bluuebunny/crossref_metadata_2025_split huggingface dataset:
Overview of Derivative Financial Products
Authors: Grove Rick 
Published: June 2017

Abstract
This chapter begins with a description of the volatility of financial markets. It then turns to ‘swaps’, a tool developed by banks and investment banks to deal with the increasing volatility in foreign exchange rates, interest rates, and commodity prices in the 1970s. This is followed by a discussions on the founding of the International Swaps and Derivatives Association (ISDA) in 1984 and how companies' use derivatives to manage and hedge their market risks.
Arbitration Clauses for International Financial Disputes
Authors: Meijer Gerard J , Hansen Richard H 
Published: June 2017

Abstract
This chapter discusses the drafting of arbitration clauses for international financial disputes. Topics covered include the general elements which should be included in all arbitration clauses to ensure compliance with local laws and that disputes about the elements of the arbitration clause do not arise after the start of an international financial dispute; model arbitration clauses developed by arbitration institutes for use in financial contracts; description of the legal relationship to which the arbitration clause relates; parties and place of arbitration; the choice of an applicable substantive law; number and appointment of arbitrators; decision standard; language of the proceedings; and confidentiality, waivers, and arbitrability.
The Applicable Law in International Financial Disputes
Authors: Dalhuisen Jan H 
Published: June 2017

Abstract
This chapter discusses the following topics: challenges concerning the applicable law in international financial transactions; the powers of international arbitrators, the delocalization issue, the emergence of a transnational commercial and financial legal order and its meaning for international arbitration and applicable law; the operation of transnational private law; the building-blocks of private law in international finance; public policy concerning financial instruments; and the applicable law clause in the P.R.I.M.E. Finance arbitration rules.
Theories of Liability and Responsibility
Authors: Lamm Carolyn , Hellbeck Eckhard R , Riesenberg David P 
Published: June 2017

Abstract
This chapter focuses on a type of international financial dispute in which a State's substantive obligations arise directly under international law. It describes the standards of treatment most frequently incorporated into investment treaties. It summarizes the case law interpreting and applying each of these substantive protections, particularly in international financial disputes.
Practical Issues Specific to Arbitrations Containing Financial Products
Authors: Gill Judith , Freeman James 
Published: June 2017

Abstract
This chapter examines some of the practical issues that may arise in the course of arbitrations involving financial products. In particular, it looks at matters to consider when constituting the arbitral tribunal in a dispute arising out of a financial transaction; questions that may arise as to the arbitral tribunal's jurisdiction to determine a dispute arising out of a financial transaction; common case management issues in arbitrations involving financial products; evidential issues in arbitrations relating to financial disputes; and potential enforcement issues.
The Particular Role of Experts in Arbitrating International Financial Disputes
Authors: Golden Jeffrey 
Published: June 2017

Abstract
This chapter describes the role of expert witnesses in the resolution of international financial disputes. In cases where complex, technical issues are concerned, experts are needed to present evidence effectively to the tribunal, to help parties identify crucial facts and relevant issues, and to assess the strengths and weaknesses of the case. The factors that must be taken into account when considering the relevance and proper place of experts and expert testimony in international financial arbitrations are also discussed.
Evidentiary Standards in Financial Arbitrations
Authors: Cox Raymond 
Published: June 2017

Abstract
This chapter begins by discussing the concerns and priorities that banks and other financial institutions may have when determining applicable evidentiary procedures in the exercise of their procedural autonomy. It then examines two evidentiary standards of particular interest to financial institutions: the commercial confidentiality of documents and legal professional privilege. This is followed by discussions of evidentiary regimes of special importance and usefulness; new areas of challenge for evidence-taking in financial arbitration, with a focus on the emerging trend of multiple claims against banks; and proposed solutions to address these challenges.
Remedies—Damages
Authors: Menaker Andrea J , Paliwal Suyash G 
Published: June 2017

Abstract
This chapter provides an overview of the steps to awarding damages in international financial disputes, including the choice of applicable law, quantification of damages, currency determinations, and the awarding of interest. Because international financial disputes can lead to both commercial and investment treaty arbitrations, and can draw on many bodies of law, the chapter covers national/municipal law and international law, as well as Shari'a and lex mercatoria, as relevant to damages.
Financial Services Regulation in Practice
Authors: Morris Simon 
Published: June 2017

