I expect it will help the industry chart a new course, consistent with its recent aspirations. A must-have for financial services leaders and regulators, and those who aspire to such roles." * Elizabeth Sheedy, Professor of Risk Governance, Macquarie University *"Culture Audit fills a welcome gap between procedural "how to" manuals which can be dull and conceptually empty, and academic research, which is often brilliant but difficult to translate into real organizational programs and initiatives. This book takes many of the best ideas out there from behavioral science, then sets them within a framework with action points making it genuinely useful for practitioners. The lively writing and provocative examples really help overcome the difficulty of making culture a practical consideration for companies without losing important nuances. This work deserves to make a big positive impact." * Alison Taylor, Executive Director, Ethical Systems; Professor, NYU Stern School of Business *"Just what the finance industry wants, and more importantly, what it needs. A definitive "How to" guide to understanding your firm's culture, its strengths and weaknesses, and, most importantly, how to systematically and thoroughly set about improving it throughout your workforce and firm. Packed with helpful real-life anecdotes from finance experts, academics' and regulators' perspectives, helpful history, insightful psychology, and pithy "sidebars" which neatly illustrate key points. A clear-sighted, up-to-the-minute view on progress made and what's left to do. This will long be seen as the magnum opus on this critical topic - and it is compelling reading at that. If the industry follows even half of the good advice here it will be in a much better place a few years from now." * Sean Carney, COO/CFO, Telemos Capital *"I really like the multiple-author approach, and what a list of co-authors! There's huge value in just being able to read insights from this remarkable group of people all in one place. Their different perspectives throughout, and their evident sense of fun, make Culture Audit really engaging and thought-provoking. A set of 'Interlude' stories also brings the theory to life, such as the hugely enjoyable account of how a central bank supervisor went on to 'rebrand' an investment bank's compliance department as behaviour-aware - a mindset shift that would benefit many firms. Culture Audit's view of the genesis of conduct regulation, and robust predictions for its future, ground our understanding of why it's now so vital for firms to focus on culture and behaviour. The book is always engaging - it's as if the reader is enjoying a chat with the authors - and thankfully avoids getting bogged down in regulatory small print. With so much still to be done to improve financial sector culture, here's a book which really will spark timely conversations in firms: importantly around purpose, psychological safety, diversity and inclusion. These are vital foundations for any firm to set out, then act on to start a lasting culture change. Culture Audit jump-starts these conversations in a friendly, understandable way. It's a great addition to the discourse." * Olivia Fahy, Head of Culture, TCC Group; Culture Team lead - Supervision, UK Financial Conduct Authority 2016-21 *"This masterful book gives the reader an easy lens to get familiar with the latest thought and regulatory agenda for supervising financial firms' conduct and culture. Following to the global financial crash and numerous scandals such as LIBOR rigging and mis-selling, we have seen a shift from a consumer protection regime based on disclosure, towards a new focus on the root cause of misconduct: firms' culture. Culture Audit answers many questions that will be on the minds of firms' executives and compliance professionals, as well as regulators. Uniquely, this book addresses head-on the controversial topic of how people opt for different roles at different career stages, moving between regulatory agencies and commercial roles. This brings a fresh perspective so we can reflect in a new way on how regulators and firms interact. A summary condensed from years of research, empirical experience, hundreds of real life talks and sharing by firms' executives, this book is a joy to read, for its clear setting out of theory and its practical action points. Dr Miles is a fascinating guide as he unlocks a door to the secrets of human minds, group dynamics and applying behavioural science to financial services. With an impressive group of colleagues, he addresses the big questions: What is culture and conduct? Why do regulators care about culture and conduct, as opposed to codified laws and regulations?, and more importantly: What shall we (the firms) do in response to the call? Arguing for a clear difference between conventional audit and culture assessment, it rightly also questions even whether the term culture audit is broad enough to yield the "better questions" that firms now need to ask themselves." * Davis Tsui, JD, CPA, Insurance Conduct Supervisor, Hong Kong Insurance Authority; former Treasury Markets Association Secretariat, Hong Kong Monetary Authority *"An all-round excellent reading experience: crisply written, with sharp graphics and pithy fact boxes. Culture Audit is packed with clear, current and bright insight - which is no less than we'd expect from the world-leading practitioner experts behind it. Even more impressively, they address it all in a way that's engaging, easily readable and (who'd have expected this?) frequently entertaining. Every regulated finance professional with any leadership responsibilities should read this book." * Robert Ellison, Co-Founder, Finance Unlocked *"So many books have only one idea; this one has so many from Roger Miles and his co-authors. A broadly useful book with all kinds of lessons for all kinds of practitioners. As well as efficiently tapping into key high-level research findings, readers will discover how in practice to match culture and conduct principles with the needs to their organisation's stakeholders - including regulators of course. The UK and international context is thoroughly current and well evidenced with real life examples, a full glossary and plentiful references. Everything you need is in one place. A thoroughly worthwhile read!" * Bryan Foss, serial iNED; Council member, Financial Reporting Council; Co-Founder, The Risk Coalition *"What a timely book! Plenty here to interest financial services regulation practitioners. It seems extraordinary that we are still talking about culture, more than twelve years after the global financial crisis exposed such huge problems in financial institutions. With great clarity, the authors have explained why these problems persist and if this book can help to improve culture then they've done a fine job. Culture Audit contains a wealth of knowledge including a topical chapter on the behavioural science techniques that supervisors have adapted in recent years. A vast amount of research and analysis from leading industry thinkers has clearly gone on behind the scenes to enlighten the reader, yet the authors keep the tone straight-talking, lucidly unpacking complex and technical topics without compromising the quality of the analysis. For those whose interest is piqued, a list of further reading is provided in the appendix and there's a properly helpful glossary. Culture Audit is very likely to achieve its aim of starting a wider conversation about conduct and culture across the regulated financial sector and beyond." * Alexander Robson, Managing Editor, Thomson Reuters Regulatory Intelligence *"It isn't very often that I would recommend to my book club what appears from the title to be an academic read - but this one breaks the mould. The team of writers has delivered an insightful and practical book that manages to be both strategic and operational, as needed, besides often letting the reader pause to reflect and consider how this all supports their own personal development. The 'story' interludes bring the chapters together in that really useful, involving way that storytelling has, of leading the reader towards understanding and applying the concepts in real life. A thoroughly worthwhile read." * Ann McFadyen, Director, UK Finance *Table of Contents Chapter - 01: A culture quest for ‘better behaviour; Chapter - 02: ‘How regulators’ ‘behavioural approach’ went global – with culture its latest focus; Chapter - 03: ‘The house is on fire - How regulators own research has pointed to ‘culture reset’; Chapter - 04: What’s the big idea? (1) - How conduct regulators use behavioural science; Chapter - Interlude One: From poacher to gamekeeper to poacher… to scientist - A supervisor’s tale; Chapter - 05: What’s the big idea? (2) - Regulators’ challenge to firms - framing ‘purposeful culture’; Chapter - 06: A ‘behaviour-at-risk’ agenda emerges - Questioning purpose, lost trust and cultural coercion; Chapter - 07: The new mindset and language of culture - Assessing financial and non-financial conduct; Chapter - 08: Audit basics - How the practice of culture audit differs from conventional auditing; Chapter - 09: The new management reporting information (MI) for culture Part 1 - Getting past the old MI; Chapter - 10: The new reporting Part 2 - Developing the framework - from culture models to better questions and indicators; Chapter - Interlude Two: Case example - Culture rating in a retail bank; Chapter - 11: Interventions and enforcements - How regulators have responded to a ‘culture crisis’; Chapter - 12: Intelligence gathering versus surveillance - Tried and failed methods; putting the latest research tools to work; Chapter - Interlude Three: A sector-wide group seeks culture ‘tells’ - (Observing indications of good and poor conduct); Chapter - 13: Putting respected research tools to work, example 1 - Tools for cultural transformation - Barrett Analytics; Chapter - 14: Putting respected research tools to work, example 2 - Using the CultureScope ‘combined analytic’ to deliver measurably better culture; Chapter - 15: What regulators really want - Wrap-up and look ahead; Chapter - 16: Glossary; Chapter - 17: Recommended reading;

