Banking and Finance Law Commons^™

Patents In Paradise: The Evolution Of Patent Law In The Cayman Islands, Andrew W. Torrance, Andrew P. Morriss, Lisa C. Friedman

Georgia Journal of Law & Technology

This study examines the Cayman Islands’ unique position in the global intellectual property (IP) landscape, contrasting its success as an exporter of financial and legal services with the inherently domestic nature of patent protection. We hypothesize that due to this limitation, the Cayman Islands functions as a strategic, cost-effective jurisdiction for augmenting patent protection initially obtained elsewhere. Our research provides the first comprehensive analysis of Caymanian patents, and through a quantitative examination of patent family data—including filing trends, economic valuation, geographic distribution, and assignee profiles—we find strong empirical evidence to support this thesis.
Our findings reveal a disproportionate presence of …

Mutual Fund Fees, Stewart L. Brown

William & Mary Business Law Review

Investors pay billions annually in fees for actively managed mutual funds, despite the availability of far superior, cost-effective alternatives like index funds. Mutual funds, with their unique legal structure, insulate management fees from competitive pressures, thereby enabling fund sponsors to maintain high fees. Contrary to the assumption that legal, regulatory, and governance mechanisms adequately protect investors, this Article demonstrates that such safeguards are largely ineffective. The competitive forces that would ordinarily drive fee reductions are rendered impotent by structural conflicts of interest, ineffective regulatory oversight, and the passive role of independent directors. Fund sponsors capitalize on economies of scale, reaping …

Recommendations For Developing A Regulatory Sandbox And A Comprehensive Legal Framework For Fintech In Vietnam - Part I, Sue M. Altmeyer, Phan Dang Hai

Akron Law Faculty Publications

Fintech, a product of the 4.0 revolution, has experienced rapid growth in Vietnam, attracting significant attention from investors and government agencies. In encouraging innovation, the authors write, the need for a practical legal framework to regulate fintech activities has become a critical issue. The authors believe that this new legal framework should include a regulatory sandbox, which would allow fintech startups to test their products in a controlled environment, helping to mitigate risks, foster creativity, and enhance regulatory oversight. This two-part article discusses challenges in creating and implementing a regulatory sandbox and provides recommendations for overcoming these hurdles. This first …

Beyond The Genius Act: Regulatory Gaps And Operational Challenges In Stablecoin Adoption, David Krause

University of Miami Law Review

The enactment of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act in July 2025 represents a pivotal shift in the digital asset landscape, providing a federal framework for payment stablecoins and addressing critical issues of transparency and reserve backing. However, this Article argues that the GENIUS Act addresses only a subset of the systemic inefficiencies hindering the transition of stablecoins from speculative instruments to institutional-grade financial tools. Through an analysis of current market data and regulatory gaps, this Article identifies four persistent challenges: fragmented liquidity across geographic corridors, practical spendability constraints rooted in tax and accounting treatment, …

Corporate Cybersecurity Governance: Director Liability Under Europe’S Nis2 Directive And The Emerging Fiduciary Duty Of Proactive Cybersecurity Oversight, Stacey B. Barrack

American University Business Law Review

This Comment examines the implications of the European Union’s Network and Information Security 2 Directive (“NIS2”) on corporate cybersecurity governance, with a particular focus on the fiduciary duties of directors in multinational corporations operating in the United States. The NIS2 Directive, adopted in 2023 and currently being transposed into national law by EU member states, mandates that boards of directors must directly approve and oversee—and can be liable for—the cybersecurity risk management measures taken by their companies. 

This Comment delves into the intersection of NIS2 with Delaware corporate law and examines how NIS2 influences the fiduciary duty of oversight for …

Regulation By Deposit Insurance, Todd Phillips

Marquette Law Review

The fact that the United States has three banking regulators poses challenges to the Federal Deposit Insurance Corporation (FDIC) in carrying out its statutory mandates. The agency relies on other regulators with priorities different from its own to limit the risks that banks take, to require holding companies to take losses before the FDIC in case banks fail, and to enforce the FDIC’s regulations. Moreover, the FDIC cannot enact its preferred policies if it wishes to avoid a regulatory race to the bottom with other regulators.

This Article proposes a novel solution to this well-known problem: regulation by deposit insurance. …

Outbid By Technicality: How Streaming Services Weaken Legacy Media’S Matching Rights, Arthur Yolles

American University Business Law Review

Contracts for large-scale media distribution, such as those between sports leagues and broadcasting companies, often include matching rights—rights which guarantee a media distributor the ability to continue distributing content for as long as they can match the bids of third parties. These rights grant media distributors security in their relationships with rights-grantors, and they deliver a more predictable viewing experience for consumers. However, it is not always clear what constitutes a "match."

