Banking and Finance Law Commons^™

Private Equity Investments In Microfinance In India, Hugh Manahan

Michigan Business & Entrepreneurial Law Review

A trail connects a skyscraper in Manhattan’s Financial District to a tiny food stand in a village in the southeast Indian state of Tamil Nadu. Initially wild and overgrown, the trail now resembles a well-developed road, cleared and shaped. The trail does not connect customers to call centers or raw materials to laborers; the path connects lenders seeking abnormal returns on their investments to borrowers living in poverty. This is the path of private equity investments in microfinance. Microfinance is a powerful financial innovation that has changed personal finance in many parts of the world. While microfinance began as non-profit …

Front Matter

Michigan Business & Entrepreneurial Law Review

No abstract provided.

A Framework For A Formal Sovereign Debt Restructuring Mechanism: The Kiss Principle (Keep It Simple, Stupid) And Other Guiding Principles, Charles W. Mooney Jr.

Michigan Journal of International Law

This paper explores the feasibility of a formal legal regime for the restructuring of sovereign state debt and outlines a framework for such a mechanism. More than a decade ago, senior officials at the International Monetary Fund (IMF) proposed the creation of a formal sovereign debt restructuring mechanism (SDRM). The proposal received support, but was eventually abandoned. One factor that contributed to its demise was the unwillingness of IMF members to submit to a tribunal that would encroach on a state’s sovereignty. Another determinative factor was the ultimate opposition of the United States. Likely related to that opposition, and perhaps …

On Territoriality And International Investment Law: Applying China's Investment Treaties To Hong Kong And Macao, Odysseas G. Repousis

Michigan Journal of International Law

To date, investor-state tribunals have been preoccupied with a range of issues revolving around the territorial application (territoriality) of international investment agreements (IIAs). The importance, as well as the various forms such issues take, has recently been highlighted in the decision of the Singapore High Court (SGHC) in Laos v. Sanum. In this case, the SGHC was asked by Laos to set aside an earlier arbitral award (in Sanum v. Laos), filed by a Macanese legal entity and rendered under the China-Laos bilateral investment treaty (BIT). In approaching the matter, the SGHC set aside the award on the grounds that …

Living In A Material World: Defining “Materiality” In The Municipal Bond Market And Rule 15c2–12, Charlotte W. Rhodes

Washington and Lee Law Review

No abstract provided.

Vat Fraud And Terrorist Funding: The Azizi Extradition, Part Ii, Richard Thompson Ainsworth

Faculty Scholarship

This paper considers the remaining seven (7) Missing Trader Intra-Community (MTIC) fraud schemes alleged (some conceded) to have been conducted by Samir Azizi, a 25 year old German/Afghan citizen, who was extradited from the United States to Germany on April 14, 2015. The MTIC fraud schemes considered in this Part II involve alleged losses of €45,801,403 under 63 further criminal counts.

Underlying both Parts of this assessment is a fundamental (but unanswered) question: “Who exactly is Samir Azizi? Is he the mastermind of a multi-million euro VAT fraud, a fundraising fraudster for terrorist organizations, or a youthful face-of- convenience disguising …

Periodic Reporting In A Continuous World: The Correlating Evolution Of Technology And Financial Reporting, Daniel C. Rowe

Duke Law & Technology Review

The evolution of technology has drastically altered what it means to be a reporting company in the eyes of the Securities and Exchange Commission. Technological development has also played a large role in the shifting trend from periodic reporting to continuous reporting, as is particularly apparent in the evolution of the Form 8-K. It is true that the increasingly technological world of continuous reporting does not come without disadvantages. This issue brief, however, argues that despite the increased risks and challenges of continuous reporting, its net effect on disclosure, and the investing community generally, is positive. With that benefit in …

Trending @ Rwulaw: Susan Schwab Heyman's Post: Defining The Boundaries Of Insider Trading, Susan Schwab Heyman

Law School Blogs

No abstract provided.

Vat Fraud And Terrorist Funding: The Azizi Extradition, Part I, Richard Thompson Ainsworth

Faculty Scholarship

On April 14, 2015 Samir Azizi, a 25 year old German/Afghan citizen, was extradited from the United States to Germany. The Extradition Compliant alleged (in 89 criminal counts) that Azizi had denied the German Treasury €61,104,368 in VAT revenue with 12 distinct Missing Trader Intra-Community (MTIC) fraud schemes. At the time of arrest the 26 year old Azizi admitted that his involvement in MTIC frauds stretched back even before 2008, the initial reference year of the Complaint.

This paper assesses the Azizi extradition in two parts. The first part considers the first 26 criminal counts, representing alleged VAT losses of …

Securities Laws Implications For Savings Associations Acting As Trustees For Ira's And Keoghs

Akron Law Review

This article will focus on the major problem area which has resulted from the above legislation. That problem is whether or not a savings association must register with the Securities and Exchange Commission (SEC) pursuant to the Securities Act of 1931 or the Investment Company Act of 1940, as a consequence of acting as trustee for an IRA or Keogh plan.

