Banking and Finance Law Commons^™

The Medieval Hawale: The Legal Nature Of The Suftaj And Other Islamic Payment Instruments, Benjamin Geva

Articles & Book Chapters

By the middle of the eighth century CE the Arabs established their dominion from the Atlantic Ocean to west of the Persian Gulf. In the process, they spread Islam and established Islamic law as the law of the land throughout this entire vast territory. Until the rise of the Turkish Ottoman Empire between the 13th the 16th centuries CE, that territory included North Africa (both Egypt and the Maghreb), Israel/Palestine, Lebanon, Syria, Iraq and Arabia. The era of the pre-Ottoman Arab domination of those lands roughly coincides with the Middle Ages. During that time, centres of economic and financial activity …

Regulating Payday Lenders In Canada: Drawing On American Lessons, Stephanie Ben-Ishai

Articles & Book Chapters

No abstract provided.

Is There An Emerging Fiduciary Duty To Consider Human Rights?, Cynthia A. Williams, John M. Conley

Articles & Book Chapters

No abstract provided.

Of Takeovers, Foreign Investment And Human Rights: Unpacking The Noranda-Minmetals Conundrum, Aaron A. Dhir

Articles & Book Chapters

In September 2004 Toronto-based Noranda Inc., one of the world's largest producers of nickel and copper, and China Minmetals Corp., a state-owned Chinese company, announced exclusive talks regarding a potential 100 percent buy-out of Noranda. The proposed friendly takeover was expected to be valued at approximately $7.4 billion USD. The dynamic shifted, however, in mid-November when Noranda announced that the exclusivity period for negotiations had expired and would not be renewed. In early March 2005 Noranda expressed frustration at the continuing lengthy process, which was depressing its share value. At the time, Noranda owned 59 percent of leading Canadian nickel …

The Beneficiary’S Bank And Beneficiary Described By Name And Number: Liability Chain And Liability Standard In Wire Transfers (Part 1), Benjamin Geva

Articles & Book Chapters

This article deals with issues evolving around the identification of the beneficiary in the last payment order in the credit transfer received by the last bank in the transfer chain ("beneficiary's bank"), the duties of the beneficiary's bank in the case of an ambiguous description of the beneficiary in the payment order, and the liability of the beneficiary's bank in case it broke such duties.

Financing Environmental Change: A New Role For Canadian Environmental Law, Benjamin J. Richardson

Articles & Book Chapters

Financial institutions occupy a central role in equity and debt markets, providing the finance that shapes economic development and thus environmental pressures. Environmental regulation has traditionally focused on development itself but not those that financially sponsor developers. To achieve an environmentally sustainable economy in Canada, new regulations and policies to promote environmentally friendly financing in the financial services sector are necessary. This article explains why financing environmental change is crucial, surveys the main private financial institutions in Canada relevant to this task, and makes recommendations on how financial regulation and its broader institutional context can be reformed to support sustainable …

Legislative Power In Relation To Transfers Of Securities: The Case For Provincial Jurisdiction In Canada, Benjamin Geva

Articles & Book Chapters

No abstract provided.

The Beneficiary’S Bank And Beneficiary Described By Name And Number: Liability Chain And Liability Standard In Wire Transfers (Part 2), Benjamin Geva

Articles & Book Chapters

This article deals with issues evolving around the identification of the beneficiary in the last payment order in the credit transfer received by the last bank in the transfer chain ("beneficiary's bank"), the duties of the beneficiary's bank in the case of an ambiguous description of the beneficiary in the payment order, and the liability of the beneficiary's bank in case it broke such duties.

Settlement Finality And Associated Risks In Funds Transfers – When Does Interbank Payment Occur?, Benjamin Geva

Articles & Book Chapters

This paper addresses the first meaning of settlement finality, that is, the discharge of the interbank obligation. The discussion focuses on large-value transfer systems, namely, "systematically important" payment systems, and examines settlement finality therein under the provisions of Article 4A of the Uniform Commercial Code-Funds Transfers. Primary attention is given to the various implications of settlement finality under Article 4A, as well as to compliance with the statutory scheme with BIS Core Principles, in conjunction with system rules. Following the present discussion on the meaning of settlement finality, Part 2 of the paper sets out settlement mechanisms in large-value transfer …

Diffusing Environmental Regulation Through The Financial Services Sector: Reforms In The Eu And Other Jurisdictions, Benjamin J. Richardson

Articles & Book Chapters

The financial services sector has the potential to be an important facet of future systems of environmental governance. But, so far, only ad hoc policy initiatives have arisen in the EU and other countries addressing the environmental roles of banks or insurers. Because the financial services sector is where wholesale decisions regarding future development, and thus pressures on the environment, arise, reform of investment, banking and insurance services to promote long term investment and better consideration of environmental impacts may be an effective way to promote sustainable development. Reforms such as corporate environmental reporting requirements, mandatory environmental liability insurance, and …

Book Review: Bankruptcy, Insolvency And Family Law, Stephanie Ben-Ishai

Articles & Book Chapters

This is a review of Bankruptcy, Insolvency and Family Law, 2d ed by Robert A. Klotz.

