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Deference Debate And The Role Of Cost-Benefit Analysis In Financial Regulation: Metlife V. Financial Stability Oversight Council, Frederick Matthew Norchi 2017 University of North Carolina School of Law

Deference Debate And The Role Of Cost-Benefit Analysis In Financial Regulation: Metlife V. Financial Stability Oversight Council, Frederick Matthew Norchi

North Carolina Banking Institute

No abstract provided.


"Fishing" For Trouble?: On The Appropriate Limits Of A Civil Investigative Demand Issues By The Cfpb, E. Sylvester Kisluk 2017 University of North Carolina School of Law

"Fishing" For Trouble?: On The Appropriate Limits Of A Civil Investigative Demand Issues By The Cfpb, E. Sylvester Kisluk

North Carolina Banking Institute

No abstract provided.


Using A Shotgun To Kill A Fly: Issues With The Cfpb's Payday Lending Proposal And The Need To Incentivize Banks To Enter The Marketplace, Ethan D. Trotz 2017 University of North Carolina School of Law

Using A Shotgun To Kill A Fly: Issues With The Cfpb's Payday Lending Proposal And The Need To Incentivize Banks To Enter The Marketplace, Ethan D. Trotz

North Carolina Banking Institute

No abstract provided.


Living Wills: How Legal Entity Rationalization Addresses The "Too Big To Fail" Problem, Monica M. Burks 2017 University of North Carolina School of Law

Living Wills: How Legal Entity Rationalization Addresses The "Too Big To Fail" Problem, Monica M. Burks

North Carolina Banking Institute

No abstract provided.


Nested Payment Intermediaries In The Ach Network: Risks And Responsibilties Of Odfis, Edward McCartney 2017 University of North Carolina School of Law

Nested Payment Intermediaries In The Ach Network: Risks And Responsibilties Of Odfis, Edward Mccartney

North Carolina Banking Institute

No abstract provided.


The Wells Fargo Scandal And Efforts To Reform Incentive-Based Compensation In Financial Institutions, Justin H. Mims 2017 University of North Carolina School of Law

The Wells Fargo Scandal And Efforts To Reform Incentive-Based Compensation In Financial Institutions, Justin H. Mims

North Carolina Banking Institute

No abstract provided.


Defining And Verifying Accredited Investors: Effect Of Potential Sec Changes On North Carolina's Crowdfunding Statute, The Nc Paces Act, Harris M. Watkins 2017 University of North Carolina School of Law

Defining And Verifying Accredited Investors: Effect Of Potential Sec Changes On North Carolina's Crowdfunding Statute, The Nc Paces Act, Harris M. Watkins

North Carolina Banking Institute

No abstract provided.


Virtual Currencies: Growing Regulatory Framework And Challenges In The Emerging Fintech Ecosystem, V. Gerard Comizio 2017 University of North Carolina School of Law

Virtual Currencies: Growing Regulatory Framework And Challenges In The Emerging Fintech Ecosystem, V. Gerard Comizio

North Carolina Banking Institute

This article discusses the background of virtual currency—primarily Bitcoin’s development and legal and regulatory complications, including the Silk Road and Mt. Gox prosecutions that have arisen in connection with virtual currency in business activities. Next, the article discusses major legal, enforcement, and regulatory initiatives that address challenges related to virtual currencies, both in the United States and in countries with major financial services industries. The article then discusses international legal and regulatory developments, surveying select jurisdictions with significant impacts on the global financial services industry. Finally, the article briefly concludes with some closing thoughts.


Rethinking Corporate Governance For A Bondholder Financed, Systemically Risky World, Steven L. Schwarcz 2017 College of William & Mary Law School

Rethinking Corporate Governance For A Bondholder Financed, Systemically Risky World, Steven L. Schwarcz

William & Mary Law Review

This Article makes two arguments that, combined, demonstrate an important synergy: first, including bondholders in corporate governance could help to reduce systemic risk because bondholders are more risk averse than shareholders; second, corporate governance should include bondholders because bonds now dwarf equity as a source of corporate financing and bond prices are increasingly tied to firm performance.