Read more less

Book SynopsisIn the next wave of conduct regulation in financial markets, from 2021 conduct regulators in the UK and elsewhere expect firms to produce evidence on how they are improving behaviour and culture. Facing this, many practitioners are anxious that their current reporting and management information (MI) are irrelevant to meeting as-yet unclear regulatory expectations. This book provides the insights and tools firms need to report on culture, securing both enhanced business value and the regulator's approval. Culture is now seen as a key contributor to good governance, feeding into existing discourse on environmental, social and governance (ESG) factors and the emerging dialogue on 'non-financial (mis)conduct', but conventional measures of business quality are unfit for the new reporting agenda. Culture Audit in Financial Services follows the arc of 'behavioural regulation' to examine what the regulator really wants, before offering guidance on how culture audit differs from conventional auditing, how to put the latest pure-research findings to work, and the key features of well-designed conduct and culture reports. Written by an impartial author and a variety of contributors with extensive experience working with practitioners, regulators, and many of the world's finest academic initiatives, this book is filled with practical, grounded advice on how best to approach this new challenge and avoid infractions.Trade Review"A highly useful travelogue written by acclaimed experts in an easy-going manner that nevertheless serves to deepen awareness and understanding. After a survey of concepts and how conduct regulation is evolving, Culture Audit opens a window on using behavioural science to frame 'better questions' and introduces straightforwardly the benefits of some advanced technology. These elements weave together to explain where thought leadership has been and points to areas for further exploration like purpose, individual character development and the excitement that awaits firms who are not quite prepared for their first earnest discussion of culture with a regulator." * Ted MacDonald, Technical Specialist, Wholesale Banking Supervision, UK Financial Conduct Authority *"Roger Miles has brought together a stellar group of experts in conduct risk and fashioned a unique resource for the financial services industry and beyond. The authors and Dr Miles himself have been there, done that and have the t-shirt when it comes to conduct risk management. Oozing with practical wisdom, this book brings concepts from psychology and behavioural science to a financial services audience, to help address the seemingly intractable challenge of workplace misconduct. Culture change programmes fail at least as often as they succeed, but Culture Audit contains many insights that will enhance the chances of success. As a business school professor teaching post-experience, post-graduate programs, I'm often looking for material that is evidence-based but accessible; that avoids bland motherhood statements and excites interests; that presents solutions that are seen as feasible and not utopian. This book has all those qualities and I expect it will help the industry chart a new course, consistent with its recent aspirations. A must-have for financial services leaders and regulators, and those who aspire to such roles." * Elizabeth Sheedy, Professor of Risk Governance, Macquarie University *"Culture Audit fills a welcome gap between procedural "how to" manuals which can be dull and conceptually empty, and academic research, which is often brilliant but difficult to translate into real organizational programs and initiatives. This book takes many of the best ideas out there from behavioral science, then sets them within a framework with action points making it genuinely useful for practitioners. The lively writing and provocative examples really help overcome the difficulty of making culture a practical consideration for companies without losing important nuances. This work deserves to make a big positive impact." * Alison Taylor, Executive Director, Ethical Systems; Professor, NYU Stern School of Business *"Just what the finance industry wants, and more importantly, what it needs. A definitive "How to" guide to understanding your firm's culture, its strengths and weaknesses, and, most importantly, how to systematically and thoroughly set about improving it throughout your workforce and firm. Packed with helpful real-life anecdotes from finance experts, academics' and regulators' perspectives, helpful history, insightful psychology, and pithy "sidebars" which neatly illustrate key points. A clear-sighted, up-to-the-minute view on progress made and what's left to do. This will long be seen as the magnum opus on this critical topic - and it is compelling reading at that. If the industry follows even half of the good advice here it will be in a much better place a few years from now." * Sean Carney, COO/CFO, Telemos Capital *"I really like the multiple-author approach, and what a list of co-authors! There's huge value in just being able to read insights from this remarkable group of people all in one place. Their different perspectives throughout, and their evident sense of fun, make Culture Audit really engaging and thought-provoking. A set of 'Interlude' stories also brings the theory to life, such as the hugely enjoyable account of how a central bank supervisor went on to 'rebrand' an investment bank's compliance department as behaviour-aware - a mindset shift that would benefit many firms. Culture Audit's view of the genesis of conduct regulation, and robust predictions for its future, ground our understanding of why it's now so vital for firms to focus on culture and behaviour. The book is always engaging - it's as if the reader is enjoying a chat with the authors - and thankfully avoids getting bogged down in regulatory small print. With so much still to be done to improve financial sector culture, here's a book which really will spark timely conversations in firms: importantly around purpose, psychological safety, diversity and inclusion. These are vital foundations for any firm to set out, then act on to start a lasting culture change. Culture Audit jump-starts these conversations in a friendly, understandable way. It's a great addition to the discourse." * Olivia Fahy, Head of Culture, TCC Group; Culture Team lead - Supervision, UK Financial Conduct Authority 2016-21 *"This masterful book gives the reader an easy lens to get familiar with the latest thought and regulatory agenda for supervising financial firms' conduct and culture. Following to the global financial crash and numerous