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The Certification Paradox, Jonathan M. Barnett 2018 University of Southern California

The Certification Paradox, Jonathan M. Barnett

University of Southern California Legal Studies Working Paper Series

It is commonly observed that certification intermediaries mitigate informational asymmetries by “lending” reputational capital to support transacting parties’ quality commitments. However, this proposition is challenged by cases in which well-established intermediaries have failed to detect fraud, misrepresentation and other misbehavior. The “certification paradox” provides a more nuanced account that anticipates both the general success, and periodic failure, of certification intermediaries. Transacting parties minimize search and evaluation costs by using a small number of certification intermediaries with large stocks of reputational capital. Incumbent certifiers are substantially protected by entrants’ high costs of accumulating sufficient reputational capital and users’ high costs of ...


Technology Regulation By Default: Platforms, Privacy, And The Cfpb, Rory Van Loo 2018 Boston Univeristy School of Law

Technology Regulation By Default: Platforms, Privacy, And The Cfpb, Rory Van Loo

Faculty Scholarship

In the absence of a technology-focused regulator, diverse administrative agencies have been forced to develop regulatory models for governing their sphere of the data economy. These largely uncoordinated efforts offer a laboratory of regulatory experimentation on governance architecture. This symposium essay explores what the Consumer Financial Protection Bureau (CFPB) has done in its first several years to regulate financial technology (“fintech”), in the context of broader technology-related concerns identified in the literature. It begins with a survey of what the CFPB has undertaken using more traditional administrative agency tools—enforcement and rulemaking—in areas such as privacy, consumer control over ...


Response Regarding Inherited Regulations And Inherited Rulemaking Authorities (Docket No. Cfpb-2018-0012), Kathleen Engel, Financial Regulation and Consumer Protection Scholars and Former Regulators 2018 Suffolk University Law School

Response Regarding Inherited Regulations And Inherited Rulemaking Authorities (Docket No. Cfpb-2018-0012), Kathleen Engel, Financial Regulation And Consumer Protection Scholars And Former Regulators

CFPB Comments by Scholars & Regulators

Response offering comment on the Consumer Federal Protection Bureau's inherited regulations and inherited rulemaking authorities.


Cryptocurrency Competition And The U.S. Monetary System, Jesus Fernandez-Villaverde 2018 University of Pennsylvania

Cryptocurrency Competition And The U.S. Monetary System, Jesus Fernandez-Villaverde

Penn Wharton Public Policy Initiative

Advocates of cryptocurrencies such as Bitcoin believe that having currency competition will help achieve the economic objective of price stability. This Issue Brief summarizes research that explores whether competition among privately issued fiat currencies can actually produce price stability. The research finds that in most cases, a system of private monies does not deliver price stability. And even when it does, it always is subject to self-fulfilling inflationary episodes, and it supplies a suboptimal amount of money. Although there is no economic reason to curb the use of cryptocurrencies at the moment, it is important to review key regulatory issues ...


Multinational Efforts To Limit Intellectual Property Income Shifting: The Oecd’S Base Erosion And Profit Shifting (Beps) Project, Jeffrey Maine 2018 University of Maine School of Law

Multinational Efforts To Limit Intellectual Property Income Shifting: The Oecd’S Base Erosion And Profit Shifting (Beps) Project, Jeffrey Maine

Science and Technology Law Review

No abstract provided.


Beyond Tpp: Legal Reform For Financing Intellectual Property And Innovation In Vietnam, Xuan-Thao Nguyen 2018 Indiana University, McKinney School of Law

Beyond Tpp: Legal Reform For Financing Intellectual Property And Innovation In Vietnam, Xuan-Thao Nguyen

Science and Technology Law Review

No abstract provided.


The Final Countdown: California Public Employees’ Retirement System V. Anz Securities And The Sweeping Ban On Tolling Statutes Of Repose In Class Actions, Emily Kelsay 2018 University of Maryland Francis King Carey School of Law

The Final Countdown: California Public Employees’ Retirement System V. Anz Securities And The Sweeping Ban On Tolling Statutes Of Repose In Class Actions, Emily Kelsay

Maryland Law Review

No abstract provided.


Response Regarding Adopted Regulations (Docket No. Cfpb-2018-0011), Patricia McCoy, Financial Regulation and Consumer Protection Scholars and Former Regulators 2018 Boston College Law School

Response Regarding Adopted Regulations (Docket No. Cfpb-2018-0011), Patricia Mccoy, Financial Regulation And Consumer Protection Scholars And Former Regulators

CFPB Comments by Scholars & Regulators

Response offering comment on the Consumer Federal Protection Bureau's adopted regulations and new rulemaking authorities.


