bluuebunny/crossref_metadata_2025 huggingface dataset:
Measuring depth-dependent residual stresses in gaseous nitrided steels using indentation method
Authors: Yayla Ahmet Fatih , Gecu Ridvan , Solak Nuri , Kazmanli Kursat , Urgen Mustafa
Published: August 2024

This study investigated residual stress evaluations during gaseous nitriding of 50CrMo4 and 31CrMoV9 steels. The nitriding processes were carried out in the NH3/H2/N2 atmosphere at 525 °C for 2 h by controlling the nitriding potential. The development of depth-dependent residual stresses was conducted using a Vickers indentation instrument with an estimated geometric correction. The obtained results correlated with the sublayer removal-assisted XRD sin2ψ method. Diffusion layers between 135 and 200 μm were obtained for all samples upon nitriding. The surface hardness values reached 475 HV for 50CrMo4 and 825 HV for 31CrMoV9 steels. The geometric correction factor α was calculated as 78° for a Vickers indenter to measure residual stresses. The generated compressive residual stresses by nitriding increased with increasing nitriding potential by 71% (from −350 to −600 MPa) and 13% (from −750 to −850 MPa) for 50CrMo4 and 31CrMoV9 steels, respectively. An approximately linear relationship was obtained between the hardness and residual stress profiles of the nitrided samples.
Effectiveness of Xanthan Gum-based composite in repairing cracks in reinforced concrete structures
Authors: Valli S Asvitha , Kumar M S Ravi
Published: August 2024

This study investigates the enhancement of concrete slabs using a biopolymer-modified cementitious repair material (CXT) composed of Ordinary Portland Cement, Xanthan Gum, and Tartaric Acid Powder. The innovative formulation of CXT aims to improve the mechanical properties of repaired concrete structures. Experimental results demonstrate that CXT significantly enhances mechanical properties such as the load-bearing capacity of concrete slabs. Non-destructive testing methods, including the Rebound Hammer test and Ultrasonic Pulse Velocity (UPV), as well as destructive testing methods, were employed to evaluate the performance of CXT in repairing cracks. The study highlights the improved load-bearing capacity and structural integrity of CXT-repaired slabs, contributing to increased longevity and reduced maintenance costs of concrete structures. Furthermore, the sustainability metrics of CXT, including Process Mass Intensity (PMI), Energy Intensity (EI), Environmental Factor (E-Factor), and Reaction Mass Efficiency (RME), are evaluated, illustrating its cost-effectiveness and environmental benefits. This comprehensive approach underscores the potential of CXT as a durable and sustainable repair material for concrete infrastructure.
Process—structure correlations in co-precipitation synthesized lanthanum zirconates
Authors: Bhat Saideep Shirish , Irshad K A , Almeida Mahima , Sivakumar M , Vairavel P , Gurumurthy S C , K G Raghavendra
Published: August 2024

Rare Earth Zirconates with pyrochlore/flourite structure have attracted interests owing to their immense potential in modern technological applications. Among these, Lanthanum Zirconates are a promising top coat thermal barrier material and also a candidate nuclear waste host matrix for radionuclide immobilization. Despite its candidacy for these high-tech applications, the fundamental questions related to process—structure—property correlation still lacks a thorough understanding and this article is an attempt to bridge this gap. The current study investigates the microstructural characteristics of Lanthanum Zirconate powders synthesized using co-precipitation method under various pH, annealing temperature and hold durations. An evolution from disordered to ordered pyrochlore structure is observed at a relatively lower annealing temperature of 950 °C, as investigated through x-ray diffraction and Raman spectroscopy, confirmed via synchrotron investigations. Further examinations of the samples synthesized at varied pH conditions indicated a relatively high surface area and stable microstructure with a lower propensity for grain growth for the samples synthesized at pH 11. The comprehensive material microstructural information as a function of process conditions studied here is thought to be crucial for microstructure tailoring in both pristine and doped Lanthanum Zirconates.
Parametric noise reduction and construction of performance degradation indexes for low-voltage switchgear appliances
Authors: Liu Shuxin , Li Yankai
Published: August 2024

Aiming at the problem that there is a lot of noise in the feature parameter data of low-voltage switchgear, which makes it difficult to extract useful information about the feature parameters and unable to construct the performance degradation index reasonably. This paper proposes a noise reduction method through Relative Entropy (KL) optimized Variational Mode Decomposition (VMD) combined with Non-Local Mean (NLM) and a method of constructing performance degradation indexes for low-voltage switching appliances through Convolutional Autoencoder (CAE). Firstly, the voltage and current signals are collected based on the full-life test platform of low-voltage switchgear, and the subset of feature parameters is extracted. Then, the feature parameters are decomposed into different components by relative entropy optimization VMD and the noise-dominant and effective components are selected based on the correlation. Secondly, NLM denoising is performed on the noise-dominated signal, and the noise-reduced signals are obtained by signal reconstruction. Finally, the construction of performance degradation indexes for multi-type switchgear is completed based on CAE. The final results show that the two noise reduction evaluation indicators including Noise Rejection Ratio (NRR) and trendiness (T), and the three performance degradation evaluation indexes including Goodness of Fit (R), Root Mean Square Error (RMSE), and Mean Absolute Percentage Error (MAPE) all show optimal results, indicating that this paper’s method can better complete the construction of noise reduction and performance degradation indicators for the feature parameters of low-voltage switchgear.
Visualizing Falseness
Authors: Chan Eleanor
Published: August 2024

