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Do current levels of bank capital in Europe suffice to support a swift recovery from the COVID-19 crisis? Recent research shows that a well-capitalized banking sector is a major factor driving the speed and breadth of recoveries from economic downturns. In particular, loan supply is negatively affected by low levels of capital. We estimate a capital shortfall in European banks of up to 600 billion euro in a severe scenario, and around 143 billion euro in a moderate scenario. We propose a precautionary recapitalization on the European level that puts the European Stability Mechanism (ESM) center stage. This proposal would cut through the sovereign-bank nexus, safeguard financial stability, and position the Eurozone for a quick recovery from the pandemic.
We live in the age of commentaries. When I was a law student at Heidelberg University and wrote a take-home exam on private law in the mid-1990s, I had to survey eight commentaries on the German Civil Code. Today, students have to check twice as many commentaries, among them whoppers like the Historical-Critical Commentary and the Beck "Grand" Online-Commentary, the latter still in progress with more than 400 individual contributors – not paragraphs. Publishers and editors must use all kinds of incentives to lure new authors onto their juridical treadmills. Nobody needs an oracle to predict that most of the commentaries without a digital interface will soon vanish – sometimes to the relief of their authors, who are deeply frustrated by the lack of citations in textbooks and court cases. There is no need for the Club of Rome to issue a paper on the limits of legal commentaries. Despite all this intertextual Darwinism, the commentaries call to mind a kind of legal oasis with plenty of resources. The desert beyond buries the few remaining "grand" textbooks that traditionally developed legal principles and legal system. The commentaries can provide no guidance on these points. Their focus lies on practical details, not overarching structures. It is no wonder that mainstream contemporary German legal writing on private law is unable to master the overwhelming number of changes in the German Civil Code introduced over the last two decades. ...
The process of finding evidence of what truthfully happened in a conflictive situation interests jurists and journalists but in different ways. When the work of journalists and judges are concerned the paradox is at stake. Both categories must tell a story about a conflict must listen to all involved, must inform what happened to the general public. Although both categories must use the freedom must use the freedom of speech their point of view about something with objectivity, their timing is different as well as the process and the effect of fulfilling their task. That question that should be made is what happen to law when it becomes the subject matter to the news in the world of full information? In what measurement journalists also pass judgements and how this affects the formal processes of law? The effort to answer these questions and the ones related to them is important to understand some of the problems that must be approached in order to establish the ways of law and of the mass media technological society.
In assessing the aftermath of the fraudulent presidential election of 2009 in Iran, one question has received less critical analysis than other complexities of this event: What can explain the remarkable non-violent character of the Green Movement in Iran? I propose that the answer, inter alia, lies with the following three learning experiences: 1) The experience of loss brought about by the Iran/Iraq war; 2) the experience of relative opening during Khatami’s presidency; and 3) the experience of modernization of faith in the work of the post-Islamist thinkers that aimed to make political Islam compatible with democracy. Together, these learning processes fostered a new mode of thinking that is civil and non-violent in character.
Combining insights from the history of citizenship with contemporary legal analysis, this article both highlights and problematizes what we may call sorting strategies – restrictive closure and selective openness – which rely on ‘varieties of affluence’ (income, wealth, equity, credit, and the like) in shaping possibilities for entry, settlement, and naturalization. By emphasizing the growing significance of income barriers and thresholds on the one hand, and fast-tracked investment-based entryways on the other, this article investigates the role of wealth as both accelerator and barrier to citizenship, contributing to the varied toolbox used by governments to advance goals that may at times appear contradictory; these tools both tighten and relax the requirements of access to membership at the same time. These new developments represent different facets of the same trend. Without explicitly stating as much, programs that turn wealth into a core criterion for admission conceptually reignite an older, exclusive, and exclusionary vision according to which individuals must hold property (in land, resources, or in relation to one’s ‘dependents,’ including women, slaves, and children) in order to qualify as a citizen. While such a trajectory is no stranT8ger to ancient models, it raises profound challenges to modernist accounts of political membership that place equality at their core.
This essay argues that access to water, and the right to water in India is subject to legal pluralism in India: the plurality of state law and the normative order of the caste system in India. While the Constitution of India prohibits discrimination against or exploitation of the Scheduled Castes, society is also subject to a parallel set of social rules set forth by caste hierarchies. The Dalit community has been historically subject to exploitation and limited access to resources, with the use of religious and social sanction, this essay focuses particularly on the right to water, which is an essential part of the constitutional right to the environment is subject to plural legal systems, of state law and caste-based normative orders. Ethnographic social science research, particularly in anthropology and sociology has produced extensive findings on how the caste system limits access to natural resources and particularly water, owing to ideas of purity and impurity associated with water use, and the status of water as a common public good. This essay explores how lawyers must consider legal pluralities when understanding access and management of natural resources. The essay analyses John Griffiths’ idea of legal pluralism which describes a scenario in which not all law is administered by the State or its institutions, and there exists de facto law, beyond the boundaries of the State. This paper expands Griffiths’ model of pluralism to explain how the right to water is subject to both caste order and state law and how the lived reality of Dalits when accessing water is subject to a constant pluralism.
The development of laboratory animal science and animal care of legislation and the consummation
(2012)
Laboratory animal science is the use of non-human animals in experiments to obtain new knowledge and new technologies in biomedical research and testing. In order to develop science and technology, the human carried out a large number of animal experiments, these experiments greatly expanded the vision of related research field, and make a great contribution to human beings. Meanwhile, animal experiments also bring us a certain extent of negative effects. Countries around the world have adopted legislative measures to regulate behavior of animal experiments, but in the process of legislation and enforcement are not wholly satisfactory. On the basis of present situation of laboratory animal science and existing problems, with the comparison of animal welfare act between Europe and China, the author puts forward the ideas of perfecting experimental animals’ laws and its enforcement proposals.
The improvement of accident prevention technology in many fields of social life has spurred new challenges to the doctrinal tools of fault and strict based civil liability in the law of torts. Amid these challenges lies the identification of the proper scope of the respective criteria of liability in a changing factual environment, their suitability as doctrinal tools, as well as their actual application to concrete cases given the amount of information which would be needed to render adequate judgments. Precedents and old laws should be assessed with caution, taking into account the tacit cost-benefit analysis embedded in them, for they may or may not serve the interests of welfare maximization in an environment with constantly renewed accident prevention technology.
In this paper I demonstrate the utility of a Values in Design (VID) perspective for the assessment, the design and development of e-democracy tools. In the first part, I give some background information on Values in Design and Value-Sensitive Design and their relevance in the context of e-democracy. In part 2, I analyze three different e-democracy tools from a VID-perspective. The paper ends with some conclusions concerning the merits of VID for e-democracy as well as some considerations concerning the dual tasks of philosophers in assessing and promoting value-sensitive technology design.
Industry concentration and markups in the US have been rising over the last 3-4 decades. However, the causes remain largely unknown. This paper uses machine learning on regulatory documents to construct a novel dataset on compliance costs to examine the effect of regulations on market power. The dataset is comprehensive and consists of all significant regulations at the 6-digit NAICS level from 1970-2018. We find that regulatory costs have increased by $1 trillion during this period. We document that an increase in regulatory costs results in lower (higher) sales, employment, markups, and profitability for small (large) firms. Regulation driven increase in concentration is associated with lower elasticity of entry with respect to Tobin's Q, lower productivity and investment after the late 1990s. We estimate that increased regulations can explain 31-37% of the rise in market power. Finally, we uncover the political economy of rulemaking. While large firms are opposed to regulations in general, they push for the passage of regulations that have an adverse impact on small firms.
