Law Commons^™

Being Virtuous And Prosperous: Sri’S Conflicting Goals, Benjamin J. Richardson, Wes Cragg

Articles & Book Chapters

Can SRI be a means to make investors both virtuous and prosperous? This paper argues that there can be significant tensions between these goals, and that SRI (and indeed all investment) should not allow the pursuit of maximizing investment returns to prevail over an ethical agenda of promoting social and economic justice and environmental protection. The discourse on SRI has changed dramatically in recent years to the point where its capacity to promote social emancipation, sustainable development and other ethical goals is in jeopardy. Historically, SRI was a boutique sector of the market dominated by religious-based investors who sought to …

Payment Transactions Under The Eu Payment Services Directive: A U.S. Comparative Perspective, Benjamin Geva

Articles & Book Chapters

This article endeavours to analyse the provisions of Title IV governing rights and obligations in relation to the provision and use of payment services. Analysis is particularly from a US comparative perspective. Attention will be given to Uniform Commercial Code ("UCC") Article 4A, which governs U.S. wire and other credit transfers as well as federal laws governing consumer retail payment systems. A broader but related objective of the article is the assessment of the contribution of Title IV to the harmonization of funds transfer and payment law, not only by comparison to the U.S., but also by reference to a …

Overview Article, Stephanie Ben-Ishai, Tony Duggan

Articles & Book Chapters

No abstract provided.

Bank Bankruptcy In Canada: A Comparative Perspective, Stephanie Ben-Ishai

Articles & Book Chapters

During the Great Depression (1930-1933), over 9,000 banks failed in the United States, while not a single bank failed in Canada. In fact, there have been relatively few instances of bank bankruptcy proceedings in Canada from 1867 to present. Approximately eleven bank bankruptcies have been referenced in the case law to date. The first bank bankruptcy appears to be the Bank of Prince Edward Island (1882). Next came the Exchange Bank of Canada (1883), [FN3] followed by the Maritime Bank (1887), the Central Bank of Canada (1887), La Banque Ville Marie (1899), the Farmers Bank of Canada (1910), the Monarch …

The Medieval Hawale: The Legal Nature Of The Suftaj And Other Islamic Payment Instruments, Benjamin Geva

Articles & Book Chapters

By the middle of the eighth century CE the Arabs established their dominion from the Atlantic Ocean to west of the Persian Gulf. In the process, they spread Islam and established Islamic law as the law of the land throughout this entire vast territory. Until the rise of the Turkish Ottoman Empire between the 13th the 16th centuries CE, that territory included North Africa (both Egypt and the Maghreb), Israel/Palestine, Lebanon, Syria, Iraq and Arabia. The era of the pre-Ottoman Arab domination of those lands roughly coincides with the Middle Ages. During that time, centres of economic and financial activity …

Keeping Ethical Investment Ethical: Regulatory Issues For Investing For Sustainability, Benjamin J. Richardson

Articles & Book Chapters

Regulation must target the financial sector, which often funds and profits from environmentally unsustainable development. In an era of global financial markets, the financial sector has a crucial impact on the state of the environment. The long-standing movement for ethically and socially responsible investment (SRI) has recently begun to advocate environmental standards for financiers. While this movement is gaining more adherents, it has increasingly justified responsible financing as a path to be prosperous, rather than virtuous. This trend partly owes to how financial institutions view their legal responsibilities. The business case motivations that now predominantly drive SRI are not sufficient …

Regulating Payday Lenders In Canada: Drawing On American Lessons, Stephanie Ben-Ishai

Articles & Book Chapters

No abstract provided.

Is There An Emerging Fiduciary Duty To Consider Human Rights?, Cynthia A. Williams, John M. Conley

Articles & Book Chapters

No abstract provided.

Of Takeovers, Foreign Investment And Human Rights: Unpacking The Noranda-Minmetals Conundrum, Aaron A. Dhir

Articles & Book Chapters

In September 2004 Toronto-based Noranda Inc., one of the world's largest producers of nickel and copper, and China Minmetals Corp., a state-owned Chinese company, announced exclusive talks regarding a potential 100 percent buy-out of Noranda. The proposed friendly takeover was expected to be valued at approximately $7.4 billion USD. The dynamic shifted, however, in mid-November when Noranda announced that the exclusivity period for negotiations had expired and would not be renewed. In early March 2005 Noranda expressed frustration at the continuing lengthy process, which was depressing its share value. At the time, Noranda owned 59 percent of leading Canadian nickel …

Legislative Power In Relation To Transfers Of Securities: The Case For Provincial Jurisdiction In Canada, Benjamin Geva

Articles & Book Chapters

No abstract provided.

The Beneficiary’S Bank And Beneficiary Described By Name And Number: Liability Chain And Liability Standard In Wire Transfers (Part 2), Benjamin Geva

Articles & Book Chapters

This article deals with issues evolving around the identification of the beneficiary in the last payment order in the credit transfer received by the last bank in the transfer chain ("beneficiary's bank"), the duties of the beneficiary's bank in the case of an ambiguous description of the beneficiary in the payment order, and the liability of the beneficiary's bank in case it broke such duties.

