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Articles 31 - 51 of 51
Full-Text Articles in Banking and Finance Law
The Engines Of Privatization: Investment Funds And Fund Legislation In Privatizing Economies, Matthew J. Hagopian
The Engines Of Privatization: Investment Funds And Fund Legislation In Privatizing Economies, Matthew J. Hagopian
Northwestern Journal of International Law & Business
The mass privatization programs of Eastern Europe and the former Soviet Union have been designed as the centerpieces of the momentous transformation of the region's command economies to principles of market forces. The programs are designed to distribute shares in thousands of state-owned enterprises amongst hundreds of millions of citizens for free or for nominal payment, thereby creating a revolutionary class of citizen-shareholders with a strong stake in the privatization process. From the inception of the first wave of large-scale privatization in Czechoslovakia, investment funds' have played a central role in the successes and failures of the varying mass privatization …
The Globalization Of Stock Index Futures: A Summary Of The Market And Regulatory Developments In Stock Index Futures And The Regulatory Hurdles Which Exist For Foreign Stock Index Futures In The United States, William J. Brodsky
Northwestern Journal of International Law & Business
The twelve-year history of stock index futures contracts has been marked by great success both in the United States and in many other countries. Two years after the product was introduced in 1982, the "notional," i.e., underlying, or dollar value of trading on the Chicago Mercantile Exchange (CME) S&P 500 Stock Price Index futures contract surpassed the dollar volume of trading at the New York Stock Exchange (NYSE).' Moreover, "as investors go increasingly global and market turbulence grows, stock index futures are emerging as the favorite way for nimble money managers to deploy their funds. Indeed, in most major markets, …
Compulsion Over Comity: The United States' Assault On Foreign Bank Secrecy, C. Todd Jones
Compulsion Over Comity: The United States' Assault On Foreign Bank Secrecy, C. Todd Jones
Northwestern Journal of International Law & Business
Because of their physical proximities and tory secrecy laws, many nations have become bank secrecy havens, providing financial services and anonymity to people and business enterprises, both legitimate and illegitimate. In response, U.S. courts have systematically circumvented almost any challenge to the authority of our prosecutors and judicial procedures presented by nations that respect and uphold financial privacy. Unfortunately, efforts by other branches of the United States government to ease the friction created by the courts have proved to be only moderately effective and remain essentially unrecognized by the judiciary.
A Rapid Or Evolutionary Approach: The Eec's Adoption Of The Ecu As A Common Currency, Susan B. Shulman
A Rapid Or Evolutionary Approach: The Eec's Adoption Of The Ecu As A Common Currency, Susan B. Shulman
Northwestern Journal of International Law & Business
Perhaps the EEC should move to a common currency, but there is no reason to rush towards such a dramatic change. According to optimal currency area theory, the current system of limited flexibility within the EEC is ideal. Any move to a common currency should be flexible in that it initially allows member states the ability to use national monetary policy if necessary. The British proposal allows just this kind of flexibility.
Recent Initiatives In International Financial Regulation And Goals Of Competitiveness, Effectiveness, Consistency And Cooperation, Joel P. Trachtman
Recent Initiatives In International Financial Regulation And Goals Of Competitiveness, Effectiveness, Consistency And Cooperation, Joel P. Trachtman
Northwestern Journal of International Law & Business
The purpose of this examination is first, to review the basis for and method of applying U.S. regulation in these functional areas to offshore activities of U.S. persons and to both U.S. and offshore activities of foreign persons, and to understand the differences in approach taken by the Board of Governors of the Federal Reserve System (the Board) and the Securities and Exchange Commission (the Commission) in interpreting the reach of prescriptive jurisdiction under the Bank Holding Company Act of 1956 (the BHC Act), the Securities Act of 1933 (the Securities Act) and the Securities Exchange Act of 1934 (the …
Worker Rights In The Post-1992 European Communities: What "Social Europe" Means To United States-Based Multinational Employers, Donald C. Jr. Dowling
Worker Rights In The Post-1992 European Communities: What "Social Europe" Means To United States-Based Multinational Employers, Donald C. Jr. Dowling
Northwestern Journal of International Law & Business
The United States media have extensively covered the trade angle of the European Communities [EC] program to create a "single market" by the end of 1992. The media coverage has spotlighted the benefits the EC market will offer multinational corporations, such as the market's "economies of scale" and its 320 million consumer block. By now this 1992 news has sunk in, and many United States corporations are assessing how they might exploit the soon-to-be unified EC market.
