Law Commons^™

The Global Architecture Of Financial Regulatory Taxes, Carlo Garbarino, Giulio Allevato

Michigan Journal of International Law

This Article endeavors to broaden the analysis of available policy tools to address the problems created by financial crises and discusses how, in addition to direct regulation, certain tax measures having a regulatory nature may operate to address the so-called “negative externalities” often associated with those crises. There is a negative externality when an economic agent making a decision does not pay the full cost of the decision’s consequences. In such cases, the cost to society as a whole is greater than the cost borne by the individuals creating the economic impact. In practice, negative externalities result in market inefficiencies …

European Court Of Justice Rules In Favour Of Greater Transparency In Accessing Efsa Data, Luis González Vaqué

Luis González Vaqué

This commentary looks at an interesting judgment by the European Court of Justice (ECJ) on 16 July. The judgment relates to plant protection products, but as it seeks to achieve levels of transparency capable of overcoming the lack of trust towards the European Food Safety Authority (EFSA) - often accused of being biased for using experts with vested interests because of their industry associations - it may also be relevant to the food sector, given that the EFSA deals with many authorization procedures, opinions, etc. related to food products.

Resumen de la conferencia pronunciada el 10.11.2015 en San Cugat del …

Mandatory Arbitration In Consumer Finance And Investor Contracts, Michael S. Barr

Articles

Mandatory pre-dispute arbitration clauses are pervasive in consumer financial and investor contracts—for credit cards, bank accounts, auto loans, broker-dealer services, and many others. These clauses often ill serve households. Consumers are typically presented with contracts on a “take it or leave it” basis, with no ability to negotiate over terms. Arbitration provisions are often not clearly disclosed, and in any event are not salient for consumers, who do not focus on the importance of the provision in the event that a dispute over the contract later arises, and who may misforecast the likelihood of being in such a dispute. The …

In The Shadows Of Sunlight: The Effects Of Transparency On State Political Campaigns, Abby K. Wood, Douglas M. Spencer

Douglas M. Spencer

In recent years, the courts have deregulated many areas of campaign finance while simultaneously upholding campaign finance disclosure requirements. Opponents of disclosure claim that it chills speech and deters political participation. We leverage state contribution data and find that the speech-chilling effects of disclosure are negligible. On average, donors to state-level campaigns are no less likely to contribute in subsequent elections in states that increase the public visibility of campaign contributions, relative to donors in states that do not change their disclosure laws or practices over the same time period – estimates are indistinguishable from zero and confidence intervals are …

The Systematic Risk Of Private Funds After The Dodd-Frank Act, Wulf A. Kaal

Michigan Business & Entrepreneurial Law Review

The Financial Stability Oversight Council (FSOC) was created under the Dodd-Frank Act with the primary mandate of guarding against systemic risk and correcting perceived regulatory weaknesses that may have contributed to the financial crisis of 2008-2009. The Securities and Exchange Commission (SEC) collects data pertaining to private fund advisers in order to facilitate FSOC’s assessment of non-bank financial institutions’ potential systemic risks. Evidence that the SEC’s data collection encounters accuracy and consistency problems might hamper FSOC’s ability to evaluate the systemic risk of private fund advisers. The author shows that while the SEC’s data plays a crucial role in all …

An Early Report On Benefits Reports, J. Haskell Murray

West Virginia Law Review

No abstract provided.

El Tribunal De Justicia De La Ue Se Pronuncia A Favor De Una Mayor Transparencia En El Acceso A Los Datos De La Aesa (Efsa), Luis González Vaqué

Luis González Vaqué

El TJUE anuló la sentencia del Tribunal General de la Unión Europea ‘ClientEarth y PAN Europe/AESA’ (T 214/11, EU:T:2013:483), así como la decisión de la Autoridad Europea de Seguridad Alimentaria (AESA) de 12 de diciembre de 2011.

Through The Looking Glass: Transparency In The Wto, Maria Panezi

PhD Dissertations

This thesis discusses transparency as a principle in the World Trade Organization. Transparency is used in many contexts within the organization in order to describe phenomena ranging from Agreement provisions to soft law or general principle and from the obligation of member states to publish national trade laws to civil society participation in the WTO. I argue that they all these transparency variations are linked as they relate to the organization’s democratization potential.

