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Regulation And Supervision Of The Otc Derivatives Market, Ligia Catherine Arias Barrera 2018 University of Warwick

Regulation And Supervision Of The Otc Derivatives Market, Ligia Catherine Arias Barrera

Ligia Catherine Arias Barrera

The over-the-counter (OTC) derivatives market has captured the attention of regulators after the Global Financial Crisis due to the risk it poses to financial stability. Under the post-crisis regulatory reform the concentration of business, and risks, among a few major players is changed by the concentration of a large portion of transactions in the new market infrastructures, the Central Counterparties (CCPs).

This book, for the first time, analyses the regulatory response of the United Kingdom and the United States, the two largest centres of OTC derivatives transactions, and highlights their shortcomings. The book uses a normative risk-based approach to regulation ...


Rise Of The Machines: The Legal Implications For Investor Protection With The Rise Of Robo-Advisors, Bret E. Strzelczyk 2018 DePaul University College of Law

Rise Of The Machines: The Legal Implications For Investor Protection With The Rise Of Robo-Advisors, Bret E. Strzelczyk

DePaul Business and Commercial Law Journal

This note examines the complex state of financial innovation and preexisting investor protection regimes, mainly the Investment Advisers Act of 1940, which do not properly address the question of whether a robo-advisor platform serving as registered investment advisers satisfies the fiduciary standard elements laid out in the Act. This article examines the current regulation from the Department of Labor, the Financial Industry Regulatory Authority, and the Securities and Exchange Commission and addresses the inadequacies in each regulatory entity’s policy prescription. This article contends that robo-advisors can not act as a fiduciary for several reasons – primarily because these platforms do ...


Over- And Under-Funding: Crowdfunding Concerns Of The Parties Involved, Tanya M. Marcum J.D., Eden S. Blair PhD 2018 Bradley University

Over- And Under-Funding: Crowdfunding Concerns Of The Parties Involved, Tanya M. Marcum J.D., Eden S. Blair Phd

DePaul Business and Commercial Law Journal

Financial collaboration for new business ventures or the expansion of existing businesses utilizing the internet and social media is expanding. One area of growth is in the area of crowdfunding. Crowdfunding or crowdsourcing is known as collaborative funding using the internet to attract many investors to a new business venture.


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Tax Compliance In A Decentralizing Economy, Manoj Viswanathan 2018 University of California Hastings College of Law

Tax Compliance In A Decentralizing Economy, Manoj Viswanathan

Georgia State University Law Review

Tax compliance in the United States has long relied on information from centralized intermediaries—the financial institutions,employers, and brokers that help ensure income is reported and taxes are paid. Yet while the IRS remains tied to these centralized entities,consumers and businesses are not. New technologies, such as sharing economy platforms (companies such as Airbnb, Uber, and Instacart)and the blockchain (the platform on which various cryptocurrencies are based) are providing new, decentralized options for exchanging goods and services.

Without legislative and agency intervention, these technologies pose a critical threat to the reporting system underlying domestic and international tax ...


Individual Accountability For Corporate Crime, Gregory Gilchrist 2018 University of Toledo College of Law

Individual Accountability For Corporate Crime, Gregory Gilchrist

Georgia State University Law Review

Corporate crime is too often addressed by fining the corporation, leaving the real people who committed the crime facing no consequence at all. This failure to hold individuals accountable in cases of corporate malfeasance generates an accountability gap that undermines deterrence and introduces expressive costs. Facing heightened criticism of this trend, then-Deputy Attorney General Sally Yates issued a policy designed to generate prosecutions of real people in cases of corporate wrongdoing. The policy reflects a strong and continuing demand for more prosecutions of individuals in the corporate context.

This Article contends that the effort to introduce accountability by increasing prosecutions ...


International Crowdfunding: Did The Sec Get It Right When Promulgating Regulation Crowdfunding Relative To Other Leading G20 Crowdfunding Regulations?, Robert A. Dixon Jr. 2018 Northwestern University

International Crowdfunding: Did The Sec Get It Right When Promulgating Regulation Crowdfunding Relative To Other Leading G20 Crowdfunding Regulations?, Robert A. Dixon Jr.

Robert A. Dixon Jr.

Countries are taking measures to boost their economies.  Democratizing capital formation by permitting crowdfunding equities to invigorate the small business strata of economies is one of those measures.  To what extent are countries permitting such capital formation is the focus question of this paper.  With respect to the United States, the SEC promulgated Regulation Crowdfunding in 2015 to effectuate Congress's intent to support small-business capital formation as evidenced by the passage of the JOBS Act in 2012.  Regulation Crowdfunding provides small business securities issuers, intermediaries, and investors rules and restrictions concerning their obligations under the law.  So, how effective ...


What I Learned Trading Cryptocurrencies While Studying The Law, Joshua S. Morgan 2018 University of Miami Law School

What I Learned Trading Cryptocurrencies While Studying The Law, Joshua S. Morgan

University of Miami International and Comparative Law Review

No abstract provided.