Abstract
This textbook provides an overview of the current landscape of financial services regulation in the UK. Following the financial crisis, the UK regulatory scene has undergone significant changes. This book explains the different functions and responsibilities of the various UK regulatory bodies, most notably the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The constitutions, objectives, and rules that govern the behaviour of these key UK regulatory authorities are examined. The fundamental concept of the ‘general prohibition’—which provides that no person may carry on a regulated activity in the UK unless authorised or exempt—is given a thorough treatment. The regulated activities covered by the general prohibition, and any exclusions (contained in the Regulated Activities Order (RAO)), are also considered. The standards required of firms and individuals are given comprehensive analysis: the FCA’s five main conduct of business sourcebooks are scrutinised, as is the increased regulator engagement with the regulation of individuals (specifically in relation to senior management and customer—facing staff). The key concept of passporting within the European Economic Area (EEA) is explained for firms based in the EEA and the UK. Both the prudential regulations imposed by UK regulators and the regulations on financial promotions are reviewed. The regulators’ role in relation to financial crime is analysed. The nature of the FCA and PRA’s powers of enforcement and supervision are discussed. Consideration is also given to the various ways in which consumers may obtain redress.
The General Prohibition and the Specified Investments
Authors: Morris Simon 
Published: June 2017

Abstract
This chapter analyses the cornerstone of the UK system of financial services regulation: the ‘general prohibition’. The four elements of the general prohibition are reviewed. The possible offences (and related defences) associated with the general prohibition and carrying on a credit-related activity are explained. The enforceability of a variety of contracts entered into in breach of the general prohibition are considered. Each of the specified investments, activities, and exclusions contained in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) are explained. Particular attention is given to examining the restrictions on promoting Collective Investment Schemes (CIS).
Specified Activities and Exclusions
Authors: Morris Simon 
Published: June 2017

Abstract
This chapter reviews the specified activities and numerous exclusions contained in the Regulated Activities Order (RAO). First, it examines the circumstances where exclusions subjected to a regulated activity do not apply. Secondly, it deals with the specified activities contained within the RAO, divided into sections. In particular, these activities examine those relating to banking and finance, insurance, securities, home finance, consumer lending, debt, funds, and miscellaneous activities. Finally, the chapter specifies other general exclusions that are available in a wide range of specified activities, as well as those concerned with more specific situations or persons.
Rules and Principles
Authors: Morris Simon 
Published: June 2017

Abstract
This chapter examines the structure and interpretation of the principles and rules made by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) that govern the operation of persons subject to the UK system of financial regulation. The respective powers of the FCA and PRA to make rules applying to authorised persons are assessed. The main rules, and their application to FCA- and PRA-authorised persons, are displayed in a table. Consideration is given to the influence of EU legislation on UK conduct of business rules. Guidance is provided on how to interpret a rule, and the possible consequences of breach of a rule. The regulators’ power to waive or modify a rule following the application of an authorised person, and the scope of the FCA’s option to give guidance regarding rules, are also discussed. Finally, the FCA’s principles for business and the PRA’s fundamental rules are assessed.
Conduct Regulation
Authors: Morris Simon 
Published: June 2017

Abstract
This chapter looks at conduct regulation. The conduct standards contained in the Financial Conduct Authority’s (FCA) five main conduct of business sourcebooks—banking (BCOBS), investment business (COBS), general insurance (ICOBS), mortgages (MCOB), and consumer credit (CONC)—are explained. It then assesses FCA principle 10 (PRIN 10) and the underlying rules on the proper treatment of client assets (in CASS). Examples of instances in which action was brought for a breach of FCA principle 5 (PRIN 5)—on the need to observe proper standards of market conduct—are listed. It provides an overview of the six broad elements of product governance. The FCA’s recent changes to COBS in relation to its stance on product regulation and intervention are explained. The FCA’s competition policy—based on its objective to adopt a pro-competition approach to regulation—is explored, and a number of FCA market studies examining competition issues are reviewed.
Enforcement
Authors: Morris Simon 
Published: June 2017

Abstract
This chapter concerns the topic of enforcement. It explains the regulators’ powers to gather information and perform investigations, and it lists the fifteen circumstances in which the regulator can issue a supervisory notice. The processes which the regulators must follow—specifically issuing ‘statutory notices’—when taking formal decisions are explained. The extent of the disciplinary powers of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are then assessed. The jurisdiction, procedure, and track record of the tribunal of first instance for referrals of statutory notices under Financial Services Markets Act (FSMA) 2000 (the Upper Tribunal (Tax and Chancery Chamber) (the ‘Tribunal’)) are assessed. The regulator’s use of injunctions is considered, and the possible criminal offences under the FSMA 2000 and Financial Services Act (FSA) 2012 are given.
Financial Crime
Authors: Morris Simon 
Published: June 2017

