bluuebunny/crossref_metadata_2025 huggingface dataset:
Research on architecture design method of civil aircraft pneumatic systems based on model
Authors: Yang Hao , Chen Dongsheng , John Benzie Thomas
Published: August 2024

The civil aircraft pneumatic system provides bleed air supply for multiple users of the aircraft, involving information exchange among multiple systems, and its system architecture is relatively complex. This paper adopts the SysML modeling language and proposes a model-based modeling method for the complex architecture of civil aircraft pneumatic systems. It transforms traditional document and experience-based pneumatic system design work into architecture design work based on pneumatic models and utilizes the correlation and traceability relationships of models to achieve state-machine modeling of pneumatic system architecture. Through simulation verification, the modeling method of pneumatic system architecture based on SysML modeling language can be efficiently applied to the design of pneumatic system architecture and can be extended to the design work of other system architectures.
Analysis of radial stiffness characteristics of deep groove ball bearing considering centrifugal effect under elastohydrodynamic lubrication
Authors: Wu Chao , Guo Xinyang , Yin Xuemei , He Zhoubiao , Cao Ning , Feng Haoyuan , Tang Biliang , Zhao Weifeng
Published: August 2024

The rotor system’s vibration is influenced by the stiffness of high-speed deep groove ball bearings, with their radial stiffness affected by the oil film and centrifugal effect in elastohydrodynamic lubrication. To explore the influence of their combined action, the comprehensive radial stiffness calculation model of deep groove ball bearing is constructed and calculated by MATLAB software. An analysis is conducted on the individual and combined impact of radial stiffness under various viscosity, speed, and load conditions, considering the effects of the oil film, centrifugal force of the rolling body, and centrifugal expansion of the inner ring. The influence of bearing ball size on radial stiffness is obtained. The findings indicate that with the enlargement of the ball size, the comprehensive stiffness also increases. The viscosity reduces the synthetical stiffness, and the synthetical radial stiffness declines as viscosity rises. An increase in rotating speed results induce a decrease in stiffness due to the coupling effect, however, the centrifugal expansion causes the stiffness to rise as the rotating speed increases. In addition, under single factor and coupling conditions, the increase in the applied load results in a rise in radial stiffness.
Numerical simulation research for scramjet inlet separation control
Authors: Pan Sha , Wang Yaping , Fu Yuqing , Sheng An , Xi Wenxiong
Published: August 2024

According to the characteristics of the scramjet, numerical analysis and simulation of its inlet and separation control are carried out. CFD method is used to simulate the scramjet under shock/boundary layer interaction and separation. By setting the overflow slot, the separation zone is sucked out. The results show that the size of the separation zone can be greatly reduced, the inlet flow rate and Mach number can be increased, and the drag force can be effectively reduced. Optimization results and modifications are put forward to improve engine performance, which can also be applied to further engineering research.
Study on mechanical-electronic-hydraulic co-simulation of automatic antenna array splicing device
Authors: Chen Dongdong , Liu Tong
Published: August 2024

The automatic antenna array splicing device of a ground radar contains two sets of six DOF parallel mechanisms. It is a complex splicing system that integrates mechanical, electronic, and hydraulic. It’s difficult to describe the system exactly by only one simulation software. The mechanical, hydraulic, and control simulation models could be established using LMS Motion, AMESim, and MATLAB/Simulink software, and then integrated into MATLAB/Simulink through data interaction technology. Finally, the mechanical, electronic, and hydraulic co-simulation of the automatic antenna array splicing device could be realized. The splicing trajectory planning method and the coordinated control method of the servo valve-controlled parallel cylinders are simulated, and the results are consistent with reality. It can provide an effective means for the design, analysis, and optimization of the automatic antenna array splicing device.
Study on the influence of Salt spray environment on impact fatigue of Gun parts
Authors: Ye W H , Qiao Z P , Li J A , Xue J , Xu L N
Published: August 2024

In this study, live firing experiments were carried out on a certain type of automatic rifle in salt spray corrosion environment and non-corrosion daily environment. The purpose of this study is to explore the influence of salt spray environment on the impact fatigue of gun parts. In the salt fog environment, the fatigue life decreased significantly. Test the mechanical properties of the material, establish the finite element analysis model of the parts to analyze the stress distribution during impact, and observe the fracture morphology of the live ammunition experimental parts. The experimental results show that the impact toughness of the material decreases in salt fog environment, and the cumulative damage degree is greater after cyclic impact. Due to the coupling effect of plastic deformation accumulated in the corrosion medium and the stress concentration area, a large number of corrosion defects are more likely to occur. The existence of corrosion defects greatly promotes the crack initiation and propagation, forms a penetrating fatigue groove, and significantly reduces the corrosion fatigue life.
Facile synthesis of mesoporous zinc oxide nanoparticle as a drug delivery system evaluated by IVIVE in PBPK modeling
Authors: Kumar Koushi , Raju Nirmala Nithya , Nazeer Abdul Azeez
Published: August 2024