scandals such as LIBOR rigging and mis-selling, we have seen a shift from a consumer protection regime based on disclosure, towards a new focus on the root cause of misconduct: firms' culture. Culture Audit answers many questions that will be on the minds of firms' executives and compliance professionals, as well as regulators. Uniquely, this book addresses head-on the controversial topic of how people opt for different roles at different career stages, moving between regulatory agencies and commercial roles. This brings a fresh perspective so we can reflect in a new way on how regulators and firms interact. A summary condensed from years of research, empirical experience, hundreds of real life talks and sharing by firms' executives, this book is a joy to read, for its clear setting out of theory and its practical action points. Dr Miles is a fascinating guide as he unlocks a door to the secrets of human minds, group dynamics and applying behavioural science to financial services. With an impressive group of colleagues, he addresses the big questions: What is culture and conduct? Why do regulators care about culture and conduct, as opposed to codified laws and regulations?, and more importantly: What shall we (the firms) do in response to the call? Arguing for a clear difference between conventional audit and culture assessment, it rightly also questions even whether the term culture audit is broad enough to yield the "better questions" that firms now need to ask themselves." * Davis Tsui, JD, CPA, Insurance Conduct Supervisor, Hong Kong Insurance Authority; former Treasury Markets Association Secretariat, Hong Kong Monetary Authority *"An all-round excellent reading experience: crisply written, with sharp graphics and pithy fact boxes. Culture Audit is packed with clear, current and bright insight - which is no less than we'd expect from the world-leading practitioner experts behind it. Even more impressively, they address it all in a way that's engaging, easily readable and (who'd have expected this?) frequently entertaining. Every regulated finance professional with any leadership responsibilities should read this book." * Robert Ellison, Co-Founder, Finance Unlocked *"So many books have only one idea; this one has so many from Roger Miles and his co-authors. A broadly useful book with all kinds of lessons for all kinds of practitioners. As well as efficiently tapping into key high-level research findings, readers will discover how in practice to match culture and conduct principles with the needs to their organisation's stakeholders - including regulators of course. The UK and international context is thoroughly current and well evidenced with real life examples, a full glossary and plentiful references. Everything you need is in one place. A thoroughly worthwhile read!" * Bryan Foss, serial iNED; Council member, Financial Reporting Council; Co-Founder, The Risk Coalition *"What a timely book! Plenty here to interest financial services regulation practitioners. It seems extraordinary that we are still talking about culture, more than twelve years after the global financial crisis exposed such huge problems in financial institutions. With great clarity, the authors have explained why these problems persist and if this book can help to improve culture then they've done a fine job. Culture Audit contains a wealth of knowledge including a topical chapter on the behavioural science techniques that supervisors have adapted in recent years. A vast amount of research and analysis from leading industry thinkers has clearly gone on behind the scenes to enlighten the reader, yet the authors keep the tone straight-talking, lucidly unpacking complex and technical topics without compromising the quality of the analysis. For those whose interest is piqued, a list of further reading is provided in the appendix and there's a properly helpful glossary. Culture Audit is very likely to achieve its aim of starting a wider conversation about conduct and culture across the regulated financial sector and beyond." * Alexander Robson, Managing Editor, Thomson Reuters Regulatory Intelligence *"It isn't very often that I would recommend to my book club what appears from the title to be an academic read - but this one breaks the mould. The team of writers has delivered an insightful and practical book that manages to be both strategic and operational, as needed, besides often letting the reader pause to reflect and consider how this all supports their own personal development. The 'story' interludes bring the chapters together in that really useful, involving way that storytelling has, of leading the reader towards understanding and applying the concepts in real life. A thoroughly worthwhile read." * Ann McFadyen, Director, UK Finance *Table of Contents Chapter - 01: A culture quest for ‘better behaviour; Chapter - 02: ‘How regulators’ ‘behavioural approach’ went global – with culture its latest focus; Chapter - 03: ‘The house is on fire - How regulators own research has pointed to ‘culture reset’; Chapter - 04: What’s the big idea? (1) - How conduct regulators use behavioural science; Chapter - Interlude One: From poacher to gamekeeper to poacher… to scientist - A supervisor’s tale; Chapter - 05: What’s the big idea? (2) - Regulators’ challenge to firms - framing ‘purposeful culture’; Chapter - 06: A ‘behaviour-at-risk’ agenda emerges - Questioning purpose, lost trust and cultural coercion; Chapter - 07: The new mindset and language of culture - Assessing financial and non-financial conduct; Chapter - 08: Audit basics - How the practice of culture audit differs from conventional auditing; Chapter - 09: The new management reporting information (MI) for culture Part 1 - Getting past the old MI; Chapter - 10: The new reporting Part 2 - Developing the framework - from culture models to better questions and indicators; Chapter - Interlude Two: Case example - Culture rating in a retail bank; Chapter - 11: Interventions and enforcements - How regulators have responded to a ‘culture crisis’; Chapter - 12: Intelligence gathering versus surveillance - Tried and failed methods; putting the latest research tools to work; Chapter - Interlude Three: A sector-wide group seeks culture ‘tells’ - (Observing indications of good and poor conduct); Chapter - 13: Putting respected research tools to work, example 1 - Tools for cultural transformation - Barrett Analytics; Chapter - 14: Putting respected research tools to work, example 2 - Using the CultureScope ‘combined analytic’ to deliver measurably better culture; Chapter - 15: What regulators really want - Wrap-up and look ahead; Chapter - 16: Glossary; Chapter - 17: Recommended reading;