The visuality of false relations, as they existed in early modern English modes of music notation, remains one of the most tantalizing insights into their cultural appeal. Frequently not graphically signified but rather implied through an internalized visual pattern that a reader aimed to (but did not always) memorize, false relations play into English Renaissance fascinations with concealment and revelation as a process of ornament, and with planarity, pattern, and texture. Beginning with an enigmatic drawing by Isaac Oliver and possibly finished by his son, Peter (both thoroughly musical artisans), this chapter seeks to explore the responses, contemplations, and analogies of discord in the visual culture of the English Renaissance. Ultimately, this chapter argues that solmization should be considered a matter of visual culture alongside musical culture, both in the context within which it was learned, and in the visuo-spatial demands it places upon a student learning to read music.
Factors associated with cognitive impairment before intracerebral haemorrhage: community-based neuropathological study
Authors: Xiang Yawen , Rodrigues Mark A , Lerpiniere Christine , Moullaali Tom J , Loan James J M , Wilkinson Tim , Humphreys Catherine A , Smith Colin , Al-Shahi Salman Rustam , Samarasekera Neshika
Published: August 2024

Little is known about whether clinical, radiological or neuropathological features are associated with cognitive impairment before intracerebral haemorrhage. We conducted a community-based cohort study of 125 adults with intracerebral haemorrhage (lobar n = 71, non-lobar n = 54) with consent to brain autopsy. We compared small vessel disease biomarkers on diagnostic CT head and neuropathological findings including neurofibrillary tangles and amyloid plaques in adults without cognitive impairment versus cognitive impairment without dementia versus dementia before intracerebral haemorrhage, stratified by lobar and non-lobar intracerebral haemorrhage. In non-lobar intracerebral haemorrhage, severe cortical atrophy was less common in those without cognitive impairment (8/36, 22%) and cognitive impairment without dementia (0/9, 0%) versus dementia (5/9, 56%); P = 0.008. Irrespective of intracerebral haemorrhage location, adults without cognitive impairment had milder neurofibrillary tangle pathology measured by median Braak stage (lobar intracerebral haemorrhage: no cognitive impairment 2 [interquartile range, 2–3] versus cognitive impairment without dementia 4 [2–6] versus dementia 5.5 [4–6]; P = 0.004; non-lobar intracerebral haemorrhage: no cognitive impairment 2 [1–2] versus cognitive impairment without dementia 2 [1–2] versus dementia 5 [3–6]; P < 0.001). Irrespective of intracerebral haemorrhage location, adults without cognitive impairment had milder amyloid plaque pathology measured by median Thal stage (lobar intracerebral haemorrhage: no cognitive impairment 2 [1–2] versus cognitive impairment without dementia 2 [2–3] versus dementia 2.5 [2–3.5]; P = 0.033; non-lobar intracerebral haemorrhage: no cognitive impairment 1 [0–1] versus cognitive impairment without dementia 0 [0–2] versus dementia 3 [2–3]; P = 0.002). Our findings suggest that irrespective of intracerebral haemorrhage location, adults with cognitive impairment before an intracerebral haemorrhage have more Alzheimer’s disease neuropathologic change.
Procurement and the ‘London Living Wage’: Boohene v Royal Parks Ltd
Authors: Davies A C L
Published: August 2024

This note analyses the Court of Appeal’s decision in the Boohene case. The defendant paid the ‘London Living Wage’ to its own workers but did not require its contractors to pay this rate tothe workers they employed. The claimants sought to challenge this as race discrimination against them as ‘contract workers’ under s. 41 Equality Act 2010, because of a clear difference in the ethnicities of the two groups of workers. The claim was unsuccessful because the Court of Appeal ultimately concluded that the claimants’ wages were set by their employer, the contractor, not by the defendant, even though the defendant influenced their wages by setting the price of the contract. The case highlights the complex and sometimes problematic relationship between outsourcing and wages.
Use what you have: leveraging microbiology support to develop a cumulative antibiotic susceptibility report for antimicrobial stewardship at a district hospital in Ghana
Authors: Bosu Benedicta , Amponsah Obed Kwabena Offe , Tawiah Phyllis , Darko Eric , Abruquah Nana Akua , Osafo Annabella Bensusan , Sarkodie Emmanuel , Buabeng Nana Bugyei , Kapona Otridah , Owusu-Ofori Alex , Buabeng Kwame Ohene , Ayisi-Boateng Nana Kwame
Published: August 2024

Background

Antibiograms provide effective support for empirical prescribing and antimicrobial stewardship programmes (ASPs). In low-resource settings, microbiology systems to develop antibiograms may be rudimentary or entirely lacking, which may place such facilities at a disadvantage. Notwithstanding this, facilities should use what they have to support ASPs to inform evidence-based antibiotic use. We report how an antibiogram was developed at a district hospital in Ghana to support its ASP.

