Dalvinder Singh – författare

Responding to lessons learned during the global financial crisis, the EU Directive on the Recovery and Resolution of Banks and Securities Firms (the BRRD) has substantially changed the legal framework for insolvency management of financial services institutions across Europe. As the legislative process has been completed with the adoption of the BRRD, and of Regulation No 806/2014 establishing the Single Resolution Mechanism, this book offers a unique insight into the new European framework for the resolution of banks in distress.The chapters in this volume take stock of what has been achieved and present an insightful analysis of both the technical framework and its impact on banking institutions and their counterparties in representative forms of banking activities, including retail and wholesale depositors, counterparties to financial directives, and the providers of relevant parts of the market infrastructure. Special attention is given to the international coordination of resolution. The book''s focus is on resolution and its impact on the relationships between banks, customers, other market participants and market infrastructure, including the preventative requirements on recovery and resolution planning under the BRRD.The chapters bring together a wide range of perspectives by scholars, practitioners from regulatory authorities and other parts of the financial safety net, as well as from private practice, from many jurisdictions, and both legal and economic backgrounds. Arranged broadly in line with the structure of the BRRD, the book is a highly useful reference for practitioners, policy-makers, and academics alike.

Responding to lessons learned during the global financial crisis, the EU Directive on the Recovery and Resolution of Banks and Securities Firms (the BRRD) has substantially changed the legal framework for insolvency management of financial services institutions across Europe. As the legislative process has been completed with the adoption of the BRRD, and of Regulation No 806/2014 establishing the Single Resolution Mechanism, this book offers a unique insight into the new European framework for the resolution of banks in distress.The chapters in this volume take stock of what has been achieved and present an insightful analysis of both the technical framework and its impact on banking institutions and their counterparties in representative forms of banking activities, including retail and wholesale depositors, counterparties to financial directives, and the providers of relevant parts of the market infrastructure. Special attention is given to the international coordination of resolution. The book''s focus is on resolution and its impact on the relationships between banks, customers, other market participants and market infrastructure, including the preventative requirements on recovery and resolution planning under the BRRD.The chapters bring together a wide range of perspectives by scholars, practitioners from regulatory authorities and other parts of the financial safety net, as well as from private practice, from many jurisdictions, and both legal and economic backgrounds. Arranged broadly in line with the structure of the BRRD, the book is a highly useful reference for practitioners, policy-makers, and academics alike.

This new work provides timely analysis of the cross-border exercise of banking activity in the EU and its supervision, from the perspective of the ''home-host rule''. It examines the current system and the efficacy of recent reforms considering whether the centralisation of decision making and a more effective mutualisation of financing tools could improve the safety and soundness of the EU banking system and reduce the asymmetry of information between home and host authorities. The EU banking market is very integrated since banking institutions based in the Union are free to perform their activities within the single market. This has allowed EU banking institutions to significantly increase their cross border operations. This way of working is based on the home country control principle according to which EU institutions performing cross border activities continue to be supervised by their home country supervisor. However, this system has raised challenges for effectively performing supervision, resolution and crisis management of banking groups operating across the borders of many different jurisdictions. This book analyses how far recent reforms under the banking union regime have addressed these issues to ensure the integrity and stability of the European integration project. It utilises data to illustrate the cross border exposures between member states and how they influence home and host decision making. But it equally explores those areas that still remain within the national discretion such as non-performing loans, insolvency-liquidation of banks and deposit protection arrangements, to mention a few. The book analyses the main pillars of the banking union: the single supervisory mechanism (SSM); and the Single Resolution Mechanism (SRM) and the proposed European Deposit Insurance Scheme (EDIS); and the related tools designed to provide crisis management under the European Stability Mechanism (ESM). As such the work considers the impact of the Single Rulebook. In considering these pieces of regulation and mechanisms the book analyses how international standards and EU requirements undertake to divide responsibilities between the home and host state and the extent to which they align interests between the home and host and minimise potential conflicts of interests. In this analysis examples from a set of EU cross-border banks are used to illustrate the workings of home and host relationship between Member States and Third Countries, and the benefits of participating in centralisation of decision making and mutualisation of financing in resolution and depositor protection. This work provides a valuable resource for academics researching on central banking union and regulation, and helps legal practitioners to address questions of supervision, resolution and insolvency with a cross-border element.

