Law Commons^™

Neither A Borrower Nor A Lender Be: Analyzing The Sec’S Reaction To Crypto Lending, Carol R. Goforth

University of Massachusetts Law Review

In June 2021, the largest U.S.-based crypto exchange, Coinbase, announced plans to allow its customers to earn 4% interest on deposits of certain cryptoassets through a new “Coinbase Lend” program. Despite a positive reaction from its customers, on September 7, 2021, Coinbase announced it had received a notice from the Securities and Exchange Commission (SEC) to the effect that the Commission had preliminarily concluded that the proposed Lend program was a security and that Coinbase would be in violation of the federal securities laws if it proceeded. The threat of enforcement caused Coinbase to terminate the program. Shortly thereafter, in …

Percepatan Pelayanan Perizinan Berusaha Dalam Rangka Potensi Peningkatan Investasi Sektor Sumber Daya Alam: Pertanian, Farid Anfasa

"Dharmasisya” Jurnal Program Magister Hukum FHUI

This research discusses about licensing is a policy instrument of the government to control negative externalities that may be caused by social or economic activities. License is also an instrument for legal protection for the ownership or operation of activities. The Acceleration of Business Licensing Services in Indonesia is still far from ideal as expected by business people. Seeing this fact, there is a need to change the service paradigm, especially investment licensing services, so that investment licensing procedures can be created that can be categorized as cheap, fast and clear in accordance with predetermined public service standards. Therefore the …

Mengkaji Kepastian Hukum Dan Perlindungan Hukum Terhadap Investasi Di Indonesia Melalui Lembaga Perizinan Online Single Submission (Oss), Eldbert Christanto Anaya Marbun

"Dharmasisya” Jurnal Program Magister Hukum FHUI

To drive the national economy, investment is one of the main driving factors that the Government of Indonesia continues to maintain and grow. Various efforts have been made by the Government so that investment can flow rapidly into Indonesia, both PMA and PMDN. One of these efforts is to build a new electronic-based licensing system. Based on Government Regulation Number 24 of 2018 concerning Electronically Integrated Business Licensing Services or often referred to as OSS, licensing services are made easier. Through the OSS system, licensing for undertaking and investing is simplified. The bureaucracy and lengthy licensing requirements that have been …

Studi Kasus Tindak Pidana Pasar Modal Pada Pt Reliance Securities, Tbk Dan Pt Magnus Capital, Vicky Prayitno

"Dharmasisya” Jurnal Program Magister Hukum FHUI

Capital market is one of the national development tools that nowdays has growed rapidly and its existence has become one of the financing alternatives in national development. The runs of the capital market can not be seperated from its possiblities of criminal act that harm the investor and society. Capital market crime’s character is well-organised and involving certain parties like other white collar crimes, therefore the resolution and responsibility is also terribly complex since the case involves those related parties in that crime. One of the enticing violations in the capital market was a fraud case committed by Larasati (one …

Implication Of Regional Tax Regulation For The Investment Climate And Its Relation With Omnibus Bill On Taxation, Debora Kristina Doloksaribu

"Dharmasisya” Jurnal Program Magister Hukum FHUI

The granting of autonomy to the regions is intended to provide democratic space and public participation. Legal certainty in the administration of regional government specifically related to taxes is very crucial, specifically for economic development, as it affects the investment climate. Any discrepancy between regional and central policies is seen as an obstacle in optimizing investment performance in the regions. The Government has proposed a Bill on General Provisions and Tax Facilities for Strengthening the Economy or also known as the Omnibus Bill on Taxation which regulates, among other things, regional tax and regional levy. One of principal arrangements in …

Pemanfaatan Dan Perlindungan Hukum Terhadap Sumber Daya Air Dalam Perspektif Investasi Dan Kesejahteraan, Arindita Pratiwi

"Dharmasisya” Jurnal Program Magister Hukum FHUI

As a natural resource that can be renewed and is an unlimited energy, water has an important role in meeting the daily needs of humans and other living things, without water there would be no life. The presence of the state in managing water resources for the greatest welfare of the people is a manifestation of the state's control over water resources as mandated by Article 33 paragraph (3) of the 1945 Constitution of the Republic of Indonesia and is the state's obligation to fulfill the people's rights to water. In fulfilling the need for clean water for all its …

Here To Stay: Wrestling With The Future Of The Quickly Maturing Spac Market, Matthew Diller, Rick Fleming, Stephen Fraidin, Aj Harris, Gregory F. Laufer, Mark Lebovitch, Gregg A. Noel, Hester M. Peirce, Usha R. Rodrigues, Mike Stegemoller, Verity Winship, Douglas Ellenoff

Fordham Journal of Corporate & Financial Law

No abstract provided.