Methods

This was a retrospective analysis of antibiotic susceptibility testing (AST) results from the University Hospital, KNUST from January to December 2021. Data were exported from the hospital’s laboratory information system to Microsoft Excel (Version 2013). IBM SPSS Statistics (Version 25) and Epi Info™ Version 7 were used for statistical analyses.

Results

Overall, 1949 cultures were performed, 392 (20.1%) growing bacterial pathogens. Per the CLSI M39-A4 standard guidelines for antibiograms, only 360 of the bacterial isolates were used for the analyses. The majority of isolates were from urine (187; 51.9%). Among the Gram-negative bacteria, there was low susceptibility to amoxicillin/clavulanic acid (28%), cephalosporins (11%–35%) and meropenem (21%), but high susceptibility to amikacin (96%) and levofloxacin (81%). Low susceptibility of Gram-positive isolates to amoxicillin/clavulanic acid (34%), meropenem (34%) and penicillins (27%–35%) was also recorded, but high susceptibility to ciprofloxacin (80%), gentamicin (79%) and vancomycin (76%).

Conclusion

High levels of bacterial resistance to cephalosporins and meropenem in the antibiogram were reported. This antibiogram highlighted the urgent need for pragmatic steps to curb antibiotic resistance through ASPs using strategies that positively improve clinicians’ knowledge and prescribing practices.
In a sticky situation: pro-coagulant properties expand the importance of neutrophil EVs in driving tissue injury
Authors: Madison Matthew C , Finley Dakota C , Genschmer Kristopher R
Published: August 2024

Inflammatory and microbial stimuli prompt a neutrophil extracellular vesicle signature capable of driving disease processes.
Abuse of a Dominant Position (Specific Abuses)
Authors: Lianos Ioannis , Korah Valentine , Siciliani Paolo
Published: August 2024

This chapter examines the relevant provisions of EU and UK competition law with regard to specific abuses of a dominant position. It first considers the question of exclusive rights and whether acquisition of a competitor is abusive if it strengthens a dominant position, citing the Court of Justice ruling in Tetra Pak Rausing v. Commission, before discussing the economics of unilateral refusals to supply (vertical foreclosure). It then analyses predation, focusing on predatory pricing and selective low pricing, the economics of predation, pricing below costs (predatory pricing), above cost selective price cutting, and UK case law. It also describes margin squeeze as a standalone/separate category of abuse, exclusive purchasing/dealing, conditional/loyalty rebates or discounts, (exclusionary) price and non-price discrimination, bundling/tying, abusive (vexatious) litigation and abuse of the regulatory process, abuses affecting the internal market, exploitative prices, and unfair commercial terms and conditions.
Mergers
Authors: Lianos Ioannis , Korah Valentine , Siciliani Paolo
Published: August 2024

This chapter examines how mergers are regulated in the EU and the UK. It first provides a historical background on mergers and acquisitions, with a focus on the so-called ‘merger waves’, before discussing the origins of merger control in the EU and the UK. In particular, it considers the role of Articles 101 and 102 TFEU in merger control, the substantive tests and theories of harm, collective dominant position and co-ordinated effects, the use of the substantive tests in UK merger control, unilateral or non-co-ordinated effects, and public interest tests. The concepts of concentration and control are illustrated with two case studies, one involving Microsoft/Yahoo! and the other involving Eurotunnel. The chapter also explores minority shareholdings and cross-ownership, post-notification referrals to the National Competition Authorities (NCAs) under Articles 4 and 9 TFEU, coordinated and non-coordinated effects in vertical mergers, and coordinated and non-coordinated effects in conglomerate mergers.
Update to Chapter 13: Choice of Court Agreements
Authors: Hartley Trevor C
Published: August 2024

This chapter evaluates choice-of-court agreements under Brussels 2012, Lugano 2007, and Hague. It considers the matter on the assumption that the courts of only one country are involved. In general, it may be said that a choice-of-court agreement is an agreement between two or more parties as to where litigation will take place. It can have two effects: it may confer jurisdiction on a court which would not otherwise have had it; or it may take jurisdiction away from a court which would otherwise have had it. Several provisions in all three instruments are relevant. In the case of Brussels 2012, the most important for present purposes is Article 25; in the case of Lugano 2007, it is Article 23; in the case of Hague, the whole Convention could be regarded as relevant, since all of it is concerned with choice-of-court agreements; however, the key provisions for present purposes are Articles 5 and 6.
Jurisdiction in Matrimonial Matters
Authors: Wilderspin Michael
Published: August 2024

