Law Commons^™

The Free Movement Of Capital In Europe: Is The European Court Of Justice Living Up To Its Framers' Intent And Setting An Example For The World?, Jarrod Tudor

Jarrod Tudor

The benefits to free movement of international financial flows are numerous but include an efficient asset market and the opportunity for economic growth and development for countries engaged in an agreement allowing for such freedom. The free movement of capital is one of the four pillars of the Treaty on the Function of the European Union (TFEU) along with the free movement of goods, services, and labor. Article 63 of the TFEU prohibits limitations on the free movement of capital while Article 65 of the TFEU allows for some exceptions. Not only does the free movement of capital doctrine suppose …

Discriminatory Internal Taxation In The European Union: The Power Of The European Court Of Justice To Limit The Tax Sovereignty Of Member-States Under Article 110 Of The Tfeu, Jarrod Tudor

Jarrod Tudor

Protectionism can come in a variety of methods including the use of internal taxation policies that discriminate against imports making those imports more expensive on the domestic market and thus favoring domestically-produced goods. Discriminatory taxation policies have been developed by member-states to mask protectionism by distinguishing products based on import status, product similarity, product life cycle, consumption, tax collection practices, transportation charges, and state aid. The Framers of the Treaty on the Functioning of the European Union (TFEU) wrote Article 110 with the objective in mind to prohibit internal taxation policies from discriminating against goods in made in other member-states. …

Boilerplate Shock, Gregory Shill

Gregory Shill

No nation was spared in the recent global downturn, but several countries in the Eurozone arguably took the hardest punch, and they are still down. Doubts about the solvency of Greece, Spain, and a number of their neighbors are increasing the likelihood of a breakup of the common European currency. Observers believe a single departure and sovereign debt default might set off a “bank run” on the euro, with devastating regional and global consequences.

What mechanisms are available to address—or ideally, to prevent—such a disaster?

One unlikely candidate is boilerplate language in the contracts that govern Eurozone sovereign bonds. As …

Conflict Minerals And The Law Of Pillage, Patrick J. Keenan

Patrick J. Keenan

The illicit exploitation of natural resources—often called conflict minerals—has been associated with some of the worst violence in the past half-century, especially in the Democratic Republic of Congo. Prosecutors and scholars have struggled to develop legal tools to adequately hold accountable those who have been responsible for the exploitation of civilians and resources in conflict. The most common legal tool, the crime of pillage, has been inadequate because it has been applied only to discrete, relatively small episodes of theft. As important as it has been, the episodic theory is of limited utility when applied to what have been called …

Rise Of The Intercontinentalexchange And Implications Of Its Merger With Nyse Euronext, Latoya C. Brown

Latoya C. Brown, Esq.

This paper examines the impending merger between the IntercontinentalExchange (ICE) and NYSE Euronext against the backdrop of the current structure of the global financial services industry. The paper concludes that the merger embodies what the financial services industry is becoming and captures the model that will allow exchanges to remain competitive in today’s marketplace: mega-exchanges with broader asset classes and electronic platforms. As technology and globalization threaten their vitality, exchanges will need to continue reinventing and adapting. Increasingly over the last decade they have done so by merging and by moving, at least a part of, their operations on screen. …

The Regulation Of U.S. Money Market Funds: Lessons From Europe, Latoya C. Brown

Latoya C. Brown, Esq.

The recent financial crisis challenged long held perceptions of money market funds (“MMFs”) as stable and highly liquid instruments. Regulators in the US and in Europe now seek to impose additional rules on MMFs to avoid another significant failure as happened to the Reserve Fund. In the US, the debate is drawing even more media attention as question of which regulatory body - such as the Securities and Exchange Commission, the Treasury Department, and the Financial Stability Oversight Council – should lead the way has taken interesting twists and turns. This paper examines primary reform options being proposed in the …

Regulation Not Prohibition: The Comparative Case Against The Insurable Interest Doctrine, Sharo Michael Atmeh

Sharo M Atmeh

American law requires an insurable interest—a pecuniary or affective stake in the subject of an insurance policy—as a predi-cate to properly obtaining insurance. In theory, the rule prevents both wagering on individual lives and moral hazard. In practice, the doctrine is avoided by complex insurance transaction structuring to effectuate both origination and transfers of insurance by individuals without an insurable interest. This paper argues that it is time to ab-andon the insurable interest doctrine. As both the English and Aus-tralian experiences indicate, elimination of the insurable interest doctrine will have little detrimental pecuniary effect on the insurance industry, while freeing …

