Banking and Finance Law Commons^™

The Regulatory Accountability Act Loses Steam But The Trump Executive Order On Alj Selection Upturned 71 Years Of Practice, Jeffrey Lubbers

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Citizen Capitalism: How A Universal Fund Can Provide Influence And Income To All (2019), Lynn A. Stout, Sergio Gramitto, Tamara Belinfanti

Books

Corporations have a huge influence on the life of every citizen--this book offers a visionary but practical plan to give every citizen a say in how corporations are run while also gaining some supplemental income. It lays out a clear approach that uses the mechanisms of the private market to hold corporations accountable to the public.

This would happen through the creation of what the authors call the Universal Fund, a kind of national, democratic, mega mutual fund. Every American over eighteen would be entitled to a share and would participate in directing its share voting choices. Corporations and wealthy …

The Evolution Of Private Equity And The Change In General Partner Compensation Terms In The 1980s, Stephen Fraidin, Meredith Foster

Fordham Journal of Corporate & Financial Law

While the business model of private equity has remained largely unchanged since the 1980s, private equity as an industry has undergone a dramatic transformation. In the early 1980s, private equity was both highly profitable and highly controversial. Today, on the other hand, it is an important asset class and its returns are modest. This paper will document both of these changes and identify the several factors that contributed simultaneously to private equity’s declining profitability and to its increasing public acceptance. This paper will also identify another change that private equity underwent in the 1980s, which has been largely ignored: the …

Fifty Years After The Consumer Credit Protection Act: The High Price Of Wage Garnishment, Faith Mullen

Mitchell Hamline Law Review

No abstract provided.

Payment Transactions Under The E.U. Second Payment Services Directive – An Outsider’S View, Benjamin Geva

Articles & Book Chapters

In its proposal for a Directive on payment services in the internal market (hereafter: the Proposal), the Commission of the European Communities (“the Commission”) purported to provide for “a harmonised legal framework” designed to create “a Single Payment Market where improved economies of scale and competition would help to reduce cost of the payment system.” Being “complemented by industry’s initiative for a Single Euro Payment Area (SEPA) aimed at integrating national payment infrastructures and payment products for the euro-zone,” the Proposal was designed to “establish a common framework for the Community payments market creating the conditions for integration and rationalisation …

Can Soft Regulation Prevent Financial Crises?: The Dutch Central Bank's Supervision Of Behavior And Culture, John M. Conley, Cynthia A. Williams, Lodewijk Smeehuijzen, Deborah E. Rupp

Articles & Book Chapters

Financial regulation has traditionally been “hard”: national legislatures and regulators (and sometimes international bodies) require certain kinds of behavior and forbid others, on pain of business sanctions, fines, or even criminal penalties. When a financial crisis happens, the usual after-the-fact response is more hard regulation. That pattern goes back at least to the 1929 market crash that precipitated the Great Depression.

But financial crises still occur, leading many observers to wonder if what the financial world needs is a way to identify those pathological risk-takers in advance and, perhaps more importantly, to make sure that the financial institutions that employ …

Impacts Of Investment Treaties On Health And Human Rights, Gus Van Harten

Articles & Book Chapters

While investment treaties could help protect health and promote human rights, they are rather often used as a means to discourage governments from taking action. The treaties allow foreign investors to initiate investor-state dispute settlement (or ISDS) proceedings against states for their legislative, executive, administrative, and judicial decisions at any level. Thus, they provide a powerful tool for “foreign” investors to frustrate state action in virtually any area, including health and human rights. This article describes how ISDS provisions have impacted health-related decision- making by states and, in so doing, weakened their abilities to fulfill their human rights obligations.

Beyond Bitcoin: Leveraging Blockchain To Benefit Business And Society, Rachel Epstein, Marcia Narine Weldon

Articles

No abstract provided.