Some advances in legal practical reason: for a progressive dialogue with contemporary hermeneutics
(2012)
This paper intends to critically discuss some points of the contemporary thesis concerning constitutional hermeneutics and methodology of law. Once identified some authors and the lines of argumentation affiliated grosso modo to the linguistic turn and rhetoric, as well as the core of the transcendental powers of communication (v.g. N. MacCormick, R. Alexy, K. Günther), the objective is to identify some dialogue with economics and political science, enlightened by recent researches about Hegel-Marx interpretations of social life. Of course the discussion inevitably passes through methodological questions, opposing analytics vs. dialectics, idealistic vs. realists standpoints. In a effort to foment the inclusive dialogue between points of view concerning the concept of law that may create (not necessarily) radical opponents, the lines of conclusion intents to revisit some foundations of Hegelian "method" (so to speak) and intends to give a modest contribution to a more profound analysis of the relations between sein and sollen categories, in order to enrich the discussions about technology and social life, specially the life of the law nowadays.
Built to colonize
(2019)
This paper argues that the key mechanisms protecting retail investors’ financial stake in their portfolio investments are indirect. They do not rely on actions by the investors or by any private actor directly charged with looking after investors’ interests. Rather, they are provided by the ecosystem that investors (are legally forced to) inhabit, as a byproduct of the mostly self-interested, mutually and legally constrained behavior of third parties without a mandate to help the investors (e.g., speculators, activists). This elucidates key rules, resolves the mandatory vs. enabling tension in corporate/securities law, and exposes passive investing’s fragile reliance on others’ trading.
The issue of data security has become increasingly complex in the age of the internet and artificial intelligence. The developments seem to be almost unmanageable in some areas. Cooperation between jurisprudence and information technology is the only thing that can protect the individual and certain social groups from discrimination.
For the German observer the idea of a Company repurchasing its own shares seems to resemble the picture of a snake eating its own tail. It appears to be highly unnatura1 and one wonders how the tail tan possibly be eatable for the snake. Not in the United States. Although repurchases have once been subject to the most stubbornly fought conflict in US Company law only some modest disclosure requirements and safeguards against overt market manipulation exist today. Large repurchases are an almost everyday event and there is an increasing tendency. The aggregate value of shares repurchased by NYSE listed companies has increased from $ 1 .l billion in 1975 to $ 6.3 billion in 1982 to $ 37.1 billion in 1985*. Few examples may illustrate this practice further: Within three years Ford Motor Corp. repurchased 30 million shares for $ 1.2 billion. In 1985 Phillips Petroleum Corp. was faced with two hostile bids and took several defensive Steps, one of which was to tender for 20 million of its own shares at a total tost of $ 1 billion. And by the end of 1988 Exxon Corp. retired 28 percent of its shares that had once been outstanding at an aggregate tost of $ 14.5 billion. The Situation in Germany is completely different. As it will be shown under German law repurchases are severely restricted and do appreciable amount at all. not take place at an In contrast to German law the United Kingdom does not prohibit repurchases but requires companies to comply with such complex rules that US companies would regard simply as limiting their economic freedom. Therefore UK companies very seldom repurchase their own shares, too. This Paper deals with repurchases by quoted companies, in particular the UK public Company and the more or less German equivalent, the Aktiengesellschaft (AG). It seeks to ascertain the reasons why companies might want to engage in those activities. Moreover, it tries to analyse the Problems which may arise from repurchases and the safeguards which the UK and German legal Systems provide for these Problems.This Paper deals with repurchases by quoted companies, in particular the UK public Company and the more or less German equivalent, the Aktiengesellschaft (AG). It seeks to ascertain the reasons why companies might want to engage in those activities. Moreover, it tries to analyse the Problems which may arise from repurchases and the safeguards which the UK and German legal Systems provide for these Problems.
Increasingly, alternative investments via hedge funds are gaining importance in Germany. Just recently, this subject was taken up in the legal literature, too; this resulted in a higher product transparency. However, German investment law and, particularly, the special division "hedge funds" is still a field dominated by practitioners. First, the present situation shall be outlined. In addition, a description of the current development is given, in which the practical knowledge of the author is included. Finally, the hedge fund regulation intended by the legislator at the beginning of the year 2004 is legally evaluated against this background.
Common ownership and the (non-)transparency of institutional shareholdings: an EU-US comparison
(2022)
This paper compares the extent of common ownership in the US and the EU stock markets, with a particular focus on differences in the ap- plicable ownership transparency requirements. Most empirical research on common ownership to date has focused on US issuers, largely relying on ownership data obtained from institutional investors’ 13F filings. This type of data is generally not available for EU issuers. Absent 13F filings, researchers have to use ownership records sourced from mutual funds’ periodic reports and blockholder disclosures. Constructing a “reduced dataset” that seeks to capture only ownership information available for both EU and US issuers, I demonstrate that the “extra” ownership information introduced by 13F filings is substantial. However, even when taking differences in the transparency situation into due account, common ownership among listed EU firms is much less pronounced than among listed US firms by any measure. This is true even if the analysis is limited to non-controlled firms.
Legal pluralism as a pre-modern and well-known phenomenon appeared to be domesticated by the "modern state" with its sovereign position as creator of law. Today the phenomenon is back. Today's lawyers struggle not only with multiple levels of normativity (national law, European law, international law, legal networks without a state) but also with the cultural diversities of interpretation and practice.
Free riders play fair
(2012)
After the demise of the social contract theory, the argument from fair play, which employs the principle of fair play, has been widely acknowledged as one of the most promising ways of justifying political obligation. First, I articulate the most promising version of the principle of fair play. Then, I show that free riders play fair, that is, that their moral fault lies not in unfairness but in the violation of a rule by appealing to the example of three-in-a-boat. Finally, I conclude that even the most promising version is false because those who have accepted benefits from a social cooperative scheme do not owe an obligation of fair play.
Plenarvortrag Weltkongress der Rechtsphilosophie und Sozialphilosophie, 24.-29. Mai, Granada 2005. S.a. die deutsche Fassung: "Die anonyme Matrix: Menschenrechtsverletzungen durch "private" transnationale Akteure". Spanische Fassung: Sociedad global, justicia fragmentada: sobre la violatión de los derechos humanos por actores transnacionales 'privados'. In: Manuel Escamilla and Modesto Saavedra (eds.), Law and Justice in a global society, International Association for philosophy of law and social philosophy, Granada 2005, S. 547-562 und in "Anales de öa Catedra Francisco Suarez 2005". S.a. Teubner, Gunther: Globalized Justice - Fragmented Justice. Human Rights Violations by "Private" Transnational Actors
Dt. Fassung: Der Umgang mit Rechtsparadoxien: Derrida, Luhmann, Wiethölter. In: Christian Joerges und Gunther Teubner (Hg.) Rechtsverfassungsrecht: Recht-Fertigungen zwischen Sozialtheorie und Privatrechtsdogmatik. Nomos, Baden-Baden 2003, 249-272.
s.a.: Das Recht hybrider Netzwerke. Zeitschrift für das gesamte Handelsrecht und Wirtschaftsrecht 165, 2001, 550-575.. Italienische Fassung: Diritti ibridi: la costituzionalizzazione delle reti private di governance. In: Gunther Teubner, Costituzionalismo societario. Armando, Roma 2004 (im Erscheinen).
In the current globalization debate the law appears to be entangled in economic and political developments which move into a new dimension of depoliticization, de-centralization and de-individualization. For all the correct observations in detail, though, this debate is bringing about a drastic (polit)economic reduction of the role of law in the globalization process that I wish to challenge in this paper. Here one has to take on Wallerstein’s misconception of “worldwide economies” according to which the formation of the global society is seen as a basically economic process. Autonomous globalization processes in other social spheres running parallel to economic globalization need to be taken seriously. In protest against such (polit)economic reductionism several strands of the debate, among them the neo-institutionalist theory of “global culture”, post-modern concepts of global legal pluralism, systems theory studies of differentiated global society and various versions of “global civil society” have shaped a concept of a polycentric globalization. From these angles the remarkable multiplicity of the world society, in which tendencies to re-politicization, re-regionalization and re-individualization are becoming visible at the same time, becomes evident. I shall contrast two current theses on the globalization of law with two less current counter-theses: First thesis: globalization is relevant for law because the emergence of global markets undermines the control potential of national policy, and therefore also the chances of legal regulation. First counter-thesis: globalization produces a set of problems intrinsic to law itself, consisting in a change to the dominant lawmaking processes. Second thesis: globalization means that the law institutionalizes the worldwide shift in power from governmental actors to economic actors. Second counter-thesis: globalization means that the law has a chance of contributing to a dual constitution of autonomous sectors of world society.