The Uncertainty Of “True Sale” Analysis In Originator Bankruptcy, Stephen P. Hoffman

Stephen P. Hoffman

While much of law is complex or unclear, it is unusual for a judge to comment that a legal doctrine is so unsettled that courts “could flip a coin” to decide an issue. Unfortunately for practitioners, determining what constitutes a “true sale” for bankruptcy purposes is such an issue. Add to this the recent novel and innovative processes of structured finance and asset-backed securitization, and you have the stuff of law students’—and corporate counsels’—nightmares. As a result, courts and legislatures need to provide clarity in this area so that originators can safely structure investments and transactions, not only for the …

Re-Examining Investor Protection In The Eu And Us, John Ja Burke

John JA Burke

The year 2009 is a propitious time to evaluate systems of investor protection in financial markets as global bank losses exceed the 1 trillion mark and market losses equally exceed the 1 trillion mark. Prior to the Global Financial Crisis, the European Union enacted sweeping legislation to reform its system of investor protection. The Markets in Financial Instruments Directive [MiFID] is the regulatory equivalent of the deregulatory 1987 “Big Bang” that shaped the current European financial markets. It also applies to one of the world’s largest trading regions. This article examines select investor protection provisions of MiFID and their analogues …

The Effects Of Devaluation Of The Tenge Upon The Kazakhstan Economy, John Ja Burke

John JA Burke

This article examines the probable effect of the February 2009 devaluation of the Tenge on the Kazakhstan economy. Conventional wisdom holds that currency devaluation increases exports, protects domestic production, and preserves foreign exchange currency reserves. While the latter states the obvious, the causal relation between currency devaluation and increased export revenue and increased domestic production, though logically valid, requires the passage of time to measure. In the context of Kazakhstan, the question of devaluation and its effects also must be examined within the “Dutch Disease” model, as Kazakhstan is an oil dependent country. History teaches that devaluing the Tenge is …

Hard Law V. Soft Law: Unnecessary Dichotomy?, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

Introduction To The Panel On "Preventing Asian Type Crises: Who, If Anyone, Should Have Jurisdiction Over Capital Movements?", Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

Dealing With Sovereign Liquidity Crises: New International Initiatives For The New World Of Volatile Capital Flows To And From Emerging Markets, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

Remarks (As Chair) On "Money Across Borders", Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

Aiding The Transformation Of Economies: Is The Fund's Conditionality Appropriate To The Task?, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

International Standards For Consolidated Supervision Of Financial Conglomerates: Controlling Systemic Risk, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

U.S. Restructuring Legislation: Revising The International Banking Act Of 1978, For The Worse?, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

Introductory Note To The Bank For International Settlements: Committee On Banking Regulations And Supervisory Practices' Consultative Paper On International Convergence Of Capital Measurement And Capital Standards, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

Remarks (As Panelist) On Europe 1992: Roundup On The Law And Politics Of The European Community, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

Does International Human Rights Law Have Something To Teach Monetary Law?, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

Introductory Note To The Basle Committee Paper On Proposals For International Convergence Of Capital Measurement And Capital Standards, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

The Battle For International Bank Accounts: Restrictions On International Payments For Political Ends And Article Viii Of The Fund Agreement, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

Introductory Note To The Basle Supervisors' Committee's Paper On Off-Balance Sheet Exposures, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

The U.S. Response To The International Debt Crisis: The International Lending Supervision Act Of 1983, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

Review Of Making International Monetary Policy, By F. Lisle Widman, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

United States: Federal Reserve System Rules Concerning International Banking Facilities: Introductory Note, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

Trends: The Decision To Block Iranian Assets--Reexamined, Cynthia C. Lichtenstein, Edward Gordon

Cynthia C. Lichtenstein

No abstract provided.

Current Proposals For Marshalling Data On And Disclosure By Multinationals, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

Treasury's New Reporting System For Information On Foreign Exchange Transactions, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.

Review Of Money In The Multinational Enterprise: A Study Of Financial Policy, By Sidney M. Robbins And Robert B. Stobaugh, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

No abstract provided.