Law Commons^™

Third Party Access And Refusal To Deal In European Energy Networks: How Sector Regulation And Competition Law Meet Each Other, Michael Diathesopoulos

Michael Diathesopoulos

In this paper, we will analyse the issue of concurrence between competition and sector rules and the relation between parallel concepts within the two different legal frameworks. We will firstly examine Third Party Access in relation to essential facilities doctrine and refusal of access and we will identify the common points and objectives of these concepts and the extent to which they provide a context to each other’s implementation. Second, we will focus on how Commission uses sector regulation and objectives as a context within the process of implementation of competition law in the energy sector and third, we will …

Secret Bancaire Et Entraide Internationale En Matière Fiscale: Le Fait Du Prince, Fabien Liegeois

Dr. Fabien LIEGEOIS

No abstract provided.

Llm Cyberlaw: Information Technology, Law And Society, Subhajit Basu

Subhajit Basu

LLM in Cyberlaw: information technology, law and society enables you to develop knowledge and skills in relation to the legal rules regulating cyberlaw activity in the UK and Europe, and at a global level.

Compliance Requirements For Chinese Automobile Market Players, Tao Liang

Tao LIANG

Foreign Investment Catalogues And Investment Environment In China, Tao Liang

Tao LIANG

The Role Of Derivatives In The Financial Crisis – Testimony Before The Financial Crisis Inquiry Commission, June 30, 2010, Michael Greenberger

Michael Greenberger

It is now almost universally accepted that the unregulated multi-trillion dollar OTC CDS market helped foment a mortgage crisis, then a credit crisis, and finally a ―once-in-a-century systemic financial crisis that, but for huge U.S. taxpayer interventions, would have in the fall of 2008 led the world economy into a devastating Depression. Before explaining below the manner in which credit default swaps fomented this crisis, it worth citing in the margin those many economists, regulators, market observers, and financial columnists who have described the central role unregulated CDS played in the crisis. Even those once skeptical of arguments about the …

The Global Financial Crisis And The Governance Of Financial Institutions, John H. Farrar

John H. Farrar

The global financial crisis has presented many regulatory challenges as jurisdictions struggle to effectively address systemic risk. This article, which constituted a plenary address at the Corporate Law Teachers Association Conference, 2010, traverses the range of regulatory measures that have been implemented in the corporate governance and prudential risk management fields with a focus upon developments in Australia, New Zealand and the United Kingdom.

China's Approval Regime On Outbound Investment, Tao Liang

Tao LIANG

Case Study Of The Bank Of America And Merrill Lynch Merger, Robert J. Rhee

Robert Rhee

This is a case study of the Bank of America and Merrill Lynch merger. It is based on the article, Fiduciary Exemption for Public Necessity: Shareholder Profit, Public Good, and the Hobson’s Choice during a National Crisis, 17 Geo. Mason L. Rev. 661 (2010). The case study analyzes the controversial events occurring between the merger signing and closing. It reviews in depth the circumstances under the federal government threatened to fire the board and management of Bank of America unless it consummated the Merrill Lynch acquisition. Among other issues, this case study raises the questions: (1) what is the role …

The Decline Of Investment Banking: Preliminary Thoughts On The Evolution Of The Industry 1996-2008, Robert J. Rhee

Robert Rhee

In this paper, I provide a basic, preliminary financial analysis of several prominent, independent investment banks: Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers, and Bear Stearns. I provide the following data: (1) segmentation of net revenue by products and services, (2) return on average equity, (3) leverage ratio, and (4) debt to equity ratio. Although the data analysis here is very basic, it still tells an interesting narrative of the evolution of the investment banking industry. The investment banking industry has undergone significant change in the twelve-year period 1996 to 2008. In the mid-1990s, banks had a balance mix …

Making Debtor Remedies More Effective, Melissa B. Jacoby

Melissa B. Jacoby

Commissioned for a conference on credit markets at Harvard Business School in February 2010, this paper explores functional system design and the role of lawyers and intermediaries in providing debtor remedies in a complex legal system. The thesis of this paper, which proceeds in the “law and society” tradition, is that the location of a remedial right within the debtor-creditor system substantially affects the costs and benefits of the remedy for debtors, creditors, the system, and society. In other words, merely adding specific substantive provisions does not directly translate into actual protection. Relatedly, policymakers must recognize that lawyers and other …

Problematic Practices Of Credit Rating Agencies: The Neglected Risks Of Mortgage-Backed Securities, Franz Hosp

Franz P Hosp V

This paper provides an overview of the role that credit rating agencies played in the Financial Crisis of 2008. In doing so, the paper focuses on how credit rating agencies failed to properly rate mortgage-backed securities, which played an instrumental role in bringing about the current economic problems. The paper also suggests reforming the credit rating agencies by implementing a handicapping system that infuses economic value in good credit ratings.