This chapter covers the jurisdiction in matrimonial matters under the Brussels IIb Regulation. It expounds on the second chapter of the Regulation, which addresses the regime applicable to matrimonial matters and the matters of parental responsibility. The regime on international jurisdiction in matrimonial matters primarily aims to provide a wide selection of fora to allow a spouse to obtain divorce, legal separation, or annulment. The chapter explains that each selection is governed by the conflict-of-law rule of the forum. It also looks into the laws applicable for spousal maintenance, legal separation, and dissolution of the spouses’ matrimonial property regime.
Business Orientation
Authors: Wood Philip R
Published: August 2024

This chapter reviews the comparative business orientation of legal systems. It underlines the importance of business law in economic prosperity and welfare. There is a historical review of business orientation in relation to the development of bond markets and bills of exchange. The key indicator is chosen for measuring business orientation include compulsory notice of the assignment of receivables and the deprivation of the assets of a bankrupt corporation in relation to joint ventures and flip clauses. This chapter explains that one of the most remarkable changes over the last century has been the acceleration of economic development and prosperity by the growth of business in the world and the reduced importance of agriculture in terms of GDP. It describes how cruel life could be without this prosperity and proposes that the law should seek to foster enterprise and invention.
Security Interests
Authors: Wood Philip R
Published: August 2024

This chapter discusses what is a security interest (mainly mortgages, pledges, and charges) and the use of security interests in international finance, as well as the role of title finance transactions, such as finance leases, repos, securities lending, conditional sales, and sale and leaseback. It surveys the comparative strengths of security interests across the world’s jurisdictions and describes which law governs aspects of security interests, including the secured debt, the validity of the security interest, transfers of secured debt, enforcement remedies, and the impact of bankruptcy proceedings. It reviews risk mitigation and the role of corporate structures to minimise risks and to maximise the role of the governing law.
Commercial Trusts
Authors: Wood Philip R
Published: August 2024

This chapter reviews what is meant by a trust and contains an international survey of trust recognition in the families of jurisdictions. It criticises the legal objections to the trust in those jurisdictions which do not recognise the trust and then examines the maximisation of trust recognition and risk mitigation. It explains that a trust is a situation where one person has the public title to an asset where the asset belongs to someone else so that the beneficial ownership is immune from the private creditors of the trustee. The recognition of trusts is absent or restricted in many jurisdictions outside the English and American common law jurisdictions. The two main commercial uses of the trust are securities settlement systems and custodianship of investment securities for safe custody and administration. Other important uses include bondholder trustees and the holding of collateral by an agent bank as trustee for a syndicate of lending banks. Additional cases include mutual funds and pension funds. The use of a governing law like English law can improve the recognition of commercial trusts in the courts of a non-trust jurisdiction.
Examination as to Jurisdiction and Admissibility
Authors: Kramer Xandra
Published: August 2024

This chapter discusses Arts 27 and 28 included in Section 8 of Chapter II on the examination as to jurisdiction and admissibility. Arts 27 and 28 focus on the issue of whether jurisdiction rules have to be applied ex officio by the courts or only when a jurisdictional defence is raised by the parties. The chapter covers provisions on the role of national procedural law in establishing jurisdiction, obligation to decline jurisdiction where another Member State court has exclusive jurisdiction, and review of jurisdiction prior to granting a judgment in default of appearance.
Provisional Measures
Authors: Nuyts Arnaud
Published: August 2024

This chapter discusses Art 35 of Regulation (EU) No 1215/2012 of the European Parliament and of the Council on Jurisdiction and the Recognition and Enforcement of Judgments (Recast). Art 35 is an exception to the principle that jurisdiction can only be established under the grounds of jurisdiction provided for in the Regulation itself, namely those spelt out in Arts 4 and 7-26 of the Regulation. Topics covered include the two-track jurisdictional system for provisional measures, the notion of provisional and protective measures, and the territorial restriction.
Mergers
Authors: Niels Gunnar , Jenkins Helen , Kavanagh James
Published: August 2024

This chapter deals with the economics of merger review. Key economic concepts such as market definition, barriers to entry, and countervailing buyer power were discussed in earlier chapters. The current chapter sets out the principles behind the substantial lessening of competition (SLC) test and its variants, and of counterfactual analysis, including the failing-firm defence. The chapter then turns to unilateral effects, in particular the analysis of closeness of competition (including diversion analysis and consumer surveys) and the techniques for simulating price effects from mergers. The chapter also discusses co-ordinated effects (including the theory of tacit collusion), non-horizontal mergers (in particular vertical mergers), and minority shareholdings. Finally, it covers merger efficiencies: how they arise, how they can be measured, and in which situations they benefit consumers sufficiently to offset any anti-competitive effects of the merger.
Quantification of Damages
Authors: Niels Gunnar , Jenkins Helen , Kavanagh James
Published: August 2024

This chapter deals with the economics of quantifying damages. A growing number of damages actions are brought before national courts by victims of cartels and other competition law infringements. The chapter sets out conceptual frameworks for estimating the harm from cartels (mainly the cartel overcharge) and exclusionary practices (lost profit). It presents a classification of approaches that can be used to quantify damages: cross-sectional comparisons; time-series comparisons; difference-in-differences comparisons; financial-analysis-based approaches; and market-structure-based approaches. For each of these approaches various quantitative techniques can be applied, ranging from the relatively simple (such as comparison of averages and interpolation) to more sophisticated econometric techniques. The chapter also addresses the economics of pass-on in the context of the passing-on defence in damages actions, and the principles behind interest and discounting, usually the final (but relatively unexplored) step in damages calculations.
The Netherlands
Authors: Lazić Vesna , Schluep Alexandra
Published: August 2024

