Blog

Important if underwhelming, Erzberger v TUI AG (2017) C-566/15 has held national codetermination laws are not an ‘impediment to free movement of workers’ in the European Union. Codetermination laws,...

The Bitcoin blockchain has just forked into two rivaling chains; the same split happened to the Ethereum blockchain after its hard fork of July 2016. The development of these, and other,...

Crowdfunding - an outcome of the modern sharing economy - has experienced rapid growth in some EU Member States, notably the UK, France, Germany, Italy and the Netherlands. However, home bias by...

In a much-anticipated action, on July 25 the SEC issued a Section 21(a) report of its investigation into an offering of digital tokens by “The DAO,” an unincorporated virtual organization. Though...

The digital economy has boasted of 'unicorns', 'change agents' and 'disruption'. But the difficult question that competition law, and the European Commission, must grapple with is whether the nature...

Many scholars have called for legal reform to end taxpayer-funded bailouts and crack down on anticompetitive practices by financial institutions. Failure to do so, in an era of fintech innovation,...

The European Securities and Markets Authority (‘ESMA’) was established over six years ago. It, and its sibling bodies for banking, and the insurance and occupational pensions sector, emerged from the...

In ‘Pari Passu Undone: Game-Changing Decisions for Sovereigns in Distress’, which appears in Issue No. 3 of the ‘Cleary Gottlieb Emerging Markets Restructuring Journal’, published by Cleary Gottlieb...

The private ordering of corporate governance arrangements is a wonderful thing. It ‘allows the internal affairs of each corporation to be tailored to its own attributes and qualities, including its...

Investment managers owe fiduciary duties to clients, including a duty of loyalty and a duty of care. A persistent question, with no clear answer, is what precisely is required by the duties of...

Modern, globalised financial markets are the offspring of a process of liberalisation of capital that started with the collapse of Bretton Woods in the 1970s and culminated with the deregulation...

Regional cooperation in competition matters can reduce the complexity created by the cumulative unilateral application of more than 130 competition law regimes in the world today. Brexit attempts to...

The creation of the mutual fund will go down as one of the greatest innovations in financial history. It has provided tens if not hundreds of millions of unsophisticated and uninformed stock market...

The Courts have seen many claims by lenders against valuers for overvaluing property taken as security for loan transactions, and the principles to be applied to such claims are well established. A...

Hyperfunding is the fundraising of large sums of money in a brief campaign by a company that directly targets consumers or investors via the Internet. In my latest research paper, Hyperfunding, I...

In the UK, directors, as fiduciaries, are subject to duties and constraints to ensure they act in the interests of the company. One of these is the proper purpose rule, now codified in section 171(b...

Private investment fund managers have started to embrace the use of blockchain technology to facilitate investment and process optimization. Several private investment funds have spearheaded the...

In a recent paper, published in The Journal Jurisprudence, I attempt to explain how common-law jurisdictions developed the distinctive notions of equity that are largely absent from civil law and to...

‘Fragmentation is in no one’s economic interest. Nor is it necessary for financial stability. Indeed it can damage it.’ - Mark Carney, speech given at Mansion House, 20 June 2017. A paradox of our...

In this chapter on boards for Elsevier’s Handbook of Corporate Governance, edited by Benjamin Hermalin and Michael Weisbach, I argue that boards of directors are intellectually interesting; the...