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Retiring into a Desired Future Economy: Superannuation’s Role in Building It 退休进入理想的未来经济:退休金在构建经济中的作用
LSN: Other Law & Society: Private Law - Financial Law (Topic) Pub Date : 2018-04-03 DOI: 10.2139/SSRN.3154945
M. Tustin
{"title":"Retiring into a Desired Future Economy: Superannuation’s Role in Building It","authors":"M. Tustin","doi":"10.2139/SSRN.3154945","DOIUrl":"https://doi.org/10.2139/SSRN.3154945","url":null,"abstract":"This paper discusses the regulatory frameworks of superannuation schemes from four jurisdictions; New Zealand, Australia, United Kingdom and United States. The regulatory infrastructures used by these four countries is broadly indicative of global trends in the superannuation regulation sphere. As such, all discussions in this paper can be applied to superannuation schemes throughout the world. It then analyses whether the regulations in place are sufficient to ensure that retail superannuation scheme providers exercise their discretion in investment in a manner consistent with the preferences and expectations of their scheme participants; the public. This issue arises because the treatment of superannuation funds in terms of investment strategies, policies and decisions effectively mirrors that of institutional schemes, whilst the class of investors are fundamentally different and therefore likely to have differing preferences and expectations. This paper looks to characteristics and factors present in superannuation scheme participants and concludes that neither regulation, nor industry practice are providing for the unique preferences and expectations of the public as scheme participants. Possible regulatory changes to facilitate this meeting of public needs is then discussed.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129095960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Pre-Agreement Assessment as a Responsible Lending Tool in South-Africa, the EU and Belgium: Part 1 南非、欧盟和比利时作为负责任贷款工具的协议前评估:第1部分
LSN: Other Law & Society: Private Law - Financial Law (Topic) Pub Date : 2018-03-19 DOI: 10.17159/1727-3781/2018/V21I0A2950
C. M. Van Heerden, Reinhard Steennot
{"title":"Pre-Agreement Assessment as a Responsible Lending Tool in South-Africa, the EU and Belgium: Part 1","authors":"C. M. Van Heerden, Reinhard Steennot","doi":"10.17159/1727-3781/2018/V21I0A2950","DOIUrl":"https://doi.org/10.17159/1727-3781/2018/V21I0A2950","url":null,"abstract":"Responsible lending has become a very pertinent issue on the agenda of credit regulators across the globe who seek to combat the causes of consumer over-indebtedness. In this context the use of \"pre-agreement assessment\" as a tool to filter out those instances where, based on a consumer's creditworthiness or ability to repay, credit should not be granted to such a consumer, is a feature common to the lending regimes of various jurisdictions. This contribution consists of two parts: Part 1 provides a critical discussion of the reckless credit provisions of the National Credit Act 34 of 2005. Part 2 details the responsible lending measures contained in the EU Consumer Credit Directive and the EU Mortgage Credit Directive and provides an appraisal of the responsible lending measures introduced by Belgium, being a jurisdiction that has always been very pro-active in the context of consumer credit protection. Keywords : Responsible lending, reckless credit granting, pre-agreement assessment, affordability, creditworthiness","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127468147","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Comisión RESI para el Tribunal Supremo (RESI Committee for the Supreme Court) 最高法院RESI委员会(最高法院RESI委员会)
LSN: Other Law & Society: Private Law - Financial Law (Topic) Pub Date : 2018-02-18 DOI: 10.2139/ssrn.3125782
Pablo Fernández
{"title":"Comisión RESI para el Tribunal Supremo (RESI Committee for the Supreme Court)","authors":"Pablo Fernández","doi":"10.2139/ssrn.3125782","DOIUrl":"https://doi.org/10.2139/ssrn.3125782","url":null,"abstract":"Spanish Abstract: Un conjunto de profesionales (magistrados, jueces, profesores y profesionales de derecho, finanzas, contabilidad…) preocupados con algunas sentencias del Tribunal Supremo relacionadas con empresas, instrumentos financieros y mercados financieros que contienen errores sorprendentes se reune con cierta periodicidad. Su unico objetivo: evitar que sigan escribiendose este tipo de sentencias. Tras algunas reuniones en las que se abordo el tema de manera general y con pocos avances, en la reunion de febrero de 2018 acordaron revisar un caso: una sentencia concreta que revoca dos sentencias sensatas de tribunales inferiores. Este documento analiza la sentencia y contiene comentarios y algunas recomendaciones de miembros de la Comision. Preguntas de la hoja de preparacion: ?con que comentarios del apartado 2 esta de acuerdo y cuales anadiria?; ?esta de acuerdo con que el problema es el desconocimiento de los Magistrados sobre que es el swap?; proponga recomendaciones para solucionar el problema y criterios para evaluarlas, Se agradecera mucho al lector que envie sugerencias y recomendaciones para solucionar o definir mejor el problema que aborda la Comision. \u0000English Abstract: A group of professionals (magistrates, judges, professors and professionals of law, finance, accounting ...) concerned with some judgments of the Supreme Court related to companies, financial instruments and financial markets that contain surprising errors meets with certain periodicity. Its only objective: to avoid that these types of sentences continue to be written. After some meetings in which the subject was approached in a general manner and with little progress, at the meeting in February 2018 they agreed to review a case: a specific sentence that revokes two judgments of lower courts. This document analyzes the judgment and contains comments and recommendations from members of the Commission. The reader will be thanked for sending suggestions and recommendations to solve or better define the problem addressed by the Commission.