This chapter examines the arbitration system of the Netherlands. It first provides a historical background on arbitration law in the Netherlands and an overview of the current status of the law before discussing the distinction between national and international arbitration, along with the practice of arbitration in the country. It then considers the jurisdiction of the arbitral tribunal, with particular emphasis on the arbitration agreement itself (eg, arbitration clause and submission agreement, law applicable to the interpretation of arbitration clauses), the issue of arbitrability in the context of international arbitration, and decision on the arbitral tribunal’s jurisdiction (‘competence-competence’). It also describes the constitution of the arbitral tribunal (eg, number and qualification of arbitrators, appointment of arbitrators), the arbitral procedure, the procedure for rendering the arbitral award, and the question of liability of arbitrators. Finally, it analyses the rules for enforcement of national and foreign awards in the Netherlands.
Singapore
Authors: Yeo Alvin , Wei Lee Lim
Published: August 2024

This chapter examines the arbitration system of Singapore. It first presents a short history of arbitration law in Singapore before discussing the current status of the law, the distinction between national and international arbitration, and the practice of arbitration in the country. It then considers the jurisdiction of the arbitral tribunal, with particular emphasis on the arbitration agreement itself (eg, law applicable to the interpretation of arbitration clauses, binding effect of an arbitration clause on third parties), the issue of arbitrability in the context of international arbitration (‘personal arbitrability’, ‘objective arbitrability’), and enforcement of an arbitration agreement within or by court proceedings. The chapter also describes the constitution of the arbitral tribunal, the arbitral procedure, how the arbitral award is determined and rendered, and the question of liability of arbitrators. Finally, it analyses the enforcement of national and foreign awards in Singapore.
The Definition of State Aid
Authors: Bacon Kelyn
Published: August 2024

This chapter explains what constitutes State aid for the purposes of Article 107(1) TFEU, as interpreted by the Commission and European Court. The criteria of an economic advantage, State resources/imputability, selectivity, and effects on competition and inter-State trade are discussed extensively, both by reference to the general principles and with reference to specific examples from the case-law of the European Court and the decisional practice of the Commission. References are also made to the guidance provided by the Commission’s Notice on the Notion of State aid. The chapter also considers the application of Article 107(1) to services of general economic interest, and summarises the rules on de minimis aid.
Transport
Authors: Bacon Kelyn
Published: August 2024

This chapter sets out the State aid rules applying in the field of transport, which is defined as all means of land, air, and sea-based transport, as well as infrastructure that is used to provide transportation services such as ports, roads, airports, and railway lines. It also discusses aid to the shipbuilding sector. The chapter begins with an outline of the legislative framework, which includes specific Treaty provisions on transport and sectoral secondary legislation, as well as the general State aid rules. The subsequent sections address in detail the State aid rules applicable to the rail transport, road transport, inland waterways, intermodal transport, air transport, and maritime transport/shipbuilding sectors.
Governance Problems in Dutch Financial Institutions from 2007 to 2017
Authors: de Jong Bas
Published: August 2024

This concluding chapter explores the governance problems in Dutch financial institutions from 2007 and onwards. Three cases are especially worth mentioning: the takeover of ABN AMRO Bank by a consortium involving Fortis Bank, Santander, and RBS, and the subsequent rescue of Fortis/ABN by the Dutch State; the collapse of DSB (Dirk Scheringa Beheer) Bank after a bank run; and the nationalization of SNS Reaal (the holding company of bank and insurance companies) by the Dutch State. The DSB case, dealing with a not systemically relevant bank, clearly shows that an unbalanced governance structure can eventually lead to bankruptcy. Board composition and fit and proper testing also matter a great deal. As such, fit and proper testing in the Netherlands is now stricter, taking into account not only individual board members, but also the board as whole.
Practical and Theoretical Problems Encountered in Applying the Arm’s Length Principle
Authors: Collier Richard S , Andrus Joseph L
Published: August 2024

This chapter examines in greater detail several of the alleged shortcomings of transfer pricing rules based on the ALP. Critics of the ALP argue that various aspects of the ALP cause the existing transfer pricing rules to fall short of the objective of providing a clear and efficient means for accurately allocating income among members of a multi-national enterprise (MNE) group. Such problems, this chapter argues, fall into three categories. A first set of issues involves matters that are conceptual in nature. Next are the problems that are entirely practical in nature. Finally, there is a set of challenging treaty interpretation issues regarding the scope and purpose of Article 9 of the OECD Guidelines and the ALP.
BEPS Modifications to Transfer Pricing Rules
Authors: Collier Richard S , Andrus Joseph L
Published: August 2024