This thesis has three goals: First, it offers an overview of scholarship discussing legitimacy problems in the WTO. Second, it describes, assesses and offers ideas for improvement …

What The Frack? How Weak Industrial Disclosure Rules Prevent Public Understanding Of Chemical Practices And Toxic Politics, Benjamin W. Cramer

Benjamin W. Cramer

Hydraulic fracturing, known colloquially as “fracking,” makes use of chemically-formulated fluid that is forced down a gas well at great pressure to fracture underground rock formations and release embedded natural gas. Many journalists, environmentalists, and public health advocates are concerned about what may happen if the fracking fluid escapes the well and contaminates nearby drinking water supplies. This article attempts a comprehensive analysis and comparison of all relevant fracking fluid disclosure regulations currently extant in the United States, and considers whether the information gained is truly useful for citizens, journalists, and regulators. In recent years the federal government and several …

Slides: The Columbia River Treaty, Barbara Cosens

Innovations in Managing Western Water: New Approaches for Balancing Environmental, Social and Economic Outcomes (Martz Summer Conference, June 11-12)

Presenter: Barbara Cosens, Professor, University of Idaho College of Law and Waters of the West Graduate Program

22 slides

Government-Operated Drones And Data Retention, Gregory S. Mcneal

Washington and Lee Law Review

No abstract provided.

Beyond Transparency: Rethinking Election Reform From An Open Government Perspective, Michael Halberstam

Seattle University Law Review

During the past decade, “transparency” has become a focus of democratic governance. Open government and right-to-know regimes have been around at least since the 1970s. They include measures like open meeting laws, campaign finance disclosure, lobbying registration, and freedom of information laws. But the Open Government projects— variously referred to as e-democracy, Open Data, or Government 2.0— have evolved into something new and different. They view transparency not primarily as a right to know, but as a condition for a more efficient, intelligent, and cooperative form of democratic government. This Article considers how various election reform projects fit with the …

International Tax Cooperation, Taxpayers’ Rights And Bank Secrecy: Brazilian Difficulties To Fit Global Standards, Carlos Otávio Ferreira De Almeida

Carlos Otávio Ferreira de Almeida

This paper analyses the conflict between two constitutionally protected rights: privacy and transparency. The latter has been invoked increasingly often by international organizations committed to tackling harmful tax practices, and the former has been recognized as a crucial human right. In an interconnected world, domestic laws are not capable of countering cross-border tax evasion strategies, so that transparency has become one of the most important topics in international tax cooperation, but it is doubtful whether tax authorities can access banking data in order to obtain information to exchange. The judicial reserve clause upheld by the Brazilian Supreme Court represents a …

Admit Or Deny: A Call For Reform Of The Sec's "Neither-Admit-Nor-Deny" Policy, Priyah Kaul

University of Michigan Journal of Law Reform

For four decades, the SEC’s often-invoked policy of settling cases without requiring admissions of wrongdoing, referred to as the “neither-admit-nor-deny” policy, went unchallenged by the courts, the legislature, and the public. Then in 2011, a harshly critical opinion from Judge Jed Rakoff in SEC v. Citigroup incited demands for reform of this policy. In response to Judge Rakoff’s opinion, the SEC announced a modified approach to settlements. Under the modified approach, the Commission may require an admission of wrongdoing if a defendant’s misconduct was egregious or if the public markets would benefit from an admission. Many supporters of the neither-admit-nor-deny …

Data Beyond Borders: Mutual Legal Assistance In The Internet Era, Andrew K. Woods

Law Faculty Scholarly Articles

The global nature of today’s Internet services presents a unique challenge to international law enforcement cooperation. On a daily basis, law enforcement agents in one country seek access to data that is beyond their jurisdictional reach; as one industry analyst put it, there has been, “an internationalization of evidence.” In order to gain lawful access to data that is subject to another state’s jurisdiction, law enforcement agents must request mutual legal assistance (MLA) from the country that can legally compel the data’s disclosure. But the MLA regime has not been updated to manage the enormous rise of requests for MLA. …