This new work provides timely analysis of the cross-border exercise of banking activity in the EU and its supervision, from the perspective of the ''home-host rule''. It examines the current system and the efficacy of recent reforms considering whether the centralisation of decision making and a more effective mutualisation of financing tools could improve the safety and soundness of the EU banking system and reduce the asymmetry of information between home and host authorities. The EU banking market is very integrated since banking institutions based in the Union are free to perform their activities within the single market. This has allowed EU banking institutions to significantly increase their cross border operations. This way of working is based on the home country control principle according to which EU institutions performing cross border activities continue to be supervised by their home country supervisor. However, this system has raised challenges for effectively performing supervision, resolution and crisis management of banking groups operating across the borders of many different jurisdictions. This book analyses how far recent reforms under the banking union regime have addressed these issues to ensure the integrity and stability of the European integration project. It utilises data to illustrate the cross border exposures between member states and how they influence home and host decision making. But it equally explores those areas that still remain within the national discretion such as non-performing loans, insolvency-liquidation of banks and deposit protection arrangements, to mention a few. The book analyses the main pillars of the banking union: the single supervisory mechanism (SSM); and the Single Resolution Mechanism (SRM) and the proposed European Deposit Insurance Scheme (EDIS); and the related tools designed to provide crisis management under the European Stability Mechanism (ESM). As such the work considers the impact of the Single Rulebook. In considering these pieces of regulation and mechanisms the book analyses how international standards and EU requirements undertake to divide responsibilities between the home and host state and the extent to which they align interests between the home and host and minimise potential conflicts of interests. In this analysis examples from a set of EU cross-border banks are used to illustrate the workings of home and host relationship between Member States and Third Countries, and the benefits of participating in centralisation of decision making and mutualisation of financing in resolution and depositor protection. This work provides a valuable resource for academics researching on central banking union and regulation, and helps legal practitioners to address questions of supervision, resolution and insolvency with a cross-border element.

The new third edition of Debt Restructuring offers detailed legal analysis of international corporate, banking, and sovereign debt restructuring, from the perspective of creditors and debtors. It provides practical guidance to help practitioners, policy-makers, and academics in the UK and US to understand current developments in debt restructuring, and provides solutions for creditors holding distressed debt and debtor options in a distressed scenario.The Corporate Debt section includes significant changes to highlight the impact of COVID-19 on restructurings, including: potential grounds for investors/lenders to modify or terminate commitments to fund or support restructurings by invoking material adverse effect or force majeure clauses; unprecedented relief granted by insolvency courts to aid ailing retailers; and challenges facing insolvency courts in making necessary confirmation findings regarding the feasibility of reorganization plans due to market instability. This section also includes the recent adoption of the Part 26A Restructuring Plans and the EU Restructuring Directive. Amendments to the Bank Resolution section reflect decisions by the Single Resolution Board, and national authority resolution decisions notified to the European Banking Authority. A new sub-section on domestic bank insolvency and liquidation covers the developments under the Deposit Guarantee Schemes Directive, and a new chapter on insolvency law relating to Insurance Firms addresses the international debate on a special resolution regime for insurance firms. Other updates include the 2017 code of practice, the 'third country' branch model after Brexit, non-equivalence regarding depositor protection arrangements, and the Resolvability Assessment Framework.In the Sovereign Debt section, there is detailed coverage of US and UK developments, examining the increased role of sanctions and the possibility of piercing the corporate veil in SoEs (Chrystallex), as well as the increased push for domestic laws to be used to curtail litigation. It also covers developments in re-designation and the emergence of the 'pac-man technique' in the context of collective action clauses, as a result of the recent restructurings of Argentina and Ecuador. The impact of COVID-19 on the adoption of the Debt Service Suspension Initiative and the Common Framework are also analysed.

