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Cross border Transactions of Intermediated Securities

Cross border Transactions of Intermediated Securities Author Changmin Chun
ISBN-10 9783642278532
Release 2012-08-04
Pages 504
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This work aims to analyse substantive and conflict of laws rules regarding intermediated securities in a comparative way. For this purpose, it examines major jurisdictions’ rules for intermediated securities and the intermediated securities holding systems, such as the rules of the German, US, Korean, Japanese and Swiss systems, as well as the relevant EU regimes and initiatives. Above all, it analyses the two international instruments related to intermediated securities, i.e. the Geneva Securities Convention and the Hague Securities Convention. Through a functional comparative approach based upon legal traditions of the various jurisdictions, this book gives readers theoretical and practical information on intermediated securities and their national and international aspects.

The Law of Securities Commodities and Bank Accounts

The Law of Securities  Commodities and Bank Accounts Author Marek Dubovec
ISBN-10 9781782549024
Release 2014-04-25
Pages 256
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The author identifies and explains the critical components and functions of the systems for the holding of rights in accounts with intermediaries, identifying underlying principles that should be embodied in modern legislation underpinning the law of a

Intermediated Securities

Intermediated Securities Author Pierre-Henri Conac
ISBN-10 9781107244801
Release 2013-05-30
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In today's financial markets, investors no longer hold securities physically. Instead, securities such as shares or bonds are mostly held through intermediaries and transferred by way of book-entries on securities accounts. However, there are remarkable conceptual differences between the various jurisdictions with regard to the legal treatment of intermediated securities. It is widely agreed that this patchwork creates considerable legal risks, especially in cross-border situations. Two initiatives are in place to reduce these risks. In 2009, the UNIDROIT Convention on Substantive Rules for Intermediated Securities (the 'Geneva Securities Convention') was adopted, aimed at harmonisation on the international level. The EU Commission is also running a legislative project, to achieve harmonisation at the regional level. This book compares both initiatives and analyses their impact on the securities laws of selected European jurisdictions.

Secured Credit in Europe

Secured Credit in Europe Author Teemu Juutilainen
ISBN-10 9781509910076
Release 2018-03-22
Pages 360
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This monograph seeks the optimal way to promote compatibility between systems of proprietary security rights in Europe, focusing on security rights over tangible movables and receivables. Based on comparative research, it proposes how best to tackle cross-border problems impeding trade and finance, notably uncertainty of enforceability and unexpected loss of security rights. It offers an extensive analysis of the academic literature of more recent years that has appeared in English, German, the Scandinavian languages and Finnish. The author organises the concrete means of promoting compatibility into a centralised substantive approach, a centralised conflicts-approach, a local conflicts-approach and a local substantive approach. The centralised approaches develop EU law, and the local approaches Member State laws. The substantive approaches unify or harmonise substantive law, while the conflicts approaches rely on private international law. The author proposes determining the optimal way to promote compatibility by objective-based division of labour between the four approaches. The objectives developed for that purpose are derived from the economic functions of security rights, the conditions for legal evolution and a transnational conception of justice. This book is an important contribution to the future of secured transactions law in Europe and more widely. It will be of interest to academics, policymakers and legal practitioners involved in this field.


Bucheffekten Author Ulrich Segna
ISBN-10 9783161530128
Release 2018-08-07
Pages 729
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English summary: Capital market entities like stocks and bonds are nowadays as rule not kept by investors themselves, but kept safe in a multi-level system of financial intermediaries, which makes possible the cashless security transactions, that is, the execution of security transfers in so-called giro transfers, which are enabled solely through recording of book-entries in deposit accounts. In Germany giro transfers rely on a property law construction, which in recent years has been the subject of criticism, chiefly because the central requirements of modern deposit law are no longer sufficient, and a departure from property law on account of the various initiatives at integration of deposit law (Haager Securities Agreement, Geneva Securities Agreement, Project Legal Security of the EU) has also become necessary. Ulrich Senga investigates whether these criticisms are justified and which conclusions should be drawn from the lack of reform in German deposit law. German description: Kapitalmarktwerte wie Aktien und Schuldverschreibungen werden heutzutage in aller Regel nicht von den Anlegern selbst, sondern in einem mehrstufigen System von Finanzintermediaren verwahrt, das die "stuckelose," d. h. sich ausschliesslich durch Buchungen auf Depotkonten vollziehende Ubertragung der Titel im sog. Effektengiroverkehr ermoglicht. In Deutschland beruht der Effektengiroverkehr auf einer sachenrechtlichen Konstruktion, die in den letzten Jahren stark in die Kritik geraten ist. Es wird behauptet, dass sie den zentralen Anforderungen an ein modernes Depotrecht nicht mehr genugt und eine Abkehr vom Sachenrecht auch wegen der verschiedenen Initiativen zur Harmonisierung des Depotrechts (Haager Wertpapierubereinkommen, Genfer Wertpapierubereinkommen, Projekt Rechtssicherheit der EU) geboten ist. Ulrich Segna untersucht, ob diese Kritik berechtigt ist und welche Folgerungen aus der Reformbedurftigkeit des deutschen Depotrechts gezogen werden sollten.