Obtaining And Enforcing A Security Interest In Local Currency Under Article 9 Of The Ucc, Marina C. Leary

Law Student Publications

Community currency is known by many names including complementary currency, alternative currency, and parallel currency. Community currency operates alongside an official or national currency (e.g., dollars or euros) with the purpose of circulating within a small geographic area to facilitate the sale of goods and services. In other words, community currency refers to a privatized form of currency that is not backed by a government entity. With the increased use of community currency, it has the potential to serve as collateral for a security interest under the Article 9 of the Uniform Commercial Code. Although there are several types of …

Regulating From The Ground Up: Controlling Financial Institutions With Bank Workers’ Unions, Emma Cusumano

Law Student Publications

In the Wells Fargo accounts scandal, millions of banking accounts were created for customers without their consent. The scandal cost Wells Fargo customers millions of dollars in direct and indirect charges. Investigations revealed that employees were pressured into creating these false accounts through abusive banking practices promulgated from the top. These practices are not unique to Wells Fargo; instead, they are ubiquitous in the financial services industry.

Current financial regulations do not adequately address how to mitigate banks’ harmful practices. This comment explores the premise that bank worker unionization could serve as a much-needed check on the power of financial …

Anti-Competition Regulation, Anne Fleming

Georgetown Law Faculty Publications and Other Works

Looking across the long twentieth century, this article tracks the rise and fall of one form of anti-competition regulation: the certificate of public convenience. Designed to curb “destructive competition” in certain industries, such as transportation and banking, certificate laws prevented firms from entering those industries unless they could convince regulators that they would satisfy an unmet public demand for goods or services. This history highlights how lawmakers used similar techniques in governing infrastructure and finance—two fields that are not often studied together. It also shows that state regulation both prefigured legal change at the federal level and then lagged behind …

Delegating Portfolio Management To Index Creators: The Consequences For Corporate Governance, Dorothy S. Lund

Faculty Scholarship

The recent popularity of index investing and corresponding influx of assets into passively managed mutual funds has generated a large literature in law and in finance about the implications for securities markets, antitrust, corporate governance, and beyond. But few have explored the index landscape itself. Professor Robertson’s article is an important exception, and her findings — in particular, that indices are more diverse and dynamic than many would have expected — have implications for all of these debates.

The Near Impossibility Of Pleading Falsity Of Opinion Statements Under Section 10(B) Of The Securities Exchange Act And Rule 10b-5, J. Cooper Davis

Oklahoma Law Review

No abstract provided.

ปัญหาการตีความการจัดเก็บภาษีส่วนล้ำมูลค่าหุ้นในประเทศไทย, จินตนา แทนวันดี

Chulalongkorn University Theses and Dissertations (Chula ETD)

