bluuebunny/crossref_metadata_2025_split huggingface dataset:
The Spanish Banking Crisis as a Corporate Governance Problem
Authors: Sáez Maribel , Gutiérrez María 
Published: August 2024

Abstract
This chapter assesses the Spanish banking crisis. Spain experienced strong economic growth and a real estate boom during the first years of the century. Nevertheless, by the end of 2007, when the first signs of trouble appeared in the international financial markets, this phenomenal growth period in Spain had come to a halt. The banking crisis that ensued was exacerbated by three key factors. The first factor, which was common to other European countries, was the strong dependence of the Spanish banks on international debt markets. The second factor, common to all the Eurozone countries, was that, being part of the monetary union, Spain lacked a Lender-of-Last-Resort and the Bank of Spain was unable to offer liquidity when the crisis struck. Finally, the third factor, which was unique to the Spanish banking crisis, was the importance of the Caja de Ahorros in the Spanish banking system.
Transfer Pricing and the Arm's Length Principle After BEPS
Authors: Collier Richard , Andrus Joseph L 
Published: August 2024

Abstract
This book examines the transfer pricing rules, including the arm's length principle (ALP), in the context of the G20 / OECD Base Erosion and Profit Shifting (BEPS) project. It considers the nature and scope of the transfer pricing rule starting with an explanation of how and on what basis the rules were created. It provides clear analysis of the rules as they are applied currently, and tackles problems with the model. The issues highlighted include problems relating to the complexity of the rules the use of comparables and, in particular, the problem of ‘excessive capital’. Having established the rules and inherent problems, the book goes on to examine the extent to which the work undertaken by the BEPs project will provide a solid foundation for future transfer pricing determinations.
The Development of the ALP
Authors: Collier Richard S , Andrus Joseph L 
Published: August 2024

Abstract
This chapter traces the evolution of the ALP since its original adoption in the 1920s and 1930s. In very broad terms, the stages of its evolution may be characterised as involving four distinct phases. The period prior to 1968 was a period in which the primacy of the ALP as an income allocation tool was established. Next, the period from the mid-1960s to the mid-1980s represented a sharp corrective to the position of complacency, and it was in this period that the emphasis shifted to a highly detailed elaboration of transactional pricing. In the period from the mid-1980s, that detailed transactional pricing approach was taken further, and some of the perceived fundamental difficulties arising from that approach began to be addressed. Finally, the period since 1995 has been characterised by the proliferation across the globe of highly detailed compliance regimes relating to transfer pricing and by increasingly difficult issues.
The Test for Expropriation. The Main Factors
Authors: Cox Johanne M 
Published: August 2024

Abstract
This chapter considers the main factors in the test for expropriation. It first examines the impact of measures in determining whether there has been an indirect expropriation, focusing on how the courts and investment treaty tribunals deal with the question of substantial deprivation of rights. It then looks at permanent deprivation required in expropriation and the recognition by tribunals that temporary measures can amount to an expropriation. It also discusses cases of expropriation which have been distinguished by tribunals from failed business ventures that have suffered losses as a result of normal commercial risk, the intentions of the State (and purpose of the measure) and whether a State is internationally responsible for both its acts and omissions, and the concept of partial expropriation.
Electronic Documents in Maritime Trade
Authors: Goldby Miriam 
Published: August 2024

Abstract
This book provides a critical analysis of electronic alternatives to documents used in the international sale of goods carried by sea, including invoices, bills of lading, certificates of insurance, as well as other documentation required under documentary credits, and payment processing arrangements. It constitutes an in-depth discussion of their legal status and the practices relating to their use. The book examines recent developments in the evolving digital transformation that is taking place in the field of international trade. It examines the commercial pressure to move from paper to electronic data, and the new technologies and relationships built for this purpose. This transition is ever evolving and as such an understanding of the attendant legal implications of the change is crucial. Analysis is provided on the adoption by UNCITRAL of its Model Law on Electronic Transferable Records and on the Uniform Rules on Bank Payment Obligations. The book considers the practical workings and legal underpinnings of new electronic bill of lading platforms. It also examines the legal implications of proposed uses of new technologies such as distributed ledger technologies (including blockchain), Internet of Things, and smart contracts. In doing so, the book provides a complete and practical analysis of e-documents in cross-border business contracts for goods carried by sea. It examines recent trends in practice and assesses the ability of electronic alternatives to achieve legal functions performed by the paper documents they replace.
Cargo Insurance Documents and the Functions that They Perform
Authors: Goldby Miriam 
Published: August 2024

