International Financial Law

Introduction

International Financial Law is a framework of rules, standards and practices that govern international financial markets and transactions. The objective of this framework is to create international financial stability. This stability has to be created in an environment of national jurisdictions, each pursuing their own national interest and governance standards, and is constantly threatened by the consequenses of increasing globalization, technological development and financial innovation.

This Research Guide is intended as a starting point for research on International Financial Law. It provides the basic legal materials available in the Peace Palace Library, both in print and electronic format. Handbooks, leading articles, bibliographies, periodicals, serial publications and documents of interest are presented in the Selective Bibliography section. Links to the PPL Catalogue are inserted. The Library’s classification index codes 9i. Monetary and Financial Affairs, 161. International Financial Law: In General and Special Subjects and subject heading (keyword) International Financial Law are instrumental for searching through the Catalogue. Special attention is given to our subscriptions on databases, e-journals, e-books and other electronic resources. Finally, this Research Guide features links to relevant websites and other online resources of particular interest.

Bibliography

New titles

Librarian's choice

• Jackson, J.H., T. Cottier and R.M. Lastra (eds.), International Law in Financial Regulation and Monetary Affairs, Oxford, Oxford University Press, 2012.

  
  The early twenty-first century has seen a conspicuous absence of formal international law concerning money and finance. This book argues that this lack of formal international regulation was a significant contributing factor to the global financial crisis that began in 2007. It focuses on this lack of global substantive principles and ‘hard law’ rules in the field of financial regulation and monetary affairs, and analyses the emerging framework within international law that aims to govern financial institutions and markets. The global financial crisis has demonstrated the essential need for financial and monetary regulatory reform, and for the establishment of appropriate mechanisms for the settlement of financial disputes and for the regulation of cross-border financial institutions. This book therefore presents the foundations of solutions that could fill these critical gaps in international financial law. It addresses cross-border issues, financial regulation, and provides detailed analyses of monetary policies and regulation.

   
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• Avgouleas, E., Governance of Global Financial Markets: the Law, the Economics, the Politics, Cambridge, Cambridge University Press, 2012.

  

  The recent financial crisis proved that pre-existing arrangements for the governance of global markets were flawed. With reform underway in the USA, the EU and elsewhere, Emilios Avgouleas explores some of the questions associated with building an effective governance system and analyses the evolution of existing structures. By critiquing the soft law structures dominating international financial regulation and examining the roles of financial innovation and the neo-liberal policies in the expansion of global financial markets, he offers a new epistemological reading of the causes of the global financial crisis. Requisite reforms leave serious gaps in cross-border supervision, in the resolution of global financial institutions and in the monitoring of risk originating in the shadow banking sector. To close these gaps and safeguard the stability of the international financial system, an evolutionary governance system is proposed that will also enhance the welfare role of global financial markets.

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• Buckley, R.P. and D.W. Arner, From Crisis to Crisis: The Global Financial System and Regulatory Failure, Alphen aan den Rijn, Kluwer Law International, 2011.

  
  The global financial system–founded on principles of capital account liberalization, the process by which barriers to capital flows between nations are eliminated and financial globalization facilitated–has proven highly crisis-prone and deficient for debtors and creditors alike. Since 2008 we have been learning once again that mistakes in global finance can bring rich countries to the brink of bankruptcy and appalling suffering to the poorest citizens of poor countries. The predictable response measures of institutional economists fail to stop the continuing sacrifice of the lives of thousands and the futures of millions. This book presents a powerful indictment of this regulatory failure and calls for greatly increased attention to international financial law and a new recognition of the principles that ought to underlie it.
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• Felsenfeld, C., International Banking Regulation, Huntington, NY, Juris, 2011.

  
  This handy reference and treatise contains an overview of international banking regulation. Written from the perspective of one engaged in international banking, this work illustrates the pattern of international bank regulation, the system’s structure, the sources of governing law and the nature and reasons for the changes that give this field its peculiar volatility. This work is a must for the experienced practitioner or the neophyte representing a client whose interests involve international banking. Topical coverage includes: United States regulation of international banking, international bank services, international banks, foreign deposits, communications among banks, export controls and embargos, the scope of international banking, bank secrecy, and international monetary exchange.
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• Bamford, C.G., Principles of International Financial Law, Oxford, Oxford University Press, 2011.

