Law Commons^™

Defining Our Terms Carefully And In Context: Thoughts On Reading (And In One Case, Rereading) Three Books, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

In preparing to write this paper, I read again Walter Bagehot’s Lombard Street: A Description of the Money Market , Perry Mehrling’s The New Lombard Street: How the Fed Became the Dealer of Last Resort and John Authers’ The Fearful Rise of Markets: Global Bubbles, Synchronized Meltdowns, and How to Prevent Them in the Future. . Bagehot, of course, was the Governor of the Bank of England when he wrote what Mehrling calls his “magisterial” treatise in 1873 on how a central bank must react to a financial crisis. Mehrling is an economist and an economic historian. Authers is a …

A New Role For The International Monetary Fund In A New World Economic Order, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

The IMF must change to deal with its new functions in a changed world of interconnected global financial markets. The piece first describes the Fund's mandated process of internal reform as of the time the paper was given (2007). It then summarizes the recommendations of Mervyn Kind, Governor of the Bank of England (in a talk he gave in India) as to how the Fund should change its oversight of the functioning of the international monetary system.

Slideshow: Bank Monopoly Power In The Usa, Symphony Music

Symphony Music

Slideshow about US bank monopoly power. A distilled history of banking evolution to what it is today and the shift away from the Public Trust. Includes the bank's tactical response strategy.

Slideshow: Participants In A Securitization, Symphony Music

Symphony Music

Presentation outlining the roles of Securitization participants and the banking "front" that undermines regulations and creates the fraud.

Mortgage Securitization 550: Ultimate Insider Appendix - Research For Future Tongue-In-Cheek Mortgage & Disclosure Issues, Symphony Music

Symphony Music

Tongue in Cheek disclosure of bank actual statements

Slideshow: Where Is A Default In A Securitization?, Symphony Music

Symphony Music

There is no "default" in a securitized mortgage loan. The loan is paid off ab initio and the existence of the note is fabricated from paid off balances for the convenience of the originators who didn't think through the foreclosure process.

On The Theoretical Foundations For Regulating Financial Markets, Katharina Pistor

Katharina Pistor

How we think about financial markets determines how we regulate them. Since the 1970s modern finance theory has shaped how we think about and regulate financial markets. It is based on the notion that markets are or can be made (more) efficient. Financial markets have been deregulated when they were thought to achieve efficient outcomes on their own; and regulation was designed to lend crutches to them when it appeared that they needed support. While modern finance theory has suffered some setbacks in the aftermath of the global crisis, defenders hold that improving market efficiency should still be the overriding …

Running In The Shadows, Joshua A. Craven

joshua a craven

The financial crisis of 2007-2008 can be characterized as a run on the shadow banking system. Over several decades, the United States slowly and quietly developed a massive shadow banking system—a complex chain of borrowers and investors entering into repo agreements financed by money-market mutual funds and primary dealers, collateralized with asset-backed securities derived from mortgages originated by lenders and securitized through special purpose vehicles, then purchased by banks with capital raised by entering into repo agreements. For years, this chain of transactions operated to meet banks’ short-term liquidity needs, until uncertainty in the value of the asset-backed securities used …

El Rostro Público De La Propaganda Administrativa, Norma E. Pimentel

Norma E Pimentel

No abstract provided.

Cuando La Educación Sea Diferente, Norma E. Pimentel

Norma E Pimentel

No abstract provided.

¿Quién Fue El (La) Gran Ausente En El #Debate2012?, Norma E. Pimentel

Norma E Pimentel

Reflexión personal sobre el "debate" del día 06.05.2012

Structured Notes Fiasco In The Courts: A Study Of Relevant Judgments In Taiwan Between 2009 And 2010, Christopher Chao-Hung Chen

Christopher Chao-hung CHEN

The purpose of this article is to analyse relevant judicial decisions in Taiwan regarding structured notes sold to retail investors. Regarding pre-sale disputes, one issue was that investors failed to read contractual documents properly before signing contracts, so there was a question whether they could later claim a bank’s violation of its duty to explain. This article favours the view that an investor’s signature may exempt a bank’s duty, provided that investors are made aware of relevant warnings. In addition, for suitability assessment, relevant judgments show that customers were too easily classified as active investors based on a simple questionnaire. …

Regulation Of Speculation In The Financial Market: Focusing On Derivative Instruments, Christopher Chao-Hung Chen

Christopher Chao-hung Chen

This article argues that market speculation is a conduct to acquire benefits by undertaking risk. Derivative instruments are powerful tools for market participants to conduct market speculation, which may help hedging, market making and completing investment market. However, pure and excessive speculation might cause net loss of market efficiency and create external costs. Some speculative transactions may imply asymmetric information. Market speculation might also lead to market abuse and even systemic risk. These reasons provide the basis to regulate market speculation by derivatives trading. This paper argues that Taiwan law might build on current regulatory model centring on the type …

Information Disclosure, Risk Trading And The Nature Of Derivative Instruments: From Common Law Perspective, Christopher Chao-Hung Chen

Christopher Chao-hung CHEN

This paper explores issues of pre-contractual disclosure for derivative instruments, of which this paper describes as contracts to trade risks, in the UK and US. While there is no general duty of disclosure in common law, this paper focuses on whether there should be a duty of disclosure for derivative instruments by comparing with securities law and insurance law. This paper argues that mandatory disclosure in the securities market cannot be extended to exchange-traded futures contracts (save where securities are involved) because of the nature of securities. In addition, this paper argues that derivative instruments, though similar to insurance in …