Abstract
This chapter describes cargo insurance documents and the functions that they perform. In contracts for the international sale and carriage of goods, the goods to be carried may need to be insured against damage or loss for the period of the carriage. The insurance usually covers the whole period of transit even if a portion of it takes place by methods other than sea carriage. The agreement between the parties to the contract of sale will usually determine who between them is responsible for insuring the goods. Many cargo insurance contracts are made subject to English law and practice under the Joint Cargo Committee (JCC) Institute Cargo Clauses (ICCs). English law on marine insurance is to be found enshrined in the Marine Insurance Act 1906. In the US, where marine insurance law remains uncodified, English law is referred to in deciding disputes.
Limitation on Claims within Article 74
Authors: Zeller Bruno 
Published: August 2024

Abstract
This chapter looks at the limitations on the right to claim damages under the United Nations Convention on Contracts for the International Sale of Goods (CISG). A breach of a contract within the CISG does not give unlimited access to damages. Thus, it must be stressed that principles limiting damages must be found within the four corners of the CISG and there should be no recourse to domestic principles. Three limiting factors need to be considered: the foreseeability rule contained in article 74; a duty to mitigate damages by the promisee pursuant to article 77; and the exemption from paying damages for those breaches that are due to an impediment beyond the control of the breaching party pursuant to article 79.
Calculation of Losses under Article 74
Authors: Zeller Bruno 
Published: August 2024

Abstract
This chapter explains how losses pursuant to article 74 of the United Nations Convention on Contracts for the International Sale of Goods (CISG) are to be calculated. Article 74 clearly stipulates that the plaintiff can claim only losses that have been suffered as a consequence of the breach. Losses are divided or categorized into direct losses, incidental losses, consequential losses, and loss of profit. Article 74 does not specifically mention a concrete calculation and therefore does not directly disallow an abstract one either. However, the tone of the article certainly suggests that losses, in order to be proven, should be calculated on a concrete basis. Arguably, a hypothetical or abstract calculation can be accepted if both parties agree to it, but any unilateral suggestion of an abstract nature appears to be rejected by the courts.
Safeguarding Financial Assets
Authors: van Setten Lodewijk 
Published: August 2024

Abstract
This chapter examines the legal requirements for safeguarding money, book-entry securities, and central counterparty (CCP) cleared contracts. It first considers the duty of banks and investment firms to safeguard proprietary interests in account-based assets before discussing the equitable character of the investor’s interest in client assets received in trust by investment firms. In particular, it explains amounts owed as a bank and netting in current account versus amounts owed not as a bank but as an investment firm; creation of account-based securities entitlements through immobilisation or dematerialisation in the hands of central securities depositories (CSDs); safeguarding of proprietary rights throughout the custody chain; and settlement of the trust on a common fund of client securities. The chapter also analyses the safeguarding of contracts cleared through a CCP system, along with collateralisation and netting techniques used in mitigating default risk.
Cryptocurrencies and the Conflict of Laws
Authors: Dickinson Andrew 
Published: August 2024

Abstract
This chapter examines the range of challenges raised by virtual cryptocurrencies for the conflict of laws in England and other jurisdictions in the European Union, along with possible ways of addressing those challenges. It first provides an overview of virtual currencies and cryptocurrencies before discussing the regulatory challenges presented by cryptocurrencies as a form of ‘disruptive technology’ for the conflict of laws. It then considers the law applicable to the relationships between participants within a cryptocurrency system, with reference to Bitcoin and Ripple, and the question of whether virtual cryptocurrencies are capable of constituting ‘money'’ with equivalence to national (fiat) currencies. The chapter concludes with an analysis of how virtual cryptocurrencies should be characterised as property in the conflict of laws, focusing on the law applicable to assignments of claims under/outside the Rome I Regulation.
The Single Supervisory Mechanism for Banking Supervision
Authors: Wymeersch Eddy 
Published: August 2024

Abstract
This chapter states that the creation of the banking union is one of the most prominent decisions in the field of financial regulation and constituted the basis for the renewed confidence in the European banking system after the 2007–2008 financial crises. By centralizing the supervision of the largest banking groups and harmonizing their supervisory regime, the Single Supervisory Mechanism (SSM) strengthened the effectiveness and the coherence of banking supervision, in the euro area, starting in 2014. Also, in 2014, the Single Resolution Mechanism became operational. The third pillar of the banking union is the European Deposit Insurance Scheme which will offer, along with the national deposit guarantee schemes and the resolution fund, an effective protection to bank creditors. Decision-making and supervision is centralized at the European Central Bank, although for the less significant banks the national authorities excise the first line of supervision. Special attention goes to the governance of the SSM within the European Central Bank, including independence and accountability.
Bank Resolution in Practice
Authors: Ferrarini Guido , Piantelli Alberto Musso 
Published: August 2024