This study focuses on the development of mesoporous zinc oxide nanoparticles (mZNPs) via the sol–gel technique, utilizing polyethylene glycol-6000 (PEG-6000) as a capping agent. The research aims to investigate the suitability of these nanoparticles for drug delivery purposes. The analysis of the synthesized material validates the existence of a hexagonal system of zinc oxide with space group P6
3cm and HRTM confirmed the crystallinity and morphology of the nanoparticles ranging from 15–20 nm, revealing the formation of pores attributed to the presence of PEG-6000. The mZNPs exhibit a BET surface area of 28.3 m2. g−1, with Langmuir surface area measurements indicating 46 m2. g−1. Analysis employing the BJH method outlines pore diameters ranging from approximately 2–5 nm at a relative pressure of around 0.99. Furthermore, these mZNPs demonstrated drug delivery attributes, with 43.3% loading efficiency and 80.33% entrapment efficiency for aspirin. Notably, the release kinetics of aspirin from the mZNPs were investigated in simulated fluids of varying pH, with the highest release (98.1%) observed in simulated intestinal fluid (pH 6.8). The formulation exhibits typical time-dependent release kinetics under mild pH conditions (7.4 and 6.8), while transitioning to erosion-controlled diffusion mechanisms in acidic pH conditions (1.2). Furthermore, mathematical models, including Higuchi’s, Korsmeyer’s, and Weibull’s, were employed to assess release kinetics, offering parameters for in-vitro to in-vivo pharmacokinetic predictions. In the framework of PBPK modeling, renal clearance was computationally simulated at a rate of 45 min−1, whereas biliary clearance was modeled to occur at 0.05 min−1. Utilizing these model-derived parameters, the projected half-life of aspirin administered via mZNPs was determined to be 3.1 h. The potential applications of these findings extend to the development of effective drug delivery systems, warranting consideration for future animal model studies involving aspirin and mZNPs.
The Goals of EU and UK Competition Law
Authors: Lianos Ioannis , Korah Valentine , Siciliani Paolo
Published: August 2024

This chapter provides an overview of the goals of competition law in the EU and UK. It first considers the aims and objectives of competition law from a normative perspective, focusing on how competition fosters growth and economic development, the fundamental assumptions of the economic welfare/efficiency paradigm of competition law, the link between economic efficiency and consumer welfare, criticism of the narrow economic welfare perspective in competition law and the separability thesis, the role of the competitive process in the promotion of innovation, consumer protection, freedom to compete/freedom to trade, and fairness and equality of opportunity. The chapter then presents a positive law account of competition law aims and examines market integration as a primary objective of EU competition law before concluding with an analysis of the political and ideological content of competition law.
The Personal Scope of the EU and UK Competition Law
Authors: Lianos Ioannis , Korah Valentine , Siciliani Paolo
Published: August 2024

This chapter discusses the principle of personal responsibility in EU and UK competition law, first by explaining the concept of ‘undertaking’ and its functional definition, along with the meaning of the concept of ‘economic activity’. The meaning of the concept of ‘entity’ and its implications on the attribution of responsibility for competition law infringements are then examined. The chapter goes on to consider the scope and limits of the competitive order and offers some illustrations of the functional approach with regard to the concept of undertaking and the question of the scope of competition law in relation to collective agreements. It also analyses the single entity doctrine and its application in competition law, the single economic entity doctrine and intra-corporate group relations, corporate groups and imputation of the anticompetitive conduct, the meaning of ‘decisive influence’, and corporate reorganisation, corporate shapeshifting and succession (economic continuity) of an entity.
Abuse of Dominant Position: Main Elements
Authors: Lianos Ioannis , Korah Valentine , Siciliani Paolo
Published: August 2024

This chapter examines the main elements of EU and UK competition law with regard to abuse of dominant position. In addition to punishing collusive practices and providing remedies, competition law in the EU and UK prohibits unilateral conduct. Unilateral conduct may infringe Article 102 TFEU and Chapter II of the UK Competition Act of 1998 (CA98). These provisions apply only if a dominant undertaking has abused its dominant position. The chapter first provides an overview of the relevant laws governing abuse of dominant position before discussing the specific aims of the prohibition of such abuse. It then considers the concept of dominant position, taking into account the relation between dominant position and market power as well as direct evidence of market power and dominant position. It also analyses dominant position in aftermarkets, collective (joint) dominant position, and the concepts of abuse and ‘objective economic justification’.
Update to Chapter 4: Subject-matter Scope: Civil and Commercial Matters
Authors: Hartley Trevor C
Published: August 2024

