Elgar Financial Law and Practice series – serie

This incisive book examines the extent to which existing UK financial service regulations can be applied to digital assets and decentralised financial services provided by distributed networks. Brendan McGurk and Stefan Reichenbach consider the wider legal issues beyond regulatory enforcement, attributable to the use of distributed ledger technology based financial services. Key Features:Comprehensive examination of the nature and application of distributed ledgers in the context of financial servicesAnalyses the proprietary nature of cryptoassets and their amenability to financial services regulation as a form of propertyDetailed consideration of the extent to which existing financial services law governs cryptoassets and forms of decentralised financeSector specific analysis of the use of digital assets as securities, within the distributed payment systems, and in supporting lending and insurance servicesConsideration of the complexities in identifying the appropriate jurisdiction and applicable laws governing crypto disputesIn-depth exploration of the remedies and dispute resolution methods available to holders of digital assetsDiscussing the benefits and risks associated with the application of DLT, this informative book will be fundamental for financial services practitioners, including solicitors, barristers, and in-house counsel, as well as industry specialists operating within the decentralised finance sphere. It will also be beneficial for academics and researchers in finance and banking law, and technology, media, and telecommunications law.

EU Banking and Financial Regulation presents a comprehensive and systematic overview of the major directives and regulations which currently govern the EU’s banking and finance industries. Offering a depiction of the main EU rules, this timely book not only addresses the various banking and financial legislations relating to EU supervisors, banks and financial markets, but also considers more peripheral issues such as anti-money laundering, whilst referring to important case law.Consisting of 16 thematic parts, the book explores the current legal framework applicable to the banking and finance industry and examines the structure and organisation of the various EU legislations. Focus is also given to the evolution of banking and financial regulations which allows for comparative links to be drawn between the diverse legislation.This accessible book aims to be a fundamental resource for practitioners and public servants in the legal and financial sectors. Undergraduate and postgraduate students alongside academics interested in European finance and banking law will also find this book to be a highly valuable read.

This fully revised and updated third edition provides a practical examination of legal and regulatory issues in FinTech, a sector whose rapid rise in recent years has produced opportunities for innovation but has also raised new challenges. Featuring insights from over 40 experts from 10 countries, this book analyses the statutory aspects of technology-enabled developments in banking and considers the impact these changes will have on the legal profession.Key Features:Three new chapters covering AI in the Financial Sector, Bank-Fintech Partnerships and Embedded Payments, and a Comparison of the Regulation of Cryptoasset Activities in Europe and the United StatesExamination of potential blockchain and artificial intelligence applications in the financial services industryExploration of guidelines on data protection, payments, cybersecurity, central bank digital currencies, anti-money laundering, tokenisation and blockchainAnalysis of the main regulatory and compliance issues surrounding FinTech developments, from patenting challenges to innovative solutions, including regulatory sandboxesDissection of the EU's Regulation on Markets in Crypto-assets and DLT Pilot Regime, the US's Executive Order on Ensuring Responsible Development of Digital Assets, the UK's Financial Services and Markets ActConsidering the benefits and risks of new types of financial technologies, this book will prove an invaluable guide for in-house and private lawyers interested in a comprehensive legal overview of the FinTech sector. It will also appeal to students and scholars of financial law, banking, and economics.

Financial institutions raise unique problems for corporate governance and culture that are not found in other corporate sectors. This book examines the various forms of organisational culture in financial institutions and its interplay with corporate governance and regulatory regimes. It provides a detailed survey and practical examination of key topical issues in the corporate governance and culture of financial institutions including boards and regulators, executive remuneration, ESG, regtech and AI. Bringing together experts from a range of financial service professions as well as academia, the book explores how post-crisis executive remuneration, risk management and the function of boards have attracted the attention of regulators. It provides practical guidance on how to navigate the regulatory framework and how to implement best practice in corporate governance and culture into financial institutions.Key Features:Combines academic and industry expertiseProvides practical insights into regulatory concepts such as purposeful cultureCritically examines the legal and regulatory frameworks shaping governance and culture in financial institutionsComprehensive coverage of a broad range of aspects from diversity to ESG and money laundering complianceCorporate Governance and Culture in Financial Institutions is an essential resource for practising lawyers advising in the financial services sector, culture officers and HR professionals in financial institutions. Its discussions on diversity and compliance are also greatly beneficial to financial policymakers and regulators, as well as students and academics in corporate law and banking law.