Abstract
This chapter explains that resolution lies at the heart of both the Bank Resolution and Recovery Directive and the Single Resolution Mechanism Regulation and that the preservation of taxpayers’ money through bail-in is one of its main political and ideological objectives. However, there are shortcomings in bail-in mainly due to small savers’ involvement and contagion effects. Moreover, the new regime does not cover ‘normal’ insolvency proceedings that remain regulated under national law, raising the issue of the relationship between EU resolution and national insolvency proceedings. The chapter deals with the cases of the Venetian Banks in Italy and Banco Popular in Spain. It concludes that, notwithstanding prompt regulatory responses to the 2008 crisis, the road to effective and credible bank resolution is slow and bumpy. The EU resolution framework is at risk of being displaced by path-dependent national rules, while the bail-in doctrine has met with opposition in practice, remaining de facto largely unapplied in major crisis episodes. Clearly, politicians and the public in general are still unprepared for a radical change in approach to crisis management.
The Singapore Legal System
Authors: Chong Adeline , Yip Man 
Published: August 2024

Abstract
This chapter discusses the historical foundation and modern developments of the Singapore legal system to elaborate on the Singapore private international law developments. It highlights the efforts of the Ministry of Law of Singapore and the Singapore judiciary in capacity and reputation building. The progressive developments and innovations within the Singapore judicial system primarily focus on promoting the development of Singapore’s jurisprudence and the influence of the Singapore legal system internationally. Moreover, the end goal revolves around whether the international business community would choose Singapore as the dispute resolution forum and Singapore law as the governing law of transactions. The chapter also looks into the recent innovations and developments in the Singaporean judiciary involving the Singapore International Commercial Court, the appellate review capacity of the Supreme Court of Singapore, and international judicial relations.
Choice of Law for Property
Authors: Chong Adeline , Yip Man 
Published: August 2024

Abstract
This chapter discusses the choice of law rules for inter vivos dealings involving proprietary rights, with particular attention being paid to the application of the rules in commercial transactions. It notes how choice of law process begins with the exercise of characterization, which involved distinction between immovables, tangible movables and intangible movables. The insusceptibility of the general choice of law rule (lex situs) to change primarily roots to its deference to the ultimate control which the courts of the situs have over the property and the apparent certainty for all parties concerned. There are, however, signs that the general applicability of this rule may be reconsidered under Singapore law. The chapter also tackles the voluntary assignments of debts and instances of involuntary assignment.
Solvency II Directive (Solvency II)
Authors: Haken Bob , Jones Isabella 
Published: August 2024

Abstract
This concluding chapter discusses two relevant directives: the Directive (2009/138/EC) on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II); and the Directive (2016/97/EU) on insurance distribution (IDD). As with many other European financial services laws, Solvency II and the IDD create a single market for insurance and insurance distribution respectively through the use of passporting rights exercised by firms with their head office in a Member State of the EEA (in the case of Solvency II) or by firms established in a Member State of the EEA (in the case of the IDD). Even where the UK and the remainder of the EU operate on the basis of the same underlying rules, there is a key philosophical difference in approach between the UK and the EU. The UK’s regulatory regime is ‘activity-based’, which means that the determining factor in deciding whether UK regulation applies is the location at which the regulated activity takes place. Most of the rest of the EU instead operate a ‘location of risk-based’ approach for insurance, which looks at where the insured risk is located. This can lead to significant differences for cross-border insurance, and once the UK has left the EU will create an asymmetrical relationship.
Damages Claims for the Infringement of EU Competition Law
Authors: Davis Peter , Lianos Ioannis , Nebbia Paolisa 
Published: August 2024

Abstract
This book provides a critical analysis of damages claims for the infringement of EU competition law by combining a theoretical with a practical perspective. The work focuses on the relevant EU framework, focusing on the recently adopted directive, examining all aspects of EU law that may be relevant to damages claims (whether brought by a consumer or not), including an analysis of the rarely examined causation aspects, alternative dispute resolution, as well as private international law instruments. The book also delves into the economic underpinnings of claims for damages, including optimal enforcement theory and damages and the legal standards of liability, the evaluation of damages for cartels, exploitative conduct and exclusionary conduct. The interaction between damages claims and public enforcement, as well as issues relating to multi-jurisdictional enforcement and damages claims are also explored in this work.
Contracts of Carriage
Authors: McParland Michael 
Published: August 2024