Money Laundering And Its Current Status In Switzerland: New Disincentives For Financial Tourism, Rebecca G. Peters
Money Laundering And Its Current Status In Switzerland: New Disincentives For Financial Tourism, Rebecca G. Peters
Northwestern Journal of International Law & Business
As a national source of tourism, the Swiss Alps are, at least in one sense, overshadowed by the banks and finance companies of Switzerland. Because of the relatively strict Swiss banking secrecy laws, the stability of the Swiss franc and the long-standing expertise of Swiss banks in currency trading, financial tourists in the past have relied with alarming consistency on Switzerland's financial system to "launder," i.e., introduce into the normal flow of legitimate capital, funds or assets stemming from illegal activities. Proof of Switzerland's status as a capital for financial tourism lies in the oft-observed coincidence that the trails of …
Direct Foreign Investment In The Caribbean: A Legal And Policy Analysis, Lewis D. Solomon, David H. Mirsky
Direct Foreign Investment In The Caribbean: A Legal And Policy Analysis, Lewis D. Solomon, David H. Mirsky
Northwestern Journal of International Law & Business
The purpose of this Article is to delineate the central issues facing countries which seek to encourage direct foreign investment in their local economies, and to suggest which approaches to these issues appear most likely to facilitate the attraction of foreign capital, technology and expertise, while preserving local control over the potentially detrimental effects of such investment.
The Treaty With Poland Concerning Business And Economic Relations: Does It Provide More Incentive To The American Investor?, Todd Ewing
Northwestern Journal of International Law & Business
Among the reformed East European countries now embracing democratic notions, Poland has been the most aggressive in the effort to reach full-fledged democracy. These efforts are reflected by Poland's recent amendments to its foreign investment law and, most recently, the signing of a treaty with the United States in hopes of attracting American investors. This article briefly examines the role and content of this treaty in the context of the overall United States treaty program and, more importantly, determines whether the Treaty has the potential to stimulate U.S. investment above and beyond the incentives now in place under the foreign …
Joint Ventures, Antitrust, And Transnational Cartelization, Walter Adams, James W. Brock
Joint Ventures, Antitrust, And Transnational Cartelization, Walter Adams, James W. Brock
Northwestern Journal of International Law & Business
Joint ventures have fired corporate imaginations and captured the fancy of government officials, who perceive them as key weapons in the struggle to achieve global competitiveness. Characterizing the trend as corporate America's version of the singles bar, Business Week reports that in the current rage for "strategic alliances," scarcely a day passes without the announcement of another cooperative inter-corporate agreement. The London Economist reports that "just as the vogue for aggressive takeovers in America and Britain has come to an end, many of the world's biggest companies are scrambling to sign up joint-venture partners or to conclude an alliance with …
Guidelines For Mergers And Acquisitions In France, David J. Berger
Guidelines For Mergers And Acquisitions In France, David J. Berger
Northwestern Journal of International Law & Business
Recent developments in France, including the opening of French markets and the privatization of many of the companies nationalized in the early 1980s, have made France one of the leading countries for investment by American companies seeking to enter Europe prior to the unified European market in 1992. France's liberalization of foreign investment rules, as well as its lifting of foreign exchange controls, have further helped make French companies among the most attractive for both American and European investors.
Banking Integration In The European Community, George Zavvos
Banking Integration In The European Community, George Zavvos
Northwestern Journal of International Law & Business
The aim of this Article is to outline and assess the Community's strategy for the banking sector by highlighting the philosophy and the context shaping its actions. In addition, this Article will attempt to show that the Commission's various proposals, particularly the Second Banking Coordination Directive ("Second Directive"), take account of the continuing tension of, on the one hand, achieving more efficient banking systems through increased competition and, on the other hand, the absolute need for prudential supervision, enhancing the financial stability of the banks and public confidence in the banking systems. Finally, this article looks at the Community's policy …
Effects Of The Canada-United States Free Trade Agreement On The Eqity Value Of U.S. And Canadian Banks, Leonard Bierman, Donald R. Fraser, Amanda Adkisson
Effects Of The Canada-United States Free Trade Agreement On The Eqity Value Of U.S. And Canadian Banks, Leonard Bierman, Donald R. Fraser, Amanda Adkisson
Northwestern Journal of International Law & Business
This Article explains the effects of the Canada-United States Free Trade Agreement on the wealth position of shareholders of major U.S. and Canadian banks. Following the argument that stock prices in an efficient market should capture the effects of changes in regulation (both domestic and international), one would expect the prices of Canadian banks to decrease as they face substantial new competition. Likewise, the stock prices of U.S. banks operating in Canada should either rise or remain unchanged as a result of the FTA. If the greater power associated with Canadian operations is expected to add to risk-adjusted profits, stock …
A New Era Of Financial Futures Trading In Germany: Sweeping Changes In The Legal And Business Environment, Friedrich E.F. Hey
A New Era Of Financial Futures Trading In Germany: Sweeping Changes In The Legal And Business Environment, Friedrich E.F. Hey
Northwestern Journal of International Law & Business
Trading in futures has increased dramatically in recent years. This is especially true for financial futures. The two main reasons for this phenomenon are: (1) there is a greater need for hedging against price fluctuations; and (2) financial futures trading provides speculators with the opportunity to transform favorable price developments into quick and large profits. This Article examines the recently enacted legislation governing futures trading in the Federal Republic of Germany, distinguishes the new law from the old, and analyzes the impact the new legislation will have on the functioning of the new German futures exchange.