Regulating Fintech: Lessons From Africa, Anton Didenko 2018 University of San Diego

Regulating Fintech: Lessons From Africa, Anton Didenko

San Diego International Law Journal

Technological innovation in finance (“FinTech”) has been on the rise in recent years, creating new challenges for regulators. These challenges vary significantly depending on the region in question and type of economy, not least because different technologies are applied to tackle different problems. This Article focuses on regulatory frameworks of two leading jurisdictions in terms of FinTech development in Sub-Saharan Africa: Kenya and South Africa. As the developments in the region cannot be analyzed in isolation from the global trends in FinTech regulation, this Article approaches the matter systematically. It starts by clarifying the existing terminology and preparing a comprehensive ...


Proxy Access Voting: Evaluating Proxy Access And The Recent Phenomenon Of Corporations Adopting Shareholder Protective Policies, Danielle Vukovich 2018 University of San Diego

Proxy Access Voting: Evaluating Proxy Access And The Recent Phenomenon Of Corporations Adopting Shareholder Protective Policies, Danielle Vukovich

San Diego International Law Journal

Shareholders hold a financial stake in a corporation, and therefore are often viewed as owners of the corporation and believed to be in control for all corporate actions. However, their powers are circumscribed. Board of directors committees nominate directors to serve the corporation and these directors have the power to select the corporation’s officers. The committees provide shareholders a slate of proposed directors that are voted on and approved at the annual shareholder meeting. Shareholders may also propose their own slate of directors, but this typically requires a proxy contest, which can be expensive due to the costs both ...


Response Regarding Bureau Rulemaking Processes (Docket No. Cfpb-2018-0009), Patricia A. McCoy, Financial Regulation and Consumer Protection Scholars and Former Regulators 2018 Boston College Law School

Response Regarding Bureau Rulemaking Processes (Docket No. Cfpb-2018-0009), Patricia A. Mccoy, Financial Regulation And Consumer Protection Scholars And Former Regulators

CFPB Comments by Scholars & Regulators

Response discussing whether the Consumer Federal Protection Bureau should alter its procedures for adopting new rules to protect consumers.


Response Regarding Bureau Public Reporting Practices Of Consumer Complaint Information (Docket No. Cfpb-2018-0006), Pamela Foohey, Angela K. Littwin, Amy J. Schmitz, Financial Regulation and Consumer Protection Scholars and Former Regulators 2018 Indiana University Maurer School of Law

Response Regarding Bureau Public Reporting Practices Of Consumer Complaint Information (Docket No. Cfpb-2018-0006), Pamela Foohey, Angela K. Littwin, Amy J. Schmitz, Financial Regulation And Consumer Protection Scholars And Former Regulators

CFPB Comments by Scholars & Regulators

Response discussing whether the Consumer Federal Protection Bureau should take down its consumer complaint database.


Financing Green: Reforming Green Bond Regulation In The United States, Echo Kaixi Wang 2018 Brooklyn Law School

Financing Green: Reforming Green Bond Regulation In The United States, Echo Kaixi Wang

Brooklyn Journal of Corporate, Financial & Commercial Law

In recent years, green bonds have emerged as a way for the financial industry to contribute to environmentally friendly projects, combat climate change, and provide funds for green infrastructures across the world. While the green bond market has expanded drastically across large nations in Europe and Asia, market growth has stalled in the United States, in part due to a lack of promising regulations in the United States. Existing regulations on green bond issuance in the United States only exists in the form of non-binding international guidelines. This Note reviews the benefits and potentials of green bonds both as an ...


Sourcing Service Receipts For Franchise Tax Apportionment In Texas, Ray Langenberg, Matt Jones 2018 Texas Comptroller of Public Accounts

Sourcing Service Receipts For Franchise Tax Apportionment In Texas, Ray Langenberg, Matt Jones

St. Mary's Law Journal

Abstract forthcoming


Whistleblowers—A Case Study In The Regulatory Cycle For Financial Services, Ronald H. Filler, Jerry W. Markham 2018 Brooklyn Law School

Whistleblowers—A Case Study In The Regulatory Cycle For Financial Services, Ronald H. Filler, Jerry W. Markham

Brooklyn Journal of Corporate, Financial & Commercial Law

The Securities and Exchange Commission and the Commodity Futures Trading Commission were directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) to create whistleblower protection programs that reward informants with massive bounty payments. At the time of its passage, the Dodd-Frank Act was a highly controversial statute that was passed on partisan lines. Its whistleblowing authority was one of its “most contentious provisions.” As the result of the 2016 elections, the Dodd-Frank Act has come under renewed attack in Congress and by the new Trump administration. The stage is being set for possible repeal of ...