Read more less

Book SynopsisThis insightful book critically explores the political, constitutional, legal, and economic challenges of effectively combating the laundering of the proceeds of crime by politically exposed persons (PEPs) in Africa. Professor John Hatchard draws on numerous recent examples from Africa and beyond, arguing that a three-pronged approach is required to address the issues surrounding money laundering by PEPs; there must be action at the national, transnational, and corporate levels. Taking a forward-thinking perspective, he reviews the strategies which would make this approach effective and offers suggestions for their further enhancement. Professor Hatchard also provides an in-depth analysis of the different money laundering techniques used in African countries and suggests how constitutions, financial intelligence units, asset recovery mechanisms, and the African Court of Justice and Human Rights can be utilised to tackle the problem. The book concludes that while challenges remain, there is cause for optimism that money laundering by African PEPs can be addressed successfully. This book will be of interest to academics and students of law, particularly those focusing on financial law, corruption, and economic crime. Containing a wealth of practical case studies, it will also be beneficial for legal practitioners, policymakers, public officials, and civil society organisations.Trade Review‘The current study by Hatchard comes at a time when several instances of abuse of authority by people in power across all continents have come to light. The book is topical, and contains a wealth of case studies from Africa, covering ?nancial crime, corruption, and AML, to name a few. One is convinced that this book will be of interest to academics and researchers. It is a must-have for policymakers and practitioners alike.’ -- Jae Sundaram, Journal of Contemporary African Studies‘This extensively researched and coherently written piece of scholarship ought to be widely consulted by scholars and practitioners seeking to combat money laundering (ML) in Africa. Hatchard's scholarship deserves a wide readership and consideration by academics and stakeholders in the AML space. The book heralds the dominance of an existing voice, intertwining AML strategies and constitutional law, complex areas of law which the author simplifies.’ -- Nkechikwu Valerie Azinge-Egbiri, African Journal of International Economic Law‘This is a book which will be of enormous value to anti-AML technocrats as well as government policymakers.’ -- Venkat Iyer, The Commonwealth Lawyer‘. . . a must have for African corruption fighters.’ -- Richard Messick, The Global Anticorruption Blog'This timely and welcome book examines both the legislative and institutional mechanisms and strategies necessary to combat the laundering of the proceeds of corruption in Africa. Corruption undermines democracy, good governance, and social cohesion, and distorts the allocation of resources. Combating this scourge is an important ingredient of the development agenda in Africa. This book provides a brilliant diagnosis of critical issues to be addressed by countries and the international community in their efforts to combat money laundering. It brings to the forefront the policy agenda necessary in the fight against money laundering, and is a necessary read for students, scholars, and policymakers engaged in the efforts to combat corruption world-wide.' --Muna Ndulo, Cornell Law School, US'The author's anti-corruption expertise merges with his close personal connection to the African continent to produce a wisdom too rarely seen in dialogues between the global north and south. Indeed, John Hatchard would have us collapse that distinction. He envisions an integrated global approach to money laundering - a problem that not only plagues every region and level of development, but for which nearly every country on the globe can genuinely claim to be both victim and perpetrator.' --Andrew Spalding, University of Richmond, US'John Hatchard is doubtlessly one of the most authoritative writers on corruption and good governance in Africa. This book reflects his long-standing interest on the topic and draws on his wealth of personal experience from many years of work in this field. The book provides an impressive and insightful array of strategies for combating money laundering by PEPs in Africa. I am convinced that this will become a standard reference document and is a must-read for researchers, policymakers, and any persons interested in engaging with this fascinating topic.' --Charles M. Fombad, University of Pretoria, South AfricaTable of ContentsContents: Preface: Hope For The Future? Part I: Setting The Scene 1. Money Laundering Challenges In The African Context: Constitutions, Law, Politics And Economics 2. PEPs And The Money Laundering Process In The African Context Part II: The Global And Africa-Specific Strategies Designed To Combat Money Laudering 3. The International And Africa-Specific AML-Related Instruments 4. PEPs, FATF And The African FATF-Style Regional Bodies Part III: Developing And Maintaining Effective AML Strategies In African States 5. PEPs And The Role Of Financial Intelligence Units (FIUs) And Regulators 6. PEPs And Constitutions As AML Instruments 7. Preventing Money Laundering By PEPs: The Constitutional Role Of The Auditor General 8. PEPs, Constitutions And Investigating Money Laundering 9. Prosecuting PEPs 10. Asset recovery in the African context 11. PEPs and the use and abuse of the constitutional power Part IV: PEPs And Transnational AML Initiatives 12. ‘Know Your Beneficial Owner’: PEPs And Beneficial Ownership Transparency 13. Combating Money Laundering By PEPs: The Private Sector And The ‘Reveal All’ Approach 14. PEPs, Money Laundering And The African Court Of Justice And Human And Peoples’ Rights 15. Hope For The Future: Dealing With PEPs, Towards Enhancing AML Strategies In African Countries Index

Read more less

Book SynopsisThis insightful book provides a comprehensive analysis of the interplay between EU financial regulation and civil liability. It explores this interrelationship in order to determine whether a coordinated approach has been adopted.Examining EU law and the law of several current EU member states, one former EU member state, and the US, expert contributors consider the level of coordination between financial regulation and civil liability achieved throughout different sectors of financial services and activities, such as payments, credit, and securities, as well as among the various actors involved in public, private, and hybrid enforcement, such as courts, alternative dispute resolution bodies, and financial regulators. Distinguished scholars contribute a variety of perspectives, combining top-down and bottom-up legal comparative analysis, law and economics, and experimentalist governance, in order to outline directions for cross-sector and cross-actor coordination to develop more fully at EU and national level. In doing so, they highlight the need to fundamentally rethink the role of civil liability, and private law remedies more generally, as a regulatory and compensatory tool in European financial law.Scholars across the fields of European and private law, financial regulation and economics will find this book to be an astute and engaging read. It will also prove an indispensable guide for practitioners working in financial regulation and private law throughout the EU and beyond.Trade Review‘The diverse chapters, the multi-disciplinary approach, and the conceptual introductory chapter together as well as separately offer a rich and inspiring read.’ -- Jouke Tegelaar, Common Market Law Review‘As a practitioner, frustrated by the (often) reactive and inefficient approach of our financial regulators, the contribution of the authors of this book is both welcome and thought-provoking.’ -- Chloë Bell, EU Law LiveTable of ContentsContents: Olha O. Cherednychenko and Mads Andenas: Preface PART I A GENERAL FRAMEWORK 1. Olha O. Cherednychenko: Financial Regulation and Civil Liability in European Law: Towards a More Coordinated Approach? 2. Takis Tridimas: Financial Regulation and Civil Liability: An EU Law Perspective 3. Yane Svetiev: Experimentalism and Civil Liability in Financial Product Regulation: Friends or Foes? 4. Michael G. Faure & Franziska Weber: The Optimal Enforcement Mix in the Financial Sector – A Law and Economics Perspective PART II CIVIL LIABILITY IN THE FIELDS OF PAYMENTS AND CREDIT 5. Agnieszka Janszuk-Gorywoda: Enforcing Smart: Exploiting Complementarity of Public and Private Enforcement in the Payment Services Directive 2 (PSD2) 6. Reinhard Steennot: Public and Private Enforcement of Consumer and Mortgage Credit Law PART III CIVIL LIABILITY IN THE SECURITIES FIELD 7. Federico Della Negra: The Regulatory Design and Goals of Civil Liability in EU Securities Regulation after the Global Financial Crisis: Trends and Perspectives 8. Chiara Picciau: The Civil Liability of Credit Rating Agencies to Investors in the EU 9. Francesco De Pascalis: Public Enforcement and the Civil Liability Regime in the European Regulation of Credit Rating Agencies: A Quest for Interplay 10. Marnix W. Wallinga: MiFID I & MiFID II and Private Law: Towards a European Principle of Civil Liability? 11. Antonio Marcacci: Public and Private Enforcement in the Investor Protection Field in the US and the EU: What Kind of Interplay for Europe? PART IV CIVIL LIABILITY OF FINANCIAL REGULATORS AND ADR ENTITIES 12. Elena Sedano Varo: Technical Standards and CoCo Bonds: A New Avenue for Civil Liability 13. Barbara Warwas: The Privatisation of Consumer Disputes in the EU Financial Sector and the Future of Institutional Arbitral Liability Index

