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  • Commercial Law
  • Financial Regulation
22 Oct 2018

Enforcing Rules on Related Party Transactions in Italy: One Securities Regulator’s Challenge

Marcello Bianchi | Luca Enriques, Faculty of Law | Mateja Milič

In our paper ‘Enforcing Rules on Related Party Transactions in Italy: One Securities Regulator's Challenge’, we investigate the Italian experience in the enforcement of related party transaction (RPT...

OBLB categories

  • Commercial Law
  • Financial Regulation
19 Oct 2018

The Evolution of Currency: Cash to Cryptos to Sovereign Digital Currencies

Anton Didenko | Ross Buckley

Modern payment systems have changed considerably over the past decade. In developing countries, so-called ‘electronic money’, issued and used on mobile phones, provided a viable digital alternative...

OBLB categories

  • Financial Regulation
18 Oct 2018

Bank-Intermediated Arbitrage

Nina Boyarchenko | Thomas Eisenbach | Pooja Gupta | Or Shachar | Peter Van Tassel

Since the 2007–2009 financial crisis we observe more persistent deviations in the prices of closely related assets, so called ‘basis spreads’. This creates apparent profit opportunities and raises...

OBLB categories

  • Commercial Law
  • Corporate Governance
  • Financial Regulation
10 Oct 2018

Smart contracts and transaction costs

Massimiliano Vatiero

Blockchain technology could reshape the economic institutions of capitalism, to borrow the title of a celebrated book by Oliver Williamson. In a recent paper, I deal with contractual agreements that...

OBLB categories

  • Corporate Governance
  • Financial Regulation
05 Oct 2018

Caremark as Soft Law

Claire Hill

Compliance is a stunningly hot topic, with companies spending significant resources on it, and probably literally, dozens of conferences on the subject each week.[1] One curious feature of the...

OBLB categories

  • Corporate Finance
  • Corporate Governance
  • Financial Regulation
04 Oct 2018

The Commission’s Action Plan for Financing Sustainable Growth and its Corporate Governance Implications

Florian Möslein | Karsten Engsig Sørensen

With the adoption of the Action Plan ‘Financing Sustainable Growth’, the European Commission is taking a range of steps towards encouraging listed companies to conduct their business in a more...

OBLB categories

  • Financial Regulation
03 Oct 2018

Bridging the divide between code and law in distributed ledger ecosystems

Anastasios Antoniou

Code and law have been entangled in a silent tension ever since the advent of cyberspace. The centralised architecture of cyberspace paved the way for law to prevail. The latest manifestation of this...

OBLB categories

  • Financial Regulation
01 Oct 2018

Oops! … We do it again. Attack on the banking union in the German constitutional court and why even ardent Europeans may learn a (limited) lesson from it

Tobias H. Tröger

Conventional wisdom suggests that the U.S. is the ‘litigation nation’. However, when it comes to disputes concerning euro area integration, Germans also seem to be very gung ho to slug it out in the...

OBLB categories

  • Commercial Law
  • Corporate Finance
  • Financial Regulation
28 Sep 2018

Law and society in the evolution of Malaysia’s Islamic capital market regulation

Vivien Chen

In recent years, Islamic capital markets have flourished in countries with large Muslim populations, while sukuk, or Islamic bonds, have gained traction internationally. Although Malaysia is regarded...

OBLB categories

  • Corporate Finance
  • Financial Regulation
21 Sep 2018

Securities Litigation Against Foreign Private Issuers in the United States

Yuliya Guseva

Two of my recent articles examine securities class action litigation and SEC enforcement against foreign corporations seeking to tap American capital markets (see here and here). To evaluate public...

OBLB categories

  • Corporate Finance
  • Corporate Governance
  • Financial Regulation
  • M&A
20 Sep 2018

Shareholder Protection, Stock Markets and Cross-Border Mergers

Frederick S. Ahiabor | Gregory A. James | Frank O. Kwabi | Mathias Siems

How do we measure shareholder protection? For more than ten years, the Centre of Business Research (CBR) at the University of Cambridge has developed datasets on shareholder, creditor and worker...

OBLB categories

  • Corporate Finance
  • Financial Regulation
18 Sep 2018

Credit Ratings: What Are They Good For?

ProMarket Writers

The financial crisis of 2008 and its aftermath had a broad impact on how the financial system is understood to work and how it influences the wider economy. Macroeconomists have highlighted the role...

OBLB categories

  • Financial Regulation
17 Sep 2018

Resolution Triggers and TLAC Tradeoffs

John Crawford

Regulators have made great progress over the past decade in designing mechanisms to deal with a failed systemically important financial institution (SIFI) in a way that avoids both a bailout and the...

OBLB categories

  • Financial Regulation
14 Sep 2018

The EU’s Opt-in Regulatory Framework for Crowdlending: Expediency at the Expense of FinTech Investor Protection?

Deirdre Ahern

Debt-based crowdfunding (‘crowdlending’ or ‘peer to peer lending’) is growing as an alternative finance market within the EU. Yet it has many risks for investors. A lack of regulation of the emerging...

OBLB categories

  • Financial Regulation
13 Sep 2018

Beyond Common Equity: The Influence of Secondary Capital on Bank Insolvency Risk

Thomas Conlon | John Cotter | Philip Molyneux

The regulatory requirement for banks to hold capital is related to the safety net afforded by (often implicit) government guarantees. Regulators are also concerned about the possibility of systemic...

OBLB categories

  • Financial Regulation
10 Sep 2018

Depositor preference and deposit insurance schemes: challenges for regulatory convergence and regulatory coordination in Asia

Andrew Godwin | Ian Ramsay

Our recent article, which we co-authored with Angus Chan, examines the main challenges for achieving regulatory convergence and coordination for depositor preference rules and explicit deposit...

OBLB categories

  • Financial Regulation
07 Sep 2018

Initial Coin Offerings: Are Tokens Securities under EU Law?

Philipp Maume | Mathias Fromberger

Initial Coin Offerings (ICOs) are currently a hot topic in the financial markets. By the end of 2018, issuers are expected to have raised about US$20 billion in ICOs. The annual energy consumption of...

OBLB categories

  • Financial Regulation
06 Sep 2018

Have you ever wondered why banking crises happen in America but not in Canada?

Sana Mohsni | Isaac Otchere

In the wake of the financial crisis in 2008, many banks in the US collapsed and/or had to be bailed out, but Canadian banks sailed through the crisis relatively unscathed. Since then, financial...

OBLB categories

  • Commercial Law
  • Corporate Finance
  • Corporate Governance
  • Financial Regulation
04 Sep 2018

How Blockchains Increase Artificial Responsibility

Adam Kolber

There has been an explosion of articles in the popular press about the dangers of artificial intelligence (‘AI’). Some fear that machines with human-like intelligence could someday develop goals at...

OBLB categories

  • Corporate Governance
  • Financial Regulation
03 Sep 2018

How to Make Finance Ethically Sound: Make it Structurally Sound

Saule Omarova

Lately, there has been no shortage of scandals involving fraudulent, predatory, and otherwise ethically unacceptable behavior on the part of large financial institutions. Much of this behavior was...

OBLB categories

  • Financial Regulation
03 Sep 2018

Is U.S. Insurance Regulation Unconstitutional?

Daniel Schwarcz

U.S. insurance regulation is ostensibly the primary domain of individual states, rather than the federal government. In practice, however, the most important and powerful entity in U.S. insurance...

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