Insolvent Bank’S Irrevocable Credit As Priority Payment Instrument: Barclays Bank V. Price Waterhouse, Benjamin Geva

Articles & Book Chapters

No abstract provided.

Allocation Of Sender Risks In Wire Transfers: The Common Law And Ucc Article 4a [Part 1], Benjamin Geva

Articles & Book Chapters

No abstract provided.

Allocation Of Sender Risks In Wire Transfers: The Common Law And Ucc Article 4a [Part 2], Benjamin Geva

Articles & Book Chapters

No abstract provided.

Power Without Responsibility Or Responsibility Without Power? Recent Developments In The Jurisdiction Of The Ontario Securities Commission, Mary Condon

Articles & Book Chapters

In its present legislative form and in its administration, the Ontario Securities Act has taken onto itself powers which this Commission believes were never intended...To correct this it believes that legislation should be enacted which will clearly define and limit the powers of the administrative authority to requirements under such legislation, and that these should not be deviated from for any reason of policy or otherwise.

Subordination Agreements, Bruce Macdougall

Osgoode Hall Law Journal

Subordination agreements are not novel concepts in Canadian law, but the PPSAs ensure their more widespread use. Subordination agreements usefully provide flexibility to creditors and consequently permit enhanced access to credit for debtors. The adaptability of the subordination agreement presents difficult legal problems, the most important of which relates to characterization of their legal nature. Other problems include the resolution of multiple subordinations and the question of the enforceability of subordination agreements in bankruptcy. This paper explores those issues and cautions against undue restrictions being placed on either the availability or the characterization of subordination agreements.

Negotiable Instruments And Banking: Review Of Some Recent Canadian Case Law, Benjamin Geva

Articles & Book Chapters

This review presents a survey of some significant cases decided recently on a variety of topics in the area of negotiable instruments and banking. Although none of the reviewed cases may be truly earth-shattering, they all are important because they freshen, clarify or restate the law. Specific topics covered are the reach of provincial jurisdiction to bills of exchange and promissory notes, forgery and verification agreement, requisites for negotiability, the defence of non-delivery of a bill or note, priority instruments in the insolvency of a bank, holding in due course requirements, notice of dishonour rules, and preauthorized automated debit payments.

Bad Policy As A Recipe For Bad Federalism In The Regulation Of Canadian Financial Institutions: The Case Of Loan And Trust Companies, Ronald J. Daniels

Osgoode Hall Law Journal

This article addresses the impact of substantive policy on federal arrangements in the regulation of Canadian loan and trust companies. It is argued that reliance on market-suppressing policies (flat-rate based deposit insurance and selective bail-outs of depositors in the event of institutional failure) has undermined the value of competitive federalism in this area, and has spawned highly contentious policy initiatives such as Ontario's Equals Approach. To redress the federalism problems in the regulation of loan and trusts, a useful starting point would be the enhancement of market forces in substantive policy. Here, it is argued that the commitment to secrecy …

Irrevocability Of Bank Drafts, Certified Cheques And Money Orders, Benjamin Geva

Articles & Book Chapters

This article deals with three types of negotiable instruments payable on demand which are issued, stamped or signed by banks prior to their collection and payment, and used as mechanisms for the transmission of funds. These instruments are the bank draft, including the bank money order, the certified cheque, and the personal money order. The article is concerned with the binding effect, or the irrevocability, of the bank's obligation on these instruments under the law of bills and notes. It concludes that (1) the issuer of the bank draft is liable as a drawer, and under some circumstances, also as …

Compelling Disclosure By A Non-Party Litigant In Violation Of Foreign Bank Secrecy Laws: Recent Developments In Canada-United States Relations, Jean-Gabriel Castel

Articles & Book Chapters

The question whether Canadian or American courts should enforce their laws in a manner that respects the laws of friendly sovereign states has recently been examined by the Supreme Court of Canada and the United States Court of Appeals for the Eleventh Circuit. Their decisions will be the object of this note in the light of recent developments in Canada-United States relations in the area of legal assistance in civil and criminal matters.

Often our courts are asked to compel a person not a party to the litigation or investigation to produce documents or give evidence in Canada when to …