Deutsche Fassung: Die Episteme des Rechts. Zu den erkenntnistheoretischen Grundlagen des reflexiven Rechts. In: Dieter Grimm (Hg.) Steigende Staatsaufgaben - sinkende Steuerungsfähigkeit des Rechts. Nomos, Baden-Baden 1990, 115-154. Französische Fassung: Pour une épistémologie constructiviste du droit. In Gunther Teubner, Droit et réflexivité. Librairie générale de droit et de jurisprudence, Paris 1994, 171-204. Veränderte Fassung in: Annales: Economies, Sociétés, Civilisations 1992, Paris, 1149-1169. Italienische Fassung: Il diritto come soggetto epistemico: Per una epistemologie giuridica "costruttivista," Rivista critica del diritto privato 8, 1990, 287-326.
Deutsche Fassung: Expertise als soziale Institution: Die Internalisierung Dritter in den Vertrag. In: Gert Brüggemeier (Hg.) Liber Amicorum Eike Schmidt. Müller, Heidelberg, 2005, 303-334.
Deutsche Fassung: Vertragswelten: Das Recht in der Fragmentierung von private governance regimes. Rechtshistorisches Journal 17, 1998, 234-265. Italienische Fassung: Mondi contrattuali. Discourse rights nel diritto privato. In: Gunther Teubner, Diritto policontesturale: Prospettive giuridiche della pluralizzazione dei mondi sociali. La città del sole, Neapel 1999, 113-142. Portugiesische Fassung: Mundos contratuais: o direito na fragmentacao de regimes de private governance. In: Gunther Teubner, Direito, Sistema, Policontexturalidade, Editora Unimep, Piracicaba Sao Paolo, Brasil 2005, 269-298.
S.a. Deutsche Fassung: Ökonomie der Gabe - Positivität der Gerechtigkeit: Gegenseitige Heimsuchungen von System und différance. In: Albrecht Koschorke und Cornelia Vismann (Hg.) System - Macht - Kultur: Probleme der Systemtheorie. Akademie, Berlin 1999, 199-212. Auch auf unserem Server vorhanden. * Italienische Fassung: Economia del dono, positività della giustizia: la reciproca paranoia di Jacques Derrida e Niklas Luhmann. Sociologia e politiche sociali 6, 2003, 113-130. Portugiesische Fassung: Economia da dádiva ? posividade da rustica; ?assombracao?? mutua entre sistema e différance. In: Gunther Teubner, Direito, Sistema, Policontexturalidade, Editora Unimep, Piracicaba Sao Paolo, Brasil 2005, 55-78.
Globalized justice - fragmented justice. Human rights violations by "private" transnational actors
(2005)
Plenarvortrag Weltkongress der Rechtsphilosophie und Sozialphilosophie, 24.-29. Mai, Granada 2005. S.a. die deutsche Fassung: "Die anonyme Matrix: Menschenrechtsverletzungen durch "private" transnationale Akteure". Spanische Fassung: Sociedad global, justicia fragmentada: sobre la violatión de los derechos humanos por actores transnacionales 'privados'. In: Manuel Escamilla and Modesto Saavedra (eds.), Law and Justice in a global society, International Association for philosophy of law and social philosophy, Granada 2005, S. 529-546.
Reflexives Recht. Entwicklungsmodelle des Rechts in vergleichender Perspektive (EUI Working Paper 1982/13). Archiv für Rechts- und Sozialphilosophie 68, 1982, 13-59, und in: Werner Maihofer (Hg.), Noi si Mura, Schriftenreihe des Europäischen Hochschulinstituts, Florenz 1986, 290-340. Englische Fassung: Substantive and Reflexive Elements in Modern Law. (EUI Working Paper 1982/14). Law and Society Review 17, 1983, 239-285 und in: Kahei Rokumoto (Hg.) Sociological Theories of Law. Dartmouth, Aldershot 1994, 415-462. Neuabdruck in: Carroll Seron, The Law and Society Canon, Ashgate, Aldershot 2005 (im Erscheinen). Französische Fassung: Eléments 'substantifs' et 'réflexifs' dans le droit moderne. L'Interdit. Revue de Psychanalyse Institutionelle, 1984, 129-132, und Droit et réflexivité: une perspective comparative sur des modèles d'évolution juridique in: Gunther Teubner, Droit et réflexivité. Librairie générale de droit et de jurisprudence, Paris 1994, 3-50. Dänische Fassung: Refleksiv Ret: Udviklingsmodeller i sammenlignende perspektiv. In: Asmund Born, Nils Bredsdorff, Leif Hansen and Finn Hansson (Hg.) Refleksiv Ret. Publication Series of the Institut for Organisation og Arbeidssociologi. Nytfrasamfundsvidenskaberne, Kopenhagen 1988, 21-79.
s.a. Deutsche Fassung: Archiv für Rechts- und Sozialphilosophie. Beiheft 65, 1996, 199-220. Italienische Fassung: Altera pars audiatur: Il diritto nella collisione dei discorsi. In: Gunther Teubner, Diritto policontesturale: Prospettive giuridiche della pluralizzazione dei mondi sociali. La città del sole, Neapel 1999, 27-70. Französische Fassung: Altera pars audiatur: le droit dans la collision des discours. Droit et Société 35, 1997, 99-123. Portugiesische Fassung: Altera pars audiatur: o direito na colisao de disursos. In: J.A. Lindgren Alves, Gunther Teubner, Joaquim Leonel de Rezende Alvim, Dorothe Susanne Rüdiger, Direito e Cidadania na Pos-Modernidade. Editora Unimep, Piracicaba, Brasilia 2002; 93-129.
s.a. Deutsche Fassung: Rechtshistorisches Journal 15, 1996, 255-290 und in: Eric Schwarz (Hg.) La théorie des systèmes: une approche inter- et transdisciplinaire. Bösch, Sion 1996, 101-119. Italienische Fassung: La Bukowina globale: il pluralismo giuridico nella società mondiale. Sociologic a politiche sociali 2, 1999, 49-80. Portugiesische Fassung: Bukowina global sobre a emergência de um pluralismo jurídico transnacional. Impulso: Direito e Globalização 14, 2003. Georgische Fassung: Globaluri bukovina: samarTlebrivi pluralizmi msoflio sazogadoebaSi. Journal of the Institute of State and Law of the Georgian Academy of Sciences 2005 (im Erscheinen)
Constitutionalization beyond the nation state can be observed as an evolutionary process that leads in two quite different directions: (1) constitutions evolve in transnational political processes outside the nation state; (2) simulta-neously, constitutions evolve outside international politics in global society’s ‘private’ sectors. What, however, is the specifically societal element in societal constitutionalism? This is currently the object of a controversy regarding the subjects of non-state constitutions, their origin, their legitimization, their scope, and their internal structures. This article interprets the controversy as a theme with a number of variations. What is the distinctive ‘compositional principle’ in each particular variation? Which problems become evident in its ‘development’? What are its most valuable ‘motifs’? The article starts with David Sciulli’s theme of societal constitutionalism. Then it presents six variations on Sciulli. In a first group, constitutionalization is perceived as the expansion of a single rationality into all spheres of society. In a second group, the motif of the unity of the consti-tution can still be heard, despite the essential pluralism of societal constitution-alism. In the final movement, three further variations will then reprise and devel-op further the most important motifs, in a resumption of the original theme.