Private Equity And Venture Capital In Germany: How Europe’S Heartland Is Poised To Become The Next Bay Area, Jake Besanceney

Northwestern Journal of International Law & Business

Abstract

This note examines the current state of private equity and venture capital activity and investment in Germany, and specifically in Berlin, in relation to the state of such activity and investment that existed in the San Francisco Bay Area prior to and following its tech explosion in the late twentieth century. Numerous factors such as political and ethnic diversity, a comparatively lower cost of living, and proximity to higher education institutes are propelling Berlin’s startup and tech scenes, and are eerily reminiscent of similar factors that fueled the Bay Area’s growth and attracted private equity and venture capital activity …

Crisis, Continuity, And Change In International Investment Law And Arbitration, Valentina Vadi

Michigan Journal of International Law

The dialectic between continuity and change lies at the heart of international law, which seeks to foster peaceful, just, and prosperous relations among nations. International law endeavors to govern the future by applying, in the present, norms that are inherited from the past. Nonetheless, everything flows and in an ever-changing world, some change is needed within the international legal system to ensure its stability especially in time of crisis. Not only can crises constitute means for the development of international law, but they can test, undermine or ultimately buttress the structure of international law. This article explores the connection between …

Against Balancing: Revisiting The Use/Regulation Distinction To Reform Liability And Compensation Under Investment Treaties, Jonathan Bonnitcha, Emma Aisbett

Michigan Journal of International Law

Investment treaties generate mutual benefits for host states and foreign investors to the extent that they discipline opportunistic conduct by host states. Investment treaties do not necessarily generate mutual benefits insofar as they constrain states’ ability to respond to new information or to change their policy priorities. In a companion paper, we use the tools of law and economics to formalize and clarify the relationship between problems of opportunism on the one hand, and new information and shifts in policy priorities on the other. On this basis, we develop a proposal to reform the legal principles that govern liability and …

How To Sue An Asue? Closing The Racial Wealth Gap Through The Transplantation Of A Cultural Institution, Cyril A.L. Heron

Michigan Journal of Race and Law

Asues, academically known as Rotating Savings and Credit Associations (or ROSCAs for short), are informal cultural institutions that are prominent in developing countries across the globe. Their utilization in those countries provide rural and ostracized communities with a means to save money and invest in the community simultaneously. Adoption of the asue into the United States could serve as the foundation by which to close the racial wealth gap. Notwithstanding the benefits, wholesale adoption of any asue model runs the risk of cultural rejection because the institution is foreign to the African American community.

Drawing upon principles of cultural and …

Rethinking "Political" Considerations In Investment, David H. Webber

Faculty Scholarship

Five years ago, Professor David H. Webber was invited to deliver an address both to our Delaware Law School community and to the Delaware Bench and Bar as Visiting Scholar in Residence of Corporate and Business Law. Webber's Speech, "Rethinking 'Political' Considerations in Investment," made several predictions about the rise of politicized investment which were quite prescient. As relevant today as when it was delivered, this piece explores the consideration of investment factors outside the traditional realm of shareholder profit maximization, both in its current state and in the future. Webber's analysis of how investors balance the role of capital …

Chinese Resource-For-Infrastructure (Rfi) Investments In Sub-Saharan Africa And The Future Of The "Rules-Based" Framework For Sovereign Finance: The Sicomines Case Study, Jingwei Xu

Michigan Journal of International Law

China has emerged as sub-Saharan Africa’s largest development financier over the past two decades. While commentators have observed novel, sui generis transactional structures in China’s financing arrangements, legal analysis of those contractual forms and their relationships to incumbent international economic governance regimes remains scant. This note addresses those scholarly lacunae, taking as its case study the 2008 Sicomines Agreement—a multi-billion USD investment financing agreement between the Democratic Republic of the Congo and various Chinese corporate entities that merges infrastructure investment with a mineral extraction joint-venture project. It demonstrates that the Sicomines Agreement selectively draws on and integrates pre-existing modes of …