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125249402","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Cross-Border Cooperation in Financial Regulation: Crossing the Fintech Bridge 金融监管跨境合作:跨越金融科技之桥
LSN: Other Law & Society: Private Law - Financial Law (Topic) Pub Date : 2017-12-08 DOI: 10.1093/CMLJ/KMX041
Lev Bromberg, Andrew Godwin, I. Ramsay
{"title":"Cross-Border Cooperation in Financial Regulation: Crossing the Fintech Bridge","authors":"Lev Bromberg, Andrew Godwin, I. Ramsay","doi":"10.1093/CMLJ/KMX041","DOIUrl":"https://doi.org/10.1093/CMLJ/KMX041","url":null,"abstract":"This article examines the implications of the rise of Fintech for achieving effective cooperation in the area of financial regulation. While the disruptive and transformative impacts of Fintech pose significant challenges for domestic regulators, Fintech also presents opportunities to enhance cross-border regulatory cooperation, which is particularly important in an increasingly complex globalised financial economy. To provide insights into the way in which regulatory cooperation in relation to Fintech can evolve, we examine the role played by domestic regulators and the International Organization of Securities Commissions in establishing a cross-border securities enforcement framework. We show how the initial steps by financial regulators to enter into bilateral Fintech agreements have the potential to translate into more substantial and wide-reaching cooperative arrangements.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130963876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
Governing the Financial System: A Theory of Financial Resilience 金融体系治理:金融弹性理论
LSN: Other Law & Society: Private Law - Financial Law (Topic) Pub Date : 2017-11-08 DOI: 10.2139/ssrn.3084352
A. Salter, Vlad Tarko
{"title":"Governing the Financial System: A Theory of Financial Resilience","authors":"A. Salter, Vlad Tarko","doi":"10.2139/ssrn.3084352","DOIUrl":"https://doi.org/10.2139/ssrn.3084352","url":null,"abstract":"We develop a theory of financial stability based on insights from the literature on polycentric governance and institutional resilience. We contend that top-down regulatory approaches to achieving financial stability will prove ineffective, due to various knowledge and incentive problems. In contrast, a polycentric banking system contains an evolved and mutually compatible set of overlapping rules that align incentives and generate knowledge, promoting financial stability. In short, bottom-up approaches to financial stability are institutionally resilient; top-down approaches are not. We conclude our analysis by framing our contribution in light of Nobel laureate E. Ostrom’s “design principles” for robust governance institutions.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116492836","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Banking Tsunami Disputes, a Regulatory Failure and Ineffective Dispute Resolution Mechanism; An Arbitration Frontier 银行海啸纠纷、监管失灵与无效纠纷解决机制仲裁前沿
LSN: Other Law & Society: Private Law - Financial Law (Topic) Pub Date : 2017-11-08 DOI: 10.2139/ssrn.3067257
Temitayo Bello
{"title":"Banking Tsunami Disputes, a Regulatory Failure and Ineffective Dispute Resolution Mechanism; An Arbitration Frontier","authors":"Temitayo Bello","doi":"10.2139/ssrn.3067257","DOIUrl":"https://doi.org/10.2139/ssrn.3067257","url":null,"abstract":"In every economy, it is commonly accepted that the financial health and stability of its banking sector is a key indicator of that economy’s performance. As a result, the volume of banking transactions is bound to rise with increased economic activities. A primary result of these increased economic and banking activities is a similar increase in dispute arising from banking transactions and activities, ranging from retail banking disputes to those arising from specialized products. This article examined a variety of dispute resolution mechanisms with an agenda to ascertain a more efficient scheme for dispute resolution. The article revealed that litigation is not an effective mechanism for resolving disputes in the banking sector, as a result, there is a need for an alternative dispute resolution mechanism that allows for an out of court adjudication. This article established that Arbitration is the solution for efficient resolution of commercial disputes in the banking industry, and as such, there is a need to refer all banking disputes to Arbitration for cheaper, faster, efficient, and party orientated adjudication. An effective and prompt mode of dispute resolution has a high impact on the suitable growth of such economics.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122913571","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Finance-Informed Citizens, Citizen-Informed Finance: An Essay Occasioned by the International Handbook of Financial Literacy 金融知情的公民，公民知情的金融:由《国际金融知识手册》发起的一篇论文