Payment services are now heavily regulated in many jurisdictions and subject to a growing body of law. The second edition of Payment Services: Law and Practice provides an updated overview of the key areas of payments law and regulation in the EU and UK, as well as introductions to analogous legal regimes in the United States, Hong Kong, Singapore and Africa.Key Features:Addresses key points under both English and EU lawProvides a practical guide to firms navigating payments regulationWritten by leading legal practitioners who advise on the relevant topics on a daily basisAddresses the latest technological developments in the sector and regulatory responses to theseDetailed overviews of a broad range of legal and regulatory issues affecting payments including data protection law, competition law, and blockchain and crypto assetsThis book is an essential resource for lawyers, in-house counsel and compliance officers in the payments and Fintech sectors. Law students and academics interested in legal and regulatory issues relating to payments will also benefit from this comprehensive book.

This book provides an authoritative account of the legal and regulatory framework governing money, payments and their supporting infrastructures in the EU. It examines the evolving regulation of payment systems and service providers in the EU, including the process of money creation and the fundamental legal relationships involved. By analysing the landscape of cross-border payments, Athanassiou also addresses the question of how to best reduce some of their frictions and enhance their efficiency. Key Features:Outlines the contents of the main pieces of EU legislation governing the operation of payment systems, the provision of payment services and the activities of intermediaries active in those fieldsExplores the current state of play and EU regulation of instant paymentsExamines the legal parameters and the effects of the eventual introduction of central bank digital currencies, both retail and wholesale, for the processing and settlement of retail and large-value payments alikeEvaluates how novel payment instruments and methods, including stablecoins, tokenised deposits and virtual currencies, are impacting the EU’s payment ecosystemsProvides insights into the future of payments, and the challenges for issuers and users of moneyThe EU Law of Payments is an essential read for financial legal practitioners advising on matters of EU payments law and regulation. It is also highly relevant for central bank staff working on market infrastructures, as well as policymakers and regulators in the EU Member States and beyond. Scholars and students with an interest in finance and banking law will also benefit from the book’s analysis and insights.

This authoritative new book presents a comprehensive analysis of the role of the Single Supervisory Mechanism (SSM) in the EU Banking Union. It explores the SSM’s principal objective to foster secure credit institutions and a stable financial system, through prudential supervision competences between the European Central Bank and relevant member states.Key Features:Analyses the substantive and procedural law applied by the European Central Bank under the SSM, with particular reference to the use of national lawDescribes the constitutional foundations of the SSM and its material limitations, as well as the allocation of tasks within the SSMHighlights the importance of a level playing field and proportionality in EU banking structures, and how these should be adequately balancedProvides guidance on the effective interpretation of the SSM, especially in situations of disputed interpretation or the clashing of policies and principles both regarding sanctioning and supervisory proceedingsEU Banking Union and the Single Supervisory Mechanism is a crucial resource for practitioners in European law and finance and banking law, as well as public servants, industry specialists and policymakers in the banking and financial sectors. Scholars and students in these fields will also benefit from its valuable insights.

As the volume of transactions in European financial markets continues to grow, the use of financial collateral, be it in the form of cash, shares, bonds or credit claims, has become a critical tool in supporting and managing risk in financial transactions.This book is the first of its kind to offer a systematic examination of the whole law relating to financial collateral. It does so in two parts. First, it explains the law created by the Financial Collateral Arrangements (No 2) Regulations 2003, the Directive it implemented and related legislation. Second, it examines how financial collateral is used in practice in a range of different markets. It will be an essential reference point for all legal practitioners operating in financial markets.Key features:Analytical rigour combined with insight into how financial collateral works in practice, covering both English and Scots lawValuable discussion of control and possession tests, right of use, remedy of appropriation, close-out netting and impact of 'bail-in'Explains use of financial collateral in the derivatives market, clearing houses, direct and indirect securities holding systems and use of repos, securities lending and prime brokerageHighlights key issues on regulatory treatment and conflicts of lawsDiscusses direction of future law reformWritten by leading experts in the field.