No Need For Cities To Despair After Bank Of America Corporation V. City Of Miami: How Patent Law Can Assist In Proving Predatory Loans Directly Cause Municipal Blight Under The Fair Housing Act, Jesse D.H. Snyder 2018 University of Maine School of Law

No Need For Cities To Despair After Bank Of America Corporation V. City Of Miami: How Patent Law Can Assist In Proving Predatory Loans Directly Cause Municipal Blight Under The Fair Housing Act, Jesse D.H. Snyder

Maine Law Review

Lack of sanguinity for cities was manifest after the Supreme Court’s May 1, 2017, opinion in Bank of America Corporation v. City of Miami. Although Bank of America recognized that cities have Article III standing to sue for economic injuries suffered from predatory lending, the Supreme Court rejected the Eleventh Circuit’s more lenient causation standard, favoring proof of “some direct relation between the injury asserted and the injurious conduct alleged.” Doubtless the result could have been worse for cities suing on the premise that racially discriminatory lending caused municipal blight. The courthouse doors could have closed if the ...


Brief Of Amici Curiae Finance Regulation Scholars In Support Of Plaintiff's Motion For A Preliminary Injunction In English V. Trump, Patricia A. McCoy 2018 Boston College Law School

Brief Of Amici Curiae Finance Regulation Scholars In Support Of Plaintiff's Motion For A Preliminary Injunction In English V. Trump, Patricia A. Mccoy

Patricia A. McCoy

Professor McCoy was the lead author of an amicus brief in support of the lawsuit by CFPB Deputy Director Leandra English against the Trump Administration, asserting that she lawfully became the Acting Director of the Consumer Financial Protection Bureau under the Dodd-Frank Act.


The Path Towards Defining “Investment” In Icsid Investor-State Arbitrations: The Open-Ended Approach, Melissa María Valdez García 2018 Pepperdine University

The Path Towards Defining “Investment” In Icsid Investor-State Arbitrations: The Open-Ended Approach, Melissa María Valdez García

Pepperdine Dispute Resolution Law Journal

Article 25 of the International Convention on the Settlement of Investment Disputes left the notion of “investment” intentionally undefined, thus leaving its interpretation in the hands of arbitration tribunals, which has led to inconsistencies, confusion and debate regarding the true essence of what may appear as a routine concept. This article tries to explain that the proper meaning of “investment” under the Convention must be clarified not only by discussing the drafting history of the Convention, but by also examining doctrinal tendencies, key aspects of corresponding arbitration awards and customary international law and argues that arbitration tribunals should show strong ...


Hb 192 - Banking And Finance, Caroline G. Mayson, Jesse C. Moore 2018 Georgia State University College of Law

Hb 192 - Banking And Finance, Caroline G. Mayson, Jesse C. Moore

Georgia State University Law Review

The Act changes the provisions relating to the responsibilities and standard of care for directors and officers of banks, trust companies, and corporations. The Act codifies the business judgment rule. The operative liability standard for directors and officers is gross negligence, as opposed to simple negligence, and directors and officers may rely on other individuals in the performance of their duties. A rebuttable presumption exists that directors and officers act in good faith.


Models As Weapons: Review Of Weapons Of Math Destruction: How Big Data Increases Inequality And Threatens Democracy By Cathy O’Neil (2016), Samuel L. Tunstall 2018 Michigan State University

Models As Weapons: Review Of Weapons Of Math Destruction: How Big Data Increases Inequality And Threatens Democracy By Cathy O’Neil (2016), Samuel L. Tunstall

Numeracy

Cathy O’Neil. Weapons of Math Destruction: How Big Data Increases Inequality and Threatens Democracy (New York, NY: Crown) 272 pp. ISBN 978-0553418811.

Accessible to a wide readership, Cathy O’Neil’s Weapons of Math Destruction: How Big Data Increases Inequality and Threatens Democracy provides a lucid yet alarming account of the extensive reach of mathematical models in influencing all of our lives. With a particular eye towards social justice, O’Neil not only warns modelers to be cognizant of the effects of their work on real people—especially vulnerable groups who have less power to fight back—but also ...


Bright Lines: How Regulatory Asset Thresholds Change The Banking Industry, Allison Nicoletti, Michael Iselin, Hailey Ballew 2018 University of Pennsylvania

Bright Lines: How Regulatory Asset Thresholds Change The Banking Industry, Allison Nicoletti, Michael Iselin, Hailey Ballew

Penn Wharton Public Policy Initiative

One of the key features of the Dodd-Frank Act is that it imposes specific and costly regulatory requirements on banks that cross the threshold of having more than $10 billion in total assets. Anecdotal accounts have suggested that this threshold has led to increased consolidation in the banking industry. This brief provides new statistical evidence of that phenomenon. Banks that approach the $10 billion threshold are significantly more likely to engage in an acquisition, pay more for that acquisition, and acquire bigger target banks than similar banking institutions did prior to Dodd-Frank. To the extent that policymakers are concerned with ...


