Banking and Finance Law Commons^™

Investment Banks As Fiduciaries: Implications For Conflicts Of Interest, Andrew F. Tuch

Scholarship@WashULaw

Investment banks play an intermediary role in the financial system that is integral to its efficient operation. A core, and highly visible, part of their work involves providing financial advisory services to institutional clients on transactions that have strategic importance, such as mergers and acquisitions. As these services are but one aspect of the broad and diverse range of financial services that investment banks typically provide, challenges such as conflicts of interest inevitably arise. Somewhat anomalously, the question of whether these firms owe fiduciary duties to their clients when providing financial advisory services has received little regulatory, judicial or scholarly …

After The Argentine Crisis: Can The Imf Prevent Corruption In Its Lending? A Model Approach, Juan Carlos Linares

Richmond Journal of Global Law & Business

No abstract provided.

Making Sense Of Payments Policy In The Information Age, Ronald J. Mann

Faculty Scholarship

Although I had been mulling over the ideas in this Essay for quite some time, I finally was driven to put the ideas on paper by a call from a colleague one Friday afternoon. He recently had purchased something on the Internet. Regrettably, the Internet merchant had never shipped the goods; apparently the merchant had failed. My colleague had given the merchant the number from his Visa card to pay for the transaction. Being well educated, my colleague assumed that he could have the charge removed from his credit card statement.

When he called the toll-free service line for the …

Private Complainants And International Organizations: A Comparative Study Of The Independent Inspection Mechanisms In International Financial Institutions, Daniel D. Bradlow

Scholarly Articles in Law Reviews & Journals

This paper is a comparative study of the independent inspection mechanisms in international financial institutions. These mechanisms, which are an important development in the accountability of international organizations, allow private complainants who believe that they have been harmed or threatened with harm by the failure of these institutions to act in accordance with their own operational rules and procedures to have their complaints investigated by an independent body.

The paper is divided into three parts. In the first part I discuss the structure, functions and procedures of the World Bank's Inspection Panel, the International Finance Corporation's Compliance Advisor Ombudsman, the …

Creditors' Imagined Communities And The Unfettered Expansion Of Secured Lending, Heather Hughes

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Democratizing Capital: The History, Law, And Reform Of The Community Reinvestment Act, Richard D. Marsico

Articles & Chapters

The Community Reinvestment Act of 1977 (CRA) has made great progress in achieving its dual purposes: eliminating bank redlining and promoting reinvestment in previously redlined neighborhoods. In doing so, the CRA has helped to democratize capital by giving more people a voice in bank lending decisions and including more people in the economic mainstream by influencing banks to make loans to them to buy homes or open small businesses. Despite the CRA's success, the CRA has not reached its full potential. One of the main reasons for this is that the federal agencies that enforce the CRA are so fearful …

Private International Law-Making For The Financial Markets, Caroline Bradley

Articles

No abstract provided.

Looking Forward: 2005-2010 - A Sovereign Debt Restructuring Reverie, Steven L. Schwarcz

Faculty Scholarship

In a prior article, the author asked why, if a sovereign debt restructuring treat would be effective and easy to implement, one does not yet exist. There appeared to be at least three reasons: the very novelty of the approach; the opposition of interest groups who believe that a treaty approach would make it too easy for sovereign debtors to default; and the failure of parties to appreciate the importance of a treaty approach, coupled with concern over ceding sovereignty. In this short reverie, the author hopes to show that these reasons are flawed and that, even where bond issues …

The Confused U.S. Framework For Foreign-Bank Insolvency: An Open Research Agenda, Steven L. Schwarcz

Faculty Scholarship

No abstract provided.

The Limits Of Lawyering: Legal Opinions In Structured Finance, Steven L. Schwarcz

Faculty Scholarship

Significant controversy surrounds the issuance of legal opinions in structured finance transactions, particularly where accountants separately use these opinions, beyond their traditional primary use, for determining whether to characterize the transactions as debt. Reflecting at its core the unresolved boundaries between public and private in financial transactions, this controversy raises important issues of first impression: To what extent, for example, should lawyers be able to issue legal opinions that create negative externalities? Furthermore, what should differentiate the roles of lawyers and accountants in disclosing information to investors? Resolution of these issues not only helps to demystify the mystique, and untangle …

Bank Insolvency Regimes In The United States And The United Kingdom, Heidi Mandanis Schooner

Scholarly Articles

Bank insolvency regimes vary widely. First, many countries maintain separate bank insolvency rules from those that govern insolvency of other firms or individuals. Other countries have no special regime and rely on their general insolvency law for bank closure. Second, some countries rely on an administrative process for bank closure in which the bank supervisor, bank insurer, or other agency has the power to appoint the conservator or receiver, and, in some instances, may appoint itself to the job. Other countries rely on a judicial process in which the bank supervisor (or bank managers or creditors) must apply to the …

Tila ‘Finance’ And ‘Other’ Charges In Open-End Credit: The Cost-Of Credit Principle Applied To Charges For Optional Products Or Services, Ralph J. Rohner, Thomas Durkin

Scholarly Articles

The thesis of this article is that a more workable approach to characterizing fees for optional products and services is possible by focusing on charges that represent payment for discrete products or services of value to the consumer, freely chosen by consumers as contract options which do not affect the amount of credit available to the consumer, the consumer's access to it, or the allocation of payment responsibility and credit risk in the transaction or plan. In other words, these fees are for separate-or separable-purchases, analogous to subsequent events in closed-end credit that require no new disclosure or adjustment in …

Ending Pay-To-Play In The Municipal Securities Business: Msrb Rule G-3 7 Ten Years Later, Kevin Opp

University of Colorado Law Review

No abstract provided.

A Comparable Cross-System Bank Productivity Measure: Empirical Evidence From The Malaysian Dual Banking System, Valli B. Batchelor

Theses: Doctorates and Masters

This thesis seeks to fill a void in the banking performance literature by (1) proposing a cross-system bank productivity assessment methodology that can be applied to both conventional and Islamic banking and (2) implementing this methodology on a dual banking system to gauge the comparable productivity of Islamic and conventional banks relative to one another in a banking system that has experienced deregulation and consolidation. The growing significance of Islamic banking cannot be overlooked as its growth in recent years has significantly outpaced conventional banking. This new banking duality trend profoundly impacts the relative competitiveness of both banking systems and …

Moral Hazard And The Initial Public Offering, Christine Hurt

Cardozo Law Review

No abstract provided.