Harmonisation of Securities Law

Harmonisation of Securities Law Author Matthias Haentjens
ISBN-10 9041126392
Release 2007
Pages 413
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Is harmonisation of European securities law a good idea? According to this original analysis, the answer is a qualified yes. If it can be done without undermining the various systems that now govern the custody and transfer of securities in national European jurisdictions, harmonisation will be well received. The author first shows that such an acceptable outcome is indeed possible, and then offers a detailed analysis of the form it might take. Along the way he compares the current infrastructure of securities law in three European countries (Belgium, France, and the Netherlands) with generally accepted standards of modern securities custody and transfer practice, as well as with the harmonisation inherent in the United States Universal Commercial Code. Among the elements of securities law discussed in this comparative context are the following: eligible categories of securities; accountholder-intermediary relationship; intermediary insolvency; shortfalls; moment of transfer; enforcement of securities rights; and conflict of laws. In approaching the actual form of a European securities instrument, the author considers important relevant initiatives taken by various groups, such as Unidroit, the Hague Convention on Private International Law, and some industry sectors. As an in-depth contribution to this important aspect of the ongoing debate about the harmonisation of European private law, and as an assessment of the possible impact of harmonisation measures by means of a coherence account, this book will be especially valuable to European policymakers and securities regulatory officials. It will also interest practitioners and academics in such diverse fields as commercial law, European law, insolvency law, contract law, and property law.

Globaler Effektenhandel

Globaler Effektenhandel Author Simon Schwarz
ISBN-10 3161534247
Release 2016-03-08
Pages 1082
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English summary: The legal design of operational infrastructures for the efficient processing and settlement of securities transactions is a complex challenge that touches on diverse legal areas such as civil, commercial, corporate, banking, capital markets and private international law. Simon Schwarz analyses the current legal regime, develops a theoretic framework and offers solutions to long-standing problems. German description: Verfugungen uber handelbare Kapitalmarkttitel (Effekten) werden ausschliesslich durch Buchungsvorgange auf Depotkonten verlautbart. Sie haben eine zentrale wirtschaftliche Bedeutung und geraten immer starker in den Fokus nationaler und internationaler Normgeber und Expertengruppen. Dabei wird das deutsche Recht zunehmend als veraltet, rechtsunsicher und international inkompatibel kritisiert. Ausgehend von einer Bestandsaufnahme der Wirtschaftswirklichkeit des globalen Effektenhandels und seiner Abwicklungstechniken unterzieht Simon Schwarz das geltende deutsche Recht des Effektengiroverkehrs einer eingehenden Analyse und vergleicht es mit den in den USA, Belgien und Luxemburg geltenden Effektensystemen. Er entwickelt die These, dass das deutsche Recht den Anforderungen an ein modernes Depotrecht bereits weitgehend genugt und funktional den hybriden Losungen der Vergleichsrechtsordnungen entspricht. In Weiterentwicklung des geltenden Rechtsrahmens werden zudem Losungen fur ein modernes Effektenkollisionsrecht vorgestellt.

The Future of Drone Use

The Future of Drone Use Author Bart Custers
ISBN-10 9789462651326
Release 2016-10-15
Pages 386
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Given the popularity of drones and the fact that they are easy and cheap to buy, it is generally expected that the ubiquity of drones will significantly increase within the next few years. This raises questions as to what is technologically feasible (now and in the future), what is acceptable from an ethical point of view and what is allowed from a legal point of view. Drone technology is to some extent already available and to some extent still in development. The aim and scope of this book is to map the opportunities and threats associated with the use of drones and to discuss the ethical and legal issues of the use of drones. This book provides an overview of current drone technologies and applications and of what to expect in the next few years. The question of how to regulate the use of drones in the future is addressed, by considering conditions and contents of future drone legislation and by analyzing issues surrounding privacy and safeguards that can be taken. As such, this book is valuable to scholars in several disciplines, such as law, ethics, sociology, politics and public administration, as well as to practitioners and others who may be confronted with the use of drones in their work, such as professionals working in the military, law enforcement, disaster management and infrastructure management. Individuals and businesses with a specific interest in drone use may also find in the nineteen contributions contained in this volume unexpected perspectives on this new field of research and innovation. Bart Custers is Associate Professor and Head of Research at eLaw, the Center for Law and Digital Technologies at Leiden University, The Netherlands. He has presented his work at international conferences in the United States, China, Japan, the Middle East and throughout Europe and has published over 80 scientific, professional and popularizing publications, including three books.