The Siren Song Of Litigation Funding, J.B. Heaton

Michigan Business & Entrepreneurial Law Review

For an investor, litigation funding is too tempting to resist. Litigation funding promises that most elusive of investment returns: those uncorrelated with an investor’s other investment returns. Litigation funding also invests in a world that seems fraught with possible pricing inefficiencies. It seems plausible—even likely—that a team of smart lawyer-underwriters can identify high-value litigation investments to generate superior returns for litigation funding investors. But more than a decade of experience suggests the promise of litigation funding is a siren song. The promise draws investors into the water, but the payoffs may be meager and rare. While litigation funding has always …

Drawing The Line: Can Lawyers Invest In Their Client's Business Without Crossing An Ethical Line?, Ali Ghassemi

The Journal of Business, Entrepreneurship & the Law

I will begin with a look inside the history of entrepreneurship and its rise and decline throughout various times in our country’s history. I will then shift the focus towards the history of startup companies and what the modern trend is today in startups. After laying the foundation for startups, I will look into the complexities of creating a startup company and looking at the role that attorneys play in the lifetime of startups. From there, I will dive into the history and trend of lawyers who have invested in their client’s companies - through direct investment or bartering by …

Nipped In The Bud: How Legal Disparities Create Financial Growth Hurdles In The State-Sanctioned Marijuana Industry And Why Bankruptcy Courts Can Provide A Remedy, Caitlyn Cullen

University of Miami Law Review

A new marijuana industry has emerged in the United States in the wake of state-by-state legalization of marijuana, and entrepreneurs, investors, and other advisory services are increasingly viewing the marijuana industry as an area of legitimate business opportunity. However, potential investors have been hesitant to establish formal relationships with marijuana businesses that operate legitimately in the eyes of the state but in a cloud of legal uncertainty at the federal level because the Controlled Substances Act criminalizes marijuana. This Note identifies two economic consequences of the conflicts of state and federal law and suggests a temporary solution that would allow …

The Promised Land Is On The Horizon: The Fix Crowdfunding Act Will Implement Small Changes That Could Make A Big Impact On Investors And Businesses Alike, Michaela Smith

The Journal of Business, Entrepreneurship & the Law

No abstract provided.

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 …

Expectations As Property: Histories, Contexualizations, Critiques, Freya Irani, Katharina Pistor

Faculty Scholarship

The last four decades have seen an enormous expansion in the number of international investment treaties (particularly bilateral investment treaties) and in investment treaty-based arbitrations and awards. Traditionally made between capital-exporters and capital-importing states (that is, along a North-South axis), such treaties generally assure investors of one signatory state (the "home state") protection on the basis of pre-determined standards in the other signatory state or states (the "host state"). Such treaties also provide for compensation in case of breaches of these standards, and give investors recourse to arbitration in case of disputes. Given these provisions alongside arbitral treaties themselves, in …

Evaluating Financial Integration And Cooperation In The Asean, Brendan Harvey

Michigan Business & Entrepreneurial Law Review

Financial integration is less pronounced in the ASEAN than other mea-sures of economic integration. This is particularly apparent when com-pared against other regions that have undergone similar integrative efforts, such as the European Union. Cross-border trade flows, foreign-direct in-vestment, and investment in capital goods outstrip other investment flows. Regional institutional and legal structures governing these investment flows, while limited, present marked achievements towards creating an ASEAN financial community. The gap persists despite suggestions that the Asian Financial Crisis and the Global Financial Crisis (or the North Atlan-tic Financial Crisis from the Asian and Stiglitz perspective) would acceler-ate financial regionalism as …

Compensation For Expropriations In A World Of Investment Treaties: Beyond The Lawful/Unlawful Distinction, Steven Ratner

Law & Economics Working Papers

When a state expropriates a foreign investment in violation of a bilateral or other treaty on investment protection and a foreign investor sues, where should a tribunal look for the standard of compensation -- to the amount specified in the treaty, to an external standard for violations of internationally law generally, or elsewhere? Investor-state tribunals have offered wildly different answers to this question, trapped in a paradigm set by the Permanent Court of International Justice ninety years ago that distinguishes between so-called lawful and unlawful expropriations. This article evaluates and criticizes the caselaw of tribunals and proposes a new framework …

In Pursuit Of Good & Gold: Data Observations Of Employee Ownership & Impact Investment, Christopher Geczy, Jessica S. Jeffers, David K. Musto, Anne M. Tucker