This chapter examines subject-matter scope, which refers to the scope covered by a measure as regards its subject matter, that is to say the branches and areas of the law to which it applies. In the case of the instruments with which this book is concerned, the relevant provisions are contained in Article 1 of Brussels 2012 and Lugano, and Articles 1 and 2 of Hague. Article 1(1) of all three instruments provides that the instrument in question 'shall apply in civil and commercial matters'. Brussels 2012 and Lugano add 'whatever the nature of the court or tribunal'. This phrase is not found in the Hague Convention, though no doubt it is understood. The importance of the phrase 'whatever the nature of the court or tribunal' is that a civil claim joined to criminal proceedings can nevertheless be within the subject-matter scope of Brussels or Lugano, even though it is ancillary to criminal proceedings. The chapter considers the general concept and then looks at specific problems. The cases explored show that the distinction between a civil matter and a public matter is far from straightforward.
Update to Chapter 25: Conventions on a Particular Matter
Authors: Hartley Trevor C
Published: August 2024

This chapter assesses the relationship of Brussels and Lugano with certain other instruments. Certain other EU instruments, often ones dealing primarily with substantive law, contain provisions relating to jurisdiction and judgments. Brussels 2012, Article 67, provides that the Regulation will not prejudice the application of these provisions or of national measures adopted to give effect to them. This is based on the idea that specialized provisions should prevail over general ones. Meanwhile, prior to the adoption of the Brussels Convention, there was a network of mainly bilateral conventions between different Member States dealing with the recognition and enforcement of judgments. Brussels 2012, Article 69, provides that, as between Member States, Brussels 2012 supersedes these conventions to the extent that they cover the same matters as it does, though they continue to apply in relation to matters to which it does not apply. Specialized conventions are dealt with by both Brussels 2012 and Lugano 2007. Brussels 2012, Article 71(1), provides that Brussels 2012 will not affect any conventions to which the Member States are Parties and which, in relation to particular matters, govern jurisdiction or the recognition or enforcement of judgments. Lugano 2007, Article 67(1), contains a similar provision.
European Private International Family Law
Authors: Wilderspin Michael
Published: August 2024

This book provides the new Brussels IIb Regulation (Regulation 2019/1111) which covers jurisdiction, the recognition and enforcement of decisions in matrimonial matters, matters of parental responsibility, and international child abduction. This regulation replaces the Brussels IIa Regulation, which has been the cornerstone of European Private International Family Law since August 2004, and is applicable from 1 August 2022. This volume analyses in detail every provision of the new Regulation and explores relevant cases from the European Courts of Justice and of national courts, and the principles derived from them. The book offers practical assistance on how properly to apply the new Regulation and highlights where it has changed in relation to the previous one.
Scope of Contracts
Authors: Wood Philip R
Published: August 2024

This chapter surveys and classifies the main financial, corporate, and commercial transactions internationally, and discusses their contents and their suitability to be governed by an external governing law. It compares their general risk characteristics according to the class of contract, transfers of property, digital contracts, and green transactions. It reviews markets, including the foreign exchange market.
Insulation of Contract from Foreign Laws
Authors: Wood Philip R
Published: August 2024

This chapter reviews the insulation or immunisation or protection of contracts from foreign laws, such as a moratorium, by the choice of an external governing law as opposed to the law of the debtor’s country. It surveys article VIII 2b of the IMF Agreement, which can override the external governing law in the case of exchange control regulations and identifies the countries which do or do not permit this override. It also discusses the impact on insulation of local insolvency proceedings or illegality at the place of performance. It concludes that the IMF article can in some jurisdictions allow sovereign states to change their obligations unilaterally, explains that sovereign states already enjoy privileges when they are insolvent which are not enjoyed by ordinary corporations or individuals, that the external assets of sovereign states are often de facto immune because their sovereign assets are held by separate state entities, and proposes that the article should be abolished.
Insolvency Law Indicators and Risks
Authors: Wood Philip R
Published: August 2024

This chapter discusses why insolvency law shows the credentials of a jurisdiction and describes methods of risk mitigation. The chapter explains the essentials of insolvency law through the use of work-outs, judicial rescue proceedings, and final liquidations, and including governing law under the EU Insolvency Regulation 2015 and the UNCITRAL Model Law. As key indicators, it chooses the three triple super-priority insolvency claims of insolvency set off, security interests, and commercial trusts, as well as other indicators such as the bankruptcy ladder of priorities, prohibitions on contract and lease terminations, entry criteria, the revocation of preferences, and encouragement of private work-outs.
Insolvency Set-Off
Authors: Wood Philip R
Published: August 2024

