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  • Corporate Finance
  • Financial Regulation
27 Jan 2020
3 min to read

When is an Individual Investor Not in Need of Consumer Protection? A Comparative Analysis of Singapore, Hong Kong, and Australia

Wai Yee Wan | Andrew Godwin | Qinzhe Yao

The present regulatory orthodoxy in protecting individual investors from ‘bad’ investments is to create and enforce a robust disclosure regime. Many jurisdictions therefore require issuers of...

OBLB categories

  • Financial Regulation
27 Jan 2020
5 min to read

What do the evolving prudential regulations on climate change risks mean for banks?

Mete Feridun

As climate-related financial risks continue to receive increasing regulatory attention, regulatory authorities are set to increase the rigour of banks’ public disclosure, capital planning and...

OBLB categories

  • Financial Regulation
17 Jan 2020
4 min to read

Matching or clashing? ‘Landeskreditbank Baden-Württemberg v ECB’ and the decision of the German Bundesverfassungsgericht on the Banking Union

Pierre Schammo

In a recent paper, I discuss tensions that have lately emerged between the Court of Justice of the European Union (‘CJEU’) and the German Federal Constitutional Court (Bundesverfassungsgericht or...

OBLB categories

  • Commercial Law
  • Corporate Finance
  • Financial Regulation
15 Jan 2020
2 min to read

A Review of Katharina Pistor's 'The Code of Capital: How the Law Creates Wealth and Inequality'

Massimiliano Vatiero

This new, brilliant and clear (including for non-experts) book by Katharina Pistor is titled 'The Code of Capital' and explores, as the subtitle specifies, 'How the law creates wealth and inequality...
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OBLB categories

  • Financial Regulation
14 Jan 2020
3 min to read

Taking Stock of Bank Regulatory Reforms Ten Years After the Failure of Lehman Brothers

Deniz Anginer | Ata Can Bertay | Robert J. Cull | Asli Demirgüç-Kunt | Davide Salvatore Mare

Year 2018 marked the 10th anniversary of the global financial crisis (GFC), one of the most severe since the Great Depression. These ten years have been characterized by intense regulation of banking...

OBLB categories

  • Financial Regulation
13 Jan 2020
3 min to read

Mapping Enforcement Networks

Verity Winship

Many modern problems—money laundering, investor fraud, cryptocurrency abuses—cannot be addressed effectively by solitary agencies. Instead, cross-border and borderless problems require a coordinated...

OBLB categories

  • Corporate Finance
  • Financial Regulation
10 Jan 2020
4 min to read

Initial Coin Offerings, Information Disclosure, and Fraud

Lars Hornuf | Theresa Kück | Armin Schwienbacher

Since the advent of Bitcoin in 2008, which until today remains the most widely used digital currency worldwide, digital currencies have gained in popularity. More recently, tokens based on different...

OBLB categories

  • Financial Regulation
19 Dec 2019
8 min to read

Designing an Optimal Banker’s Tax to Avert Bank Bailouts: Rationales and Objectives

Emilios Avgouleas | Charles Nolan | John Tsoukalas

Large scale bank bailouts can be very wasteful for society in terms of resources lost and increased public debt [1]. The doom loop means that the public cost of funding a bailout can place a serious...

OBLB categories

  • Corporate Finance
  • Financial Regulation
19 Dec 2019
3 min to read

Will the EU Commission Successfully Integrate Sustainability Risks and Factors in the Investor Protection Regime? A Research Agenda

Shanshan Zhu | Michele Siri

The current enactment of the EU Action Plan for financing sustainable growth (the ‘Action Plan’) is a sign of the EU’s efforts to support the transition to a sustainable economic system, so...
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OBLB categories

  • Financial Regulation
18 Dec 2019
3 min to read

Extended Shareholder Liability for Systemically Important Financial Institutions

Alessandro Romano | Luca Enriques, Faculty of Law | Jonathan R. Macey

The default of a systemically important financial institution (SIFI) can trigger a cascade of defaults and ultimately impose enormous losses on the economy. Consequently, authorities generally bail...

OBLB categories

  • Financial Regulation
16 Dec 2019
5 min to read

Product Governance: Paternalism Outsourced to Financial Institutions?