Abstract
This chapter explains the provisions of Article 5 of the Rome I Regulation, which provides special rules for determining the applicable law for contracts of carriage of goods and persons. The provisions of Article 5 apply to all modes of transport, and are a mixture of the revised rules in relation to the carriage of goods previously found in Article 4(4) of the Rome Convention, and new rules relating to the carriage of passengers which had no predecessor in the Convention.
Public Sanctions
Authors: Gilliams Hans , Bocken Jan , Baumé Tristan , Sauer Ralf 
Published: August 2024

Abstract
A solid understanding of the fine calculation methodology is crucial to any practitioner dealing with a cartel case, and practitioners Hans Gilliams, Jan Bocken, and Tristan Baumé (Eubelius, Brussels) examine and explain the European Commission’s fining policy and fining guidelines. They focus on the principle of proportionality, immunity, and fine reductions following leniency, inability to pay, limitation periods, and the tax deductibility of fines. Cartel enforcement typically goes hand in hand with very high fines and Ralf Sauer (Legal Service, European Commission) addresses the Commission’s law sanctions (Article 23 of Regulation 1/2003) as well as the Charter of Fundamental Rights of the European Union from the public enforcer’s perspective. His insights are of great practical value and should be read in conjunction with the viewpoints expressed by the private practitioners to capture the nuances in full.
Consumer Involvement in Private EU Competition Law Enforcement
Authors: Ioannidou Maria 
Published: August 2024

Abstract
In the last decade, EU competition law rhetoric has attributed increased importance to ‘consumer interest’. The enforcement of EU competition law often does not match these pronouncements as final consumers and their respective interests play only an ancillary role. The book starts from this observed inconsistency with the aim of strengthening the importance attributed to ‘consumer interest’ in the application and enforcement of EU competition law. By alluding to the difficulties in adopting a final consumer welfare standard in the substantive enforcement of EU competition law, the book explores an alternative route and focuses predominantly on consumer participation in private competition law enforcement. The analysis is conducted at three levels. First, normative justifications for enhanced consumer participation are provided. These include the deterrence against competition law violations and catering for compensation to affected consumers (endemic/functional aims of private enforcement), as well as legitimizing EU competition policy and contributing to consumers’ empowerment (ancillary institutional benefits). Second, practical proposals in relation to remedial and procedural rules on standing, access to evidence, and collective actions enabling consumer involvement are formulated. Third, and insofar as institutional and political limitations impede the adoption of effective measures in the field of private enforcement, alternative routes for consumer participation in public competition law enforcement such as super-complaints and public compensation are examined and proposals formulated.
Improving Consumers’ Role
Authors: Ioannidou Maria 
Published: August 2024

Abstract
Chapter 4 alludes to the intrinsic characteristics of consumer claims in order to justify why consumer claims warrant a different treatment to claims from customers and competitors. Following the normative discussion, proposals focusing on passing-on and access to evidence are discussed in the light of the adopted EU Directive on Damages Actions. In regard to standing and passing-on, the Directive on Damages Actions has provided an overall satisfactory solution since the introduction of a rebuttable presumption in favour of indirect purchasers reveals a deterrence rationale and is capable of incentivizing consumers in competition litigation. As far as access to evidence and disclosure of evidence in the competition authority’s file is concerned, the adopted rules, while striking the right balance in relation to leniency material, seem unlikely to increase consumer involvement. The analysis in this chapter offers suggestions to improve this situation.
Introduction
Authors: Kellaway Ros , Thompson Rhodri , Brown Christopher 
Published: August 2024

Abstract
This chapter introduces the important changes that have been made to the UK competition law regime by the Enterprise and Regulatory Reform Act 2013 (ERRA) and the Consumer Rights Act 2015 (CRA). Section A discusses the Strategic Steer issued by the Government to the newly created Competition and Markets Authority (CMA) and, more generally, the degree of political involvement in the competition law regime. Section B provides a brief overview of the UK competition law regime, explaining the interaction of the administrative, civil, and criminal regimes and the policy challenges arising out of that interaction. In Section C, the authors introduce the problems with various aspects of the regime prior to its reform.
Road Transport (II)
Authors: Godin Alejandro Martínez 
Published: August 2024

Abstract
The basic Union Act related to social legislation in road transport is Regulation (EC) n° 561/2006. Its four objectives are referred to in the first Article and are the following: the harmonization of the conditions of competition between modes of inland transport, especially with regard to the road transport; the improvement of working conditions and road safety; the promotion of improved monitoring and enforcement practices by Member States; and the promotion of improved working practices in the road transport industry. This chapter details the EU social measures dealing with road transport (notably working and resting times), charges for the use of road infrastructure, fiscal measures, technical regulation, external relations, and, finally, the residual application of rules on freedom to provide services and freedom of establishment.