Read more less

Book SynopsisThis is the first book to offer a profound, practical analysis of the framework for the judicial and pre-judicial protection of rights under the supranational banking supervision and resolution powers in the European Banking Union (EBU). It is also unique in its in-depth commentary on the developing case law from the European Court of Justice in this new field of EU litigation.Key features include: clarity on the procedural requirements for judicial review a comprehensive commentary on the existing case law of EU courts in the field insight and analysis from front-line practitioners, as well as expert scholars a detailed and up-to-date examination of banking supervision and resolution in the EBU discussion of the development of EBU law as a crucial area of EU law and its integration into the EU’s legal order. This book is a must-read for practitioners in the field of banking law and regulation. In particular it will be the authoritative reference point for those working in European and national public institutions such as supervisory and resolution authorities, courts, central banks and ministries of finance, as well as those working in or advising private organisations concerned with the exercise of supervisory and resolution powers. The book will also be of significant interest to scholars and postgraduate students of EU financial and banking law and governance.Trade Review‘With this edited volume, Zilioli and Wojcik, two esteemed experts in the area, present a very comprehensive, but tightly focused analysis of judicial and pre-judicial review mechanisms in the EU for the financial sector. By assembling a very useful set of tools for everyone involved in this field, the volume provides an essential support for further developing the new branch of litigation as a part of supranational administrative law.’ -- Cornelia Manger-Nestler, Common Market Law Review‘The book covers an evolving topic that becomes more relevant each day as the European Economic and Monetary Union (EMU) is deepened and is therefore a good addition to any law library.’ -- Jenny Gesley, International Journal of Legal Information‘The European banking union has led to the creation of a unique legal framework in which national and European authorities and rules governing banking supervision and resolution procedures are intertwined. This brings about many challenging and interesting questions with regard to judicial protection of banks, shareholders and other stakeholders that are currently emerging into a whole new branch of litigation before the European courts. This book gathers contributions by highly recognized practitioners and researchers that have closely followed the developments from the very beginning and gives a comprehensive and problem-oriented overview of current questions as well as possible future developments. It is therefore a highly useful tool for everyone working in this field.’Table of ContentsContents: Foreword by Lady Mary Arden xxiii 1. European Banking Union: a giant step towards European integration and a challenge for judicial review 1 Chiara Zilioli and Karl-Philipp Wojcik PART I COMMON ASPECTS OF JUDICIAL REVIEW IN THE BANKING UNION 2. Democratic accountability within the framework of the SSM and the SRM as a complement to judicial review 17 Édouard Fernandez-Bollo 3. Administrative pre-litigation review mechanism in the SSM: The Administrative Board of Review 28 Eleni Koupepidou 4. Administrative pre-litigation review mechanism in the Single Resolution Mechanism (SRM): The SRM Appeal Panel 44 Marco Lamandini and David Ramos Muñoz 5. Private law in Banking Union litigation 59 Matthias Haentjens 6. Jurisdiction, locus standi and the circulation of judgments in the Banking Union 77 Matthias Lehmann 7. Composite procedures in the SSM and SRM – an analytical overview 97 Filipe Brito Bastos 8. Procedural and judicial implications of composite procedures in the Banking Union 114 Vittorio Di Bucci 9. The judicial review of discretion in the Banking Union: from ‘soft’ to ‘hard(er)’ look? 130 Michael Ioannidis 10. Procedural law requirements for conducting administrative procedures by the ECB and the SRB 146 Klaus Lackhoff 11. Confidentiality and access to documents in the Banking Union 165 Daniel Sarmiento 12. Interim relief 194 Emilie Yoo 13. Banking Union and the Charter of Fundamental Rights 209 Niamh Moloney 14. The liability of authorities in supervisory and resolution activities 221 Martina Almhofer PART II SPECIFIC ASPECTS OF JUDICIAL REVIEW WITHIN THE SSM PILLAR OF THE BANKING UNION 15. The application of national law by the ECB, including options and discretions, and its impact on the judicial review 236 Andreas Witte 16. Banking authorisations and the acquisition of qualifying holdings as unitary and composed procedures and their judicial review 251 Giorgio Buono 17. The investigatory powers, including on-site inspections, of the ECB, and their judicial control 285 Daniel Segoin 18. The legal review of ECB instructions under Article 9 SSM Regulation 304 Carmen Hernández Saseta 19. The legal review of SSM administrative sanctions 316 Raffaele D’Ambrosio 20. The ECB’s regulatory powers, their scope and their judicial review 333 Alberto de Gregorio Merino 21. Close cooperation and aspects of judicial review 345 Agnese Pizzolla PART III SPECIFIC ASPECTS OF JUDICIAL REVIEW WITHIN THE SRM PILLAR OF THE BANKING UNION 22. Resolving a bank – judicial review with regard to the exercise of resolution powers 367 Jens-Hinrich Binder 23. Judicial control of resolution planning measures 395 Seraina Grünewald 24. The procedure to exercise investigatory powers, including on-site inspections, by the SRB and their judicial control 416 Jakub Kerlin 25. The judicial review of fines and penalty payments set by the SRB 429 Leo Flynn 26. Judicial review of the SRB’s contributions and fees decisions 443 Myrte Meijer Timmerman Thijssen 27. Judicial control of the interface between the ECB and the SRB in the SRM 461 Anna Gardella 28. State aid and bank resolution law before the Court 473 Kathrin Blanck PART IV CASE NOTES OF THE FIRST BANKING UNION CASES IN THE GENERAL COURT AND IN THE ECJ 29. A Prime for the SSM before the Court: the L-Bank case 494 Antonio Luca Riso 30. The Crédit Mutuel Ark.a case: central bodies and the SSM, and the interpretation of national law by the ECJ 504 Francesco Martucci 31. The Crédit Agricole cases: banking corporate governance and application of national law by the ECB 510 Christos V. Gortsos 32. The Trasta Komercbanka cases: withdrawals of banking licenses and locus standi 521 Giorgia Marafioti 33. Silvio Berlusconi and William of Ockham: Entia non sunt multiplicanda sine necessitate – Case C-219/17 530 Giovanni Bassani 34. The VQ case T-203/18: administrative penalties by the ECB under judicial scrutiny 542 Laura Wissink 35. Overview on the litigation on the ‘ex ante contributions’ to the SRF: the strict standard of review adopted by the Court to ensure effective legal protection 551 Concetta Brescia Morra and Federico Della Negra 36. Public interest for resolution action in the light of the ABLV cases 564 Audronė Steiblytė 37. The VTB case: administrative penalties and administrative measures 571 Jeanne Poscia Index 579