This chapter discusses the essentials of insolvency set-off and netting, the policies involved, carve-out statutes, and central counterparties. It reviews how to protect insolvency set-off by a choice of governing law and contains a comparative survey of insolvency set-off in the main families of jurisdictions. It also discusses set-off mutuality, the avoidance of build-ups of set-offs, and set-off against assignees and other third parties. It concludes that English law has a very strong policy in favour of insolvency set-off, but this is less true of insolvency set-off in Germany and its associated jurisdictions. Insolvency set-off was originally not permitted in France and related jurisdictions, but there has been a move away from this approach in France and more particularly in Belgium and Luxembourg. It is weak or absent in most of the new or transition group. Most developed countries have a carve-out statute authorising insolvency set-off and netting for eligible contracts and eligible parties, particularly for financial markets.
Protecting a Governing Law
Authors: Wood Philip R
Published: August 2024

This chapter proposes an institution to protect a legal system which is a national asset, such as English law. The maintenance of a legal system is required not only to keep up with changing circumstances but most of all to protect the legal system from short-term government policies and from special interests who do not take a larger view of the role of an important legal system internationally. Where a legal system is used internationally, there is no room for provincialism or insularity. This chapter mentions a number of national and international bodies tasked with the duty of surveillance and reform. These include the American Law Institute, the English Law Commission, and a number of international bodies, together with multilateral development banks. English law is an international ideology and an international public utility, and it would seem remiss if England did not go to special lengths to maintain its legal system. This chapter briefly describes the constitution on a protective body.
Conclusion
Authors: Wood Philip R
Published: August 2024

This chapter discusses the weighting of the main themes and stresses the importance of the value of freedom both in our societies and in their laws. It explains that there is no fixed answer as to the relative importance of the main themes dealt with in the book, such as predictability, insolvency set-off, or insulation of the transaction from the local laws of one of the parties. The importance of each factor depends on the detailed facts and circumstances of each transaction, on such factors as whether the party concerned is a debtor or a creditor, and also on the market practice for the transaction. The law is necessary for survival and the societies in the world reflect many divergent solutions. One result is that there is competition between legal systems. This is as it should be.
Jurisdiction over Consumer Contracts
Authors: Bonomi Andrea
Published: August 2024

This chapter discusses Arts 17-19 of Regulation (EU) No 1215/2012 of the European Parliament and of the Council on Jurisdiction and the Recognition and Enforcement of Judgments (Recast) on rules of jurisdiction over consumer contracts. It covers provisions on the jurisdiction of Member State courts in consumer contract cases and restrictions upon choice-of-court agreements.
Jurisdiction over Individual Contracts of Employment
Authors: Merrett Louise
Published: August 2024

This chapter discusses Arts 20-23 of Regulation (EU) No 1215/2012 of the European Parliament and of the Council on Jurisdiction and the Recognition and Enforcement of Judgments (Recast) on rules of jurisdiction over individual employment contracts. It covers provisions on claims of employees against employers, claims of employers against employees, and restrictions upon choice-of-court agreements.
Introduction: Starting From First Principles
Authors: Niels Gunnar , Jenkins Helen , Kavanagh James
Published: August 2024

This introductory chapter starts by setting out the main contributions of economics to competition law: from the original idea that competition is ‘good’ and monopoly is ‘bad’, through to an understanding and quantification of the effects of business practices on competition and consumers. The economics ‘toolkit’ is based on microeconomics, industrial organization (IO), finance, behavioural economics, and econometrics. The chapter then explains basic economic concepts such as demand, supply, substitution, economies of scale, and efficiency, in the way of the ‘economic naturalist’, trying to make the reader think like an economist and develop some economic intuition. The chapter ends with some health warnings on competition (what it can and cannot achieve), on competition policy (what competition authorities and courts can and cannot achieve), and on competition economists.
Market Definition
Authors: Niels Gunnar , Jenkins Helen , Kavanagh James
Published: August 2024

This chapter explains the principles of market definition, which remains a key intermediate step in many competition cases. It gives an overview of the dimensions of a relevant market and of the basic economic principles of demand (including substitution and elasticities). The chapter explains the hypothetical monopolist (SSNIP) test and critical loss analysis, and discusses specific aspects of market definition such as the cellophane fallacy, supply-side substitution, price discrimination markets, and chains of substitution. It explains how market definition works for aftermarkets, bundles, different layers of the vertical supply chain, product migration, and features other than price (quality and innovation). The chapter also describes the main quantitative tools for market definition—regression and price-correlation analysis—and discusses situations in differentiated-product markets where market definition may be less informative.
Cartels and Other Horizontal Agreements
Authors: Niels Gunnar , Jenkins Helen , Kavanagh James
Published: August 2024