Corporate governance in financial institutions has come under the spotlight since the banking crisis in the UK in 2008-9. In many respects, the banking business raises unique problems for corporate governance that are not found in other corporate sectors. The Law on Corporate Governance in Banks is the first work to provide a detailed survey and practical examination of key topical issues in the corporate governance of banks and financial institutions.Combining the insight and expertise of leading corporate lawyers in the field with rigorous academic analysis, the book unpicks and clarifies the legal issues that confront corporate and banking law practitioners when advising banks and financial institutions, including; governance structure, collective board responsibility, directors liability, the role of shareholders, corruption control mechanisms, remuneration, corporate accountability, and risk management.With its practical focus and strong theoretical platform, this book will be an important resource for corporate and financial lawyers seeking to understand and advise on the changing and dynamic legal landscape.Key features of the book include:An author team of senior practitioners and leading academic expertsDetailed treatment of all the key corporate governance issues in financial sectorComprehensive and up-to-date legislative analysis of latest reforms.

This book takes an interdisciplinary approach, linking the law and policy surrounding financial markets regulation in order to fill the gap in the analysis and understanding of the most salient issues related to the role of credit rating agencies (CRAs).Key features include:A critical appraisal of the ratings information system and the potential risks of disclosure failureQuestioning how regulators can shape a proper responsibility for CRAs in the aftermath of the EU civil liability regime for rating agencies introduced by the CRA Regulation 2013 and the professional liability introduced by the US Dodd-Frank Act 2010Assessment of CRAs' liability regimes in light of the recent developments in case lawAnalysis of the major weaknesses in legislative reforms adopted in the United States, the United Kingdom and the European Union, and suggestions for enhancing the current regulatory system of CRAs.The Governance of Credit Rating Agencies will be a valuable resource for those researching law and economic aspects of securities markets. Professionals in law firms with banking or financial services regulation practice, global rating firms, commercial banks, investment banks, international financial institutions and prudential regulatory agencies will also find this book an essential point of reference.

This is the first book to offer a profound, practical analysis of the framework for the judicial and pre-judicial protection of rights under the supranational banking supervision and resolution powers in the European Banking Union (EBU). It is also unique in its in-depth commentary on the developing case law from the European Court of Justice in this new field of EU litigation.Key features include:clarity on the procedural requirements for judicial reviewa comprehensive commentary on the existing case law of EU courts in the fieldinsight and analysis from front-line practitioners, as well as expert scholarsa detailed and up-to-date examination of banking supervision and resolution in the EBUdiscussion of the development of EBU law as a crucial area of EU law and its integration into the EU’s legal order.This book is a must-read for practitioners in the field of banking law and regulation. In particular it will be the authoritative reference point for those working in European and national public institutions such as supervisory and resolution authorities, courts, central banks and ministries of finance, as well as those working in or advising private organisations concerned with the exercise of supervisory and resolution powers. The book will also be of significant interest to scholars and postgraduate students of EU financial and banking law and governance.

Sustainable Finance and Climate Change explores the legal and regulatory framework that governs the transition to a carbon free economy, looking in particular at the regulation of the financial sector and corporate liability for climate change and biodiversity loss. In addition, it looks at the effect on general corporate law, environmental law, central bank law, as well as litigation and arbitration.Key Features:Discussion of the duty of societal responsibility in the context of corporate governancePractical analysis of arbitration and litigation in the resolution of climate change-related disputesExploration of the role of investors in the new sustainable finance-related regulatory frameworkComprehensive examination of sustainable finance in South AfricaIn-depth analysis of the role of law and regulation in providing sustainable finance by means of various financial modalitiesEvaluation of the newly-established framework in the EU, including the Climate Law, the taxonomy and the role of the ECB as a monetary and supervisory authorityThis important book will be a key resource for practitioners specialising in financial services, environmental law and dispute resolution, and will also appeal to scholars in these fields.

This second edition of Mis-Selling Financial Services is a practical guide to litigating claims arising from the mis-sale of financial products and services. It covers the history of 'mis-selling' litigation and provides an updated overview of the regulatory landscape and how such claims are formulated, as well as a thorough review of the key issues. The revised chapters give an in-depth analysis of the financial products which most commonly form the subject of such claims, from credit to collective investment schemes.Key Features:Updated with new chapters on Financial Ombudsman Service (FOS) and unfair termsExplanation of the key issues and considerations concerning mis-selling litigationClear and concise analysis on the law relating to the mis-selling of regulated financial services productsOverview of the UK and European regulatory framework governing the sale of financial products, with particular focus on five key product types: credit, mortgages, investments, insurance and collective investment schemesWith consideration of key legal and practical concepts and issues, this book is an essential read for practitioners and in-house counsel working in the financial services industry. Academics who are researching within the fields of financial services law or consumer protection will also find this to be an informative text.