When Good Policies Go Bad: Controlling Risks Posed By Flawed Incentive-Based Compensation, Nicole Vincent 2018 Cleveland-Marshall College of Law

When Good Policies Go Bad: Controlling Risks Posed By Flawed Incentive-Based Compensation, Nicole Vincent

Cleveland State Law Review

The recent Wells Fargo scandal revealed the harm that can result from flawed incentive-based compensation arrangements. Large financial institutions have both a legal and an ethical obligation to ensure that any incentive-based compensation arrangements that are in place will not encourage risky or fraudulent employee behavior. The continued existence of inappropriate and poorly structured arrangements demonstrates that existing regulations are inadequate to ensure compliance and protect consumers. Regulations should include increased penalties and should more evenly distribute the burden of oversight and compliance between the public and private sectors. In addition to regulatory reform, the government should prosecute culpable high-level ...


Uncharted Waters? Legal Ethics And The Benefit Corporation, Joseph Pileri 2018 Georgetown University Law Center

Uncharted Waters? Legal Ethics And The Benefit Corporation, Joseph Pileri

St. Mary's Journal on Legal Malpractice & Ethics

Corporate law norms are reflected in lawyers’ ethical duties. The enactment of benefit corporation legislation across the country signals a legislative acknowledgment that corporate law can serve as a public, rather than a merely private, ordering mechanism. Benefit corporations expressly adopt a public benefit as a legal purpose of the enterprise. While many have written about this important development with respect to corporate fiduciary law, this essay is the first to explore the professional and ethical responsibility of lawyers representing benefit corporations. In the last century, as scholars and courts drove an understanding of corporate law that elevated the interests ...


Protecting San Francisco Residents From The Wolves Of Wall Street: A Case Study, Jessica Lindquist 2018 The University of San Francisco

Protecting San Francisco Residents From The Wolves Of Wall Street: A Case Study, Jessica Lindquist

Master's Projects and Capstones

This research conducts the first deep data analysis of the public complaints filed to the Consumer Financial Protection Bureau's Consumer Complaint database by San Francisco residents. The case study highlights how consumer financial harms are a citywide problem: San Franciscans living at every income level and in every part of the city are struggling to resolve their financial issues with the wolves of Wall Street, the financial services industry. The recommendations center on what the city, particularly the San Francisco Office of Financial Empowerment, can do at a local level now that the Trump administration is focused on deregulating ...


Investor-State Dispute Settlement Reconceptionalized: Regulation Of Disputes, Standards And Mediation, M. R. Dahlan, Wolf von Kumberg 2018 Pepperdine University

Investor-State Dispute Settlement Reconceptionalized: Regulation Of Disputes, Standards And Mediation, M. R. Dahlan, Wolf Von Kumberg

Pepperdine Dispute Resolution Law Journal

This paper argues that the current criticisms of Investor-State Dispute Settlement (ISDS) are ill-informed, and attempts at reforming the system are misguided. The definition of ISDS itself has been, for a long time, limited to investment quasi-judicial bodies or at best arbitration. Analysis of the roots of the ever growing backlash reveals that the main causes for concern are politically negotiated investment treaties, an inherently biased system, lack of transparency, and inconsistent decision-making. Examination of the core reasons behind these complaints leads to the conclusion that the EU Commission’s solution to reform ISDS through a permanent court raises more ...


The Cyprus Banking Haircut And Human Rights, The Way To Go?, Venetia Argyropoulou 2018 Pepperdine University

The Cyprus Banking Haircut And Human Rights, The Way To Go?, Venetia Argyropoulou

Pepperdine Dispute Resolution Law Journal

The Cyprus Banking Haircut of 2013 (Cyprus Haircut or Haircut) was unprecedented and had devastating implications for investors. However, more than four years after the Cyprus Haircut of 2013, account holders and shareholders in Cyprus’ two largest banks at the time—Bank of Cyprus and Cyprus Popular Bank—still do not have any available recourse for their losses. Indeed, despite account holders having resorted to national courts in the Republic of Cyprus, the Court of Justice of the European Union (CJEU) and international tribunals, such as the International Centre for Settlement of Investment Disputes (ICSID). Despite making human rights’ claims ...


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