This chapter deals with horizontal agreements between competitors. It discusses the (moving) boundaries in competition law between hardcore cartels and other horizontal agreements, and between infringements by object and by effect. The chapter reviews the main economic characteristics of cartels—what makes them tick, and in which sectors of the economy do they arise most frequently?—and explains the economics of information-sharing arrangements, including ‘hub-and-spoke’ co-ordination. It then explores various forms of co-operation among competitors, including joint purchasing and selling—the joint selling of sports rights being one example—and the participation of banks in four-party payment card schemes. The chapter discusses R&D and technology licensing agreements, and settlement agreements in the pharmaceuticals industry. Finally, it explores how economics can assist competition authorities with cartel enforcement, including the detection of cartels.
Design of Remedies
Authors: Niels Gunnar , Jenkins Helen , Kavanagh James
Published: August 2024

This chapter discusses the design of remedies. Most of the literature on competition law focuses on the identification and analysis of competition problems, not on how to remedy them. The chapter covers structural and behavioural remedies. It sets out structural remedies in merger and conduct cases, drawing on regulatory insights on vertical separation. It then addresses behavioural remedies in merger and conduct cases and sets out the regulatory principles of access and price regulation. This includes discussions of the concept of fair, reasonable, and non-discriminatory (FRAND) in intellectual property licensing cases, and of the lessons from behavioural economics, with the Microsoft and Google cases providing useful illustrations. The chapter also deals with the principles of setting fines (including the question of inability to pay fines), and with cost–benefit analysis, which can be applied to specific interventions and to competition regimes as a whole.
Anti-Suit Injunctions and Exclusive Forum Clauses
Authors: Raphael Thomas
Published: August 2024

This chapter looks at exclusive forum clauses in anti-suit injunctions. The court's approach to anti-suit injunctions is transformed where the injunction defendant is obliged by a contractual exclusive forum clause to resolve his disputes with the injunction claimant in an agreed forum. There are two principal types of exclusive forum clause. An exclusive jurisdiction clause obliges parties to resolve disputes covered by the clause before a chosen court. An arbitration clause obliges them to resolve disputes covered by the clause before an arbitration tribunal. In both cases, the clause imposes negative as well as positive obligations, and so in general prohibits the contracting parties from litigating other than in the chosen forum. In contrast, so far, choice of law clauses have not been interpreted to include any correlative negative obligation.
Non-Exclusive Jurisdiction Clauses
Authors: Raphael Thomas
Published: August 2024

This chapter focuses on non-exclusive jurisdiction clauses. A non-exclusive jurisdiction clause permits litigation to proceed in the selected forum, but does not expressly prohibit litigation elsewhere. The purpose of a non-exclusive jurisdiction clause is ‘to confer jurisdiction and avoid disputes about jurisdiction’. It follows that litigation elsewhere is not in breach of a non-exclusive clause, unless in particular cases it can be said to be prohibited by an implied term of the contract, derived from the non-exclusive clause. Consequently, if there is a non-exclusive jurisdiction clause in favour of a particular jurisdiction, the general tests for the grant of anti-suit injunctions to restrain proceedings abroad will have to be satisfied, save where there is a relevant implied term prohibiting parallel litigation.
Jurisdiction under the Brussels–Lugano Regime
Authors: Raphael Thomas
Published: August 2024

This chapter addresses the application of the jurisdictional rules of the Brussels–Lugano regime to anti-suit injunctions which fall within the material scope of the regime. The Brussels–Lugano regime imposes restrictions on the substantive power to grant anti-suit injunctions in relation to court proceedings elsewhere in the Brussels–Lugano zone. In short, if the other proceedings are elsewhere within the Brussels–Lugano zone, and within the material scope of the Brussels–Lugano regime, the English court will be precluded from granting anti-suit injunctions. In contrast, the application of the jurisdictional rules of the Brussels–Lugano regime imposes no inherent barrier to anti-suit injunctions. The English case law accepts that (1) final anti-suit injunctions are capable of falling within the Brussels–Lugano heads of jurisdiction; and that (2) interim anti-suit injunctions are capable of falling within the ancillary jurisdiction available under the Brussels–Lugano rules, where the court has jurisdiction over the merits.
England
Authors: Khanna Devika
Published: August 2024

This chapter discusses the arbitration system of England, first by tracing the history of the country’s arbitration law and then providing an overview of the current status of the law. It also considers the distinction between national and international arbitration, the practice of arbitration in England, and the jurisdiction of the arbitral tribunal. In particular, it examines the arbitration agreement itself, taking into account the requirements as to the content of the agreement as well as the applicable law for the interpretation of arbitration clauses. The chapter proceeds by analysing arbitrability (‘personal arbitrability’, ‘objective arbitrability’), the constitution of the arbitral tribunal (eg appointment of arbitrators), extent of party autonomy to determine the arbitral procedure, deliberations and agreement on the arbitral award, form of award and deposition, and the question of liability of arbitrators. Finally, the enforcement rules for national awards versus foreign awards in England are explained.
International Agreements
Authors: Bacon Kelyn
Published: August 2024