New Investment Powers For Ohio Savings Associations

Akron Law Review

The scope of the Ohio statute is severely limited and complicated by federal laws and regulations concerning liquidity requirements, bank holding companies, and antitrust restrictions. The remainder of this article will focus on these limitations and other problems encountered by savings associations in the creation and operation of a bank for savings associations in Ohio. Specifically, part II discusses who may form a bank for savings associations in Ohio and with whom the bank can transact business. Part III explains the application of the Bank Holding Company Act as a limitation on investments, and how savings associations can avoid application …

Tie-In Statutes And Parity Regulations And Their Constitutionality

Akron Law Review

The first of the student articles on savings associations will examine various types of tie-in statutes and parity regulations which states have enacted to give their local savings associations the same powers as their federal counterparts. A framework for predicting the constitutional integrity of such statutes and regulations will then be established by reviewing United States Supreme Court analyses of federal statutes which, much like state parity statutes, delegate legislative power to administrative agencies. By using Ohio case law on delegation of authority, Ohio's statute which grants rule-making power to the Superintendent of Building and Loan Associations will then be …

Legislative Developments In The Savings And Loan Industry, Paul D. Drobbin, Jeffrey S. Goldman, Ronald Lee, Stephen R. Lindsey

Akron Law Review

This issue of the Akron Law Review is the first to be devoted entirely to legal questions relating to the savings and loan industry. The. following student project consists of three articles which contain in depth examinations of recent legislative developments and their effects on the savings and loan industry.

Loan Participations And The Savings And Loan Association: A Sleeping Giant Stirs, Kenneth M. Lapine

Akron Law Review

Savings institutions have believed themselves to be secure in their mortgage trading practices, but recent failures of financial institutions and the entry into the mortgage market of non-regulated, non-banking entities have prompted some much needed re-examination of the real risks and the character of the legal relationships which arise from such transactions. This article shall identify those risks, particularly the insolvency of the originating lender, and the resulting consequences which may be visited upon the investing savings institutions.

Regulating State Chartered Savings Associations: An Introduction To The Ohio Scheme, Ronald E. Alexander

Akron Law Review

This article is an initial effort to examine this regulator, certain of its most important policies, and the impact of those recent developments upon policy-making by the Division. Part one contains a brief overview of agency staffing, appointment and removal of the Superintendent, and the budget appropriation process. Part two examines the three most important areas of the Superintendent's regulatory authority: examinations, chartering and branching. Part three discusses the recently developed administrative procedures for rule-making by the agency.

Banks, Break-Ins, And Bad Actors In Mortgage Foreclosure, Christopher K. Odinet

Faculty Scholarship

During the housing crisis banks were confronted with a previously unknown number mortgage foreclosures, and even as the height of the crisis has passed lenders are still dealing with a tremendous backlog. Overtime lenders have increasingly engaged third party contractors to assist them in managing these assets. These property management companies — with supposed expertise in the management and preservation of real estate — have taken charge of a large swathe of distressed properties in order to ensure that, during the post-default and pre-foreclosure phases, the property is being adequately preserved and maintained. But in mid-2013 a flurry of articles …

School Finance Reforms For Ohio, Linda L. Robison, Loi Yoder

Akron Law Review

This comment will first examine the legal rationale of the leading court decisions concerned with the constitutionality of educational funding programs. Secondly, the advantages and disadvantages of current funding programs, as well as Ohio's present program, will be discussed. An analysis of the guidelines set by the Ohio courts, and a discussion of what is wrong with Ohio's current plan will follow. Finally, proposals for solving Ohio's problems will be offered.

A Survey Of Statutory And Regulatory Schemes For Commerical Bank Branching, Barbara Heinzerling

Akron Law Review

Two major arguments swirl around the controversies over branching. The first of these goes to concern about monopolies and the concentration of business, power, and assets. The second emphasizes the benefits and evils of competition, with particular focus on over-banking in an area and possible bank failure as a result.

Branch Banking In Ohio Under Senate Bill 256, Benito C.R. Antognoli

Akron Law Review

Presumably intending to enable more viable banks to proliferate, the Ohio General Assembly, in 1933, repealed the original branching law and enacted legislation allowing limited branching. This legislation remained in effect for forty-five years. It was not until April 27, 1978, that a major change in Ohio's branching law was passed, with the enactment of Amended Substitute Senate Bill 256.

Third Party Payments For Thrift Associations - The Latest Round, Joseph M. Lynch Jr.

Akron Law Review

This article will look at the state of third party payment systems. First, it will review the history of the NOW account and some problems which have arisen as to negotiability. Second, it will examine the experiences of state-chartered associations that have offered NINOWs. Third, AFT and POAs will be examined in light of recent developments. Finally, the Ohio scheme will be examined to determine if an Ohio-chartered savings and loan could offer a type of NOW account.