Regulating Robo Advice Across The Financial Services Industry, Tom Baker, Benedict G. C. Dellaert 2018 University of Pennsylvania Law School

Regulating Robo Advice Across The Financial Services Industry, Tom Baker, Benedict G. C. Dellaert

Faculty Scholarship

Automated financial product advisors – “robo advisors” – are emerging across the financial services industry, helping consumers choose investments, banking products, and insurance policies. Robo advisors have the potential to lower the cost and increase the quality and transparency of financial advice for consumers. But they also pose significant new challenges for regulators who are accustomed to assessing human intermediaries. A well-designed robo advisor will be honest and competent, and it will recommend only suitable products. Because humans design and implement robo advisors, however, honesty, competence, and suitability cannot simply be assumed. Moreover, robo advisors pose new scale risks that are different ...


Dorothy Moser Medlin Papers - Accession 1049, Dorothy Moser Medlin 2018 Winthrop University

Dorothy Moser Medlin Papers - Accession 1049, Dorothy Moser Medlin

Manuscript Collection

(The Dorothy Moser Medlin Papers are currently in processing.)

This collection contains most of the records of Dorothy Medlin’s work and correspondence and also includes reference materials, notes, microfilm, photographic negatives related both to her professional and personal life. Additions include a FLES Handbook, co-authored by Dorothy Medlin and a decorative mirror belonging to Dorothy Medlin.

Major series in this collection include: some original 18th century writings and ephemera and primary source material of André Morellet, extensive collection of secondary material on André Morellet's writings and translations, Winthrop related files, literary manuscripts and notes by Dorothy Medlin (1966-2011 ...


Central Clearing Of Financial Contracts: Theory And Regulatory Implications, Steven L. Schwarcz 2018 Duke Law School

Central Clearing Of Financial Contracts: Theory And Regulatory Implications, Steven L. Schwarcz

Faculty Scholarship

To protect economic stability, post-crisis regulation requires financial institutions to clear and settle most of their derivatives contracts through central counterparties, such as clearinghouses associated with securities exchanges. This Article asks whether regulators should expand the central clearing requirement to non-derivative financial contracts, such as loan agreements. The Article begins by theorizing how and why central clearing can reduce systemic risk. It then examines the theory’s regulatory and economic efficiency implications, first for current requirements to centrally clear derivatives contracts and thereafter for deciding whether to extend those requirements to non-derivative contracts. The inquiry has real practical importance because ...


A Bridge Over Troubled Waters - Resolving Bank Financial Distress In Canada, Janis P. Sarra 2018 Allard School of Law at the University of British Columbia

A Bridge Over Troubled Waters - Resolving Bank Financial Distress In Canada, Janis P. Sarra

Faculty Publications

Effective June 2017, Canada formalized its new resolution regime for “domestic systemically important banks”. This article examines the new resolution regime in the context of the early intervention program by the financial services regulator. The system offers a complex but integrated set of mechanisms to monitor the financial health of financial institutions, to intervene at an early stage of financial distress, and to resolve the financially distressed bank in a timely manner. Resolution is the restructuring of a financially distressed or insolvent bank by a designated authority. To “resolve” a bank is to use a series of tools under banking ...


Beyond Bankruptcy: Resolution As A Macroprudential Regulatory Tool, Steven L. Schwarcz 2018 Duke Law School

Beyond Bankruptcy: Resolution As A Macroprudential Regulatory Tool, Steven L. Schwarcz

Faculty Scholarship

To try to protect the stability of the financial system, regulators and policymakers have been extending bankruptcy-resolution techniques beyond their normal boundaries. To date, however, their efforts have been insufficient, in part because bankruptcy law traditionally has microprudential goals (to protect individual firms) whereas protecting financial stability is a “macroprudential” goal.

This Article seeks to derive a logical and consistent theory of how and why resolution-based regulation can help to stabilize the financial system. To that end, the Article identifies three possible regulatory approaches: reactive resolution-based regulation, which comprises variations on traditional bankruptcy; proactive resolution-based regulation, which consists of pre-planned ...


Making Innovation More Competitive: The Case Of Fintech, Rory Van Loo 2017 Boston University School of Law

Making Innovation More Competitive: The Case Of Fintech, Rory Van Loo

Faculty Scholarship

This Article examines recent financial technology (“fintech”) developments to diagnose the federal regulatory institutional framework surrounding innovation. Startups offer artificially intelligent financial assistants, touchless payments, and other potentially game-changing products for individuals. Yet unlike more lightly regulated industries such as retail goods, in consumer finance barriers to entry have insulated the largest businesses from competition. Regulatory insulation helps explain why “Too Big To Fail” banks have become bigger, U.S. innovation has lagged that of foreign countries, and consumers pay higher prices. Taking an institutional lens to this problem reveals an overlooked shortcoming in financial regulation: the organizational design of ...


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