This chapter provides an outline of the main international agreements concerning State aids and subsidies which affect the EU, and which provide the international context within which the EU State aid rules are developed and implemented. These include the European Economic Area and European Free Trade Agreement, and the State aid provisions within Stabilisation and Association Agreements concluded with countries that are candidates for European Union membership. This chapter also outlines the subsidy provisions contained within the framework of the World Trade Organization, including the differences between the notions of WTO subsidies and EU State aid, and the relationship between WTO subsidy law and EU State aid law. The chapter concludes with a brief discussion of the important topic of the interaction between EU State aid law and international investment law.
Rescue and Restructuring Aid
Authors: Bacon Kelyn
Published: August 2024

This chapter deals with the Commission’s rules relating to State aid for rescuing and restructuring non-financial firms in difficulty. It begins by considering the specific issues for the existence of aid under Article 107(1) in this area. It then provides detailed discussion of the Rescue and Restructuring Guidelines, dealing with the basic concepts contained in those guidelines, the specific authorisation criteria, and procedural issues.
Corporate Governance, Financial Information, and Mar
Authors: Di Noia Carmine , Gargantini Matteo
Published: August 2024

This chapter discusses public disclosure of inside information. Proper management of information is a crucial element of banks' corporate governance, and an equally challenging task. Prudential regulation and the regulatory framework on market integrity are both concerned with the circulation of information in banks and bank groups. The EU regulatory framework in market abuse — which comprises Regulation (EU) No. 596/2014 (MAR) and Directive 2014/57/EU (MAD II) — particularly restricts the possibility that inside information freely circulate, unless this is justified on specific grounds and on exceptional basis. The chapter then addresses the impact of the MAR and MAD II regime on selective disclosure of inside information on the governance of banks having their securities admitted to trading on a regulated market or a multilateral trading facility (MTF). It also identifies some of the issues concerning the uneasy relationship between MAR and bank governance.
Engagement of Institutional Investors
Authors: Ungureanu Cristina
Published: August 2024

This chapter examines the engagement of investors in the governance of financial institutions. In its 2012 Action Plan on company law and corporate governance, the European Commission announced several actions in the area of corporate governance, particularly to encourage long-term shareholder engagement and to enhance transparency between companies and investors. Consequently, the role of shareholders has been amplified through enabling the ‘say on pay’ system on various countries, which has been introduced as a governance mechanism allowing shareholders of companies across industries to have a voice on the suitability of companies' executive compensation. All these initiatives have directed investors to step up and exercise their own ownership rights in an active and conscious manner in all issuer companies, irrespective of industry and sector. More recently, there has been consensus that good governance practices and related disclosure should benefit not only shareholders, but also other stakeholders such as creditors and employees.
Banco Espírito Santo
Authors: Antunes José Engrácia
Published: August 2024

This chapter traces the history of the Banco Espírito Santo (BES), the oldest and one of the largest Portuguese banks. The BES was a Portuguese institution with one and half century of history. While the story of the BES collapse is to be fully unveiled, there is a set of plausible causes of its death which, at least in abstract, may be considered. A first possible cause of the BES collapse is the global economic and financial crisis of 2007–2008. In fact, this crisis brought to light some hidden vulnerabilities of the Portuguese banks. Another usual suspect for banking crisis is banking supervision: although it is not a supervisor’s role to prevent bank failures, supervisory oversight is crucial to reduce both the probability and impact of such failures.
Expropriation and Other Treaty Standards
Authors: Cox Johanne M
Published: August 2024

This chapter examines expropriation and other treaty standards. It begins with a discussion of expropriation protection in investment treaties as an autonomous standard to other treaty protections, including fair and equitable treatment (FET), full protection and security, national treatment, most-favoured nation treatment, and the umbrella clause. It then considers the overlap that can occur between certain aspects of expropriation and other treaty standards; for example, with respect to non-discrimination or due process. It also looks at cases in which investment treaty tribunals have taken into account the overlap of due process (FET) and non-discrimination (FET, national treatment), the overlap of denial of justice in FET and indirect (judicial) expropriation, and the overlap of legitimate expectations in FET and indirect (regulatory) expropriation when deciding on the lawfulness of indirect expropriations. The chapter concludes by analysing substantial deprivation as a requirement in expropriation.
Carriage Documents and the Functions that They Perform
Authors: Goldby Miriam
Published: August 2024

This chapter assesses carriage documents and the functions that they perform. Where goods are transported pursuant to an international sale contract, the carrier contracted to transport the goods will issue a document covering the transport. According to its nature and type, this document will perform a variety of functions. Traditionally, the document issued was the bill of lading. The modern bill of lading performs three functions: it performs the evidentiary function of a receipt; it evidences or contains the contract of carriage; and it also performs the function of a document of title. More recently, alternative documents have become popular—most notably, sea waybills, which are modelled on air waybills and which are not negotiable, and do not therefore perform the same functions as bills of lading. Meanwhile, delivery orders are used in the sale of goods that have been shipped in bulk.
Introduction
Authors: Clarry Daniel
Published: August 2024