This new work provides timely analysis of the cross-border exercise of banking activity in the EU and its supervision, from the perspective of the 'home-host rule'. It examines the current system and the efficacy of recent reforms considering whether the centralisation of decision making and a more effective mutualisation of financing tools could improve the safety and soundness of the EU banking system and reduce the asymmetry of information between home and host authorities.The EU banking market is very integrated since banking institutions based in the Union are free to perform their activities within the single market. This has allowed EU banking institutions to significantly increase their cross border operations. This way of working is based on the home country control principle according to which EU institutions performing cross border activities continue to be supervised by their home country supervisor. However, this system has raised challenges for effectively performing supervision, resolution and crisis management of banking groups operating across the borders of many different jurisdictions.This book analyses how far recent reforms under the banking union regime have addressed these issues to ensure the integrity and stability of the European integration project. It utilises data to illustrate the cross border exposures between member states and how they influence home and host decision making. But it equally explores those areas that still remain within the national discretion such as non-performing loans, insolvency-liquidation of banks and deposit protection arrangements, to mention a few.The book analyses the main pillars of the banking union: the single supervisory mechanism (SSM); and the Single Resolution Mechanism (SRM) and the proposed European Deposit Insurance Scheme (EDIS); and the related tools designed to provide crisis management under the European Stability Mechanism (ESM). As such the work considers the impact of the Single Rulebook. In considering these pieces of regulation and mechanisms the book analyses how international standards and EU requirements undertake to divide responsibilities between the home and host state and the extent to which they align interests between the home and host and minimise potential conflicts of interests. In this analysis examples from a set of EU cross-border banks are used to illustrate the workings of home and host relationship between Member States and Third Countries, and the benefits of participating in centralisation of decision making and mutualisation of financing in resolution and depositor protection.This work provides a valuable resource for academics researching on central banking union and regulation, and helps legal practitioners to address questions of supervision, resolution and insolvency with a cross-border element.

Dalvinder Singh provides an interdisciplinary analysis of the legal aspects of prudential supervision. This gives the reader a broader understanding of the core processes of banking supervision. By using the UK as a case study, a comparison is made with the US to illustrate the different ways of approaching the issues. The author examines the legal as well as the theoretical, economic, political and policy issues that underpin the purpose of prudential supervision, such as corporate governance, enforcement sanctions, the role of external auditors and accountability of financial regulators. These are considered in the context of broad-policy considerations which render prudential supervision necessary, namely financial stability and depositor protection. The book will be of interest to academics, policymakers, regulators and practitioners, and equally will serve specialist undergraduate and postgraduate programmes in law, management and economics which focus on financial regulation.

Managing Risk in the Financial System makes important and timely contributions to our knowledge and understanding of banking law, financial institution restructuring and related considerations, through the production of an innovative, international and interdisciplinary set of contributions which link law and policy issues surrounding systemic risk and crisis management. The recent financial crisis has exposed both the banking industry and financial system safety net players in many countries to a considerable level of distress as well as economic and reputational damage. These circumstances have heightened the need for policy makers to consider remedial measures under a broad umbrella that encompass inter alia prompt corrective actions, early closure of distressed entities, deposit insurance, bail-outs, state-aid, bank resolution and restructuring techniques. These essays provide an important contribution to research in this area, at a crucial time in the debate around the future financial industry. This unique and detailed volume should be of considerable interest to students of law, economics and finance, law practitioners and policy makers in central banks and ministries of finance. Law, business and finance faculties will benefit from having this book in their collections, as will deposit protection agencies and regulatory agencies. Contributors include: J.-H. Binder, R.R. Bliss, L.C. Buchheit, C. Enoch, G.G.H. Garcia, D.F. Gray, M. Gulati, G. Gunnarsson, K. Hj Arshad, A.A. Jobst, A. Kabiri, G.G. Kaufman, I. Kokkoris, J.R. LaBrosse, R.M. Lastra, D. Mayes, J.F. McCollum, J.F. McEldowney, I. Moosa, M.J. Nieto, G. Ogunleye, K. Papadakis, R. Olivares-Caminal, Y. Redjah, R. Rosen, J. Roy, J.P. Sabourin, S. Schich, J. Selody, A. Sighvatsson, D. Singh, J. Snape, R. Turk-Ariss, G.A. Walker, L.D. Wall, A.E. Wilmarth Jr., G. Wood