Cartel In A Can: The Financial Collapse Of The International Tin Council, Sandhya Chandrasekhar
Cartel In A Can: The Financial Collapse Of The International Tin Council, Sandhya Chandrasekhar
Northwestern Journal of International Law & Business
Sovereign states that are members of international commodity organizations must bear responsibility for the actions taken by their cartels. Without the threat of legal action and punishment as a deterrent, member states have little incentive to properly administer the international trading organizations to which they belong. This Comment will first review the factual background of the International Tin Council and the court's decision in Maclaine Watson & Co. v. Department of Trade & Industry. It will then discuss the charges that the ITC administration was mismanaged. Lastly, it will analyze some legal bases that support a decision imposing member state …
The Role Of The Black Market In China's International Financial System, Amy E. Yates
The Role Of The Black Market In China's International Financial System, Amy E. Yates
Northwestern Journal of International Law & Business
The dichotomy between China's political theory and its administrative reality is nowhere more apparent than in the system China has developed to manage the inflow of foreign reserves into the country. In order to avoid disturbing the domestic economy, the government developed an elaborate two-tiered currency system. In addition, the government issued a set of Foreign Control Regulations which placed restrictions on the use of exchange. The regulations purported to place the use of foreign exchange under a "unified national plan." In reality, however, beyond the reaches of the officially promulgated regulations, a thriving black market for foreign currency, foreign …
The Conflict Between United States Securities Laws On Insider Trading And Swiss Bank Secrecy Laws, Ellen R. Levin
The Conflict Between United States Securities Laws On Insider Trading And Swiss Bank Secrecy Laws, Ellen R. Levin
Northwestern Journal of International Law & Business
In recent years the Swiss have grown defensive about the bad reputation their banks have earned for hiding so-called "dirty" money. A common perception is that through the protection of strict Swiss banking and commercial secrecy laws, Swiss numbered accounts hold the ill-gotten gains of organized crime, corrupt politicians, United States income tax evaders, and inside traders on United States securities markets. Both out of concern for preserving the integrity of what is regarded as Switzerland's most valuable asset -- its banking sector -- and in response to mounting criticism from abroad, Switzerland has agreed to help the United States …
Performance Bonds, Bankers' Guarantees, And The Mareva Injunction, Peter S. O'Driscoll
Performance Bonds, Bankers' Guarantees, And The Mareva Injunction, Peter S. O'Driscoll
Northwestern Journal of International Law & Business
Performance bonds and bankers' guarantees are common features of international sales and construction contracts. They figure prominently in contracts with buyers and employers in the Middle East. In recent years, the amounts represented by these instruments have grown so large that banks have begun to syndicate them in order to limit the exposure of any one bank. With so much at stake, it is imperative that traders, bankers, and lawyers understand the legal implications of performance bonds and bankers' guarantee agreements and the treatment of such agreements by the courts. This Comment will address some of the problems associated with …
Perspectives On Foreign Banking In The United States, Henry C. Wallich
Perspectives On Foreign Banking In The United States, Henry C. Wallich
Northwestern Journal of International Law & Business
Foreign banking has had a great expansion in the United States. This evolution has been accompanied by a variety of questions and concerns on the part of the public, American legislators and regulators, and American bankers. Many of these concrns have been allayed by the passage of the International Banking Act. Some nevertheless remain. To evalute them, I will begin by setting forth the benefits that foreign banks have brought to the United States. Then I will take a look at the principles that have guided and, I believe, should continue to guide United States' policy in this regard.
Exports, Banking And Antitrust: The Export Trading Company Act - A Modest Tool For Export Promotion, George E. Garvey
Exports, Banking And Antitrust: The Export Trading Company Act - A Modest Tool For Export Promotion, George E. Garvey
Northwestern Journal of International Law & Business
There is an almost universally held perceptoin that expanded export trade is essential to a robust United States economy. President Carter, for example, stated in a report to Congress that export expansion is critical to the health of our economy. Huge balance of payments deficits in recent years, the increasingly successfuly and visible penetration of United States markets by foreign producers, and substantial unemployment in basic industry have all fuedl this concern. These conditions have led naturally to a two-pronged response by the public and members of Congress: first, the call for greater protection against foreign competition; and second, a …
The Regulation Of Interstate Bank Branching Under The International Banking Act Of 1978: The Stevenson Compromise, Robert F. Jr. Van Patten
The Regulation Of Interstate Bank Branching Under The International Banking Act Of 1978: The Stevenson Compromise, Robert F. Jr. Van Patten
Northwestern Journal of International Law & Business
In recent years observers have noted a remarkable flow of capital into the United States; foreign investment has almost quadrupled within the last decade. A segment of the economy in which foreign penetration is dramatically evident is the American banking industry. ...It is this deft compromise, developed by Senator Adlai Stevenson which is the focus of this comment. The general history of the international banking legislation and positions supporting and opposing the regulation of interstate branching will be discussed. Thereafter, the elements of the Stevenson compromise will be explained and their efficacy illustrated. Finally, the current and potential effects of …