Part I Remedies For Breach Of A Buyer’S Obligation To Open A Letter Of Credit In Cisg Contracts, Edgardo Muñoz 2017 Universidad Panamericana, Guadalajara

Part I Remedies For Breach Of A Buyer’S Obligation To Open A Letter Of Credit In Cisg Contracts, Edgardo Muñoz

Edgardo Muñoz

A clause in a sales contract requiring the buyer to open a letter of credit creates an obligation for the buyer to have a bank assume an obligation to pay the contract price against documents towards the beneficiary of the credit, i.e. the seller. This obligation to open a letter of credit is enforceable under the law governing the sales contract. Questions arise as to the enforcement and effects of the buyer’s obligation under that law. In particular, whether failing to open the letter of credit, or a non-compliant letter of credit, may entitle the seller to claim ...


The New Bond Workouts, William W. Bratton, Adam J. Levitin 2017 University of Pennsylvania Law School

The New Bond Workouts, William W. Bratton, Adam J. Levitin

Faculty Scholarship

Bond workouts are a famously dysfunctional method of debt restructuring, ridden with opportunistic and coercive behavior by bondholders and bond issuers. Yet since 2008 bond workouts have quietly started to work. A cognizable portion of the restructuring market has shifted from bankruptcy court to out-of-court workouts by way of exchange offers made only to large institutional investors. The new workouts feature a battery of strong-arm tactics by bond issuers, and aggrieved bondholders have complained in court. The result has been a new, broad reading of the primary law governing workouts, section 316(b) of the Trust Indenture Act of 1939 ...


Banks And Banking–12 U.S.C. Section 85–The Broadened Power Of National Banks Regarding Interest Rates On Credit Card Transactions, Lucrecia Ann Henderson 2017 Selected Works

Banks And Banking–12 U.S.C. Section 85–The Broadened Power Of National Banks Regarding Interest Rates On Credit Card Transactions, Lucrecia Ann Henderson

Ann Henderson

No abstract provided.


You Can’T Stop What You Can’T See: Complementary Risk Mitigation Through Compensation Disclosure, Matt Reeder 2017 College of William & Mary Law School

You Can’T Stop What You Can’T See: Complementary Risk Mitigation Through Compensation Disclosure, Matt Reeder

William & Mary Business Law Review

Section 956 of the Dodd-Frank Act requires regulators to help prevent the next financial crisis by monitoring executive compensation arrangements to prevent them from becoming excessive or leading to “material financial loss.” A now-pending rule seeks to do just this. This Article argues that the rule is well-conceived inasmuch as it limits the total portion of compensation that can be based on risk-inducing incentives, ties incentive-based compensation to longer-term performance, places a ceiling on potential incentivebased earnings, provides for downward adjustment and clawbacks, prohibits many hedging behaviors, and institutionalizes governance mechanisms and oversight policies. But, by placing a number of ...


Finding The Pearl In The Oyster: Supercharging Ipos Through Tax Receivable Agreements, Christopher B. Grady 2017 Northwestern University School of Law

Finding The Pearl In The Oyster: Supercharging Ipos Through Tax Receivable Agreements, Christopher B. Grady

Northwestern University Law Review

A new, “supercharged” form of IPO has slowly developed over the last twenty years. This new form of IPO takes advantage of several seemingly unrelated provisions of the tax code to multiply pre-IPO owners’ proceeds from a public offering without reducing the amount public investors are willing to pay for the stock. Supercharged IPOs use a tax receivable agreement to transfer tax assets created by the IPO back to the pre-IPO ownership, “monetizing” the tax assets. As these structures have become more efficient, commentators have expressed concerns that these agreements deceive shareholders who either ignore or do not understand the ...


Reshaping Third-Party Funding, Victoria S. Sahani 2017 Washington and Lee University School of Law

Reshaping Third-Party Funding, Victoria S. Sahani

Victoria Shannon Sahani

Third-party funding is a controversial business arrangement whereby an outside entity—called a third-party funder—finances the legal representation of a party involved in litigation or arbitration or finances a law firm’s portfolio of cases in return for a profit. Attorney ethics regulations and other laws permit nonlawyers to become partial owners of law firms in the District of Columbia, England and Wales, Scotland, Australia, two provinces in Canada, Germany, the Netherlands, New Zealand, and other jurisdictions around the world. Recently, a U.S.-based third-party funder that is publicly traded in England started its own law firm in ...