The Foundations and Future of Financial Regulation

The Foundations and Future of Financial Regulation Author Mads Andenas
ISBN-10 9781135043377
Release 2013-11-20
Pages 544
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Financial regulation has entered into a new era, as many foundational economic theories and policies supporting the existing infrastructure have been and are being questioned following the financial crisis. Goodhart et al’s seminal monograph "Financial Regulation: Why, How and Where Now?" (Routledge:1998) took stock of the extent of financial innovation and the maturity of the financial services industry at that time, and mapped out a new regulatory roadmap. This book offers a timely exploration of the "Why, How and Where Now" of financial regulation in the aftermath of the crisis in order to map out the future trajectory of financial regulation in an age where financial stability is being emphasised as a key regulatory objective. The book is split into four sections: the objectives and regulatory landscape of financial regulation; the regulatory regime for investor protection; the regulatory regime for financial institutional safety and soundness; and macro-prudential regulation. The discussion ranges from theoretical and policy perspectives to comprehensive and critical consideration of financial regulation in the specifics. The focus of the book is on the substantive regulation of the UK and the EU, as critical examination is made of the unravelling and the future of financial regulation with comparative insights offered where relevant especially from the US. Running throughout the book is consideration of the relationship between financial regulation, financial stability and the responsibility of various actors in governance. This book offers an important contribution to continuing reflections on the role of financial regulation, market discipline and corporate responsibility in the financial sector, and upon the roles of regulatory authorities, markets and firms in ensuring the financial health and security of all in the future.

Yearbook of International Sports Arbitration 2016

Yearbook of International Sports Arbitration 2016 Author Antoine Duval
ISBN-10 9789462652378
Release 2018-03-15
Pages 427
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The Yearbook of International Sports Arbitration is the first academic publication aiming to offer comprehensive coverage, on a yearly basis, of the most recent and salient developments regarding international sports arbitration, through a combination of general articles and case notes. The present volume covers decisions rendered by the Court of arbitration for Sport (CAS) and national courts in 2016. It is a must-have for sports lawyers and arbitrators, as well as researchers engaged in this field. It provides in-depth articles on burning issues raised by international sports arbitration, and independent commentaries by esteemed academics and seasoned practitioners on the most important decisions of the year by the CAS and national courts. Dr. Antoine Duval is Senior Researcher for International and European Sports Law at the T.M.C. Asser Instituut in The Hague. He holds a Ph.D. on the interaction between Lex Sportiva and EU Law from the European University Institute in Florence. Prof. Antonio Rigozzi teaches international arbitration and sports law at the University of Neuchâtel, Switzerland, and is the partner in charge of the sports arbitration practice at Lévy Kaufmann-Kohler, a Geneva-based law firm specializing in international arbitration.

The Dutch Collective Settlements Act and Private International Law

The Dutch Collective Settlements Act and Private International Law Author Hélène van Lith
ISBN-10 9789046604076
Release 2011
Pages 185
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This book analyzes the relationship between private international law and collective settlements concluded for the benefit of foreign-interested parties under the 2005 Dutch Collective Settlements Act, or WCAM. It examines aspects of international jurisdiction, cross-border notification, representation of foreign-interested parties, international recognition, and applicable law. The principal object of this study is to assess the suitability of existing private international law instruments at the national, European, and international levels, for the application of WCAM in transnational mass damage cases. The WCAM provides for collective redress in mass damages, on the basis of a settlement agreement concluded between one or more representative organizations and one or more allegedly liable parties, for the benefit of a group of affected persons to whom damage was allegedly caused. When a WCAM collective settlement is concluded by representative organizations for the benefit of foreign interested parties, various aspects of private international law come into play. These include aspects of international jurisdiction, cross-border notification, recognition, applicable law, and representation of foreign interested parties. The book analyzes all of these matters, but focuses on the applicability of WCAM settlements to transnational mass damage cases involving interested parties domiciled outside the Netherlands. It includes comparative observations in relation to jurisdictions, such as the US and Canada, that are familiar with collective or group actions based on an opt-out mechanism like the WCAM procedure.