The article connects two strands of the recent sociolegal debate: (1) the empirical discovery of new forms of spontaneous law in die Course of globalization, and (2) the emergence of deconstructive theories of law that undermine the law's hierarchy. The article puts forward the thesis that law's hierarchy has successfully resisted all old and new attempts at its deconstruction; it breaks, however, under the pressures of globalization that produced a global law without the state, as self-created law of global society that has no institutionalized support whatsoever in international poliucs and public international law. Consequently, the article criticizes deconstructive theories for their lack of autological analysis. These theories do not take into account the historical condicions of deconstruction. Accordingly, deconstructive analysis of law would have to look for new legal distinctions that are plausible under the new condicions of a doubly fragmented global society. The article sketches the contours of an emerging polycontextural law.
This paper contributes to the debate on the adequate regulatory treatment of non-bank financial intermediation (NBFI). It proposes an avenue for regulators to keep regulatory arbitrage under control and preserve sufficient space for efficient financial innovation at the same time. We argue for a normative approach to supervision that can overcome the proverbial race between hare and hedgehog in financial regulation and demonstrate how such an approach can be implemented in practice. We first show that regulators should primarily analyse the allocation of tail risk inherent in NBFI. Our paper proposes to apply regulatory burdens equivalent to prudential banking regulation if the respective transactional structures become only viable through indirect or direct access to (ad hoc) public backstops. Second, we use insights from the scholarship on regulatory networks as communities of interpretation to demonstrate how regulators can retrieve the information on transactional innovations and their risk-allocating characteristics that they need to make the pivotal determination. We suggest in particular how supervisors should structure their relationships with semi-public gatekeepers such as lawyers, auditors and consultants to keep abreast of the risk-allocating features of evolving transactional structures. Finally, this paper uses the example of credit funds as non-bank entities economically engaged in credit intermediation to illustrate the merits of the proposed normative framework and to highlight that multipolar regulatory dialogues are needed to shed light on the specific risk-allocating characteristics of recent contractual innovations.
This paper outlines relatively easy to implement reforms for the supervision of transnational banking-groups in the E.U. that should not be primarily based on legal form but on the actual risk structures of the pertinent financial institutions. The proposal also aims at paying close attention to the economics of public administration and international relations in allocating competences among national and supranational supervisory bodies. Before detailing the own proposition, this paper looks into the relationship between sovereign debt and banking crises that drive regulatory reactions to the financial turmoil in the Euro area. These initiatives inter alia affirm effective prudential supervision as a pivotal element of crisis prevention. In order to arrive at a more informed idea, which determinants apart from a perceived appetite for regulatory arbitrage drive banks’ organizational choices, this paper scrutinizes the merits of either a branch or subsidiary structure for the cross-border business of financial institutions. In doing so, it also considers the policy-makers perspective. The analysis shows that no one size fits all organizational structure is available and concludes that banks’ choices should generally not be second-guessed, particularly because they are subject to (some) market discipline. The analysis proceeds with describing and evaluating how competences in prudential supervision are currently allocated among national and supranational supervisory authorities. In order to assess the findings the appraisal adopts insights form the economics of public administration and international relations. It argues that the supervisory architecture has to be more aligned with bureaucrats’ incentives and that inefficient requirements to cooperate and share information should be reduced. Contrary to a widespread perception, shifting responsibility to a supranational authority cannot solve all the problems identified. Resting on these foundations, the last part of this paper finally sketches an alternative solution that dwells on far-reaching mutual recognition of national supervisory regimes and allocates competences in line with supervisors’ incentives and the risk inherent in crossborder banking groups.
This paper contrasts the recent European initiatives on regulating corporate groups with alternative approaches to the phenomenon. In doing so it pays particular regard to the German codified law on corporate groups as the polar opposite to the piecemeal approach favored by E.U. legislation.
It finds that the European Commission’s proposal to submit (significant) related party transactions to enhanced transparency, outside fairness review, and ex ante shareholder approval is both flawed in its design and based on contestable assumptions on informed voting of institutional investors. In particular, the contemplated exemption for transactions with wholly owned subsidiaries allows controlling shareholders to circumvent the rule extensively. Moreover, vesting voting rights with (institutional) investors will not lead to the informed assessment that is hoped for, because these investors will rationally abstain from active monitoring and rely on proxy advisory firms instead whose competency to analyze non-routine significant related party transactions is questionable.
The paper further delineates that the proposed recognition of an overriding interest of the group requires strong counterbalances to adequately protect minority shareholders and creditors. Hence, if the Commission choses to go down this route it might end up with a comprehensive regulation that is akin to the unpopular Ninth Company Law Directive in spirit, though not in content. The latter prediction is corroborated by the pertinent parts of the proposal for a European Model Company Act.
How special are they? - Targeting systemic risk by regulating shadow banking : (October 5, 2014)
(2014)
This essay argues that at least some of the financial stability concerns associated with shadow banking can be addressed by an approach to financial regulation that imports its functional foundations more vigorously into the interpretation and implementation of existing rules. It shows that the general policy goals of prudential banking regulation remain constant over time despite dramatic transformations in the financial and technological landscape. Moreover, these overarching policy goals also legitimize intervention in the shadow banking sector. On these grounds, this essay encourages a more normative construction of available rules that potentially limits both the scope for regulatory arbitrage and the need for ever more rapid updates and a constant increase in the complexity of the regulatory framework. By tying the regulatory treatment of financial innovation closely to existing prudential rules and their underlying policy rationales, the proposed approach potentially ends the socially wasteful race between hare and tortoise that signifies the relation between regulators and a highly dynamic industry. In doing so it does not generally hamper market participants’ efficient discoveries where disintermediation proves socially beneficial. Instead, it only weeds-out rent-seeking circumventions of existing rules and standards.
This paper analyzes the evolving architecture for the prudential supervision of banks in the euro area. It is primarily concerned with the likely effectiveness of the SSM as a regime that intends to bolster financial stability in the steady state.
By using insights from the political economy of bureaucracy it finds that the SSM is overly focused on sharp tools to discipline captured national supervisors and thus under-incentives their top-level personnel to voluntarily contribute to rigid supervision. The success of the SSM in this regard will hinge on establishing a common supervisory culture that provides positive incentives for national supervisors. In this regard, the internal decision making structure of the ECB in supervisory matters provides some integrative elements. Yet, the complex procedures also impede swift decision making and do not solve the problem adequately. Ultimately, a careful design and animation of the ECB-defined supervisory framework and the development of inter-agency career opportunities will be critical.
The ECB will become a de facto standard setter that competes with the EBA. A likely standoff in the EBA’s Board of Supervisors will lead to a growing gap in regulatory integration between SSM-participants and other EU Member States.
Joining the SSM as a non-euro area Member State is unattractive because the cur-rent legal framework grants no voting rights in the ECB’s ultimate decision making body. It also does not supply a credible commitment opportunity for Member States who seek to bond to high quality supervision.
This paper analyzes the evolving architecture for the prudential supervision of banks in the euro area. It is primarily concerned with the likely effectiveness of the SSM as a regime that intends to bolster financial stability in the steady state. By using insights from the political economy of bureaucracy it finds that the SSM is overly focused on sharp tools to discipline captured national supervisors and thus underincentives their top-level personnel to voluntarily contribute to rigid supervision. The success of the SSM in this regard will hinge on establishing a common supervisory culture that provides positive incentives for national supervisors. In this regard, the internal decision making structure of the ECB in supervisory matters provides some integrative elements. Yet, the complex procedures also impede swift decision making and do not solve the problem adequately. Ultimately, a careful design and animation of the ECB-defined supervisory framework and the development of inter-agency career opportunities will be critical.
The ECB will become a de facto standard setter that competes with the EBA. A likely standoff in the EBA’s Board of Supervisors will lead to a growing gap in regulatory integration between SSM-participants and other EU Member States.
