LEGAL RISK IN THE FINANCIAL MARKETS SECOND EDITIONPDF|Epub|txt|kindle电子书版本下载

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Introduction1

Ⅰ. THE GENERAL CONTEXT11

1. Why Legal Risk is Important: a Short History13

2. Risk and Capital19

3. Legal Risk in the London Market27

4. The Global Context33

5. The Lawmaker, the Regulator, and Current Preoccupations39

Ⅱ. THE GLOBAL FINANCIAL CRISIS OF 2007-200951

6. Market and Regulatory Failure53

A. Casinos and Utilities54

B. The Origins of the Crisis57

C. 'Originate and Distribute'65

D. Credit Rating Agencies67

7. The Initial Impact of the Crisis on Financial Markets71

A. The Seize-up of the Inter-bank Market71

B. Northern Rock and Liquidity Issues74

C. The 'Regulatory Failure' in the UK and Proposed Changes75

D. Other UK Financial Institution Failures, Near Failures, and Rescues80

E. The US Financial Market Problems82

8. Legal and Regulatory Responses to the Crisis in the UK85

A. The Banking (Special Provisions) Act 2008 and The Banking Act 200986

(1) The Stabilization Options under the Special Resolution Regime87

Overview87

The trigger for exercise of stabilization powers88

Special resolution objectives90

The code of practice91

Specific powers91

The Banking Liaison Panel93

Other provisions94

Effect on contracts, etc.94

Partial property transfers95

Compensation97

The power to change the law101

(2) Bank Insolvency and Administration102

Overview102

Bank insolvency order104

Bank administration order105

Investment bank insolvency106

B. Lehmans UK Litigation114

C. The Landsbanki 'Freezing Order'126

D. The Turner Review and the Initial Response of the FSA127

E. The Walker Review134

9. Response to the Crisis by the EU and Elsewhere143

A. The de Larosière Report143

B. The G20 Response to the Crisis150

C. Response to the Crisis by the Basel Committee on Banking Supervision and the Financial Stability Board151

10. The Legal Risk Implications of the Crisis155

A. General155

B. The Ensuing Litigation and Criminal Charges156

C. Government Influence over Banks and the Post-Crisis Regulatory Environment162

Ⅲ. THE IMPACT OF GLOBALIZATION165

11. Legal Risk in a Globalizing Financial Market167

A. Banks in a Global Market167

B. The Globalization Debate and Context170

C. The Social and Political Background171

D. Media Influence173

E. Limits of Global Law177

F. Reactions to Globalization178

G. The Need for Legal Certainty183

12. Social Responsibility185

A. 'Sustainable Lending'185

B. Environment Issues and the Equator Principles188

13. The Role of International Institutions in Financial Law Reform195

A. Impetus for Reform and the Principal Reform Bodies195

B. UNCITRAL and UNIDROIT197

C. EBRD and 'Law in Transition'198

Ⅳ. EARLY PERCEPTIONS OF LEGAL RISK203

14. A Landmark Case and its Aftermath205

A. A Shock to the Markets—a Legal Debacle205

B. The Points of Law Decided in Hammersmith andFulham208

C. Background Facts210

D. The Wider Context of the Case212

15. A Case of Conceptual Impossibility219

A. 'Charge-backs' and Legal Logic219

B. Pressure from Other Jurisdictions222

C. Loose Ends223

16. Settling Differences227

A. Early (but Perennial) Concerns about Set-offand Netting227

B. General Issues228

C. Why the Concerns Became Acute231

D. The FLP's First Guidance Notice234

E. Problems with Stock Lending Documentation—a Case Study237

F. Case Law and Legislative Developments244

G. Multilateral Netting—the British Eagle case and its Aftermath251

Ⅴ. CHARACTERISTICS OF LEGAL RISK261

17. Definition263

A. Background and Context263

B. Do We Need a Definition?266

(1) Allocation of responsibility and effective risk management267

(2) Impact on policy268

(3) Responsibility for corporate misbehaviour269

(4) Advantages of a 'norm'269

(5) Need for flexibility270

C. The FSA's Definition271

D. A Bank of England Definition—the Cause-based Approach272

E. The FLP's Approach274

F. A Definition Proposed by UNIDROIT276

G. The International Bar Association's Definition277

H. The 'Rogue Trader'282

18. Sources of Legal Risk285

A. Sources of Legal Risk286

B. The Behaviour of Financial Institutions286

(1) Limited legal awareness287

(2) Implementation failure288

(3) Exploiting the letter of the law290

(4) Outsourcing292

C. The Nature of the Financial Markets294

(1) Financial innovation294

(2) New market sectors and convergence298

(3) Cross-border business300

D. Problems Within the Law302

(1) Bad law302

(2) Policy concerns303

(3) Inaccessible law305

(4) Unpredictable judicial reasoning306

E. Interaction of Law and Finance307

(1) Hard and soft law307

(2) Interaction of'soft law' with consumerism312

(3) Globalization316

19. Causation319

A. Risks and Causation Chains320

B. Case Law and Common Sense323

Ⅵ. EXAMPLES OF LEGAL RISK327

20. Property Interests in Indirectly Held Investment Securities329

A. Market Practice Compared with Law330

B. The Hague Convention335

C. Legal Reforms Around the World336

D. The UNIDROIT Convention(The 'Geneva Securities Convention')337

(1) The rights of an investor338

(2) Acquisitions, disposals, and creating security interests340

(3) Other provisions341

E. The FMLC Proposals341

21. Vague Laws345

A. Over-ambitious Legislation345

B. The Proceeds of Crime Act 2002347

C. Market Abuse356

22. Recharacterization365

A. Different Ways of Raising Money366

B. The Risk of Wrong Labels368

C. Essential Differences Between Sale and Security371

D. A Very Robust Decision372

E. Fixed or Floating?374

F. Floating Charges Defined376

G. The Lender's Dilemma377

H. The Spectrum Case377

Ⅶ. LEGAL RISK MANAGEMENT379

23. The Essentials of Legal Risk Management381

A. The General Approach of Regulators to Risk Management381

(1) Focus on people383

(2) Priorities385

B. Risk Management Principles387

C. The Scope of the Risk Management Function388

D. Examples of Risk Scenarios389

E. Identification of Risks395

F. Assessment of Risks397

G. Monitoring399

H. Control and Mitigation402

24. Lawyers' Responsibility for the Management of Legal Risk409

A. The Need for Clear Methodology409

B. The Role of Lawyers and the Legal Department in Legal Risk Management411

C. Opinions and Similar Documents419

D. Document Retention426

E. Clarity of Lawyer Roles429

25. A 'Risk-based Approach' to Law433

APPENDICES441

Appendix 1 Interview with Lord Woolf441

Appendix 2 Interview with David Ereira447

Appendix 3 Rule 4.90 of the Insolvency Rules 1986455

Appendix 4 Extract from the Turnbull Report457

Appendix 5 BCBS Principles459

Appendix 6 Recommendations from the C&I Group Paper regarding legal advice privilege463

Appendix 7 Legal and Compliance Risk in Financial Institutions465

Appendix 8 Legal Risk Guidance Note for Banks477

Index483