Classification Of Clients Of Financial Firms: From Comparative Law Perspective, Christopher Chao-Hung Chen

Christopher Chao-hung Chen

The purpose of this article is to examine current regulations under Taiwan law with regard to classification of clients of financial firms in Taiwan from the perspective of comparative law. After comparing with relevant laws in the EU, UK, USA, Hong Kong, and Singapore, this article argues that there are certain points worth further consideration and revision under Taiwan law: first, the level of current regulation in Taiwan and its scope are rather limited compared with foreign laws; secondly, it is necessary to introduce other standards than mere ‘total assets’ in order to determine a ‘large’ enterprise; and thirdly, current …

The Construction Of Suitability Obligation Of Financial Institutions When Selling Structured Products: From Comparative Law Perspective, Christopher Chao-Hung Chen

Christopher Chao-hung Chen

The purpose of this article is to examine the suitability rules regarding structured products under Taiwan law from a comparative law perspective. After the global financial crisis, Taiwan has imposed specific suitability obligations on financial institutions when they promote derivatives and structured products. However, the suitability rule is only placed in administrative regulations and its scope is also limited. In addition, Taiwan law does not distinguish different types of relationships between a financial institution and a client. Furthermore, the biggest challenge to the suitability rule is to define the meaning of ‘suitable’. This article argues that the starting point is …

The Boundary Of Futures Regulation: From U.K. And U.S. Judgments Regarding Commodity Forward Contracts, Christopher Chao-Hung Chen

Christopher Chao-hung CHEN

No abstract provided.

Contractual Structure Of Structured Notes And Legal Characterisation Of Non-Discretionary Trust, Christopher Chao-Hung Chen

Christopher Chao-hung Chen

This article argues that if a structured product is documented as “notes”, it should be deemed as “securities” under the Securities Exchange Act in Taiwan. It should be regulated issuance, purchase or brokerage activities under securities regulations, if a structured note is issued directly in Taiwan or if a domestic investor authorized a securities broker to have it purchased in a foreign country on his behalf,. In addition, even if one invests in structured notes issued by a foreign company via a non-discretionary trust with a commercial bank, this activity should still constitute sales of foreign securities; and thus it …

La Transparencia En La Protección De Datos Personales, Bruno L. Costantini García

Bruno L. Costantini García

La Transparencia en la Protección de Datos Personales, ponencia elaborada dentro de los trabajos del VII Congreso Nacional de Organismos Públicos Autónomos (OPAM)

Celebrando Un Año Más Del Día Internacional Del Trabajo, Norma E. Pimentel

Norma E Pimentel

No abstract provided.

Slideshow: Financial System Failure!, Symphony Music

Symphony Music

The unintended result of Federal Reserve Bank and Commercial Bank policy mixed in with the good intentions of securitized assets ended up: 1) stealing from all consumers, and; 2) economically disrupting every level of society.

Cultura De La Legalidad. Participación Ciudada En Transparencia, Norma E. Pimentel

Norma E Pimentel

No abstract provided.

Developing An Effective Anti-Money Laundering Compliance Regime, William Byrnes

William H. Byrnes

No abstract provided.

Fatca Update, William Byrnes

William H. Byrnes

No abstract provided.

Issues With Developing Fatca Compliance Systems, William Byrnes

William H. Byrnes

No abstract provided.

Construyendo Cultura De La Legalidad Y Participación Ciudadana, Norma E. Pimentel

Norma E Pimentel

No abstract provided.

Las Leyes Como Parte Integrante Del Derecho, Norma E. Pimentel

Norma E Pimentel

No abstract provided.

Real Vs. Imagined Financial Markets The Regulatory Challenge, Katharina Pistor

Katharina Pistor

We have grown accustomed to regulating financial markets based on imagined, not real markets. Real markets are shaped by and co-­‐evolve with institutional arrangements within two fundamental constraints: Imperfect knowledge and the threat of illiquidity. Imperfect knowledge implies that the future is unknown and unknowable and that, therefore, investment strategies developed today will need to be revised, if not reversed, when the future arrives. Illiquidity means that it is impossible to convert all claims into cash at any given moment. It follows that when far-­‐reaching downward adjustments to past investment strategies become necessary the illiquidity threat manifests itself and can …

Information Revolution: “Choice Of Control” To “Choice And Control”, Subhajit Basu, Christina Munns

Subhajit Basu

Please do not cite without permission of the authors.

In this article, we critically analyse whether the ‘privacy framework’ for health records is ‘fit-for-purpose’ for the NHS’s ‘information revolution’ and argue that the NHS’s ‘proxy-individual’ information-guardian role could inadvertently mask individuals’ intended roles, effectively circumventing autonomy-based laws by limiting the power of individuals to be autonomous. We suggest that moving ‘choice of control’ to individuals will render ‘privacy’ redundant whilst validating ‘confidentiality’ via consent from empowered individuals. This power shift would expose the overdue need for options to increase levels of individual ‘control/privacy,’ moving from the NHS’s paternal ‘proxy-individual’ conception …

Judicial Review Of Administrative Action/ Decision As The Primary Vehicle For Constitutionalism: Law And Procedures In Tanzania, Daudi Mwita Nyamaka Mr.

Daudi Mwita Nyamaka Mr.

This paper examines the discretionary powers of the High Court of Tanzania to review decisions and actions of other public bodies as a means to uphold the spirit of the Constitution on checks and balances between the three organs of the state. The writer examines the procedures for judicial review, the legal and procedural requirements and the remedies available under the laws of Tanzania, however, the writer further examines experiences from other countries particularly from case laws.