  
  International financial law is a conceptually complex subject, with many transactions affected by the law of more than one country. Principles of International Financial Law provides a clear guide to the principles underlying common law financial transactions and the rules applied to them which have developed from a number of different practice areas. An understanding of these principles is necessary for lawyers to predict the reasoning the courts will apply in the case of disputes. It is also critical for those who are developing new financial products or security structures. The book will cover a number of separate topics, which fall into two categories, firstly concepts that underpin areas of legal rules, for example the legal character of an obligation to pay money, or the nature of a fiduciary duty, and secondly explanation of the evolution of particular legal structures, where an understanding of the structure is crucial to the practical task of using it such as the development of the legal structure of tradable bonds.
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• Acharya, V.V. (ed.), Regulating Wall Street: the Dodd-Frank Act and the New Architecture of Global Finance, Hoboken, NJ, Wiley, 2011.

  
  Experts from NYU Stern School of Business analyze new financial regulations and what they mean for the economyThe NYU Stern School of Business is one of the top business schools in the world thanks to the leading academics, researchers, and provocative thinkers who call it home. In Regulating Wall Street: The New Architecture of Global Finance, an impressive group of the Stern schoolrs”s top authorities on finance combine their expertise in capital markets, risk management, banking, and derivatives to assess the strengths and weaknesses of new regulations in response to the recent global financial crisis. bull; Summarizes key issues that regulatory reform should address bull; Evaluates the key components of regulatory reform bull; Provides analysis of how the reforms will affect financial firms and markets, as well as the real economy The U.S. Congress is on track to complete the most significant changes in financial regulation since the 1930s. Regulating Wall Street: The New Architecture of Global Finance discusses the impact these news laws will have on the U.S. and global financial architecture.
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Database

Blogs

• Cyprus Crisis: Troika go Home?

  Lately everyone is turning their eyes to Cyprus. The small Mediterranean country is the latest victim of Europe’s debt crisis, in which several members of the Eurozone were brought to the brink of bankruptcy by a combination of highly indebted banks and unsustainable sovereign debts. Last month, a troika of the European Commission, the European Central Bank and the International Monetary Fund agreed on a rescue plan in respond to Cyprus’ need for a bailout.

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• P.R.I.M.E. Finance : Open for business!

  On 16 January 2012,  the P.R.I.M.E. Finance Foundation has started its activities with an opening conference followed by seminars on Dispute Resolution in the Financial Markets in the Peace Palace in The Hague.

  The  Foundation oversees the activities of its Panel of Recognized International Market Experts in Finance (P.R.I.M.E. Finance),  chosen for their relevant experience in financial market practice or [...]

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• Germany and Liechtenstein: Tax Evasion Dispute!

  The German Federal Intelligence Service paid an informant some 5 million euros for a list with the names of account holders from a Liechtenstein Bank. German investigations thereupon revealed a massive tax evasion scandal! Hundreds of people in Germany are suspected of having stashed away millions of euro in Liechtenstein to escape taxes in Germany.

  The tiny Alpine principality of Liechtenstein, a major European tax haven, accused the Germans of attacking its sovereignty and of breaking the law by buying secret (stolen) data and sending in spies to uncover the scandal.

  The OECD in Paris criticized the Liechtenstein practice of allowing foreigners to open trusts there anonymously by registering them through a local attorney or trustee.
  The policy of “excessive” secrecy of banks in Liechtenstein might have attracted many rich people and more countries are interested in the data bought by the German intelligence agents.

  Interestingly a lot of literature on Liechtenstein is about financial matters, trusts, anti-money laundering issues and the transparency of its fiscal regime. Read more on Liechtensteinand its special place in Europe.

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Links

See also

More Research guides on Economic and Financial Law

• Foreign Direct Investment
• Telecommunications
• World Trade Organization

PPL keywords

• International financial law