Law and Financial Markets Review, May 2008 [*] [*]
Academic Analysis
• Regulation Lite: The Rise of Emissions Trading
Robert Baldwin
• On being contrarian
Roger McCormick
Law Firm Updates
• Law Reports
Supplied by Allen & Overy LLP
• EU Regulatory Developments
Supplied by Clifford Chance LLP
Abstract:
European Parliament; EU Commission; Committee of European Securities Regulators (CESR); Committee of European Banking Supervisors (CEBS); European Central Bank (ECB); European Banking Federation (EBF-FBE)
• Environmental Finance News
Supplied by Dewey & LeBoeuf LLP
• Financial Regulatory Developments
Supplied by Herbert Smith LLP
• Corporate Finance and General
Supplied by Lovells LLP
Practitioner Perspectives
• The Credit Crunch: The Regulatory Way Forward
Etay Katz
Joanna Perkins, A Question of Priorities: Choice of Law and Proprietory Aspects of the Assignment
Abstract:
Among the fields of academic legal research, the topic of choice-of-law rules for the assignment of debts in financial services and markets must be one of the most complicated, challenging and arcane. But what is merely challenging in the academic arena becomes positively daunting when tested in the crucible of legislative reform, where there is little or no room for error. And if said legislative reform is to be accomplished within a tight timeframe in a highly political forum and to be drafted by civil servants rather than conflicts specialists or financial experts, the endeavour must be regarded not so much as difficult but virtually hopeless. Certainly that was the recent experience of the European Council’s standing Working Group on Civil Law during the negotiations on the transposition of the Rome Convention on the Law Applicable to Contractual Obligations 1980 into the European legal acquis as the putative Rome I Regulation.
• The Legal Environment for Asset-backed Securitisation in Russia
Ajay Sud
• Czech Insolvency Reform – Good News for the Financiers?
Mikulas Touska, Silvie Horackova, Eva Vrana, Nick Herrod
Mattias Levin, Code of Conduct on Clearing and Settlement: First Experiences and Future Outlook
Abstract
On 7 November 2006, a Code of Conduct on clearing and settlement was presented to Charles McCreevy, the Commissioner for Internal Market and Services. The Code was the culmination of nearly five years of hard work by the European Commission, assessing the European post-trading sector, documenting its achievements and shortcomings, and analysing the options available to improve its efficiency, thereby making it more adapted to a European internal market. A little over a year has now passed since the Code was presented and it is accordingly an appropriate time to take stock of its effectiveness in achieving these objectives. This article takes stock of progress to date, assesses the main outstanding issues and looks at what lies ahead.
• The Turkish Financial Leasing Law – is it Industry Specific?
Yesim Bezen
Special Feature
• Interview with Emmanuel Maurice
• The Development of the Global Markets as Rule-makers: Engagement and Legitimacy
Julia Black, David Rouch