Abstract
This chapter concerns financial crime. While the Financial Conduct Authority (FCA) can prosecute offences such as insider dealing and money laundering, its principal role in relation to financial crime is to require authorised firms to take adequate steps to protect against the risk of being used in connection with such offences. The elements (offences, defences, and penalties) of market abuse under the UK regime—which implements the EU Market Abuse Directive (MAD)—are explained. The main types of behaviour which can constitute market abuse—dealing on inside information, disclosing inside information, manipulating transactions, manipulative devices, disseminating misleading information—are analysed. The UK regulatory position on money laundering, fraud and other financial crimes is also considered.
Redress
Authors: Morris Simon 
Published: June 2017

Abstract
This chapter concerns the seven principal aspects of redress under the Financial Services and Markets Act (FSMA) 2000. Redress may be due when the primary goal of consumer protection has failed to attain its objective and a customer suffers loss or inconvenience. This chapter considers the Financial Conduct Authority’s (FCA) requirements for firms with regard to complaint handling. It also looks at the process by which disputes between retail customers and regulated firms can be brought to the Financial Ombudsman Service (FOS) and the way in which the FOS will decide a dispute. The process by which a designated consumer body can bring complaints to the FCA regarding consumer interests, and the role of the Financial Services Compensation Scheme (FSCS), are explained. Finally, the role of consumer redress schemes, restitution orders, and other circumstances where consumers may obtain redress are explained.
Bank Resolution and Crisis Management
Authors: Gleeson Simon , Guynn Randall 
Published: June 2017

Abstract
The 2008 global financial crisis ushered in the biggest explosion in new bank regulation around the world since the Great Depression. Governments and regulators have sought to put measures in place to prevent the failure of banks, but have acknowledged the need for measures to address what happens when banks fail or are threatened with failure. This book deals with the measures which European, US, and international law and policy-makers have sought to put in place to manage failure of financial institutions. Measures such as ‘bail-out’ (protecting private shareholders and creditors against losses) and ‘bail-in’ (imposing losses on shareholders and long-term creditors without causing contagion among short-term creditors) are discussed. The work includes summaries and commentary on the EU Bank Recovery and Resolution Directive, the UK resolution laws including the Banking Act 2009 and amendments to that Act, the Orderly Liquidation Authority under Title II of the US Dodd‒Frank Act, resolution under Chapter 11 of the US Bankruptcy Code, the proposed new Chapter 14 to the US Bankruptcy Code, and the bank resolution provisions of the US Federal Deposit Insurance Act. Special emphasis is given to the practical effect of such measures on financial transactions and their impact on arrangements, such as netting and set-off. There is also commentary on the role of depositor protection schemes and their role in returning money to the depositors in a failing bank.
Introduction
Authors: Gleeson Simon , Guynn Randall 
Published: June 2017

Abstract
The introduction discusses why dealing with insolvent banks is fundamentally different from dealing with insolvent commercial companies. In ordinary corporate insolvency practice, commercial companies can be allowed to continue to operate while insolvent, by suspending payments on their financial liabilities while continuing to make payments on their commercial liabilities. This allows them to be reorganized or recapitalized rather than liquidated, which almost always results in better recoveries for their creditors, including their financial creditors. The problem in applying this model to a bank is that with a bank there is no meaningful distinction between financial and commercial liabilities. Virtually all bank liabilities are financial liabilities. Instead, the important distinction for banks is between long-term unsecured debt and other capital structure liabilities on the one hand, and short-term unsecured debt and other operating liabilities on the other. Banks can be allowed to continue operating after they reach the point of insolvency if their capital structure liabilities are made subordinate to their operating liabilities in advance. If that has been done, payments on their capital structure liabilities can be suspended while payments on their operating liabilities continue to be made after they reach the point of insolvency and they can be recapitalized (made solvent again) by converting their long-term unsecured debt into equity. This approach should stem runs, avoid contagion and preserve their critical operations for the benefit of the economy as a whole, and also result in better recoveries for all creditors, including the holders of their capital structure liabilities, compared to an immediate liquidation.
Total Loss Absorbing Capacity
Authors: Gleeson Simon , Guynn Randall 
Published: June 2017

Abstract
This chapter discusses the need for a sufficient amount of properly structured long-term unsecured debt and other forms of total loss absorbing capacity (TLAC) in order to make SPE and other resolution strategies operationally feasible. In particular, the chapter summarizes the internal TLAC standard recently finalized by the Financial Stability Board. TLAC is defined as the sum of (1) common equity and other forms of going concern capital and (2) long-term unsecured debt and other forms of gone-concern loss absorbing capacity (GLAC).
Resolution of Non-Bank Financial Companies
Authors: Gleeson Simon , Guynn Randall 
Published: June 2017