Read more less

Book SynopsisAdvocating for more standardised data governance practices and promoting the digital economy, Data Governance in AI, FinTech and LegalTech investigates the rationale, legal base and tools of data governance in the financial sector. This timely book makes a significant contribution to the debate around how rapidly-evolving digital finance practices should be regulated.Contributions from leading researchers examine a range of financial services, offering a comprehensive assessment of the available tools for constructing multi-layered matrix systems for data governance in the financial services sector. Chapters explore data governance in the cryptocurrency market, crypto-asset providers, legal services for mergers and acquisitions, consumer insurance, consumer finance, digital platform services, securities exchanges and the green bond market. The book serves to define the legal contours of data governance, taking account of the influence of shifting business models, the views of multiple stakeholders and emerging issues surrounding data protection, privacy and cybersecurity.This is a crucial read for scholars of law and finance who are researching data regulation, data governance and financial market law. Exploring both the opportunities and risks arising from the digital transformation of financial markets, it will also be invaluable for practitioners and policy makers working in the financial sector, law, risk management and compliance.Trade Review‘This original and timely book brings together leading legal scholars to examine the regulatory challenges created by the shift to data-driven, next-generation financial products and services. The concept of “data governance” is usefully developed to focus the discussion and emphasize the complex issues and diverse interests that need to be managed in navigating this important and fast-moving space.’ -- Mark Fenwick, Kyushu University, JapanTable of ContentsContents: Preface xii 1 Introduction: Data and its governance in the financial services sector 1 Joseph Lee 2 Data utility and data governance in cryptocurrencies 6 Joseph Lee 3 The client data windfall nourishing the birth of legal technologies 34 David C. Donald 4 Data protection in the big data era: The broken informed consent regime and the way forward 58 Yueh-Ping (Alex) Yang 5 Algorithm-driven information gatekeepers: Conflicts of interest in the digital platform business models 78 Aline Darbellay 6 Property and data: A confused relationship 99 Joseph Lee and Marc Van de Looverbosch 7 Financial instruments: Transactions and consumer protection in Japan 124 Antonios Karaiskos 8 Data governance by insurance companies in Singapore 144 Christopher Chen 9 Data governance in AI: Board duties and liability 168 Jan Lieder and Philipp Pordzik 10 Data production by market infrastructures and AI developments 190 Manuela Geranio 11 Cybersecurity certification and compliance in financial services 212 Radim Polčák 12 The European Union and the promotion of values in its external relations – the case of data protection 237 Julia Schmidt 13 The digital transformation of the global green bonds market: New-fashioned international standards for a new generation of financial instruments 262 Georgios Pavlidis 14 Conclusion to Data Governance in AI, FinTech and LegalTech: Law and Regulation in the Financial Sector 278 Aline Darbellay Index

Read more less

Book SynopsisThis comprehensive Commentary provides article-by-article exploration of EU Regulation 655/2014, analysing and outlining in a straightforward manner the steps that lawyers, businesses and banks can take when involved in debt recovery. It offers a detailed discussion of national practice and legislation in order to provide context and a deeper understanding of the complex difficulties surrounding the procedural system created by the European Account Preservation Order (EAPO) Regulation.Aiming to offer a practical and comprehensive overview of the EAPO Regulation, this book highlights its strengths and potential to increase the efficiency of cross-border debt recovery within the European judicial area. D’Alessandro and Gascón Inchausti examine the descriptive and analytical literature focusing on the EAPO Regulation, while also considering available reports and national case law databases. The book also takes into account the interplay between the EAPO Regulation and the other instruments of the European Law of Civil Procedure, and provides analysis of the case law of the Court of Justice of the European Union and national courts.Key Features: Article-by-article commentary and analysis Practical direction in the field of cross-border debt recovery Detailed discussion of national practice within the EU A contextual approach Offering a clear and direct way to address the issues and solutions surrounding EAPO Regulation, this comprehensive book will be an ideal companion for legal practitioners specializing in debt recovery as well as students interested in European law and finance.Trade Review‘Getting judgments may often seem the easy part; enforcing them is the main event. In the EU, this enforcement effort can be complicated by diverging practices in EU member states. The recent adoption of an EU-wide procedure offers positive results, and the fact some 55 billion Euros in judgments go unpaid each year proves the need for something like this. This book, by leading academics, introduces and explains the new procedure. It should be of great use to every judgment holder in every EU member state.’ -- Richard Marcus, University of California College of the Law, San Francisco, USTable of ContentsContents: Preface xxii General introduction 1 Elena D’Alessandro and Fernando Gascón Inchausti PART I SUBJECT MATTER, SCOPE AND DEFINITIONS 1 Subject matter 7 Marcin Walasik 2 Scope 17 Marcin Walasik 3 Cross-border cases 35 Marcin Walasik 4 Definitions 49 Mar.a Luisa Villamarín López PART II PROCEDURE FOR OBTAINING A PRESERVATION ORDER 5 Availability 63 Elisabetta Silvestri 6 Jurisdiction 69 Pietro Franzina 7 Conditions for issuing a preservation order 80 Elisabetta Silvestri 8 Application for a Preservation Order 84 Katharina Lugani 9 Taking of evidence 96 Elisabetta Silvestri 10 Initiation of proceedings on the substance of the matter 100 Fernando Gascón Inchausti 11 Ex parte procedure 112 Fernando Gascón Inchausti 12 Security to be provided by the creditor 118 Pilar Peiteado Mariscal 13 Liability of the creditor 130 Pietro Franzina and Caterina Benini 14 Request for the obtaining of account information 144 Carlos Santaló Goris 15 Interest and costs 159 Guillaume Payan 16 Parallel applications 164 Pilar Peiteado Mariscal 17 Decision on the application for the preservation order 175 Guillaume Payan 18 Time-limits for the decision on the application for a preservation order 185 Guillaume Payan 19 Form and content of the Preservation Order 193 Guillermo Schumann Barragán 20 Duration of the preservation 200 Guillermo Schumann Barragán 21 Appeal against a refusal to issue the Preservation Order 206 Enrique Vallines García PART III RECOGNITION, ENFORCEABILITY AND ENFORCEMENT OF THE PRESERVATION ORDER 22 Recognition and enforceability 218 Elena D’Alessandro 23 Enforcement of the Preservation Order 224 Elena D’Alessandro 24 Implementation of the Preservation Order 230 Elena Alina Onţanu 25 Declaration concerning the preservation funds 245 Katharina Lugani 26 Liability of the bank 251 Pietro Franzina and Caterina Benini 27 Duty of the creditor to request the release of over-preserved amounts 257 Elena Alina Onţanu 28 Service on the debtor 265 Fernando Gascón Inchausti 29 Transmission of documents 274 Guillermo Schumann Barragán 30 Preservation of joint and nominee accounts 279 María Luisa Villamarín López 31 Amounts exempt from preservation 286 María Luisa Villamarín López 32 Ranking of the Preservation Order 293 María Luisa Villamarín López PART IV REMEDIES 33 Remedies of the debtor against the Preservation Order 299 María Luisa Villamarín López 34 Remedies of the debtor against enforcement of the Preservation Order 308 María Luisa Villamarín López 35 Other Remedies Available to the Debtor and the Creditor 316 Katharina Lugani 36 Procedure for the remedies pursuant to Articles 33, 34 and 35 319 Silvana Dalla Bontà 37 Right to appeal 331 Silvana Dalla Bontà 38 Right to provide security in lieu of preservation 339 Carlos Santaló Goris 39 Right of third parties 345 Elena D’Alessandro PART V GENERAL PROVISIONS 40 Legalization or other similar formality 353 Martina Mantovani 41 Legal representation 361 Guillaume Payan 42 Court fees 367 Guillermo Schumann Barragán 43 Costs incurred by the banks 371 Carlos Santaló Goris 44 Fees charged by authorities 376 Guillermo Schumann Barragán 45 Time frames 379 Guillermo Schumann Barragán 46 Relationship with national procedural law 383 Elena D’Alessandro 47 Data protection 386 Martina Mantovani 48 Relationship with other instruments 398 Guillermo Schumann Barragán 49 Languages 405 Carlos Santaló Goris 50 Information to be provided by Member States 414 51 Establishment and subsequent amendment of the forms 416 52 Committee procedure 417 53 Monitoring and review 418 54 Entry into force 420 Pilar Peiteado Mariscal Annex I 423 References 433

