Excessive and useless reporting, called “crying wolf effect”, is a crucial shortcoming that any anti-money laundering (AML) design aims to address and fix. For this reason, in these years the AML policy has switched both in the US and in Europe from a rule- to a risk-based approach. This...

During the last decade, anti-money laundering regulation has escalated within the EU. The goal of this paper is to analyse the extent of the introduced criminal liability for legal persons related to money laundering offences by the sixth EU anti-money laundering directive. The focus of this...

Money laundering has become a phenomenon of financial market regulation. The obligation to identify the ultimate beneficiary, or the beneficiary owner, which need not be entirely synonymous terms, has been the focus for both national authorities and international organizations. However, such...

The issuance of securities backed by assets is not new. However, its application to IP rights is still challenging as it has been evidenced by the David Bowie bonds or the more recent case of Patent Royalty Pharma. The purpose of the paper is to examine securitization, how it has been combined...

The first must-carry rules date back to 1990, the time when space on analogue broadcasting networks was limited and when supply grew quickly due to the introduction of private broadcasters. To ensure that channels of general interest would still be transmitted, countries introduced rules to...

The diffusion of mobile-first investing apps, like Robinhood, has increased retail investor participation in financial markets, particularly from the Millennial and GenZ generations, and has increased the diversity of retail investors. However, mobile-first investing apps are not free from...

The U.S. Securities and Exchange Commission (SEC) is required to provide an economic analysis of proposed regulations and to show that they plausibly meet a cost-benefit test. It recently proposed Regulation Best Interest (RBI) to replace the longstanding suitability rule for securities brokers...

This article looks at New Zealand's conduct of business rules for financial advisers. It compares New Zealand's rules to conduct of business rules applicable in the United Kingdom and Australia. There are major respects in which New Zealand's conduct of business rules fall behind best practice,...

The hedge fund industry in the United States evolved from a niche market participant in the early 1950s to a major industry operating in international financial markets. Hedge funds in the United States were originally privately-held, privately-managed investment funds, unregistered and exempt...

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