LSN: Other Law & Society: Private Law - Financial Law (Topic) Pub Date : 2017-11-07 DOI: 10.2139/ssrn.3066954
Lauren E. Willis
{"title":"Finance-Informed Citizens, Citizen-Informed Finance: An Essay Occasioned by the International Handbook of Financial Literacy","authors":"Lauren E. Willis","doi":"10.2139/ssrn.3066954","DOIUrl":"https://doi.org/10.2139/ssrn.3066954","url":null,"abstract":"Purpose: Throughout the world, the dominant discourse treats “financial literacy” as both necessary and sufficient to improve the well-being of individuals and society. Findings: This essay argues that financial literacy is neither, and that promoting financial literacy is a perverse way to address the inadequate retirement funding, overindebtedness, financial crises, and other social ills that have inspired governments and educators to pursue it. In its place, this essay suggests that the aim of financial education ought to be to foster finance-informed citizens, who have the capacity for civic engagement that can create citizen-informed economic policies and financial regulation.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"132 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127373182","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 12
Financial Instruments - Holding, Transfer, Collateral 采购产品金融工具-持有，转让，抵押品
LSN: Other Law & Society: Private Law - Financial Law (Topic) Pub Date : 2017-10-02 DOI: 10.2139/ssrn.3046834
P. Paech
{"title":"Financial Instruments - Holding, Transfer, Collateral","authors":"P. Paech","doi":"10.2139/ssrn.3046834","DOIUrl":"https://doi.org/10.2139/ssrn.3046834","url":null,"abstract":"The law governing various aspects of securities holding and disposition was, and still widely is, purely national law, whereas the relevant markets were highly internationalised and securities were transferred and pledged cross-border all the time. Against this background, the EU adopted the Settlement Finality Directive in 1998 and the Financial Collateral Directive in 2004. The Hague Conference on Private International Law adopted the Hague Securities Convention in 2002, and UNIDROIT adopted the Geneva Securities Convention in 2009. These EU and international instruments address in part identical problems. Some of the solutions provided by these are compatible, or even identical, with one another, others differ. \u0000This paper provides an analysis of the main patterns for holding and disposition of financial instruments, including the provision of financial collateral. It emphasises the importance of the relevant conflict-of-law analysis.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130909385","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Crime, Money Laundering, and Credit Markets: Can Usury Exist at the Zero Lower Bound? 犯罪、洗钱和信贷市场:高利贷能在零利率下存在吗?
LSN: Other Law & Society: Private Law - Financial Law (Topic) Pub Date : 2017-10-01 DOI: 10.2139/ssrn.3053818
Raffaella Barone, D. Masciandaro
{"title":"Crime, Money Laundering, and Credit Markets: Can Usury Exist at the Zero Lower Bound?","authors":"Raffaella Barone, D. Masciandaro","doi":"10.2139/ssrn.3053818","DOIUrl":"https://doi.org/10.2139/ssrn.3053818","url":null,"abstract":"In advanced economies, the recent collapse of interest rates to the Zero Lower Bound (ZLB) has triggered a series of research questions on how to navigate the new zero-interest credit environment. Focusing on illegal markets, it is possible to explain why usury still remains widespread after the legal nominal interest rate has fallen to zero. If the lender is a criminal agent with money-laundering aims, the ZLB isn’t an obstacle to design and implement usury contracts. Using a dynamic model of usury for a loan having a variable interest rate and the value of the borrowing firm itself as collateral it is possible to show that notwithstanding the ZLB the criminal actor can be able achieve the money laundering purpose by expropriating the borrower of his/her collateral.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"216 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123240660","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Hub-and-Spoke Regulation and Bank Leverage 轮辐式监管与银行杠杆
LSN: Other Law & Society: Private Law - Financial Law (Topic) Pub Date : 2017-07-15 DOI: 10.2139/ssrn.2849877
Yadav Gopalan, Ankit Kalda, Asaf Manela
{"title":"Hub-and-Spoke Regulation and Bank Leverage","authors":"Yadav Gopalan, Ankit Kalda, Asaf Manela","doi":"10.2139/ssrn.2849877","DOIUrl":"https://doi.org/10.2139/ssrn.2849877","url":null,"abstract":"\u0000 Regulators often delegate monitoring to local supervisors, which can improve information collection, but can also lead to agency problems and capture. We document that following the closure of a US bank regulator’s field offices, the banks they previously supervised actively increased their risk of failure by distributing cash, increasing leverage, and lending more than similar banks at the same time and place. Supervisor proximity is a channel through which these effects operate. Our findings suggest that local supervision is an important part of regulation, as it facilitates collection of information imperfectly reflected in reported measures, and that switching from onsite to offsite supervision can increase bank risk.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127018941","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 32
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