Read more less

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

Read more less

Book SynopsisThis second edition of Mis-Selling Financial Services is a practical guide to litigating claims arising from the mis-sale of financial products and services. It covers the history of 'mis-selling' litigation and provides an updated overview of the regulatory landscape and how such claims are formulated, as well as a thorough review of the key issues. The revised chapters give an in-depth analysis of the financial products which most commonly form the subject of such claims, from credit to collective investment schemes.Key Features: Updated with new chapters on Financial Ombudsman Service (FOS) and unfair terms Explanation of the key issues and considerations concerning mis-selling litigation Clear and concise analysis on the law relating to the mis-selling of regulated financial services products Overview of the UK and European regulatory framework governing the sale of financial products, with particular focus on five key product types: credit, mortgages, investments, insurance and collective investment schemes With consideration of key legal and practical concepts and issues, this book is an essential read for practitioners and in-house counsel working in the financial services industry. Academics who are researching within the fields of financial services law or consumer protection will also find this to be an informative text.Table of ContentsContents: 1. Introduction 2. Mis-selling claims 3. Credit 4. Mortgages 5. Insurance 6. Investments 7. Collective investment schemes 8. Unfair contract terms 9. The Financial Ombudsman Service Index

Read more less

Book SynopsisThis comprehensive book offers a rigorous analysis of the legal debates, approaches and practice-related issues surrounding financial advice and investor protection. Despite widespread recognition of the importance of financial inclusion more broadly construed, recent financial crises have highlighted deficits in retail investor protection – this book informs the development of robust yet adaptable frameworks to protect investors, including effective enforcement and dispute resolution.Divided into three thematic parts, Financial Advice and Investor Protection begins with a holistic discussion of the subject, including an examination of the impact of relatively recent technical innovations such as robo-advice. The second part evaluates the role of private law in achieving investor protection, considering in particular how tort law, contract law and equity allocate risk and liability for investment advice. Finally, the book outlines the investor protection frameworks in the jurisdictions of six significant financial centres.This book will be a crucial read for various stakeholders in the investor protection debate including practitioners advising clients who work in this field, particularly across several of the jurisdictions covered, as well as policymakers interested in the development of law and regulation in this area. Scholars and students of financial law will also benefit from its comprehensive and critical treatment of the subject.Trade Review'Financial Advice and Investor Protection, edited by Sandra Booysen of NUS Law Faculty, goes to the heart of law’s concern with finance: the investment decision. This excellent book covers every important angle of the investment decision: information provided, duties of advisors, investor skill and status-based regulation, and available remedies. The examination takes place with local expertise in six major jurisdictions, and the regulatory framework is then reevaluated for the challenges of Fintech and increasing automation.' -- David Donald, The Chinese University of Hong Kong, Hong KongTable of ContentsContents: Foreword by Peter Ellinger xiv Preface xvi PART I INTRODUCTION 1 Financial advice and investor protection: a comparative overview 2 Sandra Booysen 2 Robo financial advice: the new frontier 19 Yaru Chia PART II THE PRIVATE LAW 3 Tort law as regulation in the financial industry 39 Christian Witting 4 Financial advice and the duty to advise 64 Sandra Booysen 5 Non-reliance clauses, entire agreement clauses and contractual estoppel 84 Hugh Beale QC FBA with Georgia Palmer 6 Banks, financial intermediaries and fiduciary duties 106 Gerard McMeel QC 7 Causation, remoteness and calculation of damages for financial mis-selling 130 Katy Barnett PART III A JURISDICTIONAL PERSPECTIVE 8 From disclosure to design: the Australian regulatory response to mis-selling to consumer investors by financial services providers 165 Jeannie Marie Paterson 9 China: confronting a growing wealth management sector 190 Alex Zhou Qin 10 Hong Kong: balancing laissez-faire and investor protection 214 Carrie Ding Chunyan and John Ho 11 Singapore: boosting regulation to protect vulnerable investors 237 Dora Neo 12 The United Kingdom: the primacy of regulation in protecting the retail investor 261 Keith Stanton 13 The United States of America: shifting conduct standards for retail investment advice 284 Mercer Bullard Bibliography Index

Read more less

Book SynopsisThis important book analyses recurring issues within financial services regulation relevant to the use of technology, at a time when competition is moving towards greater use of technology in the financial services sector. Iain Sheridan assumes no advanced knowledge of computers and related technology topics, but where necessary encapsulates the essential aspects to offer a comprehensive yet accessible guide to the regulation of finance and technology.Key features include: Cutting-edge coverage of topics within technology Drawing together the different strands of financial regulation and technology Succinctly encapsulating the essence of complex topics, including machine learning, artificial intelligence, intellectual property and quantum computing Furthering readers’ understanding of the key case law, regulation, authoritative financial services regulator guidance and international standards governing these specific themes. Financial Regulation and Technology will be crucial reading for legal counsel and compliance officers in asset managers, banks, platforms and FinTech SMEs looking to consolidate their knowledge of financial regulation and technology issues.Trade Review‘This is a book every financial services lawyer and compliance officer will benefit from.’ -- From the foreword by Gordon Brough, General Counsel, CQS (UK) LLPTable of ContentsContents: Forward by Gordon Brough, Preface to the first edition, 1. An introduction 2. Accountability 3. Cloud computing 4. Cryptoassets 5. Cyber security 6. Data protection 7. Sandbox 8. Trading platforms 9. Innovation protection 10. Competition 11. Payment services 12. Machine learning 13. Quantum computing Extensive Index

