Inadequate regulation of the financial system is widely thought to have contributed to the financial crisis. The purpose of the book is to articulate a framework within which financial regulation can be analysed in a coherent and comprehensive fashion. The book's approach is distinctive in...

The issues which confront those concerned with employment law, about the types of workers to whom employment laws apply, are highly relevant to the subject of labour markets and welfare. The formulation and application of the personal categories of employment law is or involves a welfare...

This is the second part of a two part article describing the new UK Companies Act. The first part has been published in ECFR 2008, 48 et seq. This part continues with the analysis of the main changes and areas of controversy, including the implementation of the European Directives on takeovers...

Under the Basel capital rules for internationally active banks, subordinated debt has always been permitted to contribute a part of the bank's regulatory capital requirements. This is a surprising concession to banks, at first sight, since debt, as a liability, cannot contribute to equity (ie...

The European Commission launched, in April 2014, a new initiative to amend the shareholder rights directive as regards to the encouragement of long-term shareholder engagement. Under this heading, the Commission proposal intends to grant rights to shareholders concerning director remuneration...

According to a common narrative, in addition to inadequate capital and liquidity, the failure of banks in the financial crisis also reflected their poor governance. By governance we mean broadly the oversight that comes from banks' own shareholders and other stakeholders of the way in which they...

This chapter examines the prospects for effective cross-border resolution of failing systemically important banks. It begins by recalling the prevalence of national interests when cross-border banks were resolved in the financial crisis. It notes that in some cases foreign creditors benefitted...

This paper contains the European Company Law Experts' response to one of the main issues raised in the European Commission's Action Plan of 12 December 2012, namely how to make corporate governance codes more effective. The concept of “codes' effectiveness” has two meanings: effectiveness of...

This paper contains the European Company Law Experts' response to the report of the European Commission of 28 June 2012 on the application of the Takeover Bids Directive of 2004 and the reform initiatives announced. For evaluating these initiatives the rationale of the mandatory bid rule is...