Profile In Public Integrity: Lynda Taschereau, Center For The Advancement Of Public Integrity

Center for the Advancement of Public Integrity (Inactive)

Lynda Taschereau serves as Executive Director of the Strategic and Corporate Policy Division of the City of Toronto, Canada. In that role, she is responsible for key functions including inter-governmental relations, strategic planning and policy development, governance and decision-making structures for Toronto’s City Council and City’s agencies and corporations, and the policy framework for the City’s Accountability Officers. Taschereau’s team leads government-wide initiatives and provides objective, professional advice to the Mayor and City Council. She is committed to public service and has a special interest in the policy development process and the role of leaders throughout organizations. Taschereau was a …

The Conundrum Of Wto Accession Protocols: In Search Of Legality And Legitimacy, Julia Ya Qin

Law Faculty Research Publications

Accession to the World Trade Organization differs from that of other international organizations in one major aspect: the WTO may prescribe more stringent rules for acceded members, depending on the result of individual accession negotiations. These country-specific rules are set out in the protocols of accession and now form a significant part of WTO law. However, questions concerning the legality and legitimacy of such rules remain to be answered. The accession protocols effectively modify the provisions of the WTO multilateral trade agreements, but the legal basis for so doing has never been properly explained and the relationship between the accession …

The Bankruptcy Of The Securities Market Paradigm, Stephen P. Wink

Stephen P Wink

The current paradigm of securities market regulation in the United States rests on the Efficient Market Hypothesis, a theory that has been largely discredited by modern economics and behavioral finance. The Efficient Market Hypothesis assumes that the price of securities in the market accurately incorporates and reflects all available material information. Building on this notion, regulators have assumed that better information leads to healthier markets—and therefore regulation that enhances disclosure and transparency leads to healthier markets. Over time, this reasoning has elevated these tools, disclosure and transparency, to ends in themselves, despite the flaws in the Efficient Market Hypothesis. Although …

Global Administrative Law And Deliberative Democracy, Benedict Kingsbury, Megan A. Donaldson, Rodrigo Vallejo

Megan A Donaldson

An early framing of ‘global administrative law’ (GAL) provisionally ‘bracket[ed] the question of democracy’ as too ambitious an ideal for global administration. To many, the bracketing of democracy has appeared analytically unpersuasive and normatively dubious. This essay is an initial attempt to open the brackets and bring GAL and democracy into conversation. It addresses two separate observations: first, that democracy currently lacks tools to respond to the globalization and diffusion of political authority; and secondly, that GAL is not presently democratic — it has no room for democratic concerns in its emerging norms. The juxtaposition of democracy and GAL yields …

Profile In Public Integrity: Lawrence Yealue, Center For The Advancement Of Public Integrity

Center for the Advancement of Public Integrity (Inactive)

Lawrence Yealue is the West Africa Representative of Accountability Lab, an incubator for local-level integrity initiatives with an emphasis on generating sustainable development. Based in Monrovia, Liberia, Yealue’s career has centered on community-driven approaches to responsible reform. His previous work includes serving as Electoral Commissioner for the Liberian Student Association-Ghana, National Coordinator for the World Youth Spirit Council, Project Director for the Rotary Club of Wisconsin, and as a volunteer for Africa Peace’s HIV/AIDS Education & Peace Initiative. Yealue also founded and directs the Liberian Youth for Peace & Development community group. Yealue holds a B.A. in Human Resource Management …

Profile In Public Integrity: The Honorable Georgios Kaminis, Center For The Advancement Of Public Integrity

Center for the Advancement of Public Integrity (Inactive)

Born in New York City, Georgios Kaminis holds a degree in law from the University of Athens School of Law, as well as a Diplome d’etudes approfondies and Doctorat d’Etat en Droit. He served as Assistant Greek Ombudsman, responsible for Human Rights, from 1998 to 2003. In May of 2003,

Kaminis became the Greek Ombudsman after being unanimously elected at a Presidents of Parliament roundtable meeting. Kaminis was elected Mayor of Athens on November 14, 2010. Under the Mayor’s guidance, Athens was awarded a Bloomberg Philanthropies Mayor’s Challenge Innovation Prize for its online citizen engagement platform, SynAthina.

