Law Commons^™

Singapore Company Law And The Economy: Reciprocal Influence Over 50 Years, Vincent Ooi, Cheng Han Tan

Research Collection Yong Pung How School Of Law

A strong reciprocal relationship has existed between Singapore Company Law (SCL) and the economy since Independence in 1965. Swift Parliamentary responses to economic events and successful implementation of Government policies has made it possible to clearly attribute cause and effect to statutory amendments and economic events in turn, proving the reciprocal relationship between the two. The first theme of this article seeks to explain the fundamental characteristics of SCL that have resulted in such an unusually strong reciprocal relationship: (1) Autochthonous nature of SCL; (2) Responsive nature of legislation; and (3) Government control at multiple levels of implementation. The second …

Jpmorgan Chase London Whale H: Cross-Border Regulation, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

As a global financial service provider, JPMorgan Chase (JPM) is supervised by banking regulatory agencies in different countries. Bruno Iksil, the derivatives trader primarily responsible for the $6 billion trading loss in 2012, was based in JPM’s London office. This office was regulated both by the Office of the Comptroller of the Currency (OCC) of the United States (US) and by the Financial Services Authority (FSA), which served as the sole regulator of all financial services in the United Kingdom (UK). Banking regulators in the US and the UK have entered into agreements with one another to define basic parameters …

Jpmorgan Chase London Whale G: Hedging Versus Proprietary Trading, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

In December 2013, the primary United States financial regulatory agencies jointly adopted final rules to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is often referred to as the “Volcker Rule”. Section 619 prohibits banks from engaging in activities considered to be particularly risky, including proprietary trading and owning hedge funds or private equity funds. Banking regulators designed the final rule against proprietary trading in part to prevent losses like the $6 billion London Whale loss that took place in 2012 at JPMorgan Chase. Given the controversial nature of the Volcker Rule, it is …

Jpmorgan Chase London Whale F: Required Securities Disclosures, Arwin G. Zeissler, Giulio Girardi, Andrew Metrick

Journal of Financial Crises

On April 13, 2012, JPMorgan Chase (JPM) Chief Financial Officer Douglas Braunstein took part in a conference call to discuss the bank’s first quarter 2012 earnings. Coming just a week after media reports first questioned the risks taken by JPM derivatives trader Bruno Iksil, Braunstein made a series of assertions about the trades. On May 10, JPM finalized its first quarter financial results, which included some disclosures regarding Iksil’s trading that were substantially different from Braunstein’s statements of April 13. At issue is whether the regulatory filings on April 13 and May 10, as well as verbal comments by Braunstein …

Regulating Social Media Use In The Workplace, Yemisi Dina

Yemisi Dina

The advent of social networking sites (SNS) has become a reality of the digital age. These sites are highly interactive, creative and addictive for individuals to exchange personal, professional and social ideas but its use has also been the subject of litigation in the courts lately just like any man made invention. People using these sites have sparked a number of legal challenges that have dramatically changed the world. This raises a number of questions as to whether there are clear guidelines on the use of these tools by employers and employees.

This paper is a case commentary of one …

What Is A Game Of Chance? An Application To Loot Boxes, Wessel Oomens

International Conference on Gambling & Risk Taking

The traditional landscape of games of chance such as lotteries, betting, casinos and slots has become intertwined with complex financial products as well as digital games with elements of chance.

The Netherlands Gambling Authority has issued a guidance paper outlining a five-step decision process in order to determine whether a game classifies as gambling:

• Threshold: is the number of providers, players and the amount money involved considerable enough to warrant spending resources in assessing the game?
• Overlap: is there potential overlap with other rules and regulations, in particular those governing financial products?
• Prize: does the game award its winners with …

Occupational Licensing And The Limits Of Public Choice Theory, Gabriel Scheffler, Ryan Nunn

All Faculty Scholarship

Public choice theory has long been the dominant lens through which economists and other scholars have viewed occupational licensing. According to the public choice account, practitioners favor licensing because they want to reduce competition and drive up their own wages. This essay argues that the public choice account has been overstated, and that it ironically has served to distract from some of the most important harms of licensing, as well as from potential solutions. We emphasize three specific drawbacks of this account. First, it is more dismissive of legitimate threats to public health and safety than the research warrants. Second, …

Financial Repression In China: Short-Term Growth But Long-Term Crisis, Guangdong Xu, Michael Faure

Loyola of Los Angeles International and Comparative Law Review

No abstract provided.

Keeping College Pricey: The Bootlegger And Baptist Story Of Higher Education Accreditation, Mary Watson Smith, Joshua C. Hall

Economics Faculty Working Papers Series

Since the passage of the Veterans Readjustment Act of 1952, private accrediting agencies have held the purse strings to all federal student aid. Today, six regional accrediting agencies and ten national accrediting agencies act as the gatekeepers of these federal monies. No college or university can access federal funds without receiving the imprimatur of one of these recognized accrediting agencies. Proponents of the current system of accreditation argue that the framework presently in place ultimately benefits both students and the public at large by fulfilling quality assurance and information signaling functions. Applying Yandle’s “Baptists and Bootleggers” model, we examine whether …

Unlocking Access To Health Care: A Federalist Approach To Reforming Occupational Licensing, Gabriel Scheffler

All Faculty Scholarship

Several features of the existing occupational licensing system impede access to health care without providing appreciable protections for patients. Licensing restrictions prevent health care providers from offering services to the full extent of their competency, obstruct the adoption of telehealth, and deter foreign-trained providers from practicing in the United States. Scholars and policymakers have proposed a number of reforms to this system over the years, but these proposals have had a limited impact for political and institutional reasons.

Still, there are grounds for optimism. In recent years, the federal government has taken a range of initial steps to reform licensing …

Transparency And Algorithmic Governance, Cary Coglianese, David Lehr

All Faculty Scholarship

Machine-learning algorithms are improving and automating important functions in medicine, transportation, and business. Government officials have also started to take notice of the accuracy and speed that such algorithms provide, increasingly relying on them to aid with consequential public-sector functions, including tax administration, regulatory oversight, and benefits administration. Despite machine-learning algorithms’ superior predictive power over conventional analytic tools, algorithmic forecasts are difficult to understand and explain. Machine learning’s “black-box” nature has thus raised concern: Can algorithmic governance be squared with legal principles of governmental transparency? We analyze this question and conclude that machine-learning algorithms’ relative inscrutability does not pose a …

Regulation Of Artificial Intelligence In Selected Jurisdictions, Jenny Gesley, Tariq Ahmad, Edouardo Soares, Ruth Levush, Gustavo Guerra, James Martin, Kelly Buchanan, Laney Zhang, Sayuri Umeda, Astghik Grigoryan, Nicolas Boring, Elin Hofverberg, Clare Feikhert-Ahalt, Graciela Rodriguez-Ferrand, George Sadek, Hanibal Goitom

Copyright, Fair Use, Scholarly Communication, etc.

Comparative Summary

This report examines the emerging regulatory and policy landscape surrounding artificial intelligence (AI) in jurisdictions around the world and in the European Union (EU). In addition, a survey of international organizations describes the approach that United Nations (UN) agencies and regional organizations have taken towards AI. As the regulation of AI is still in its infancy, guidelines, ethics codes, and actions by and statements from governments and their agencies on AI are also addressed. While the country surveys look at various legal issues, including data protection and privacy, transparency, human oversight, surveillance, public administration and services, autonomous vehicles, …