Veerle Colaert

The entry into force of the second version of the Markets in Financial Instruments Directive (MiFID II) is since 2018 amongst the greatest challenges for the financial sector. Among the most striking...

OBLB categories

  • Financial Regulation
13 Dec 2019
3 min to read

The Dark Side of Digital Financial Transformation: The New Risks of FinTech and the Rise of TechRisk

Ross P. Buckley | Douglas W. Arner | Dirk A. Zetzsche | Eriks Selga

Over the past decade a new era of FinTech (‘financial technology’) has emerged through the increasing convergence of the long-term process of digitization of finance, datafication, and new...

OBLB categories

  • Corporate Governance
  • Financial Regulation
13 Dec 2019
4 min to read

Institutional Investor Collective Engagements: Non-Activist Cooperation vs Activist Wolf Packs

Gaia Balp | Giovanni Strampelli

Shareholder cooperation as a tool for active corporate ownership, and a means by which to effectively voice concerns about corporate governance and performance, is on the rise. While wolf packs...

OBLB categories

  • Commercial Law
  • Competition/ Antitrust
  • Financial Regulation
09 Dec 2019
3 min to read

The Invisible Hand, the Regulatory Touch or the Platform’s Iron Grip?

Aluma Zernik

The ‘invisible hand’ has become an icon for an economic philosophy which assumes that a laissez-faire governmental policy will result in optimal social and financial outcomes as market forces will...

OBLB categories

  • Commercial Law
  • Corporate Governance
  • Financial Regulation
06 Dec 2019
4 min to read

A Behavioural Ethics Approach to Legal Compliance

Yuval Feldman | Yotam Kaplan

Wrongdoing is ubiquitous. Media outlets relentlessly report a seemingly ceaseless stream of deleterious human behaviour, from consumer fraud and financial misrepresentation to corporate and political...

OBLB categories

  • Competition/ Antitrust
  • Corporate Finance
  • Corporate Governance
  • Financial Regulation
03 Dec 2019
3 min to read

Implications of Financial Artificial Intelligence

Tom Lin

Artificial intelligence has had a profound impact on finance. In the span of a few decades, it has made finance faster, more accessible, more profitable, and more efficient in many ways. Despite all...

OBLB categories

  • Commercial Law
  • Corporate Finance
  • Financial Regulation
02 Dec 2019
2 min to read

Call for Papers: The Future of Banking and Finance in the Digital Era

Dora Neo | Sandra Booysen

The Centre for Banking & Finance Law (CBFL) at the Faculty of Law, National University of Singapore is holding a conference on the Future of Banking and Finance in the Digital Era on 9 - 10 March...
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OBLB categories

  • Corporate Governance
  • Financial Regulation
21 Nov 2019
2 min to read

A Directive to Protect Whistle-blowers

Dimitrios Kafteranis

Less than two years ago, my post was presenting the European Parliament Resolution on the need to protect whistle-blowers at the EU level. The post was commenting, inter alia, on the difficult work...

OBLB categories

  • Financial Regulation
15 Nov 2019
5 min to read

Regulating tail risks: When and how prudential regulation should apply to shadow banking

Matthias Thiemann | Tobias H. Tröger

Shadow banking – now labeled as non-bank financial intermediation (NBFI) by the Financial Stability Board (FSB) – maneuvers outside of the realm of prudential banking regulation. NBFI entities often...
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OBLB categories

  • Commercial Law
  • Corporate Finance
  • Corporate Governance
  • Financial Regulation
05 Nov 2019
2 min to read

SL Claimants v Tesco plc: High Court agrees with ‘Intermediation and Beyond’ that a Claim Under s.90A FSMA Lies in Respect of Intermediated Securities

Louise Gullifer QC (Hon) | Jennifer Payne, Merton College

The increasing use of intermediation in the holding of securities creates both advantages and disadvantages for issuers and investors and has implications for the operation of the capital markets as...

OBLB categories

  • Corporate Governance
  • Financial Regulation
04 Nov 2019
4 min to read

Autonomous Legal Entities are Already Possible Under American Law

Shawn Bayern

If you ask a hundred lawyers whether a software system or a robot can buy a house or file a lawsuit, all of them would be likely to answer ‘no.’ But because of the extreme flexibility of limited...

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