With the rise of streaming and big tech’s infiltration into legacy media strongholds such as live sports, the need to define a match is increasingly relevant. This Comment …

Reporting Materiality Under The Sec Cybersecurity Disclosure Rules: How Corporate Boards Balance Duty And Risk For Cyber Threats And Incidents, Deborah Slattery-Pereira

American University Business Law Review

The Security Exchange Commission’s (SEC) cybersecurity rules require that public companies disclose a material cyber threat or incident and the impact of the incident on the company’s business Corporate boards must disclose any cyber-related information that would affect a reasonable shareholder’s investment decisions. These rules delegate to the corporate board and management the decision of which cybersecurity events qualify as material to investors. Directors and officers must also decide when and how to disclose to the SEC, and what information to report.

The SEC Cybersecurity Rules increase compliance and litigation costs for public companies, as shareholders can use this information …

Ai In The Vault: Ai Act's Impact On Financial Regulation, Maria Lucia Passador

Loyola University Chicago Law Journal

The AI Act, a pioneering legislative framework, classifies AI systems based on their risk levels and mandates stringent requirements for high risk systems to ensure transparency, accountability, and protection of fundamental rights. This Article further addresses the critical intersection of AI technology and prudential supervision, highlighting the significant roles of the AI Office, and the AI Board in the governance and oversight of AI applications in finance.

Despite existing literature focusing on the integration of AI in banking supervision and the associated risks, gaps remain in understanding how these regulatory frameworks can effectively oversee AI's transformative impact on financial markets. …

Uncovering The Keystone: Case Study Of The Ubs Art Collection Gift, Loan And Contemporary Voices Exhibition At Moma In 2005 - Twenty Years Later, Maria Glikman Yamarakov

MA Theses

This research aims to reconstruct foundational history of the Case, based on the publicly available sources. Using the established factual background to test the significance of each of the three major assumptions, referred traditionally as motivation behind the studied Case undertaking. Through critical analysis this Thesis targets to uncover the keystone of this Case and use it as the background to introduce the governance Duty of Stewardship concept in the corporate collection context. Assuming the introduced concept sustains initial analysis, assess its potential value for further strategic development of the corporate collections of the contemporary art.

China’S Shift Towards Data Openness: Integrating Security With Trade In Cross-Border Data Transfer, Yichen Huang

Michigan Technology Law Review

As the world's second-largest economy, China's stringent cross-border data transfer laws have deterred numerous multinational investments. To address this issue, China has prioritized data openness in its legislative agenda. The passage of the Provisions on Facilitating and Standardizing Cross-Border Data Transfer (the “New Cross-Border Data Transfer Regulation”) in March 2024 marked a significant milestone in this effort. Despite this progress, investors continue to express concerns about enforcing the new law. This article analyzes these recent legal developments and argues that they signal the government's determination to relax data control measures. China's stance is shifting from prioritizing security over trade to …

Revolutionizing The Cross-Border Payment System, Muhui Shi

Michigan Technology Law Review

When you bought your coffee this morning, you probably didn’t notice that many cross-border payments were hidden in the process of shipping beans in Ethiopia to the barista in your neighborhood. Comprising more than ten percent of what U.S. consumers spend, cross-border payments are an essential part of U.S. dollar dominance and commercial competitiveness. Yet, the outdated cross-border payment system—shrinking constantly in reach and struggling with structural changes—is demanding a complete upgrade.

What is the best path forward? Cryptocurrencies? E-money? Stablecoins? Central bank digital currencies (CBDCs)? In this article, I answer the question by uncovering the core needs of the …

Control Capture And Competition, D. Daniel Sokol, Robert J. Rhee

UF Law Faculty Publications

This Essay identifies an emerging problem in antitrust law and policy, particularly in the technology industry. Antitrust doctrine has historically revolved around internal control of firm, i.e., equity acquisition. It focuses on the capture of internal control. Mergers and acquisitions trigger regulatory review. In these deals, the locus of anticompetitive behavior lies in ownership and internal governance. However, one can capture control through various ways. An emerging problem in antitrust law is external exertion of control through contract. Competition can be stifled, and thus price, non-price, and innovation factors can be controlled or manipulated through the levers of control existing …

Serendipity And Self-Regulation: The Evolution Of Cryptocurrency-Based Exchange-Traded Products, Onnig H. Dombalagian

American University Business Law Review

Cryptocurrency enthusiasts rejoiced last year when the Securities and Exchange Commission (SEC) approved the listing of bitcoin-based and ether-based exchange-traded products (ETPs). For over a decade, cryptocurrency entrepreneurs have sought to trade cryptocurrency products on traditional securities exchanges.  Listing bitcoin and ether ETPs gave retail investors an easily accessible, transparent, and perhaps, more cost-efficient means of investing in cryptocurrencies while reducing the credit and custodial risks of dealing with unregistered digital asset exchanges or digital asset intermediaries. The listing of cryptocurrency ETPs may also represent a substantial step toward completing the marketplace for financial transactions in bitcoin and ether.