This chapter describes the principal changes in the application of the ALP adopted in connection with BEPS. From the outset of the BEPS Project in 2013, it was understood that corporate tax base erosion was a multifaceted problem. The ALP had been a direct target of some of the most vocal critics of corporate tax avoidance. It was therefore politically imperative that transfer pricing be one of the primary areas of focus in the BEPS Project. The problems with the transfer pricing system described in the two previous chapters were not secrets by any means. It was well understood that the existing transfer pricing rules, at least in the way they were being applied, were not preventing the type of income shifting into tax favorable locations that the BEPS Project intended to counteract.
Remedies in Customary International Law
Authors: Cox Johanne M
Published: August 2024

This chapter examines the remedies for international wrongful acts under customary international law and how they can apply to cases of expropriation in investment treaty arbitrations in two instances. It first considers the two principal sources of customary international law for remedies in investment treaty arbitration, namely: the Chorzow Factory case and the ILC Articles. The Chorzow Factory case distinguishes between lawful expropriation and expropriation which is illegal, wrongful, or unlawful, and the consequences that follow: for lawful expropriation, the remedy is the treaty standard of compensation; for unlawful expropriation, the remedy is full reparation. The chapter also explains the relevant provisions of the ILC Articles with regard to reparation (restitution, compensation and satisfaction), interest, contribution and moral damages. A number of cases dealing with these various remedies are discussed.
Damages Under the Convention on Contracts for the International Sale of Goods
Authors: Zeller Bruno
Published: August 2024

This third edition of the only work to focus on damages under the United Convention on Contracts for the International Sale of Goods (CISG) maintains its purpose as the primary reference source for this topic. Addressing global judicial and arbitral decisions, the book demonstrates the differences between uniform international instruments and domestic laws, and comparatively analyses the calculation of damages under civil and common law systems under the CISG. A new chapter on penalty clauses examines the impact of recent cases in England (Cavendish Square Holding BV v Makdesi) and Australia (Paccioco v Australia and New Zealand Banking Group Ltd) concerning the interpretation of penalty clauses and their relationship with the CISG. Further new material includes: an expanded discussion of the question of good faith; new approaches relating to attorneys’ fees; consideration of states that have recently ratified the CISG; and an examination of the developments in the EU in relation to the attempt to introduce a new harmonised contract law.
Exemptions
Authors: Zeller Bruno
Published: August 2024

This chapter studies the effects of unforeseen circumstances on a contract. The approach to changed circumstances varies from country to country, and there is simply no uniformity in approach. The classic concepts of force majeure and hardship are the basis on which attempts have been made to solve the problem of non-performance of a contract. Generally speaking, the aim of force majeure is to settle a contract through either suspension or termination of obligations. However, termination of a contract is always the last resort. The United Nations Convention on Contracts for the International Sale of Goods (CISG) attempts to keep the contract alive as long as is practicably possible. Article 79 indicates that a settlement of the dispute and hence a continuation of contractual obligations is possible. Only in cases where the impediment falls under articles 49 and 25 can the contract be avoided.
The UNIDROIT Principles and the CISG
Authors: Zeller Bruno
Published: August 2024

This chapter examines the interplay between the United Nations Convention on Contracts for the International Sale of Goods (CISG) and the UNIDROIT Principles of International Commercial Contracts (UNIDROIT Principles). The UNIDROIT Principles are a valuable tool in the interpretation of the CISG and can serve as terms in a contract. The optimum use of these international instruments would be to include the UNIDROIT Principles as terms into a contract, and the CISG would be the substantive law supplementing the contract. However, this would be asking the near-impossible, as far too many legal advisors still prefer to take shelter in domestic laws than to utilize international uniform laws. Nevertheless, it should be noted that the UNIDROIT Principles are already used in arbitral proceedings to resolve substantive issues.
Regional Developments and the CISG
Authors: Zeller Bruno
Published: August 2024

This chapter explores the various regional developments in relation to their utility compared with the United Nations Convention on Contracts for the International Sale of Goods (CISG). There were several regional developments in attempting to draft a contract laws which were either in competition with the CISG or attempted to assist the CISG in the harmonisation effort of creating a global contract law. The EU was a big driver in this attempt not only creating the Principles of European Contract Law (PECL) but also the Common Frame of Reference (CFR) and lately, the Common European Sales Law (CESL). It can be argued that the problem in the EU is the issue that formulating agencies are not flexible in choosing an instrument and in conceiving ways in which hard and soft law may best supplement each other.
Money and Value
Authors: Gleeson Simon
Published: August 2024

This chapter looks at money’s most fundamental attribute: it is perceived as something that has value. It should be reasonably clear that something which was not perceived as having value would by definition have none of the traditional characteristics of money—a unit of account, a medium of exchange, and a store of value. It is important to understand what it is that gives money value in order to answer the question of whether virtual currency can be said to be valuable in the same way. One approach to this topic is addressing the criterion ‘store of value’. The chapter argues that out of the three, it is the one which is least unique since almost any commodity can function as a store of value.
Judicial Protection of Supervised Credit Institutions in the European Banking Union
Authors: Arons Tomas
Published: August 2024

