Search

Current scholarship emphasises the correlation between enforcement of corporate and securities laws and strong capital markets. Yet, the issue of how private and public enforcement may achieve the objectives of compensation and optimal deterrence remains controversial. While enforcement strategies have been studied extensively in the US and the UK, comparatively less attention is placed on Asia, where concentrated shareholdings are the norm. This study fills the gap by focusing on Hong Kong and Singapore, two leading international financial centres in Asia. Post Asian financial crisis of 1997, Hong Kong and Singapore have changed their laws to strengthen the private enforcement framework. Public enforcement activities have also been significant. The question is whether these reforms and enforcement activities succeed in reaching the afore-mentioned objectives. Based on our study of ex post enforcement actions, which are actions that may lead to sanctions (such as prosecutions or administrative proceedings) or compensation orders, arising from breaches of directorial duties and corporate disclosure violations involving listed companies from 2000 to 2015, we find that (1) public enforcement dominates over private enforcement; and (2) there are important, but limited, substitutes for private enforcement: securities regulators use public enforcement to obtain compensation for investors, and shareholders file requisitions to remove errant directors. We argue that: (a) there is a significant gap in enforcement strategies for directorial wrongdoing in Singapore; (b) for public enforcement of corporate disclosure violations, the beneficiaries of the compensation should be the investors (rather than the company) and the defendants should only be the errant directors (and not the company). Our study is relevant to those jurisdictions considering the powers of regulators and improving their enforcement framework. [ABSTRACT FROM AUTHOR]

The purpose of this article is to provide some guidance to practitioners and the judiciary in both Australia and New Zealand on the vital question: when is a sale in the 'ordinary course of business' for the purposes of the Personal Property Securities Acts of Australia and New Zealand? It is not uncommon for the courts to say that in any given case this is a question of fact. But, while not denying the importance of the particular factual circumstances in issue, the author seeks to demonstrate that the analysis will be facilitated by adopting a structured approach that initially recognises the primacy of security interests and that follows sound legal principles developed by the North American courts. Differences between the Australian and New Zealand legislative provisions are analysed to determine whether they lead to different outcomes on either side of the Tasman. [ABSTRACT FROM AUTHOR]

Securities financing (ie repos and cash-driven securities loans) provide short-term credit against securities collateral, and offer a valuable alternative to short-term bank finance. These markets are an important aspect of the shadow banking system, where unregulated maturity transformation and leverage was implicated in the recent financial crisis. International regulatory reform initiatives, particularly by the Financial Stability Board, are timely, generally well-targeted and welcome. Less welcome is alarmism about the substantive law basis of securities financing. This discussion is intended to show those concerns to be unfounded. [ABSTRACT FROM AUTHOR]

El artículo analiza diversos decretos y sentencias en Derecho Administrativo de la Unión Europea, España y Portugal emitidos entre diciembre de 2010 y abril de 2011. Entre las regulaciones discutidas se encuentran nuevas normas que rigen los sistemas de pago y liquidación de valores en España, régimen de cauciones para contratos de la Comunidad Autónoma de Madeira, Portugal, y sentencia que sienta jurisprudencia sobre contrataciones públicas.

This paper focuses on a statutory provision common to Australian, New Zealand and Canadian personal property securities legislation which requires a grantor of a security interest generally to have 'rights in the collateral' before a security interest can attach to that collateral. It analyses the extent to which a particular construction of that provision, initially developed by Canadian courts and commentators in the context of certain lease transactions and now applied in New Zealand, may and should colour construction of the equivalent Australian legislation. The paper argues that 'new learning', which holds the interest of a lessee sufficient to enable a security interest to attach to leased goods, is capable of achievement through different reasoning to that currently adopted by New Zealand courts. Such reasoning has significant implications for understanding when a security interest may attach to personal property more broadly. [ABSTRACT FROM AUTHOR]

The article offers information about migrated security interests under the Personal Property Securities Act 2009 in Australia. Topics include the history of migrated security interests, personal property securities, commercial law in countries such as the United States and Canada, and securities reform in Australia.

Taking security in Spain may pose some uncertainties to non-Spanish lenders as, in general, strict formalities are required to perfect the granting of the security, and the risk of rescission may hover over the securities when insolvency proceedings are commenced. Lenders may also encounter issues and difficulties when foreclosure of a security is required. The purpose of this article is to assist foreign lenders (and their counsel) in the process of considering, negotiating and perfecting security interests in Spain (ie security over assets located in Spain and over which, according to Spanish law, a Spanish law security may be created) and to avoid and mitigate any risks of rescission set forth under Spanish law. [ABSTRACT FROM AUTHOR]

Chamber risk of central counterpart have become one of the most important structural pillars of the financial markets in the world, both stand as a central counterparty for all transactions in capital markets and some OTC, establish schedules for operating the highly weighted Systems Robust Risk Management. This paper aims to outline the structure of this system, emphasizing on how to model the risk that these institutions take in pursuit of its objects. In this sense, the establishment of margins is established as a critical step and function of a schematic approach that integrates securities risk, stress scenarios, the most recent behavior of volatility, collateral formation, and the financial capacity of operators to settle its obligations on time. As a result, the margin / collateral, and limits on open positions is the end product of a Risk Management System to guarantee the integrity of the market. [ABSTRACT FROM AUTHOR]

Contrary to popular belief, interest rates can drop below zero. From early August to mid-November of 2003, negative rates occurred on certain U.S. Treasury security repurchase agreements. An examination of the market conditions behind this development reveals why market participants are sometimes willing to pay interest on money lent. INSETS: How Failing Compares with Satisfying a Delivery...;The Federal Reserve's Securities Loan Auctions. [ABSTRACT FROM AUTHOR]

Focuses on the pledging of bonds by corporations in the U.S. Use of bonds as collateral for loans; Commercial financing.