การประกอบธุรกิจในรูปแบบของนิติบุคคลประเภทบริษัทจ้ากัดหรือบริษัทมหาชนจ้ากัด จำต้องอาศัยแหล่งเงินทุนเพื่อนำไปประกอบธุรกิจอย่างยั่งยืน ที่ผ่านมามีบริษัทในประเทศไทยจำนวนมากที่ได้รับผลกระทบจากภาวะเศรษฐกิจ ส่งผลให้เกิดภาวะการขาดทุนสะสมภายในบริษัทต่อเนื่องกันมา แม้ว่ากรมสรรพากรจะมีมาตรการในการช่วยเหลือบริษัทที่ยังคงมีผลขาดทุนสะสม ดังนั้น หลายบริษัทในประเทศไทยที่ยังคงมีผลขาดทุนสะสมอย่างต่อเนื่อง และไม่สามารถที่จะกู้ยืมเงินจากสถาบันการเงินในประเทศไทยหรือในต่างประเทศได้ การจัดหาแหล่งเงินทุนภายนอก (External Source of fund) ประเภทการออกจ้าหน่ายหุ้นสามัญ (Common Stock) หรือการออกจำหน่ายหุ้นบุริมสิทธิ (Preferred Stock) จึงได้รับความสนใจและเป็นที่นิยมในเวลาต่อมา เดิมการออกหุ้นโดยมีส่วนล้ำมูลค่าหุ้นสามารถกระท้าได้หากเป็นไปตามข้อบังคับและหนังสือบริคณห์สนธิของบริษัทตามที่มาตรา 1105 วรรคสอง แห่งประมวลกฎหมายแพ่งและพาณิชย์กำหนดไว้ และไม่ได้มีกฎหมายอื่นใดกำหนดไว้อย่างชัดเจนว่าจะต้องกำหนดส่วนล้ำมูลค่าหุ้นในอัตราส่วนเท่าใด นอกจากนั้นหากได้รับช้าระค่าหุ้นพร้อมทั้งส่วนล้ำมูลค่าหุ้นตามมาตรา 1202 วรรคสอง แห่งประมวลกฎหมายแพ่งและพาณิชย์ รวมถึงมาตรฐานการบัญชี ฉบับที่ 35 เรื่องการนำเสนองบการเงิน ให้ถือว่า ส่วนล้ำมูลค่าหุ้นเป็นส่วนของเจ้าของ (Equity) ที่ไม่ต้องน้ามาค้านวนเพื่อเสียภาษีเงินได้ และไม่ใช่รายรับที่ต้องน้าไปค้านวนเพื่อเสียภาษีมูลค่าเพิ่มรวมถึงมีข้อหารือกรมสรรพากรให้ความเห็นสนับสนุนหลักการดังกล่าวเรื่อยมา ต่อมาในปี 2559 ได้มีค้าพิพากษาศาลฎีกาหมายเลขคดี 2050/2559 ระหว่างบริษัทเอ็นอีซี (ประเทศไทย) จ้ากัด (โจทก์) และ กรมสรรพากร (จ้าเลย) ได้มีแนวคำวินิจฉัยตัดสินให้ส่วนล้ำมูลค่าหุ้นในกรณีดังกล่าว ถือเป็นเงินให้เปล่าหรือเงินช่วยเหลือ ซึ่งถือเป็นรายได้ที่ต้องน้าไปรวมค้านวนเพื่อเสียภาษีเงินได้นิติบุคคลตามมาตรา 65 แห่งประมวลรัษฎากร และต่อมาจึงได้มีแนวค้าวินิจฉัยของกรมสรรพากรเดินตามแนววินิจฉัยของศาลฎีกาแผนกคดีภาษีอากรดังกล่าว ดังนั้น เอกัตศึกษาฉบับนี จึงมุ่งศึกษาถึงแนวความคิดและความแตกต่างระหว่างการตีความของกรมสรรพากรเดิมกับแนวค้าพิพากษาของศาลฎีกา ซึ่งพบว่าส่วนล้ำมูลค่าหุ้นเป็นส่วนหนึ่งของส่วนทุนของบริษัทและในการจัดหาแหล่งเงินทุนที่ถูกต้อง บริษัทต่าง ๆ สามารถที่จะดำเนินการออกหุ้นเพิ่มทุนโดยมีส่วนล้ำมูลค่าหุ้นได้ แต่ทั้งนี้ หากบริษัทได้ดำเนินการออกหุ้นโดยมีส่วนล้ำมูลค่าหุ้นสูงเกินและมิได้แสดงให้เห็นถึงกิจการของบริษัท อย่างถูกต้องแล้วนั้น ในบางกรณีย่อมเห็นได้ชัดว่าเป็นการหลีกภาษี หรือการเลี่ยงภาษีอย่างใดอย่างหนึ่ง ทั้งนี้ ปัจจุบันประเทศไทยยังคงขาดความชัดเจนในเรื่องดังกล่าว จึงควรมีการเพิ่มเติมความหมาย พร้อมทั้งกำหนดรูปแบบการจัดเก็บภาษีไว้ในประมวลรัษฎากร เพื่อความชัดเจนและส่งผลให้ข้อขัดแย้งในการตีความที่จะเป็นข้อพิพาทขึ้นสู่ศาลลดน้อยลง