Managing Risk in the Financial System makes important and timely contributions to our knowledge and understanding of banking law, financial institution restructuring and related considerations, through the production of an innovative, international and interdisciplinary set of contributions which link law and policy issues surrounding systemic risk and crisis management.

The recent financial crisis has exposed both the banking industry and financial system safety net players in many countries to a considerable level of distress as well as economic and reputational damage. These circumstances have heightened the need for policy makers to consider remedial measures under a broad umbrella that encompass inter alia prompt corrective actions, early closure of distressed entities, deposit insurance, bail-outs, state-aid, bank resolution and restructuring techniques. These essays provide an important contribution to research in this area, at a crucial time in the debate around the future financial industry.

This unique and detailed volume should be of considerable interest to students of law, economics and finance, law practitioners and policy makers in central banks and ministries of finance. Law, business and finance faculties will benefit from having this book in their collections, as will deposit protection agencies and regulatory agencies.

Contributors include: J.-H. Binder, R.R. Bliss, L.C. Buchheit, C. Enoch, G.G.H. Garcia, D.F. Gray, M. Gulati, G. Gunnarsson, K. Hj Arshad, A.A. Jobst, A. Kabiri, G.G. Kaufman, I. Kokkoris, J.R. LaBrosse, R.M. Lastra, D. Mayes, J.F. McCollum, J.F. McEldowney, I. Moosa, M.J. Nieto, G. Ogunleye, K. Papadakis, R. Olivares-Caminal, Y. Redjah, R. Rosen, J. Roy, J.P. Sabourin, S. Schich, J. Selody, A. Sighvatsson, D. Singh, J. Snape, R. Turk-Ariss, G.A. Walker, L.D. Wall, A.E. Wilmarth Jr., G. Wood

Financial Crisis Management and Bank Resolution provides an analysis of the responses to the recent crisis that has beset the international financial markets taking a top down approach looking at the mechanisms to manage a financial crisis, to the practicalities of dealing with the resolution of a bank experiencing distress. This work is an interdisciplinary analysis of the law and policy surrounding crisis management and bank resolution. It comprises contributions from a team of leading experts in the field that have been carefully selected from across the globe. These experts are drawn from the law, central banks, government, financial services and academia. This edited collection will provide a new and important contribution to the subject at a crucial time in the debate around banking resolution and crisis management regimes, and help to plug the gap in our knowledge and understanding of the law of bank resolution and restructuring.

Financial Crisis Management and Bank Resolution provides an analysis of the responses to the recent crisis that has beset the international financial markets taking a top down approach looking at the mechanisms to manage a financial crisis, to the practicalities of dealing with the resolution of a bank experiencing distress. This work is an interdisciplinary analysis of the law and policy surrounding crisis management and bank resolution. It comprises contributions from a team of leading experts in the field that have been carefully selected from across the globe. These experts are drawn from the law, central banks, government, financial services and academia. This edited collection will provide a new and important contribution to the subject at a crucial time in the debate around banking resolution and crisis management regimes, and help to plug the gap in our knowledge and understanding of the law of bank resolution and restructuring.

Dalvinder Singh provides an interdisciplinary analysis of the legal aspects of prudential supervision. This gives the reader a broader understanding of the core processes of banking supervision. By using the UK as a case study, a comparison is made with the US to illustrate the different ways of approaching the issues. The author examines the legal as well as the theoretical, economic, political and policy issues that underpin the purpose of prudential supervision, such as corporate governance, enforcement sanctions, the role of external auditors and accountability of financial regulators. These are considered in the context of broad-policy considerations which render prudential supervision necessary, namely financial stability and depositor protection. The book will be of interest to academics, policymakers, regulators and practitioners, and equally will serve specialist undergraduate and postgraduate programmes in law, management and economics which focus on financial regulation.