 There …

Durbin’S Ripple: How Fee Caps Reshaped Banking And Boosted Fintechs: Exploring The Unintended Consumer Impacts And Regulatory Gaps In The Wake Of The Durbin Amendment, Rebecca M. Reeve

Touro Law Review

This Article explores the implications of the Durbin Amendment on consumer protection, financial innovation, and market competition. Initially intended to cap interchange fees and foster cost savings for merchants and consumers, the Amendment’s effects have diverged from its legislative intent. Financial institutions offset lost revenue by increasing other consumer fees, unintentionally spurring a financial technology (fintech) boom as consumers sought low-cost alternatives. This Article examines the administrative rulemaking challenges the Federal Reserve faced in implementing the Amendment, the rise of fintech solutions as a response to shifting bank priorities, and the potential regulatory gaps affecting consumer protection in a rapidly …

The New Legal Tender Debate: Surveying State-Level Attempts To Regulate Central Bank Digital Currencies, Jacob Gerszten

Michigan Technology Law Review

This Note explores the growing wave of state-level legislation aimed at regulating Central Bank Digital Currencies (CBDCs). CBDCs, digital forms of central bank-issued money, have sparked intense political debates between proponents who see them as the logical next development in monetary technology and critics who perceive them as threats to privacy and financial system stability. Although a widely available CBDC appears unlikely without Congressional authorization, sixteen states have enacted laws designed to preempt its development, with more statutes likely to follow. These state statutes employ various legal mechanisms, including redefining terms in the Uniform Commercial Code, prohibiting CBDC-related payments to …

How To Evaluate Non-Majority Control: What History And Statutes Tell Us—Part Ii: The Definitional Consensus, J. Travis Laster

Fordham Journal of Corporate & Financial Law

This Article and a companion piece explore the claim that the functional school was novel and anomalous. The companion article examines the approaches that courts have historically taken when evaluating non-majority control (the “Historical Article”). The Historical Article demonstrates that functionalism has been the dominant approach since at least 1912, while the formal school is a recent innovation. Its tenets emerged in 2006 and coalesced in a recognizable framework around 2014. The Historical Article identifies the core claims of the two schools. 

This Article examines statutory definitions of control. It focuses on statutory regimes that use the concept of control …

Insider Trading In Crypto Assets—Back To First Principles?, Katja Langenbucher

Fordham Journal of Corporate & Financial Law

This Essay examines whether the traditional rationales for prohibiting insider trading, which were developed for securities markets that facilitate capital formation, translate meaningfully to the emerging regulatory landscape for crypto assets. It contrasts the U.S. duty-based regime, grounded in fraud and fiduciary or confidential relationships under Rule 10b-5, with the EU’s information-based approach under the Market Abuse Regulation, which links trading prohibitions to mandatory disclosure of inside information. The former has proven underinclusive—prompting prosecutors to rely on wire fraud in recent crypto cases such as Wahi and Chastain while the latter tends toward overinclusivity. 

Turning to the newly emerging regimes …

Directors’ Fiduciary Duties In The Likelihood Of Insolvency, Miguel Martínez Muñoz

Fordham Journal of Corporate & Financial Law

The purpose of this Essay is to analyze the Directive and its interaction with American law in order to establish some considerations in coordinating the provisions of insolvency and corporate law. This Essay focuses on the configuration of a new framework of directors’ liability in which, among other aspects, the identity of the parties subject to the duties is expressly defined, as well as the application of the rules regulating the protection of corporate discretion as well as the application of the rules regulating the business judgment rule. In turn, the Essay puts forward some proposals for a solution to …

Facilitating Mortgage Modification To Save Homes And Mitigate Lender Losses, Julia Patterson Forrester Rogers

Faculty Journal Articles and Book Chapters

Homeowners in financial distress or whose homes have been damaged by natural disaster may avoid foreclosure if their lender agrees to modify the loan to reduce payments. Commercial loans may also be modified to avoid foreclosure or in response to changed circumstances or changing market conditions. Although loan modifications are generally beneficial to both borrowers and lenders, barriers to modification exist. The Consumer Financial Protection Bureau (CFPB) has addressed some of the roadblocks to residential loan modifications by regulating the procedures that mortgage servicers must follow in dealing with delinquent borrowers, but the CFPB and its regulations are at risk …