Yearbook of Private International Law

Yearbook of Private International Law Author Petar Sarcevic
ISBN-10 9783935808606
Release 2006-06-30
Pages 437
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The Yearbook of Private International Law is published by Sellier. ELP in cooperation with the Swiss Institute of Comparative Law. This annual publication provides analysis and information on private international law developments world-wide. The editors commission articles of enduring importance concerning the most significant trends in the field. The Yearbook also devotes attention to the important work and research carried out in the context of the Hague Conference, the Hague Academy, the United Nations Commission on International Trade Law (UNCITRAL), and the International Institute for the Unification of Private Law (UNIDROIT). The authority of the editors and the lasting nature of the works included make the Yearbook an integral addition to the libraries of international law scholars and practitioners. Volume VII includes various topics, such as: Hague Convention of 30 June 2005 on Choice of Court Agreements -- General Problems of Private International Law in Modern Codifications-De Lege Lata and De Lege Europea Ferenda -- Maintenance in Private International Law in the United States -- What's New In Latin American Private International Law? -- International Subcontracting in EC Private International Law -- Recognition of Foreign Insolvency Proceedings -- National Reports from South Africa, Ukraine, Brazil, and Italy -- Case Law, Texts, Materials, and Recent Developments

Principles of International Financial Law

Principles of International Financial Law Author Colin Bamford
ISBN-10 9780199589302
Release 2011-02-10
Pages 364
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By explaining the principles on which the legal rules applied in common law financial transactions are based, this book covers the concepts that underpin these rules and the evolution of particular legal structures.

Ratio Legis

Ratio Legis Author Verena Klappstein
ISBN-10 9783319742717
Release 2018-05-02
Pages 205
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The book is dedicated to the theoretical problems concerning ratio legis. In the contexts of legal interpretation and legal reasoning, the two most important intellectual tools employed by lawyers, ratio legis would seem to offer an extremely powerful argument. Declaring the ratio legis of a statute can lead to a u-turn argumentation throughout the lifespan of the statute itself – in parliament, or in practice during court sessions, when it is tested against the constitution. Though the ratio legis argument is widely used, much about it warrants further investigation. On the general philosophical map there are many overlapping areas that concern different approaches to human rationality and to the problems of practical reasoning. Particular problems with ratio legis arise in connection with different perspectives on legal philosophy and theory, especially in terms of the methods that lawyers use for legal interpretation and argumentation. These problems can be further subdivided into particular aspects of activities undertaken by lawyers and officials who use the ratio legis in their work, and the underlying theories. In short, this book examines what ratio legis is, what it could be, and its practical implications.

Reforming Water Law and Governance

Reforming Water Law and Governance Author Cameron Holley
ISBN-10 9789811089770
Release 2018-04-27
Pages 298
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This book identifies the most effective water policy tools and innovations, and the circumstances that foster their successful implementation by taking a comparative look at a world-leading ‘laboratory’ of water law and governance: Australia. In particular, the book analyses Australia’s 20-year experience implementing a hybrid governance system of markets, hierarchical regulation, and collaborative integrated water planning. Australia is acknowledged as a world leader in water governance reform, and an examination of its relatively mature water law and governance system has great significance for many international academics and jurisdictions. This book synthesises practical lessons and theoretical insights from Australia, as well as recommendations from comparative analysis with countries such as the United States to provide useful guidance for policymakers and scholars seeking to apply water instruments in a wide range of policy contexts. The book also advances our understanding of water and broader environmental governance theory and is a valuable reference for scholars, researchers and students working in law, regulation and governance studies – especially in the field of water and environmental law.

UNCITRAL Legislative Guide on Secured Transactions

UNCITRAL Legislative Guide on Secured Transactions Author
ISBN-10 9211336759
Release 2010
Pages 554
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The purpose of the publication is to assist States in developing modern secured transactions laws with a view to promoting the availability of secured credit. The Guide is intended to be useful to States that do not currently have efficient and effective secured transaction laws, as well as to States that already have workable laws but wish to modernize their laws and modernize them with the laws of other States.

The International Law of Investment Claims

The International Law of Investment Claims Author Zachary Douglas
ISBN-10 9780521855679
Release 2009-06-11
Pages 616
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This book is a codification of the principles and rules relating to the prosecution of investment claims.