Dalvinder Singh provides an interdisciplinary analysis of the legal aspects of prudential supervision. This gives the reader a broader understanding of the core processes of banking supervision. By using the UK as a case study, a comparison is made with the US to illustrate the different ways of approaching the issues. The author examines the legal as well as the theoretical, economic, political and policy issues that underpin the purpose of prudential supervision, such as corporate governance, enforcement sanctions, the role of external auditors and accountability of financial regulators. These are considered in the context of broad-policy considerations which render prudential supervision necessary, namely financial stability and depositor protection. The book will be of interest to academics, policymakers, regulators and practitioners, and equally will serve specialist undergraduate and postgraduate programmes in law, management and economics which focus on financial regulation.

Financial Crisis Containment and Government Guarantees analyzes the international community's commitment to forging enhanced, well thought-out, mechanisms for containing systemic risks in the context of a highly interconnected global financial framework which incorporates ongoing financial innovation.While use of government guarantees is a central theme, the book also analyses the roles played by prudential regulators, central banks, deposit insurers and treasuries in dealing with the crisis. The book examines how governments, central banks, regulators and deposit insurance agencies have worked together to contain the global financial crisis. Additionally, it focuses on efforts to overcome ongoing obstacles, as well as the most important proposals to improve safety nets, both at the national level and internationally.This concise and detailed book will strongly appeal to students in law, economics and finance, law practitioners, policymakers in central banks and ministries of finance, as well as deposit protection agencies and regulatory agencies.Contributors: L.C. Buchheit, G. Calice, J. Chen, C.M. Cumming, C. Enoch, A. Estrella, M. Faure, G.G. Garcia, C.A.E. Goodhart, G. Grande, M. Gulati, M. Guðmundsson, K. Heine, E. Hüpkes, J.R. LaBrosse, R.M. Lastra, A. Levy, J. Manns, D.G. Mayes, J.F. McCollum, M.J. Nieto, J.J. Norton, R. Olivares-Caminal, F. Panetta, C. Pleister, S. Schich, D. Singh, J. Williams, A.E. Wilmarth, Jr., A. Zaghini

Financial Crisis Containment and Government Guarantees analyzes the international community''s commitment to forging enhanced, well thought-out, mechanisms for containing systemic risks in the context of a highly interconnected global financial framework which incorporates ongoing financial innovation.

While use of government guarantees is a central theme, the book also analyses the roles played by prudential regulators, central banks, deposit insurers and treasuries in dealing with the crisis. The book examines how governments, central banks, regulators and deposit insurance agencies have worked together to contain the global financial crisis. Additionally, it focuses on efforts to overcome ongoing obstacles, as well as the most important proposals to improve safety nets, both at the national level and internationally.

This concise and detailed book will strongly appeal to students in law, economics and finance, law practitioners, policymakers in central banks and ministries of finance, as well as deposit protection agencies and regulatory agencies.

Contributors: L.C. Buchheit, G. Calice, J. Chen, C.M. Cumming, C. Enoch, A. Estrella, M. Faure, G.G. Garcia, C.A.E. Goodhart, G. Grande, M. Gulati, M. Guðmundsson, K. Heine, E. Hüpkes, J.R. LaBrosse, R.M. Lastra, A. Levy, J. Manns, D.G. Mayes, J.F. McCollum, M.J. Nieto, J.J. Norton, R. Olivares-Caminal, F. Panetta, C. Pleister, S. Schich, D. Singh, J. Williams, A.E. Wilmarth, Jr., A. Zaghini