The (Not So) Great Depression Of The 21st Century And Its Impact On Brazil, Marcos A. P. Valadão, Ivo T. Gico

Ivo Teixeira Gico Jr.

At this point there are many papers discussing how the Great Depression of the 21st century came to be, its causes and the things that need to be changed in the world’s financial market in order to overcome and prevent it from happening again. We would like to contribute to the debate by sharing some of the experiences we had in our own country that may shed some light on how it really affected developing countries, especially Brazil. This is the main purpose of the present paper, to discuss how the sub-prime international crisis affected the Brazilian economy, the counter-cyclical …

Fiduciary Exemption For Public Necessity: Shareholder Profit, Public Good, And The Hobson's Choice During A National Crisis, Robert J. Rhee

Robert Rhee

This Article is written as two discrete, independently accessible topical sections. The first topical section, presented in Part I of this Article, is a case study of Bank of America’s acquisition of Merrill Lynch and the impact of a flawed merger execution on the board’s subsequent decisions. The second topical section, presented Parts II-IV of this Article, advances a theoretical basis for fiduciary exemption during a public crisis. The financial crisis of 2008 was the worst economic disaster since the Great Depression. It nearly resulted in a collapse of the global capital markets. A key event in the history of …

Setting Aside An Arbitration Award, Fernando Leila

Fernando Leila

I - Facts Most arbitration rules stipulate that the arbitral awards that result from arbitration under those agreements or rules are ‘final.’ Yet there is almost always the possibility for a party to challenge the award, whether or not the parties have agreed. According to the United Nations Commission on International Trade Law (“UNCITRAL”), a successful challenge will usually result in the award being ‘set aside,’ ‘vacated,’ or’ annulled,’ and therefore ceasing to exist, at least within the jurisdiction of the court setting it aside. To set aside an award means to 'declare the award to be disregarded in whole …

The Missing Link Of Democracy, Fernando Leila

Fernando Leila

The Missing Link of Democracy: The Federal Reserve Submission to the Democratic Government

“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, (i.e., the "business cycle") the banks and corporations that will grow up around them will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.”

Thomas Jefferson

Abstract

This paper examines the shortcomings of the Federal Reserve (the “Fed”) as an institution, its power and policy under a democratic system of government, and the consequences thereof.

America is in …

The Credit Card Act Of 2009 — What Is It, And What Does It Do?, Mary E. Matthews

Mary E Matthews

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (“the Credit CARD Act”) is a promising answer to the problem of implementing reforms that protect credit card users. The Credit CARD Act seeks to protect consumers from misleading and unfair techniques such as high interest rates, improvident extensions of credit, exorbitant fees, charges for methods of payment, incomprehensible card agreements, double-cycle billing, deceptive introductory and promotional rates, and techniques increasing the likelihood of late payment. The Credit CARD Act implements stricter guidelines on credit card issuers. It requires them to provide written notice of any increase in annual percentage …

Regulação Cambial Entre A Ilegalidade E A Arbitrariedade: O Caso Da Compensação Privada De Créditos Internacionais, Bruno Meyerhof Salama

Bruno Meyerhof Salama

Black Tuesday And Graying The Legitimacy Line For Governmental Intervention: When Tomorrow Is Just A Future Yesterday, Donald J. Kochan

Donald J. Kochan

Black Tuesday in October 1929 marked a major crisis in American history. As we face current economic woes, it is appropriate to recall not only the event but also reflect on how it altered the legal landscape and the change it precipitated in the acceptance of governmental intervention into the marketplace. Perceived or real crises can cause us to dance between free markets and regulatory power. Much like the events of 1929, current financial concerns have led to new, unprecedented governmental intervention into the private sector. This Article seeks caution, on the basis of history, arguing that fear and crisis …

Crisis And Coordination: Regulatory Design In Financial Crises (Asil Proceedings, 2010), Robert B. Ahdieh

Robert B. Ahdieh

Where Do We Come From? Innovation And Regulatory Response In The Banking Industry Before The Crisis, Bruno Meyerhof Salama

Bruno Meyerhof Salama