He is a …

“Underdog” Arbitration: A Plan For Transparency, Ramona L. Lampley

Faculty Articles

The use of mandatory, pre-dispute arbitration clauses in consumer, employment, health-care, and even nursing home agreements is ever-increasing, even though the general public has distrust and a lack of understanding of the nature of arbitration. The Supreme Court in AT&T Mobility LLC v. Concepcion, and then in American Express Co. v. Italian Colors Restaurant, has signaled firmly that mandatory pre-dispute arbitration is here to stay. This is true even for individual low-value claims in which one party, say the consumer or employee, has little or no bargaining power. I call these claims “underdog claims.” There have been numerous proposals to …

Denaturalizing Transparency In Drug Regulation, Matthew Herder

Articles, Book Chapters, & Popular Press

In the arena of pharmaceutical drug regulation, transparency is the favoured focus of many current policy initiatives. Transparency is predominantly understood in terms of information disclosure. Requirements to register clinical trials, publish summary results, share clinical trial data, and disclose physician-industry relationships as well as rationales behind regulatory decision making are each predicated upon this idea that imparting information will both inform and deter unwanted behaviours. In this paper, I argue that understanding transparency qua disclosure has clear limitations and suggest transparency can and should serve an additional function - namely, of enabling standard setting through a more participatory, public …

Accountability And Independence In Financial Regulation: Checks And Balances, Public Engagement, And Other Innovations, Michael S. Barr

Articles

Financial regulation attempts to balance two competing administrative goals. On the one hand, as with much of administrative law, accountability is a core goal. Accountability undergirds the democratic legitimacy of administrative agencies. On the other hand, unlike with much of administrative law, independence plays a critical role.' Independence helps to protect financial regulatory agencies from political interference and-with some important caveats-arguably helps to guard against some forms of industry capture. In addition, with respect to the Federal Reserve (the Fed), independence serves to improve the credibility of the Fed's price stability mandate by insulating its decisionmaking from politics and, in …

Intellectual Property And Transparency In Trade Negotiations: The Experience Of Thailand, Jakkrit Kuanpoth

Faculty of Law, Humanities and the Arts - Papers (Archive)

This article concentrates on the problem of non-transparency in non-multilateral norm-setting activities in the intellectual property field. It highlights the experience of Thailand in order to show the inability of the general public to participate in decision-making relating to trade negotiations and to access information regarding trade agreements. It explores the issue of transparency in this international norm-setting process that will support the debate on development-oriented policy in order to better understand the socio-economic impacts of trade liberalization.

Taking Public Access To The Law Seriously: The Problem Of Private Control Over The Availability Of Federal Standards, Nina A. Mendelson

Articles

In the 1930s, Harvard professor Erwin Griswold famously complained about the enormous numbers of New Deal regulations that were obscurely published on individual sheets or in “separate paper pamphlets.” Finding these binding federal rules was difficult, leading to “chaos” and an “intolerable” situation. Congress responded, requiring that agencies publish all rules in the Federal Register and in the Code of Federal Regulations (CFR). Currently, recent federal public laws, the entire U.S. Code, the Federal Register, and the CFR are all freely available online as well as in governmental depository libraries. But with respect to thousands of federal regulations, the clock …

From Sunshine To A Common Agent: The Evolving Understanding Of Transparency In The Wto, Petros C. Mavroidis, Robert Wolfe

Faculty Scholarship

Transparency obligations have undergone substantial transformations since the inception of the General Agreement on Tariffs and Trade (GATT) in 117 1947. From an obligation to publish general laws affecting trade, the system now includes peer review by governments (in the form of monitoring and surveillance) and efforts to inform the public. These accomplishments are remarkable, but much remains to be done. Originally designed for a handful of developed countries, the global trading system now must provide an expanded knowledge base that benefits 160 member states, millions of economic actors, and hundreds of millions of citizens with inadequate resources to acquire …