Read more less

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

Read more less

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

Read more less

Book Synopsis

Read more less

Book SynopsisThis book explores the complex interactions between debt and austerity, analysing the social, economic, and legal implications of governments’ responses to the 2008 financial crisis. Demonstrating how the nature of debt for those on low incomes has changed radically over the last decade, the chapters provide insight into how structural inequality was exacerbated by changes in the redistributive state, the legal system, and the welfare system. The examination occurs on a number of levels and these issues are explored through the lens of power, place, and class. The authors utilize both international case studies and 'on the ground' experiences, reviewing the role of high cost credit, bailiffs, local governments, bankruptcy, and debt advice. Through the analysis of the nature and structure of debt in specific countries, it highlights important lessons for a global audience. This unique book offers a broad, multi-faceted insight into the issue of low-income debt which will greatly benefit academics in law, social policy, geography, and economics. Its focus on practical steps and potential reforms, as well as contributions from third sector organizations, will also interest practitioners, policymakers, and NGOs.Trade Review‘The book is brilliant for illuminating the crush and bind of debt for low-income individuals in otherwise high-income British society since the advent of post-2008 austerity. Far from a unique and cloistered experience of the unlucky or undeserving, the book makes clear how gripping debt will remain without a range of urgently needed policy changes. These chapters will be indispensable reading for students, scholars, civil society, and, one desperately hopes, policy makers.’ -- Heather Whiteside, Economic Geography‘As problems of debt and overindebtedness loom large in the wake of the Coronavirus pandemic, this rich and interdisciplinary collection of essays provides timely insights into the theoretical, policy and practical issues in addressing problems of debt and low income in contemporary society.’ -- Iain Ramsay, University of Kent, UK'As problems of debt and overindebtedness loom large in the wake of the Coronavirus pandemic, this rich and interdisciplinary collection of essays provides timely insights into the theoretical, policy and practical issues in addressing problems of debt and low income in contemporary society.'Table of ContentsContents: Foreword xv Acknowledgements xviii PART I NATURE OF THE PROBLEM 1 Understanding low-income debt in a high-income country 2 Mia Gray, Katharina Möser and Jodi Gardner 2 Mortgage debt in an age of austerity 30 Susan J. Smith 3 Debt begets debt: public and private debt in austerity Britain 46 Mia Gray 4 Austerity and financial safety nets: bankruptcy abuse prevention and bank protection in Irish post-crisis policy? 69 Joseph Spooner 5 The changing infrastructure of debt relief: privatisation, bureaucracy and public choice 94 Katharina Möser 6 ‘I just felt responsible for my debts’: debt stigma and class (ificatory) exploitation 125 Matthew Sparkes 7 Austere social reproduction and the gendered geographies of debt 151 Sam Strong PART II NATURE OF THE SOLUTION 8 The poverty premium and debt 175 Sara Davies and Andrea Finney 9 High-cost credit in the UK: what’s the problem and how should policy respond? 194 Karen Rowlingson 10 The rise and rise of affordability complaints 219 Sara Williams 11 Consumer debt problems and the image of the consumer in Swedish consumer credit regulation 240 Ann-Sofie Henrikson 12 Partnering to address financial exclusion in Australia 260 Jordan Grace 13 Relief from austerity: the case for a targeted write-off of the UK’s household debt stock 280 Johnna Montgomerie 14 Austerity, inequality and high-cost credit: understanding the role of a social minimum 299 Jodi Gardner Index

Read more less

Book SynopsisThis comprehensive and essential Commentary examines both the origins and effect of the EU’s 2015 Payment Services Directive (PSD2). Addressing a significant gap in the available literature, the book is divided into two parts: Part I analyses the legislative provisions of the Directive, while Part II explores the PSD2 implementation experience in selected EU Member States as well as in the United Kingdom.Table of ContentsContents: Foreword: Introduction to the PSD2 Commentary xxvi Acknowledgements xxviii PART I 1 Introduction to The Payment Services Directive II: A Commentary 2 Gabriella Gimigliano and Marta Božina Beroš 2 Title I: ‘Subject matter, scope and definitions’ (Art. 1–Art. 4): The regulated field (object and subject) 5 Benjamin Geva 3 Title II, Chapter 1, ‘Payment institutions’ (Arts 5–21) 31 Ciro G. Corvese 4 Title II, Chapter 1, Section 3–4, ‘Competent authorities and supervision’ (Arts 22–30), ‘Exemptions’ (Arts 31–34) 66 Marta Božina Beroš 5 Title II, Chapter 2, ‘Common Provisions’ (Arts 35–37) 86 Nikita Divissenko and Gabriella Gimigliano 6 Title III, Chapters 1, 2, 3 (Arts 38–58) 103 Gabriella Gimigliano 7 Title III, Chapter 4 (Arts 59–60) 122 Noah Vardi 8 Title III, Chapter 1 (Arts 61–63) 133 Gabriella Gimigliano 9 Title III, Chapter 2, ‘Authorisation of payment transactions’ (Arts 64–77) 146 Gabriella Gimigliano 10 Title IV, Chapter 3, ‘Rights and obligations in relation to the provision and use of payment services: execution of payment transactions’ (Arts 78–93) 163 Benjamin Geva Nikita Divissenko 12 Title IV, Chapter 5, ‘Operational and security risks and authentication’ (Arts 95–98) 190 Ruth Wandh.fer 13 Title IV, Chapter 6, ‘ADR procedures for the settlement of disputes’ (Arts 99–103) 210 Arno R. Lodder 14 Title IV, ‘Delegated acts and regulatory technical standards’ (Arts 104–106) 223 Martin Miernicki 15 Title VI, ‘Final provisions’ (Arts 107–117) 232 Gabriella Gimigliano PART II 16 Implementation of the PSD2 in Austria 246 Martin Miernicki 17 Transposition of the PSD2 into Croatian national legislation 265 Ivana Parać Vukomanović 18 Transposition of PSD2 into Czech law 283 Petr Kot.b, Jiř. Moravec and Jan Škrabka 19 PSD2 implementation in Estonia 305 Nikita Divissenko 20 Implementation of the PSD2 in Finland: a Nordic view on payment services regulation 319 Jyri Ter.maa 21 The transposition of the PSD2 into French law 338 Evelina Gratianu and Myriam Roussille 22 Transposition of PSD2 into German law with special consideration of the regulatory and civil law changes 357 Christian Conreder 23 The transposition of the PSD2 in Italy: policies and rules 387 Costanza Iacomini and Simone Mezzacapo 24 Spain’s implementation of PSD2 408 Fernando Zunzunegui 25 PSD2, Brexit and the financial regulation of payment systems in the UK 426 Daniele D’Alvia, Katrien Morbee and Rodrigo Olivares Caminal Appendix 445 Index

Read more less

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

Read more less