The concept of state sovereignty is increasingly challenged by a proliferation of international economic instruments and major international economic institutions. States from both the south and north are re-examining and debating the extent to which they should cede control over their economic and social policies to achieve global economic efficiency in an interdependent world. International lawyers are seriously rethinking the subject of state sovereignty, in relation to the operation of the main international economic institutions, namely the WTO, the World Bank and the International Monetary Fund (IMF). The contributions in this volume, bringing together leading scholars from the developed and developing worlds, take up the challenge of debating the meaning of sovereignty and the impact of international economic law on state sovereignty. The first part looks at the issues from the perspectives of general international law, international economic law and legal theory.Part two discusses the impact of trade liberalisation on the sovereignty of both industrialised and developing states and Part three concentrates on the challenge to state sovereignty created by the proliferation of investment treaties and the significant recent growth of investment treaty based arbitration cases. Part four focuses on the domestic and international effects of international financial intermediaries and markets. Part five explores the tensions and intersections between the international regulation of trade and investment, international human rights and state sovereignty

The concept of state sovereignty is increasingly challenged by a proliferation of international economic instruments and major international economic institutions. States from both the south and north are re-examining and debating the extent to which they should cede control over their economic and social policies to achieve global economic efficiency in an interdependent world. International lawyers are seriously rethinking the subject of state sovereignty, in relation to the operation of the main international economic institutions, namely the WTO, the World Bank and the International Monetary Fund (IMF). The contributions in this volume, bringing together leading scholars from the developed and developing worlds, take up the challenge of debating the meaning of sovereignty and the impact of international economic law on state sovereignty. The first part looks at the issues from the perspectives of general international law, international economic law and legal theory. Part two discusses the impact of trade liberalisation on the sovereignty of both industrialised and developing states and Part three concentrates on the challenge to state sovereignty created by the proliferation of investment treaties and the significant recent growth of investment treaty based arbitration cases. Part four focuses on the domestic and international effects of international financial intermediaries and markets. Part five explores the tensions and intersections between the international regulation of trade and investment, international human rights and state sovereignty

The book investigates commercial banking, covering the European framework, the Anglo-Saxon systems, and the Asian area in a comparative approach in trying to answer the following questions: Which is the commercial banking business model of the future? What do we expect a bank to be and to do in the new economic and social reality? How might banking supervision over commercial banks as well as market competition change? The book showcases how three factors or driving forces influence the future of commercial banking: i) fintech innovations (such as artificial intelligence, cryptocurrencies, blockchain, algorithmic trading, machine learning and electronic payments, to name a few), ii) covid-19 measures, and iii) SDG policy priorities. Geared toward academics, scholars and students of banking and financial services, the book will explore how these three factors have different weight in the different legal contexts.Chapter 11 is licensed under the terms of the Creative Commons Attribution 4.0 International License.

The book investigates commercial banking, covering the European framework, the Anglo-Saxon systems, and the Asian area in a comparative approach in trying to answer the following questions: Which is the commercial banking business model of the future? What do we expect a bank to be and to do in the new economic and social reality? How might banking supervision over commercial banks as well as market competition change? The book showcases how three factors or driving forces influence the future of commercial banking: i) fintech innovations (such as artificial intelligence, cryptocurrencies, blockchain, algorithmic trading, machine learning and electronic payments, to name a few), ii) covid-19 measures, and iii) SDG policy priorities. Geared toward academics, scholars and students of banking and financial services, the book will explore how these three factors have different weight in the different legal contexts.Chapter 11 is licensed under the terms of the Creative Commons Attribution 4.0 International License.

The book investigates commercial banking, covering the European framework, the Anglo-Saxon systems, and the Asian area in a comparative approach in trying to answer the following questions: Which is the commercial banking business model of the future? What do we expect a bank to be and to do in the new economic and social reality? How might banking supervision over commercial banks as well as market competition change? The book showcases how three factors or driving forces influence the future of commercial banking: i) fintech innovations (such as artificial intelligence, cryptocurrencies, blockchain, algorithmic trading, machine learning and electronic payments, to name a few), ii) covid-19 measures, and iii) SDG policy priorities. Geared toward academics, scholars and students of banking and financial services, the book will explore how these three factors have different weight in the different legal contexts.Chapter 11 is licensed under the terms of the Creative Commons Attribution 4.0 International License.