This introductory chapter discusses the administrative and protective jurisdiction of the Court to supervise and intervene in trust administration to facilitate the due performance of trusts within what is called ‘the supervisory jurisdiction over trust administration’. The principle that justifies the constituent aspects of the supervisory jurisdiction over trust administration is that the Court acts to facilitate the performance of trusts and thereby reasonably ensure their due administration. The chapter then offers an outline of each succeeding chapter to support the claim about the importance of performance as a unifying principle within this area of trust law. It also presents ancillary principles that guide the exercise of the supervisory jurisdiction for the benefit of, or in the best interests of, the beneficiaries.
Administration
Authors: Clarry Daniel
Published: August 2024

This chapter examines the first three aspects of the supervisory jurisdiction over trust administration, all of which come closest to the Court actually performing the trust. The first aspect is the general and partial administration of trusts, which is a continuation of the traditional means by which the Court facilitated the performance of trusts in Equity. In the second aspect, judicial advice and directions is given as to the duties and powers of trustees, which facilitates the due performance of trusts without the need for general or partial administration. Finally, in the third aspect, the Court exercises a trustee’s discretion that is surrendered to it by a trustee, thereby facilitating the performance of a trust by actually exercising the trustee’s discretion.
Supervising Non-Performance
Authors: Clarry Daniel
Published: August 2024

This chapter argues that a fundamental duty of trustees is to perform the trust upon assuming the office of trustee. But the duty to adhere strictly to the settled terms of a trust occasionally conflicts with the broader purpose of the trust, especially when the trust must be performed over a lengthy amount of time. Rather than bluntly resolving that tension in favour of strict performance according to the settled terms, the Court exercises its supervisory jurisdiction over trust administration by enlarging the powers of trustees and sanctioning breaches of trust, both prospectively and retrospectively, and authorising variations and terminations. These aspects of the supervisory jurisdiction over trust administration exhibit that trusts are not simple accounting relationships, but become autonomous legal institutions that require continuous supervision.
Conclusion
Authors: Clarry Daniel
Published: August 2024

This concluding chapter reflects on the claims and themes developed throughout the chapters but also explores the implications that this work holds for the development of trust law, especially with regards to recent trends in contemporary trust law and practice toward extrajudicial mechanisms to supervise trust administration — this includes alternative dispute resolution and the attachment of supernumerary office holders to trust administration, such as enforcers and protectors. The chapter also examines the broader implications for private law and public law, highlighting areas for further analysis and to stimulate debate, as well as to consider the future trajectory of the supervisory jurisdiction over trust administration, in light of some of the future challenges.
Article 3: Documents
Authors: Khodykin Roman , Mulcahy Carol , Fletcher Nicholas
Published: August 2024

This chapter looks at Article 3 of the IBA Rules. Article 3 deals with documents. The approach to document production in civil law and common law jurisdictions is very different. Article 3 represents a compromise between the two legal traditions and, as such, it is invaluable for use by parties to international arbitration. Article 3 addresses requests to produce documents made by one party to another, objections to such requests, and the process by which disputes around requests for production are to be determined. It also deals with the introduction of documents relied on by a party and requests for documents by the tribunal, as well as a number of other issues connected with access to documents and the form in which documents are to be produced.
Article 4: Witnesses of Fact
Authors: Khodykin Roman , Mulcahy Carol , Fletcher Nicholas
Published: August 2024

This chapter considers Article 4 of the IBA Rules, which (supplemented by Article 8 in relation to oral testimony at the evidentiary hearing) provides a comprehensive framework for use and management of witness evidence. The use of witness evidence may require direction and management by the tribunal in a number of areas. These include decisions about the identity and number of witnesses; the scope and content of the statements; a timetable for delivery of evidence; requests for oral examination and directions for attendance; and the management of questions put during oral evidence. The IBA Rules provide a useful set of provisions that can be adopted or can guide the parties’ discussions as they search for common ground on the procedure to be followed, both on matters of detail and questions of principle. Other provisions relevant to the use of witness evidence include the duty to consult set out in Article 2 and the obligation of good faith contained in Preamble 3.
Cryptocurrencies in International and Public Law Conceptions of Money
Authors: Proctor Charles
Published: August 2024

This chapter considers the practical consequences of cryptocurrencies for international and public law conceptions of money. It begins with a discussion of existing legal theories of money, two of which are the state theory of money and the societary theory of money, and the extent to which cryptocurrencies either conform to, or depart from, such theories. It then examines a working definition of a cryptocurrency before explaining how cryptocurrencies such as Bitcoin can affect international or public law approaches to money. It also analyses how the status of cryptocurrencies may arise in terms of criminal law, focusing on three areas: theft or fraud, money laundering, and financial markets regulation. The chapter concludes with an assessment of how the increased use of cryptocurrencies may affect the financial stability and monetary policy of central banks, taking into account the legislation that governs the Bank of England.
Taxation of Cryptocurrencies
Authors: Fairpo Anne
Published: August 2024