This chapter considers how legal and practical difficulties impede a full-fledged centralization of EU financial supervision and bank resolution. Under the European banking union regime, the ultimate policy- and decision-making powers in bank supervision and resolution lay with the European Central Bank and the Single Resolution Board (SRB) respectively. National competent authorities (NCAs) take, on the instruction of the European Central Bank and/or the SRB, decisions addressed to individual credit institutions. This system of two-level decision-making requires challenging both decisions with potentially conflicting court decisions. Ideally judicial review is centralized to mirror the centralized policy and decision-making powers. However, the Court of Justice of the European Union is overloaded with cases already. It is submitted that a specialized court, the Tribunal of Financial Supervisory and Resolution Affairs, attached to the General Court is established to hear and determine at first instance action or proceedings brought against the European Central Bank and/or the SRB in matters relating to decisions taken in exercising its supervisory and resolution powers.
The EU Framework Dealing with Non-Performing Exposures
Authors: Avgouleas Emilios
Published: August 2024

Non-performing loans (‘NPLs’) are bank loans that are subject to late repayment or are unlikely to be repaid by the borrower. The chapter refers to the debilitating NPL crisis between 2010 and 2017 which hit the EU, especially the eurozone banking sector. Today the highest levels of NPLs are observed in the Economic and Monetary Union periphery (Greece, Cyprus, Portugal). Once a bank asset is recognized as non-performing, a number of options are open to the bank from renegotiating the exposure to completely writing it off. Recovery will take place either by restructuring the debt contract or from the open market if the bank sells the asset or liquidates the requisite collateral. Loss is minimized where the legal system is functioning in a way that makes loan recovery and asset disposal procedures not very burdensome. High levels of NPLs can weigh on bank solvency, financial stability, and economic growth. The EU bodies and the European banking union authorities have set out ambitious goals for further reduction of NPLs on a pan-European basis through the EU Action Plan for NPLs.
European Deposit Insurance system (EDIS)
Authors: Colaert Veerle , Bens Gilian
Published: August 2024

While the first two pillars of the banking union, a Single Supervisory Mechanism (SSM) and a European Resolution Mechanism (SRM), have been realized rather smoothly, the realization of the third pillar, a European Deposit Insurance System (EDIS), proves a bigger challenge. Already in November 2015 the European Commission issued its EDIS proposal. One year later, the European Parliament rapporteur proposed important amendments in her draft report. Since then, the legislative train has stopped, with the Council making the EDIS discussion dependent on additional risk reduction measures for the banking sector. This chapter examines the goals of creating EDIS, as well as the reasons and possible solutions for the long-lasting deadlock, and critically assesses the main features of the different versions of EDIS currently on the table. It concludes that the competing visions on EDIS equally further banking stability and allow efficient co-operation between the three pillars. From a banking stability perspective, more important than the exact version of EDIS would be other measures to complete the banking union, such as the realization of a common backstop for both the Single Resolution Fund and EDIS.
Other Liabilities of the Seller and Liabilities of Third Parties
Authors: Bridge M G
Published: August 2024

This chapter deals with liabilities concerning the supply of non-conforming goods that fall outside the Sale of Goods Act. The liabilities may be those of the seller for innocent misrepresentation or breach of express warranty, or they may be those of a third party to the contract of sale, such as a producer. The importance of the statutory implied terms is such that the liabilities of the seller dealt with here are, in comparison, of secondary importance. Express warranty, for example, has played a relatively minor role in sale of goods, compared to other areas of law, because of the statutory implied terms. Third parties may be liable to a buyer on the basis of a collateral warranty, or in the tort of negligence or under statute laying down strict product liability.
Termination of the Contract for Breach
Authors: Bridge M G
Published: August 2024

This chapter deals with the right of one contracting party to terminate the contract as a result of the other party's breach. As expressed in the Sale of Goods Act, this right is known as the right to treat a contract as repudiated. The right to terminate for breach can arise in two types of cases. First, focusing on the factual consequences of breaching a contractual term, these may be so serious that the injured party is entitled to terminate. The requisite degree of seriousness is expressed in a number of ways. Second, focusing on the nature of the contractual term, the term in question may be regarded by statute, the express intention of the parties, or the implied intention that arises from established commercial practice, as being so important that any breach of that term, regardless of its consequences, severe or slight, gives rise to the right to terminate.
Choice of Law for Unjust Enrichment, Equitable Obligations, and Trusts
Authors: Chong Adeline , Yip Man
Published: August 2024

This chapter explores the choice of law rules for three legal categories: unjust enrichment, equitable obligations and trusts. Under Singapore domestic law, restitution is recognised as an umbrella topic where different causes of action may give rise to a restitutionary remedy, which is assessed with reference to the defendant’s gain. The Singapore Court of Appeal accepted a two-fold classification of the subject revolving around restitution for unjust enrichment and restitution for wrongs. According to some scholars, the third branch of the law of restitution is proprietary restitution which involves situations where the claimant seeks a proprietary remedy, such as where it is alleged that property is impressed with a resulting or constructive trust. The chapter then elaborates on the choice of law rules for trusts, including the inter vivos express trusts. It also considers the choice of law rule for equitable obligations such as breach of fiduciary duties.
International Insolvency and Corporate Restructuring
Authors: Chong Adeline , Yip Man
Published: August 2024