The New Era Of Doing Business With Iran: Iran’S International Commercial Transactions And Global Security, John Changiz Vafai 2017 Archival Magazine

The New Era Of Doing Business With Iran: Iran’S International Commercial Transactions And Global Security, John Changiz Vafai

Pace International Law Review

On January 17, 2016, in a statement following his signing of the Joint Comprehensive Plan of Action (JCPOA) with Iran, President Obama addressed that country’s people, stating that “yours is a great civilization, with a vibrant culture that has so much to contribute to the world – in commerce, and in science and the arts.” While the former U.S. President’s evaluation of the Iranian people’s greatness is indisputable, there are questions concerning doing business with Iran which transcend conventional legal issues and commercial problems.

Given the juxtaposition of Iran’s duopolistic government structure and ideologically oriented decision-making ...


The Alliance Between Payday Lenders And Tribes: Are Both Tribal Sovereignty And Consumer Protection At Risk?, Nathalie Martin, Joshua Schwartz 2017 Selected Works

The Alliance Between Payday Lenders And Tribes: Are Both Tribal Sovereignty And Consumer Protection At Risk?, Nathalie Martin, Joshua Schwartz

Nathalie Martin

No abstract provided.


The Potential Effect Of The Department Of Labor’S New Fiduciary Rule On Broker-Dealers And The Middle Income Retirement Investors Who Rely On Them, Nadia Yoon 2017 The Catholic University of America, Columbus School of Law

The Potential Effect Of The Department Of Labor’S New Fiduciary Rule On Broker-Dealers And The Middle Income Retirement Investors Who Rely On Them, Nadia Yoon

Catholic University Law Review

On April 6, 2016, the U.S. Department of Labor issued a final rule aimed at increasing the reach of the definition of fiduciary status under the Employee Retirement Income Security Act of 1974 (ERISA). This rule closed a loophole that had allowed broker-dealers to avoid becoming investment advisers under ERISA, allowing them to provide bad advice to their retirement clients without disclosing material conflicts of interest. This note begins by laying out the fiduciary rules and standards under ERISA and the U.S. Securities and Exchange Commission’s oversight regime before the final rule. It then lays out the ...


Security Interests In Book-Entry Securities In Japan: Should Japanese Law Embrace Perfection By Control Agreement And Security Interests In Securities Accounts?, Kumiko Koens, Charles W. Mooney Jr. 2017 Yamagata University

Security Interests In Book-Entry Securities In Japan: Should Japanese Law Embrace Perfection By Control Agreement And Security Interests In Securities Accounts?, Kumiko Koens, Charles W. Mooney Jr.

Faculty Scholarship

The paper proposes two significant modifications of Japan’s Act on Transfer of Bonds, Shares, etc. (BETA). First, it suggests the control agreement method of transferring an interest in securities that is effective against third parties. Under the BETA, the creation of an effective interest in book-entry securities requires book entries in the securities accounts of the transferor and the transferee. Under the control agreement approach, the transferor, transferee, and the transferor’s securities intermediary would agree that (i) the intermediary would act on the instructions of the transferee with respect to securities credited to the transferor’s securities account ...


Mutual Fund Capital Structure, A. Joseph Warburton 2017 Syracuse University

Mutual Fund Capital Structure, A. Joseph Warburton

Marquette Law Review

The Investment Company Act of 1940 regulates the capital structure of mutual funds in order to restrain their leverage and speculative character. It is often (mistakenly) assumed that the law prohibits open-end mutual funds from borrowing money. This Article (I) analyzes the law governing mutual fund capital structure to reveal when (and to what extent) borrowing is allowed and (ii) examines a novel dataset on mutual fund capital structure that shows borrowing is an unexpectedly common practice.

Using data on all registered investment companies in the U.S. from 1998 to 2013, I find that nearly 8% of open-end mutual ...


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