This chapter examines the tax approaches taken by different jurisdictions with regard to cryptocurrencies and the implications of those approaches. It first considers the imposition of direct taxes and value-added taxes on cryptocurrencies before discussing a range of international taxation policies that view cryptocurrencies as property, focusing on countries such as Australia, Singapore, France, Israel, United States and the United Kingdom. It then looks at jurisdictions that regard cryptocurrencies as foreign currencies, including Australia and Switzerland, and concludes with an analysis of four main principles on which tax systems should be based: equality, efficiency, certainty and administrative convenience. The chapter argues that tax laws are not always equal, certain and administratively efficient, in part because tax authorities continue to treat cryptocurrencies as predominantly a payment mechanism rather than an investment vehicle.
Banking, Payments and Money
Authors: Gleeson Simon
Published: August 2024

This chapter illustrates how state money only does a specific job, but the monetary jobs which need to be done across an economy generally require a wide variety of different types of instrument, and there is no reason why sovereign-issued money should seek to perform all of those functions. The central bank only acts as ‘paymaster’ to commercial banks and payment service providers, and those commercial banks and payment service providers act as paymasters to the rest of the economy. A paymaster is a person who provides payment services—someone who, when instructed, makes a payment to another on the basis that they either have or will recoup the value from that other. The chapter shows that the real economy rests on a foundation of money provided by the central bank.
The Legal Character of Money
Authors: Gleeson Simon
Published: August 2024

This chapter analyses how the law regards money as a species of property with unique characteristics. The most significant issue is that claims for money (debt claims) are regarded in law as different from claims for any other thing. If a person breaches an obligation to pay money, the remedy is an order to pay that amount of money. The question of how much damage (if any) the payee has suffered through the refusal to pay is simply irrelevant, and concepts like mitigation, remoteness, or foreseeable damage have no place in this system. Therefore, in an action related to virtual currency today, the basic question of whether the virtual currency should be treated as ‘money’ or not for this purpose is largely determinative as to the potential outcome of the litigation.
Doom Loop or Incomplete Union?
Authors: Navaretti Giorgio Barba , Calzolari Giacomo , Mansilla-Fernández José Manuel , Pozzolo Alberto Franco
Published: August 2024

This chapter discusses the foremost regulatory advances and policy proposals for the so-called ‘doom loop’, i.e. the perverse and destabilizing interconnections between sovereigns’ and banks’ liabilities. It discusses how the merits of the proposed regulatory reforms are strictly intertwined with the mechanisms of risk sharing being built up and implemented within the banking union, and more broadly within the eurozone. The chapter argues that it is very unlikely that there might be viable solutions to the regulatory treatment of sovereign exposures without a strengthening of risk-sharing mechanisms.
Financial Conglomerates in the European Banking Union
Authors: van den Hurk Arthur , Siri Michele
Published: August 2024

This chapter discusses the position of financial conglomerates within the European banking union. Financial conglomerates are typically large and complex groups that combine banking and/or investment activities with other regulated and/or unregulated activities and usually operate across borders. The fact that their activities are not limited to banking activities raises interesting but a complicated question with respect to their regulation and supervision as conglomerates, in addition to the sectoral regulation and supervision these groups and the individual entities in these groups operate under. The background and evolution of financial conglomerates and conglomerate supervision are discussed, as well as the manner in which it is embedded in financial supervision in Europe. Furthermore, the evolution of the sectoral group and consolidated supervision is discussed, including the inception of the Single Supervisory Mechanism (SSM) and the challenges of supervision under the SSM. An additional layer of complexity is formed by the requirements that apply to resolution. The chapter concludes by reflecting on the complex interaction between the different sectoral frameworks, difference and inconsistencies between frameworks, specificities of the various sectors, and the need for a thorough assessment of the requirements that apply to conglomerates and their interaction.
The Legal Nature of the International Bond Market
Authors: Bamford Colin
Published: August 2024

The chapter explains the history of the international bond market, from its origins in the nineteenth century issues of loan stock, through the development of the Eurodollar market after World War II and the adoption of bonds as a way for corporate borrowers to access that market. It then discusses the evolution of the documentation used, paying particular attention to the concept of negotiability, which facilitated the ready transfer of bonds. It goes on to consider the idea of immobilization and the growth of securities clearing organizations. In this context, it considers recent developments in Europe, brought about by the requirements of the European Central Bank. The chapter then turns to an analysis of the legal relationships created by the structure of bonds and the way they are traded, and ends with a discussion of the move to the dematerialization of the market.