Joining the SSM as a non-euro area Member State is unattractive because the current legal framework grants no voting rights in the ECB’s ultimate decision making body. It also does not supply a credible commitment opportunity for Member States who seek to bond to high quality supervision.
How special are they? - Targeting systemic risk by regulating shadow banking : (October 5, 2014)
(2014)
This essay argues that at least some of the financial stability concerns associated with shadow banking can be addressed by an approach to financial regulation that imports its functional foundations more vigorously into the interpretation and implementation of existing rules. It shows that the general policy goals of prudential banking regulation remain constant over time despite dramatic transformations in the financial and technological landscape. Moreover, these overarching policy goals also legitimize intervention in the shadow banking sector. On these grounds, this essay encourages a more normative construction of available rules that potentially limits both the scope for regulatory arbitrage and the need for ever more rapid updates and a constant increase in the complexity of the regulatory framework. By tying the regulatory treatment of financial innovation closely to existing prudential rules and their underlying policy rationales, the proposed approach potentially ends the socially wasteful race between hare and tortoise that signifies the relation between regulators and a highly dynamic industry. In doing so it does not generally hamper market participants’ efficient discoveries where disintermediation proves socially beneficial. Instead, it only weeds-out rent-seeking circumventions of existing rules and standards.
This paper outlines relatively easy to implement reforms for the supervision of transnational banking-groups in the E.U. that should not be primarily based on legal form but on the actual risk structures of the pertinent financial institutions. The proposal also aims at paying close attention to the economics of public administration and international relations in allocating competences among national and supranational supervisory bodies.
Before detailing the own proposition, this paper looks into the relationship between sovereign debt and banking crises that drive regulatory reactions to the financial turmoil in the Euro area. These initiatives inter alia affirm effective prudential supervision as a pivotal element of crisis prevention.
In order to arrive at a more informed idea, which determinants apart from a per-ceived appetite for regulatory arbitrage drive banks’ organizational choices, this paper scrutinizes the merits of either a branch or subsidiary structure for the cross-border business of financial institutions. In doing so, it also considers the policy-makers perspective. The analysis shows that no one size fits all organizational structure is available and concludes that banks’ choices should generally not be second-guessed, particularly because they are subject to (some) market discipline.
The analysis proceeds with describing and evaluating how competences in prudential supervision are currently allocated among national and supranational supervisory authorities. In order to assess the findings the appraisal adopts insights form the economics of public administration and international relations. It argues that the supervisory architecture has to be more aligned with bureaucrats’ incentives and that inefficient requirements to cooperate and share information should be reduced. The evolving Single Supervisory Mechanism for euro area banks with its rather complicated allocation of responsibilities between the ECB and the national supervisors in participating and non-participating Member States will not solve all the problems identified as it is partly in disaccord with bureaucrats’ incentives.
The last part of this paper finally sketches an alternative solution that dwells on far-reaching mutual recognition of national supervisory regimes and allocates competences in line with supervisors’ incentives and the risk inherent in cross-border banking groups.
We study the design features of disclosure regulations that seek to trigger the green transition of the global economy and ask whether such regulatory interventions are likely to bring about sufficient market discipline to achieve socially optimal climate targets.
We categorize the transparency obligations stipulated in green finance regulation as either compelling the standardized disclosure of raw data, or providing quality labels that signal desirable green characteristics of investment products based on a uniform methodology. Both categories of transparency requirements can be imposed at activity, issuer, and portfolio level.
Finance theory and empirical evidence suggest that investors may prefer “green” over “dirty” assets for both financial and non-financial reasons and may thus demand higher returns from environmentally-harmful investment opportunities. However, the market discipline that this negative cost of capital effect exerts on “dirty” issuers is potentially attenuated by countervailing investor interests and does not automatically lead to socially optimal outcomes.
Mandatory disclosure obligations and their (public) enforcement can play an important role in green finance strategies. They prevent an underproduction of the standardized high-quality information that investors need in order to allocate capital according to their preferences. However, the rationale behind regulatory intervention is not equally strong for all categories and all levels of “green” disclosure obligations. Corporate governance problems and other agency conflicts in intermediated investment chains do not represent a categorical impediment for green finance strategies.
However, the many forces that may prevent markets from achieving socially optimal equilibria render disclosure-centered green finance legislation a second best to more direct forms of regulatory intervention like global carbon taxation and emissions trading schemes. Inherently transnational market-based green finance concepts can play a supporting role in sustainable transition, which is particularly important as long as first-best solutions remain politically unavailable.
The bare life and (the) modern law : a journey to some key concepts or conceptions of Agamben
(2012)
This text is imitating a journey which tries to explore what is completely unknown. It starts Homo Sacer and traces some key concepts namely der Muselmann, bare life, state of exception, sovereignty and nihilism in law. Doing so, it hopes to reach a general picture of biopolitics or biopower according to Agamben. So, first part of this text generally tries to clarify some fundamental concepts or conceptions in order to use them for its aim. The second part suggests an alternative reading of Agamben, centered around his concept of der Muselmann which is the ultimate figure defined by Primo Levi and Agamben chooses the term because of its resemblance to or representation of Homo Sacer. Der Muselmann was a derogatory term in its origin and very meaning has still been unclear today. So, the second part tries to clarify the meaning of der Muselmann (and unbaptized babies) from a different outlook, not from outside but inside of the referred concept. It tries to show a Muslim’s image of a non Muslim world in order to reveal what are the very meanings of sovereignty, law and biopolitics. So at the end of the journey, this text hopes to reach a different picture of modern life and a modern law.
In this article, I examine how open borders can serve the idea of global distributive justice by asking how or how not the existing practices of immigration to rich countries may contribute to global economic redistribution. There are two observations. First, migration is not the redistributive option that anyone has an equal access. In order to make use of migration as a means of global redistribution, rich countries need to provide a chance to migrate to those who cannot afford movement by themselves. Second, as long as brain-drain problems happen, what the perspective of global distributive justice requires is the compensation for some educational cost of raising professionals or some control of their movement. Immigration admissions largely focusing on getting highly skilled professionals may not serve the idea of global redistribution.
In reconsideration of the composition and operation of European law, it is the description of its underlying mentality that may cast best light on the query whether European law is the extension of domestic laws or a sui generis product. As to its action, European law is destructive upon the survival of traditions of legal positivism, for it recalls post modern clichés rather. Like a solar system with planets, it is two-centred from the beginning, commissioning both implementation and judicial check to member states. As part of global post modernism, a) European law stems from artificial reality construction freed from particular historical experience and, indeed, anything given hic et nunc. By its operation, b) it dynamises large structures and sets in motion that what is chaos itself. It is owing to reconstructive human intent solely that any outcome can at all be seen as fitting to some ideal of order, albeit neither operation nor daily management strives for implementing any systemicity. This is the way in which the European law becomes adequate reflection of the underlying (macro) economic basis, which it is to serve as superstructure. Accordingly, c) the entire construct is operated (as integrated into one well-working unit) within the framework of an artificially animated dynamism. With its “order out of chaos” philosophy it assures member states’ standing involvement and competition, achieving a flexibly self-adapting (and unprecedentedly high degree of) conformity.
As is well known, the 2nd Spanish Republic (1931-1936) was toppled by a military uprising which, after a cruel Civil War, set up an autocratic regime led by General Franco which lasted until his natural death in 1975. According to the contemporary theory of the legal system, a legal order exists on the sole condition that it is efficient in general terms and this was the case for both the Republic and the Dictatorship. In turn, the validity of the legal norms of all legal orders is based on its respective rules of recognition. Thus, neither the existence of the legal order nor the validity of its respective legal norms depends on moral considerations. In this paper, we call this affirmation into question on the base of the fact that the compensatory methods adopted from the Transition to Democracy show an evident concern to repair the damage of taking away a person’s basic rights (life, health, freedom, expression, association etc) although the Spanish Constitution, with its catalogue of fundamental rights was not in force at that time. But these measures would not have much sense if, as Raz says, there was no shared content which is common to all legal systems. Like Nino, we claim that one must discriminate between a democratic legal order and an autocratic one to establish the level of validity of its respective legal norms. Thus it can be assigned a presumption of justice to democratic norms. Finally, we state that the criteria to weigh up the justice or injustice of legal norms, as that of legal orders, takes root in the level of respect they show towards human rights.