The Beneficiary’S Bank And Beneficiary Described By Name And Number: Liability Chain And Liability Standard In Wire Transfers (Part 1), Benjamin Geva

Articles & Book Chapters

This article deals with issues evolving around the identification of the beneficiary in the last payment order in the credit transfer received by the last bank in the transfer chain ("beneficiary's bank"), the duties of the beneficiary's bank in the case of an ambiguous description of the beneficiary in the payment order, and the liability of the beneficiary's bank in case it broke such duties.

Financing Environmental Change: A New Role For Canadian Environmental Law, Benjamin J. Richardson

Articles & Book Chapters

Financial institutions occupy a central role in equity and debt markets, providing the finance that shapes economic development and thus environmental pressures. Environmental regulation has traditionally focused on development itself but not those that financially sponsor developers. To achieve an environmentally sustainable economy in Canada, new regulations and policies to promote environmentally friendly financing in the financial services sector are necessary. This article explains why financing environmental change is crucial, surveys the main private financial institutions in Canada relevant to this task, and makes recommendations on how financial regulation and its broader institutional context can be reformed to support sustainable …

Settlement Finality And Associated Risks In Funds Transfers – When Does Interbank Payment Occur?, Benjamin Geva

Articles & Book Chapters

This paper addresses the first meaning of settlement finality, that is, the discharge of the interbank obligation. The discussion focuses on large-value transfer systems, namely, "systematically important" payment systems, and examines settlement finality therein under the provisions of Article 4A of the Uniform Commercial Code-Funds Transfers. Primary attention is given to the various implications of settlement finality under Article 4A, as well as to compliance with the statutory scheme with BIS Core Principles, in conjunction with system rules. Following the present discussion on the meaning of settlement finality, Part 2 of the paper sets out settlement mechanisms in large-value transfer …

Diffusing Environmental Regulation Through The Financial Services Sector: Reforms In The Eu And Other Jurisdictions, Benjamin J. Richardson

Articles & Book Chapters

The financial services sector has the potential to be an important facet of future systems of environmental governance. But, so far, only ad hoc policy initiatives have arisen in the EU and other countries addressing the environmental roles of banks or insurers. Because the financial services sector is where wholesale decisions regarding future development, and thus pressures on the environment, arise, reform of investment, banking and insurance services to promote long term investment and better consideration of environmental impacts may be an effective way to promote sustainable development. Reforms such as corporate environmental reporting requirements, mandatory environmental liability insurance, and …

Book Review: Bankruptcy, Insolvency And Family Law, Stephanie Ben-Ishai

Articles & Book Chapters

This is a review of Bankruptcy, Insolvency and Family Law, 2d ed by Robert A. Klotz.

Insolvent Bank’S Irrevocable Credit As Priority Payment Instrument: Barclays Bank V. Price Waterhouse, Benjamin Geva

Articles & Book Chapters

No abstract provided.

Allocation Of Sender Risks In Wire Transfers: The Common Law And Ucc Article 4a [Part 1], Benjamin Geva

Articles & Book Chapters

No abstract provided.

Allocation Of Sender Risks In Wire Transfers: The Common Law And Ucc Article 4a [Part 2], Benjamin Geva

Articles & Book Chapters

No abstract provided.

Power Without Responsibility Or Responsibility Without Power? Recent Developments In The Jurisdiction Of The Ontario Securities Commission, Mary Condon

Articles & Book Chapters

In its present legislative form and in its administration, the Ontario Securities Act has taken onto itself powers which this Commission believes were never intended...To correct this it believes that legislation should be enacted which will clearly define and limit the powers of the administrative authority to requirements under such legislation, and that these should not be deviated from for any reason of policy or otherwise.

Negotiable Instruments And Banking: Review Of Some Recent Canadian Case Law, Benjamin Geva

Articles & Book Chapters

This review presents a survey of some significant cases decided recently on a variety of topics in the area of negotiable instruments and banking. Although none of the reviewed cases may be truly earth-shattering, they all are important because they freshen, clarify or restate the law. Specific topics covered are the reach of provincial jurisdiction to bills of exchange and promissory notes, forgery and verification agreement, requisites for negotiability, the defence of non-delivery of a bill or note, priority instruments in the insolvency of a bank, holding in due course requirements, notice of dishonour rules, and preauthorized automated debit payments.

Irrevocability Of Bank Drafts, Certified Cheques And Money Orders, Benjamin Geva

Articles & Book Chapters

This article deals with three types of negotiable instruments payable on demand which are issued, stamped or signed by banks prior to their collection and payment, and used as mechanisms for the transmission of funds. These instruments are the bank draft, including the bank money order, the certified cheque, and the personal money order. The article is concerned with the binding effect, or the irrevocability, of the bank's obligation on these instruments under the law of bills and notes. It concludes that (1) the issuer of the bank draft is liable as a drawer, and under some circumstances, also as …

Compelling Disclosure By A Non-Party Litigant In Violation Of Foreign Bank Secrecy Laws: Recent Developments In Canada-United States Relations, Jean-Gabriel Castel

Articles & Book Chapters

The question whether Canadian or American courts should enforce their laws in a manner that respects the laws of friendly sovereign states has recently been examined by the Supreme Court of Canada and the United States Court of Appeals for the Eleventh Circuit. Their decisions will be the object of this note in the light of recent developments in Canada-United States relations in the area of legal assistance in civil and criminal matters.

Often our courts are asked to compel a person not a party to the litigation or investigation to produce documents or give evidence in Canada when to …