The future efficiency of the payments system is at stake. Existing stored value products (SVPs, e.g., gift cards and gift card apps) are early prototypes of what payments and money will become: digital, dis-intermediated, and possibly, neither state- nor bank-issued. These products have defied...

This article will discuss Union regulatory approaches to cross-border mergers in the light of the fundamental freedom of establishment (Art.49 TFEU). The aim of this article is to explore the dynamics and the impact on the internal market of the multi-faceted interaction between the secondary...

Financial Derivatives have established themselves as a major driving force in the international monetary sphere in the recent past. While derivatives were originally used as an effective monetary instrument to multiply the wealth through ripple effect, of late these instruments are also used by...

This paper, an edited and footnoted transcript of a presentation at a research Centre of Excellence at Hokkaido University, looks at the influence of “responsive regulation” theory on the large-scale “Australian Consumer Law” reforms enacted in 2010. It outlines some frameworks developed...

In the wake of the global financial crisis, the European Parliament and Council Regulation 1060/2009 on Credit Rating Agencies has recently been published in the Official Journal of the European Union. With this Regulation the European Union takes a first step in addressing calls for a better...

In the wake of the ongoing global financial crisis, recently the European Commission has published a proposal for a European Parliament and Council Regulation on Credit Rating Agencies. With this proposal the European Union aims at addressing calls for more regulation of the (global) financial...

The Banking Act 2009 has introduced a special regime to deal with failing banks in the UK. A feature of the legislation is the regulator's power to trigger the regime by determining whether or not a bank is likely to fail. The use of the Act with Dunfermline Building Society has highlighted the...

The global financial meltdown has led to a renewed focus on the purposes of securities regulation and on the expansion of these purposes to include considerations of systemic risk; yet the case for such an expansion has been assumed more than argued. This article derives an argument for...

The steady growth in numbers of Nonprofit Organizations in the People's Republic of China (NPOs) proves that this sector is becoming a more and more important part of China's economic system. The Chinese legislators are aware of this fact and are actively trying to regulate all different aspects...

During the Financial Crisis of 2008, executive officials pushed the boundaries of their legal powers as well as successfully demanding broad, open-ended delegations of new powers. This paper closely analyzes the legal bases of the U.S. policy responses to the financial crisis, yielding insights...