You wait ages for a bus, the saying goes, and then two (or three) come along at once. A similar feeling set in when Oxford University Press published two volumes on legal history in its Oxford Handbooks series within the space of four weeks last year. They are a welcome addition to the prestigious and well-established series that now boasts hundreds of volumes, including around 50 on history and over three dozen on law. The latter do not only cover established sub-disciplines of legal studies, such as jurisprudence and philosophy of law (2002), comparative law (2006, 2nd ed. 2019), international trade law (2009), the law of the sea (2015), European Union law (2015), criminal law (2014) and intellectual property (2018), but also more recent and emerging fields, including international environmental law (2007), empirical legal research (2010), behavioural economics and law (2014), international adjudication (2013), international climate change law (2016) and law and economics (3 vols., 2017). The Handbooks have become increasingly specialised with titles focusing on narrow topics such as individual national constitutions (USA, 2015; India, 2016; Canada, 2017) and important, but nevertheless discrete legal issues, for example, US health law (2017) and the sources of international law (2017). The obvious question was why, nearly two decades after the launch of the series, there was such a thing as an Oxford Handbook of American Sports Law (2018) but still no volume on the history of law. The absence of such a title was all the more striking in light of the publication of books in the series dealing with individual fields of legal history, such as the Oxford Handbook of the History of International Law (2012), the Oxford Handbook of Roman Law and Society (2016), the Oxford Handbook of Carl Schmitt (2017) and the Oxford Handbook of English Law and Literature, 1500–1700 (2017). ...
Liberal political philosophy has two alternative options in principle: It can either stick to its original theorems such as the harm principle or the separation of law and morals and from here try to prove large parts of present social and political reality as wrong, illegitimate, dangerous etc. The other option is trying to adjust the original theorems to the apparent needs of modern societies, which is what I would prefer in the long run.
Dworkin`s political theory is characterized by the interpretative integrity of morality, law, and politics, the so-called “hedgehog’s approach”. The interpretative integrity approach functions on multiple levels. Firstly, philosophical foundations of his theory of justice are linked to his conception of just liberal society and state. Secondly, from the perspective of political morality, interpretative concepts of law and morality are internally connected, in addition to interpretative concepts of equality, liberty, and democracy. Thirdly, from the perspective of philosophical foundations, individual ethics, personal morality and political morality are mutually connected. The aforementioned ethical and moral foundations are also related – in a wider sense of philosophical foundations - with his gnoseological conception regarding value concepts in law, politics and morality, and with his episthemological conception regarding an objective truth in the field of values, in a sense that the value concepts are interpretative and can be objectively true when articulated in accordance with methodological rules and standards of a »reflexive equilibrium« and an interpretative integrity, and in accordance with the so-called internal scepticism in the context of value pluralism.
The term “ethics” in a “narrower” sense refers to individual ethics, the study of how to live well, while the “ethics” in a “broader” sense refers to personal morality, the study of how we must treat other people. The term “morality” however, is used primarily to denote a political morality, the issue of how a sovereign power should treat its citizens.
Philosophical foundations of Dworkin`s political theory of justice, his conception of two cardinal values of humanity, his concievement of individual ethics, personal morality and political morality will be in the focus of consideration.
This article is directed towards addressing the employment related issues encountered by female workers in the gig economy in the EU. It revolves around analysing ‘the switch’ from the traditional labour market to the platform economy. It subsequently explains, by drawing comparisons, that the issues of gender inequality in the brick and mortar world are still prevalent in world of the digital platform. In fact, new challenges have emerged which are specifically related to the gig economy. Female workers are now affected by the inherent bias of algorithms. Moreover, due to the unequivocal propagation of ‘flexibility’ which is used as a weapon to glorify the gig economy; women are even more likely to be pushed into precarious work. The other prominent issues of gender inequality like the dynamics of intersectionality, the gender pay gap and hiring policies in traditional and digital platforms are also examined. Furthermore, the existing regulatory frameworks addressing these issues are discussed with the possibility of catering to the gender inequality issues in the gig economy through policy development. The article concludes with a reflection on the need for the EU to take immediate and efficacious policy measures in respect of female workers in the gig economy.
Women are overrepresented in informal employment in the Indian labour market. They also devote more time to unpaid care work than men do. The poor working conditions of women are attributable to this double burden of work. Due to the lack of regulatory measures to protect the interest of informal women workers along with rigid gender norms, women’s participation in paid work is drastically reduced. As far as unpaid care work is concerned, feminist economists have been striving to make such work visible for a long time now. There have been some developments in labour statistics, with time use surveys quantifying women’s paid and unpaid contributions to the economy. This article delves into the examination of unpaid care work in India with the help of the Indian government’s recent Time-use Survey. It attempts to study the connection between paid work and unpaid care work and its implications for the working conditions of women in India. Finally, it evaluates the ‘right to work’ as a possible solution by using the example of employment guarantee schemes in India.
The paper examines the importance of international labour standards for ESG reporting. International labour standards exist today for almost all working conditions. There are many reasons why ESG criteria should be based on these standards. This is already happening to some extent. However, the references to international labor standards should be expanded and the existing references deepened.
“Protection of the environment“ and “sustainability“ are more significant than ever. The legal system contributes an important share to the protection of the environment. However, an overview of the German private environmental liability law shows that conventional tort law is not a suitable basis for civil liability for the environmental consequences of officially approved emissions of greenhouse gases. In general, one of the main problems of private environmental liability law lies in proving the individual causality of the conduct of an emitter, as the lawsuit of a Peruvian homeowner against a German energy company pending before the Higher Regional Court of Hamm illustratively demonstrates. The outcome of this lawsuit, which may have an outstanding significance for the status and development of private environmental liability law in Germany, is awaited with great anticipation. The article also briefly examines recent developments in private environmental liability law outside Germany and the question to what extent insurance can be an instrument to protect the environment.
This paper analyses disclosure duties in insurance contract law in Germany on the basis of questions developed in preparation of the World Congress of the International Insurance Law Association (AIDA) 2018. As risk factors are within the policyholder’s sphere of knowledge, the insurer naturally depends on gaining such knowledge from its policyholder in order to calculate and evaluate premium and risk. Legal approaches as to how the insurer may obtain relevant information and the legal consequences differ in national insurance contract laws around the globe. Taking part in this legal comparison, the paper describes the key elements of such a mechanism from a German perspective and comprises both duties of the policyholder and duties of the insurer.
As for the policyholder, these issues are differences between a duty to (spontaneously) disclose and a duty not to misrepresent as a reaction to questions of the insurer, the prerequisites and remedies of such duty, the subjective standard of the disclosure duty and a duty to notify material changes during the contract term. On the other hand, the paper also addresses an insurer’s duty to investigate, a duty to ascertain the policyholder’s understanding of the policy and a duty to inform during the contract term or after the occurrence of an insured event. In doing so, the paper offers a comprehensive and critical overview on the transfer of knowledge in the insurance (pre-)contractual relationship.
The very idea of the European Convention on Human Rights is to bring the laws of contracting states into line with fundamental human rights principles. Where the Convention is not explicit, the Court should never rule restrictively so as to reduce the scope of a general right. In the case of homeschooling, the Convention sets forth the general principle that “the state shall respect the right of parents to ensure such education and teaching in conformity with their own religious and philosophical convictions.” It must not, therefore, allow a contracting state to eliminate a means of achieving this desired by parents—unless the state can show that the means in question is ineffective.