Bitcoin, Virtual Currencies, And The Struggle Of Law And Regulation To Keep Pace

Marquette Law Review

At less than a decade old, Bitcoin and other virtual currencies have had a major societal impact, and proven to be a unique payment systems challenge for law enforcement, financial regulatory authorities worldwide, and the investment community. Rapid introduction and diffusion of technological changes throughout society, such as the blockchain that serves as Bitcoin’s crypto-foundation, continue to exceed the ability of law and regulation to keep pace. During 2017 alone, the market price of Bitcoin rose 1,735%, from about $970 to $14,292, causing an investor feeding frenzy. As of September 11, 2018, a total of 1,935 cryptocurrencies are reported, having …

The Eu’S Struggles With Collective Action For Securities Fraud: An American Perspective, Dan Morrissey

Texas A&M Law Review

Notwithstanding the apparent exit of the United Kingdom, the European Union (“EU”) has grown in membership and power since its modest beginnings after World War II, now rivaling the U.S. in economic strength. With the goal of promoting the security and prosperity of all the citizens of the countries that belong to it, the EU is pressing ahead to adopt laws that will promote their political and financial integration. Along those lines, it has also recently acknowledged a deficiency in the legal systems of its member states when it comes to allowing collective actions for victims of various types of …

Unintended Consequences, Loopholes, And Gibberish: Why There Are Still Securities Act Class Actions In State Courts, Brian Elzweig

Texas A&M Law Review

This Article examines Congress’s decades-long attempt to ensure that securities class action lawsuits of national importance are litigated in federal courts. The intent is limiting strike suits. Congress attempted to curtail strike suits through the enactment of the Private Securities Litigation Reform Act (“PSLRA”). The PSLRA required heightened pleading requirements to ensure the validity of federal securities class actions. Instead of solving the dilemma, plaintiffs circumvented the PSLRA by bringing fraud cases as state law claims. To combat the circumvention of the PSLRA, Congress enacted the Securities Litigation Uniform Standards Act (“SLUSA”). SLUSA federally preempted state law claims based on …

Preventing Tax-Exempt Propaganda: The Case For Defining The Second Prong Of The Methodology Test, Jordanne Miller

Catholic University Law Review

Under current Treasury Regulations, various propaganda groups throughout the United States are exempt from paying federal income tax. This is so because the current test used by the IRS to determine tax-exempt eligibility, the methodology test, is incapable of separating wild propaganda from viewpoints supported by facts.

The IRS created the methodology test in the late 1970s/early 1980s. Since then, groups denied tax-exempt status have repeatedly challenged its validity. The IRS has responded, and the test has evolved. However, the second prong of the test remains undefined—it is still unclear what it means for facts to be “distorted.” This Comment …

Fintech Lending: A Study Of Expectations Versus Market Outcomes, Vincent Dilorenzo

Faculty Publications

This article explores expectations and outcomes. It documents the expectations for the fintech lending industry, which has emerged in this decade, and compares such expectations to market outcomes. It presents an evidence-based analysis for policy making decisions. Part one of the article documents expectations—possible benefits and risks of fintech lending—through large-scale surveys and interviews of industry, consumer and government stakeholders. Part two of the article examines market outcomes—benefits and risks that have been realized or failed to materialize as documented by studies of substantial data sets of various types of fintech loans. The benefits and risks explored include increased access …

Obtaining And Enforcing A Security Interest In Local Currency Under Article 9 Of The Ucc, Marina C. Leary

University of Richmond Law Review

Community currency is known by many names including complementary currency, alternative currency, and parallel currency. Community currency operates alongside an official or national currency (e.g., dollars or euros) with the purpose of circulating within a small geographic area to facilitate the sale of goods and services. In other words, community currency refers to a privatized form of currency that is not backed by a government entity. With the increased use of community currency, it has the potential to serve as collateral for a security interest under the Article 9 of the Uniform Commercial Code. Although there are several types of …