Abstract
This chapter summarizes the key elements of the new orderly liquidation (resolution) authority in Title II of the Dodd‒Frank Act— enacted by the US Congress and signed by President Obama on 21 July 2010—and how it is expected to be used to implement an SPE strategy for resolving US G-SIBs. The chapter also discusses the main policy issues that were debated in the process of drafting Title II, and certain alternative proposals that are being considered based on the bankruptcy model. Title II is modelled on the US bank resolution statute and shares most of its features, including some of the super powers given to the FDIC, which acts as the resolving authority. This new resolution authority had come about from the debate over the treatment of systemically important non-bank financial companies following their insolvency.
Direct Bail-in in the European Union
Authors: Gleeson Simon , Guynn Randall 
Published: June 2017

Abstract
This chapter describes how the EU regime permits bail-in to be implemented directly by varying the terms of the obligations of the institution in resolution. Bail-in, by definition, is a process which applies to some but not all of the senior creditors of an institution—not all, since the object of the process is to protect some of these creditors. The primary appeal of the bail-in structure is the fact that there is no necessity to establish a new entity and transfer assets to it. As FDIC’s history of resolution demonstrates, this is a relatively straightforward process where the assets are all in one country and governed by the laws of that country. The chapter considers the basic mechanics of a direct bail-in, its impact on the pricing of the debt of the bank concerned, the interaction of the regime with private recapitalization, with subordinated and contingent capital and asset transfers.
Institutional and Cross-Border Issues
Authors: Gleeson Simon , Guynn Randall 
Published: June 2017

Abstract
This chapter examines how the Bank Recovery and Resolution Directive is implemented in international and cross-border situations, both within the EU and between the EU and third countries. The BRRD requires each member state to recognize in their law the effect of resolution actions taken by other member states. This means that as regards foreign resolution action which purports to transfer assets located in their jurisdiction, or rights or liabilities governed by their law, or write-down or convert liabilities governed by their law or owed to creditors in their jurisdictions, their law must make provision for such transfers or conversions to take effect automatically and cannot be prevented, challenged, or set aside under their law. The chapter covers the scope of the Single Resolution Mechanism, cross-border branching, and the relevant changes to the Credit Institutions (Winding-Up) Directive.
Property Transfers and Bail-in under the Banking Act
Authors: Gleeson Simon , Guynn Randall 
Published: June 2017

Abstract
This chapter discusses the stabilization process undergone by banks under resolution, as set forth by the UK Banking Act 2009 (BA). To give effect to the stabilization options, the BA employs four basic powers (‘Stabilization Powers’) as follows: the power to make a share transfer instrument; the power to make a share transfer order; the power to make a Property Transfer Instrument; and the power to make a resolution instrument. To supplement these basic powers, the BA gives the power to make a compensation scheme order, a resolution fund order, or a third-party compensation order. In addition, the BA contains provisions governing the continuity of services and facilities provided to a bank by members of its group.
Scope And Definition
Authors: Gallagher Norah , Shan Wenhua 
Published: June 2017

Abstract
A bilateral investment treaty (BIT) is relevant for a particular arbitration case only when the case falls within its scope of application. Normally the scope of application of a treaty includes four aspects: subject matter (ratione materiae), covered persons and entities (ratione personae), territorial application, and temporal application. The Chinese BITs are not an exception to this but they do, however, raise some special, perhaps unique, questions. This chapter deals with the four aspects on the scope of application, with special attention to those issues with “Chinese characteristics”. It also deals briefly with the issue of investment admission, which has been left, by and large, within the discretion of the host state.
Monetary Transfer
Authors: Gallagher Norah , Shan Wenhua 
Published: June 2017

Abstract
The transfer or repatriation of funds provision in bilateral investment treaties (BITs) is at the heart of the object and purpose of an investment treaty. The main aim of BITs is to encourage investment by investors of one state into the other state. This chapter discusses the types of payments covered in the repatriation provisions in China's BITs. It includes the scope of the clause and whether it covers both outward and inward transfer of funds. It looks at the types of payments that are covered by the transfer provisions and whether it is an illustrative list or an exhaustive one. It then considers the important provision on convertibility and exchange rates, what they mean, and when they are designated. Finally, the chapter looks at provisions typical to China's BIT provisions on transfer of funds, in particular the limitation on monetary transfers to compliance with “domestic laws and regulations.” The chapter also considers briefly the impact of the pending litigation before the ECJ against several member states on the scope of the transfer provisions in some of their BITs (including some with China) entered into before acceding to the EC Treaty.