A Privacy Impact Assessment (PIA) is a systematic risk assessment tool, enabling organizations to maintain compliance with data protection regulations, to manage privacy risks and to provide public benefits through the success of privacy-by-design efforts. An actual practical implementation of a PIA framework has been realized in the context of RFID applications encompassing detailed steps for the PIA process; a first successful review has been completed. The PIA also allows to introduce a pro-active mitigation of privacy risks through technical and organizational controls. The better the precautionary measures realize the relevant privacy objectives, the less likely will occur with the PIA process afterwards. The recent proposal for a far-reaching revision of the EU Data Protection Directive envisages to state a specific requirement to implement a PIA process. Indeed, since risks for privacy and non-disclosure of personal data are different in not identical circumstances, the protection measures should also be different, i.e. technology should assist in trying to achieve the (at least) second-best solution for the implementation of the data protection regime by a PIA. Insofar, privacy rules can be individualized and matched with the concrete needs in the given environment.
With the Council regulation (EC) No. 1346/2000 of 29 May 2000 on insolvency proceedings, that came into effect May 31, 2002 the European Union has introduced a legal framework for dealing with cross-border insolvency proceedings. In order to achieve the aim of improving the efficiency and effectiveness of insolvency proceedings having cross-border effects within the European Community, the provisions on jurisdiction, recognition and applicable law in this area are contained in a Regulation, a Community law measure which is binding and directly applicable in Member States. The goals of the Regulation, with 47 articles, are to enable cross-border insolvency proceedings to operate efficiently and effectively, to provide for co-ordination of the measures to be taken with regard to the debtor’s assets and to avoid forum shopping. The Insolvency Regulation, therefore, provides rules for the international jurisdiction of a court in a Member State for the opening of insolvency proceedings, the (automatic) recognition of these proceedings in other Member States and the powers of the ‘liquidator’ in the other Member States. The Regulation also deals with important choice of law (or: private international law) provisions. The Regulation is directly applicable in the Member States3 for all insolvency proceedings opened after 31 May 2002.
As the numbers of people moving internationally increased in the nineteenth and early twentieth centuries, states tried more rigorously to regulate borders and counteract the problem of fugitives crossing international borders to evade arrest. This presented a legal challenge to domestic state power that increasingly defined its sovereignty on jurisdiction within borders. It is this issue and within this important era of globalization and law formation that Bradley Miller’s book examines how British North American colonies and post-Confederation Canada reacted to the problems posed by international fugitives through ideas and practices of extradition. His work goes beyond the traditional perspective of examining extradition treaties to view the practices of extradition in action, the everyday challenges states faced, and how the key concepts of sovereignty and international law were understood in relation to extradition. ...
In memory of Brigitte Haar
(2021)
Nachruf auf Brigitte Haar (1965-2019).
Large companies are increasingly on trial. Over the last decade, many of the world’s biggest firms have been embroiled in legal disputes over corruption charges, financial fraud, environmental damage, taxation issues or sanction violations, ending in convictions or settlements of record-breaking fines, well above the billion-dollar mark. For critics of globalization, this turn towards corporate accountability is a welcome sea-change showing that multinational companies are no longer above the law. For legal experts, the trend is noteworthy because of the extraterritorial dimensions of law enforcement, as companies are increasingly held accountable for activities independent of their nationality or the place of the activities. Indeed, the global trend required understanding the evolution of corporate criminal law enforcement in the United States in particular, where authorities have skillfully expanded its effective jurisdiction beyond its territory. This paper traces the evolution of corporate prosecutions in the United States. Analyzing federal prosecution data, it then shows that foreign firms are more likely to pay a fine, which is on average 6,6 times larger.
The Dodd Frank Act of 2010 (DFA) was the legislative response by the US Government to the Global Financial Crisis of 2007. DFA’s rescission of Rule 436 (g) of the Securities Act of 1933 - the exemption from liability clause - was the response to the post-crisis perception that credit rating agencies were insufficiently constrained by reputational risk considerations and consistently failed to provide high quality and accurate credit ratings as a consequence of the immunity they enjoyed and the regulatory reliance placed on ratings, as well as the conflicts of interest that they faced. This paper investigates whether the market failure event that occurred in the Asset Backed Securities market immediately after DFA was signed into law on July 21, 2010 was due to real economic concerns held by rating agencies about operating under a liability regime or whether it was merely an act of brinkmanship on the part of the rating agencies. The paper also predominantly examines US case law to identify the dilution of the freedom of speech defence in state courts, the conflict of interest issues and the legal challenges faced by plaintiffs when bringing a lawsuit against credit rating agencies, and proposes a novel co-pay and capped liability model to address the concerns of both credit rating agencies and investors.
"Community and law approach" provides an illuminating insight into alternative legal orderings within a social unit. The comprehensiveness of legal systems within a community or a social unit, provides a suitable basis for a structural framework of alternative legal systems or Legal Pluralism, which is missing in the discourse on Legal Pluralism. "Identifying the locus of law within a community", provides us with an indication on how autopoetic a legal system can be within a social unit, taking into account the social rootedness of legal norms.
The purpose of this thesis is to examine the passage regime of the Turkish Straits against the background of the evolution of international law, and to discuss the problems of the passage of warships through them in light of the invasion of the Crimean Peninsula by Russia in 2014. With that objective in mind, the thesis reconsiders the history of the straits regime.
The Turkish Straits are regulated by the Montreux Convention of 1936 which contains restrictive and complex provisions regarding the passage of warships. The Straits took their place as “the Straits question” for centuries and today their importance is enhanced by their geostrategic location in the international arena. They have gained greater significance especially since the resolution of Soviet Russia in 1991, as they have become one of the most important and busiest energy corridors of the world. Due to the increase in the transportation of oil, natural gas and other products from the Caspian region through the Straits, the dense traffic and the regulation of the traffic in the Straits has become a key issue between Turkey and user states. Furthermore, the implementation of restrictive provisions for warships caused many debates during the Second World War, the impact of the restrictive provisions of the Convention on the South Ossetia War in August 2008, and the invasion of the Crimean Peninsula in 2014 attracted additional international attention. The Straits took their place on the global agenda of the great powers, especially those of NATO, the United States (US) and Russia. These events have resulted in ongoing and intensive discussions over the revision of the Convention.
Although no legal amendment or modification demand to the Montreux Convention has yet arisen, the new order and geopolitical interests in the Black Sea region show that the Montreux passage regime will continue to be debated by the world’s powers under any given political circumstances. For the time being, however, there will be no alternative route with a view at an adaptation to contemporary needs but methods of treaty modification below the threshold of formal revision as, most importantly, the integration of subsequent practice and subsequent agreement into treaty interpretation.
The venture capital industry holds relevance for entrepreneurs looking for money to finance an innovative project, investors seeking to make money by investing in entrepreneurial firms and governments trying to promote innovation and entrepreneurship. Venture capital investment could facilitate innovation and thus a better economy.
Venture capital has enabled the U.S. to support its entrepreneurial talent by turning ideas into world-famous products and services, building companies from mere business plans to mature and powerful organizations. Three of the five largest U.S. public companies by market capitalization – Apple, Google and Microsoft – received most of their early external funding from venture capital. Having its ups and downs, venture capital investment in the U.S. expanded from virtually zero in the mid-1970s to $8 billion in 1995 and $49.3 billion in 2014. Venture backed companies have been a prime driver of economic growth in the U.S.Across the pacific, venture capital investment in China has grown out of the transition from a centrally planned economy to a free market economy over the past three decades, becoming an important pillar supporting China’s innovation system. In 2015, a total of 2,824 venture capital investment deals provided an aggregate investment of $36.9 billion. Venture capital has long been a hot topic in China’s capital market, particularly since the government decided to boost “mass entrepreneurship and innovation” in 2014.