This chapter explicates the corporate insolvency and restructuring regime in line with the applicable jurisdiction and choice of law rules in Singapore. It explains that Singapore is in an ideal spot to position itself as a cross-border insolvency and restructuring hub, especially when the nation is one of the leading financial centres regionally and globally. The Singapore court will recognize foreign insolvency and restructuring proceedings and offer assistance for the foreign proceedings under both the common law and the UNCITRAL Model Law on Cross-Border Insolvency. The chapter also examines the cross-border issues considered concerning corporate insolvencies and bankruptcies. It recognizes the establishment of the Judicial Insolvency Network as part of the proactive attempts of the Singapore judiciary to elevate Singapore’s status as an international insolvency and restructuring hub.
PRA Approach to the Authorisation of International Branches and Subsidiaries
Authors: Cunningham Clive , Dillon Katherine , Matthews Alison
Published: August 2024

This chapter explores the Prudential Regulation Authority’s (PRA) approach to the authorisation of international banks and (re)insurers. EEA banks and (re)insurers seeking to maintain a UK presence post-Brexit once passporting ceases must apply for authorisation from the PRA to operate either as a branch or a subsidiary—in common with other overseas or third country banks from outside the EEA. Authorisation applications will be determined by the PRA in consultation with the UK Financial Conduct Authority (FCA), which already regulates passported EEA bank and (re)insurer branches for conduct of business purposes. (The FCA is the primary licensing authority for most UK and overseas financial sector firms, other than banks, (re)insurers, and certain systemically important ‘designated’ investment firms.) A branch may be the preferred route for many overseas firms. In practice, however, the PRA will decide whether a branch structure is acceptable. The availability of the branch route will depend on whether the proposed UK business model falls within the PRA’s stated risk appetite for branch authorisation. If it does not, it may require the application to establish a separate UK subsidiary. The FCA is currently reviewing its approach to the authorisation of all overseas firms and intends to consult on its approach to branches and subsidiaries (including its expectations on the need for a physical presence in the UK).
MREL/TLAC
Authors: Morris Charles H R
Published: August 2024

This chapter addresses the related concepts of minimum requirements for own funds and eligible liabilities (MREL) and total loss absorbing capacity (TLAC), which represent a major cross-over point between capital adequacy and resolution-related regulations. In many respects, they function as capital adequacy requirements, but their origin lies in the development of modern bank resolution-driven regulation. The purpose of MREL/TLAC requirements is to ensure that banks and other firms have, at all times, sufficient outstanding liabilities that could be bailed-in, if the need were to arise, whilst leaving the post-resolution entities with sufficient capital to continue business and work towards a full recovery. The chapter then looks at the basis on which such MREL/TLAC requirements are set, and satisfied. Most importantly, it examines how such requirements drive the internal financial structures of modern bank, and many other financial services, groups.
Cross-border Influences and Tensions on Resolution Groups
Authors: Morris Charles H R
Published: August 2024

This chapter explores how different resolution regimes and resolution authorities interact in the resolution of a group, and the tensions and challenges that may thereby arise. Like prudential supervisors, resolution authorities are faced with the problem that their powers can generally only be directly applied to entities incorporated in their jurisdiction, meaning that resolution authorities must work together to resolve a cross-border group. In the prudential regulatory space, supervisors work together as colleges: the equivalent in resolution is the Crisis Management Group (CMG). Meanwhile, although there are parallels in the international tensions between prudential regulators/regimes and resolution authorities/regimes, these tensions are stronger in a resolution context. This is because the function of a prudential regulator is inherently more passive, and less active, than that of a resolution authority. A resolution authority’s ability to resolve a group is more likely to depend upon cooperation with host authorities, and to be more vulnerable to challenges and impediments posed by uncooperative or hostile host resolution authorities, legal systems, and judicial authorities.
Holding Companies and Intermediate Parents
Authors: Morris Charles H R
Published: August 2024

This chapter focuses on parent/holding companies: both those at the top of a group and at intermediate points within it. Such parent companies have a significant role within the regulatory system. Often, they function as the fulcrum around which a consolidation group forms, or function as a resolution entity. Regulated firms are often placed in a position of reliance on such parents: especially where the regulated firm is responsible for compliance with regulatory requirements that only the parent is in a legal and practical position to perform. The chapter then considers some of the regulatory requirements that are imposed upon, or otherwise specifically relate to, such parents undertakings and holding companies. Such regulatory requirements are particularly significant in the case of non-operating holding companies that may otherwise fall outside the direct scope of a regulator’s authority. Moreover, parent undertakings, particularly intermediate parents, are increasingly the focal point for the imposition of structural regulatory requirements.