Seattle University Law Review

A startup’s path to self-sustaining profitability is risky and hard, and most do not make it. Venture capital (VC) investors try to improve these odds with contractual terms that focus and sharpen employees’ incentives to pursue gold. If the employees and investors expect the startup to balance the goal of profitability with another goal—the goal of good—the risks are likely to both grow and multiply. They grow to the extent that profits are threatened, and they multiply to the extent that balancing competing goals adds a dimension to the incentive problem. In this Article, we explore contracting terms specific to …

Social Enterprise And Investment Professionals: Sacrificing Financial Interests?, J. Haskell Murray

Seattle University Law Review

Over the past decade, more than three dozen jurisdictions in the United States passed some form of social enterprise legislation. Social enterprise statutes allow for the formation of for-profit entities that expressly require directors to consider the interests of corporate constituents beyond merely shareholders. Proponents of these social enterprise statutes argue that such statutes are needed because traditional corporate law prevents sacrificing the financial interests of shareholders in the interest of a broader social good, or in the interest of other stakeholders. Recently, social enterprises have started exploring public markets and showing up on the radar of investment professionals, including …

The Bridging Model: Exploring The Roles Of Trust And Enforcement In Banking, Bitcoin, And The Blockchain, Catherine Martin Christopher

Nevada Law Journal

No abstract provided.

Financial Hospitals: Defending The Fed’S Role As A Market Maker Of Last Resort, José Gabilondo

José Gabilondo

During the last financial crisis, what should the Federal Reserve (the Fed) have done when lenders stopped making loans, even to borrowers with sterling credit and strong collateral? Because the central bank is the last resort for funding, the conventional answer had been to lend freely at a penalty rate against good collateral, as Walter Bagehot suggested in 1873 about the Bank of England. Acting thus as a lender of last resort, the central bank will keep solvent banks liquid but let insolvent banks go out of business, as they should. The Fed tried this, but when the conventional wisdom …

One Fund Solution And The Pension Crisis, Gordon Butler

Cleveland State Law Review

The next forty years of economic life will be dominated by one underlying theme: dealing with the retirement income security of a growing, aging and longer-lived global population. This is a "can’t run, can’t hide" problem that will affect the lives of almost every human being on the planet . . . Whether you are light in your pension account, whether you have more money than Croesus, whether you live in the well-funded Netherlands, or whether you are a put-upon unambitious young male in Japan who sees no future for himself, you cannot escape this problem.

Before you read very …

Canadian Pension Funds: Investments And Role In The Capital Markets And Corporate Governance, Poonam Puri, P. M. Vasudev

Poonam Puri

The article analyzes Canadian pension funds from the perspectives of corporate governance and the capital markets. It reviews their investment allocations and revenue patterns since the 1990s and identifies significant changes. The article finds that pension funds, as shareholders, have turned more activist and they wield considerable influence on corporate governance. They also contribute to shaping public policy, as evident from the relaxation of the rules on foreign investment and the removal of restrictions on communications among shareholders. The paper predicts that the role of pension funds will likely further expand in the future, given the constant rise in their …

Finding A Financial Planner, Emily G. Brown Jd

Pension Action Center Publications

This fact sheet provides information on how to find the right financial planner to help you meet your retirement planning goals. This fact sheet suggests things to consider prior to picking a financial planner and answers questions like:

• What do financial planners do?
• How do you know if you need a financial planner?
• How do you find the right financial planner?
• What type of professional title does a financial planner have?

Minority And Women Entrepreneurs: Building Capital, Networks, And Skills, Michael S. Barr

Other Publications

The United States has an enviable entrepreneurial culture and a track record of building new companies. Yet new and small business owners often face particular challenges, including lack of access to capital, insufficient business networks for peer support, investment, and business opportunities, and the absence of the full range of essential skills necessary to lead a business to survive and grow. Women and minority entrepreneurs often face even greater obstacles. While business formation is, of course, primarily a matter for the private sector, public policy can and should encourage increased rates of entrepreneurship, and the capital, networks, and skills essential …

Bridgefunding Is Crowdfunding For Startups Across The Private Equity Gap, Seth C. Oranburg

Seth C Oranburg

Title III of the JOBS Act of 2012, which attempts to encourage entrepreneurship by allowing startups and small business to sell stock to the general public over the Internet through “crowdfunding,” is completely backwards. Its ceiling should be a floor—the $1 million limit should be inverted. By capping startups at raising $1 million from crowdfunding, the JOBS Act does not address the private equity gap, a fundamental problem in startup markets, and exposes unsophisticated investors to risk and fraud. This Article presents a regulatory framework premised on “bridgefunding,” an approach that this article develops to protect new investors by encouraging …