In the U.S., most venture capital firms are organized as limited partnerships, with the venture capitalists being general partners and the investors limited partners. Studies have shown that investors choose to invest through venture funds as an intermediary rather than placing their investments directly with the entrepreneurs; because of the high risk nature of the entrepreneur’s business, it is hard for them to get bank loans or direct equity investments. Conflicts may also arise, however, between the venture capitalists acting as agents and the investors as principals.5 This agency problem maybe particularly severe, since venture capital provides money for businesses with high potential and high risk, although the limited partnership has certain merits and is still most commonly chosen as the business form for venture capital funds.6 At the same time, the fact that general partners have total control of the partnership business necessitates that the agency problem is addressed by legal rules, contracts and other mechanisms.
Meanwhile, despite the rapid growth of venture capital investments in China, little attention has been paid to the organizational form of venture capital funds. In contrast to the U.S., most Chinese venture funds have been structured as corporations. One may argue that it was due to legislative reasons: that the limited partnership was not recognized by Chinese law when venture capital first appeared in China. However, after adopted a chapter was adopted in the Partnership Enterprise Law (PEL) governing limited partnerships in 2007, most of the venture funds abided by their choice, while those opting for the limited partnership have encountered difficulties: the limited partners are having trouble trusting the general partners with their money and are therefore interfering with the operation of the partnership business, which may lead to dissolution of the partnership.
This thesis applies transaction cost theory to explain the benefits and costs of choosing the limited partnership as a business form in the special context of venture capital investments, showing that the potential agency conflict between the general partners and the limited partners have been mitigated by legal and other mechanismsin the United States, and that the U.S. investors could therefore exploit the merit of the limited partnership form in venture capital financing. In China, investors have different answers to the agency problem. Similarly to the situation in the U.S., Chinese partners also employ contract terms to deal with agency problems, and the legislators enact laws that aim at regulating the limited partnership form; some legislation was even transplanted from the U.S., such as that part of the PEL which governs limited partnerships. It seems, then, that similar mechanisms that deal with agency problems also exist in China. However, given the unique history of the development of China’s innovation system and venture capital market, the effectiveness of these constraints is questionable. Chinese venture capital investors have therefore characteristically behaved differently to U.S. investors. Rather than relying on these questionable mechanisms, Chinese investors as well as the Chinese government have developed different approaches to addressing these agency problems.
Deutsche Fassung: Rechtsentfremdungen: Zum gesellschaftlichen Mehrwert des zwölften Kamels. Zeitschrift für Rechtssoziologie 21, 2000, 189-215 und in Gunther Teubner (Hg.) Die Rückgabe des zwölften Kamels: Niklas Luhmann in der Diskussion über Gerechtigkeit. Lucius & Lucius, Stuttgart 2000, 189-215. Französische Fassung: Les multiples aliénations du droit : Sur la plus-value sociale du douzième chameau. Droit et Société 47, 2001, 75-100. Polnische Fassung: Sprawiedliwosc alienujaca : O dodatkowej wartosci dwunastego wielblada. Ius et Lex 1, 2002, 109-132. Italienische Fassung: Le molteplici alienazioni del diritto : Sul plusvalore sociale del dodicesimo camello. In: Annamaria Rufino und Gunther Teubner, Il diritto possibile: Funzioni e prospettive del medium giuridico. Guerini, Milano, 2005, 93-130.
This paper expands on the concept of legal machine which was presented first at IRIS 2011 in Salzburg. The research subjects are (1) the creation of institutional facts by machines, and (2)
multimodal communication of legal content to humans. Simple examples are traffic lights and vending machines. Complicated examples are computer-based information systems in organisations, form proceedings workflows, and machines which replace officials in organisations. The actions performed by machines have legal importance and draw legal consequences. Machines similarly as humans can be imposed status-functions of legal actors. The analogy of machines with humans is in the focus of this paper. Legal content can be communicated by machines and can be perceived by all of our senses. The content can be expressed in multimodal languages: textual, visual, acoustic, gestures, aircraft manoeuvres, etc. The concept of encapsulatation of human into machine is proposed. Herein humanintended actions are communicated through the machine’s output channel. Encapsulations can be compared with deities and mythical creatures that can send gods’ messages to people through the human mouth. This paper also aims to identify law production patterns by machines.
The institutionalization and internationalization of shareholdings, the globalization of capital markets and the rapid development of information technologies have placed our corporate law system under increasing pressure to adapt to the ever changing requirements of the market. For this reason, in May 2000, the German government called together a group of industrialists, representatives of shareholder associations and institutional investors, trade unionists, politicians and scholars to form an expert Panel with the task of reviewing the German corporate governance system. This Government Panel on Corporate Governance prepared a questionnaire on key issues in the field, and solicited responses and input from numerous national and international experts and institutions. In July 2001, the Commission presented its 320 page report (available at www.ottoschmidt. de/corporate_governance.htm) to the German Chancellor. The Report made nearly 150 recommendations for amendments or changes to existing provisions of German law and also set forth proposals on how the German corporate governance system should be further developed in order to maintain a normative framework that is suitable and attractive not only for companies, but also for domestic and foreign investors. In order that the Panel s proposals may receive careful consideration from a diverse audience, it seems very useful to keep a wider public informed of the Panel s recommendations. Therefore, also on behalf of the Panel, I very much appreciate that the international law firm Shearman & Sterling has taken the initiative to have the summary of the Panel s recommendations translated into English.
We are students, scholars, and academics at European universities who unequivocally condemn the violent attacks on student and faculty members of Jawaharlal Nehru University (JNU), New Delhi that took place on 5th January 2020. We see the attacks as part of the larger pattern of systematic violence that is being consistently inflicted on students across Indian universities for the past month by the Indian police in collusion with far-right organisations. We are shocked by the proclivity of the Indian State to turn upon its own students, and by the failure of universities and other academic institutions to protect their members; the cases are too many to be all listed here, but along with JNU, this inhumane orchestration of violence has extended to Aligarh Muslim University, Banaras Hindu University in Uttar Pradesh, and Jamia Millia Islamia in New Delhi. ...
Until three years ago, ICT Technologies represented a main “subordinate clause” within the “grammar” of Participatory Budgeting (PB), the tool made famous by the experience of Porto Alegre and today expanded to more than 1400 cities across the planet. In fact, PB – born to enhance deliberation and exchanges among citizens and local institutions – has long looked at ICTS as a sort of “pollution factor” which could be useful to foster transparency and to support the spreading of information but could also lead to a lowering in quality of public discussion, turning its “instantaneity” into “immediatism,” and its “time-saving accessibility” into “reductionism” and laziness in facing the complexity of public decision-making through citizens’ participation. At the same time, ICTs often regarded Participatory Budgeting as a tool that was too-complex and too-charged with ideology to cooperate with. But in the last three years, the barriers which prevented ICTs and Participatory Budgeting to establish a constructive dialogue started to shrink thanks to several experiences which demonstrated that technologies can help overcome some “cognitive injustices” if not just used as a means to “make simpler” the organization of participatory processes and to bring “larger numbers” of intervenients to the process. In fact, ICTs could be valorized as a space adding “diversity” to the processes and increasing outreach capacity. Paradoxically, the experiences helping to overcome the mutual skepticism between ICTs and PB did not come from the centre of the Global North, but were implemented in peripheral or semiperipheral countries (Democratic Republic of Congo, Brazil, Dominican Republic and Portugal in Europe), sometimes in cities where the “digital divide” is still high (at least in terms of Internet connections) and a significant part of the population lives in informal settlements and/or areas with low indicators of “connection.” Somehow, these experiences were able to demystify the “scary monolithicism” of ICTs, showing that some instruments (like mobile phones, and especially the use of SMS text messaging) could grant a higher degree of connectivity, diffusion and accountability, while other dimensions (which could risk jeopardizing social inclusion) could be minimized through creativity. The paper tries to depict a possible panorama of collaboration for the near future, starting from descriptions of some of the above mentioned “turning-point” experiences – both in the Global North as well as in the Global South.