EQUATOR PRINCIPLES AS "NORMS OF SELF-REGULATION": GENERAL PRINCIPLES AND LEGITIMACY SOURCE

The establishment of equator principles is a landmark in the financial market and even in the history of financial development.As their extensive application in the market of project finance,equator principles have gradually become the industrial standard and international conventions of project finance.However,compared with traditional legislations,equator principles are norms of self-regulation without the involvement of national forces,and their general principles and legitimacy source definitely break a new path.The evolution of equator principles experienced three phases:emergence,popularity and internalization,and the attribute of advocates of regulations,during which the nature of regulations and the character of financial industry played key roles.Meanwhile,factors such as "power,"' mutual benefits,co-determination,effectiveness and even internalization of regulations by international financial companies,constitute the "legitimacy" source of equator principles.Besides,pointing at the defect of "norms of self-regulation,"advocates and practitioners endeavor 1o improve the "legitimacy" of equator principles.     

LEGAL AND REGULATORY MODEL FOR THE AUDIT PROFESSION： THE UK AND CHINESE MODELS COMPARED

The article discusses whether the UK＇s liberal regulatory model for the audit profession could benefit China as it continues its reform towards a western-inspired liberal market economy. China has already carried out substantial reforms.＂ the disaffiliation programme, audit industry consolidation, and the diffusion of international audit norms. However, substantial deficiencies in the Chinese audit profession remain, and corporate audit continues to lack credibility. Adopting a system modelled on that used in the UK could resolve these issues. However, if China chose to adopt the UK＇s liberal regulatory model, it would not only require economic reform, but also structural reform to its political system. This would include removing conflicts of interest between the audit profession and companies controlled by public authorities; the development of an independent self-regulatory system accountable to the judiciary; corporate democratisation; the development of private enforcement and the introduction of an independent judicial system.     

SYSTEMIC RISKS AND THE LEGALIZATION OF ACCOUNTABLE TRANSNATIONAL FINANCIAL REGULATION

Transnational spillovers of systemic risks show that financial regulation is not simply a sovereign power, it also shall be responsible to other states and individuals. Regulatory cooperation is necessary to ensure responsibility. Current arrangements dealing with the financial crisis mainly focus on technical problems, and ignore the accountability mechanism of financial regulation. Such arrangements cannot effectively regulate systemic risks in the long run. This paper argues that accountable financial regulation and its legalization is an essential part of solutions to systemic risks, and suggests the ways to legalize accountable financial regulation.     

SHARIAH GOVERNANCE IN ISLAMIC FINANCIAL INSTITUTION： AN APPRAISAL

With the fast and huge growth and development of Islamic financial institutions, after only four decades, their operation is in the need of continuous improvement and effort of enhancement. Islamic financial system is a combination of innovation and tradition, of ancient values and a vibrant forward-looking design, that says much about the current state of confidence around the world and about the state of the financial services industry, and its potential to contribute not only to the Islamic, but to the non-Islamic world. The base line for any discussion of Islamic financial services is their obvious commercial success. People want them. It is true that Islamic finance is still small compared with the whole global financial system, but the sector is growing fast, as it is illustrated by the fact that total assets in Islamic banks in the world increased by an average of 24% a year. Nor is the market restricted to the Islamic world. Freddie Mac, the US mortgage lending corporation, has been offering mortgage backed- securities as a financing option to the Muslim community in the United States. In London, Europe＇s first stand-alone Islamic bank opened its doors for business in September 2005. Before that, one of the UK＇s biggest retail banks had announced the launch of a Shariah compatible account, claiming that it would make Islamic banking ＂mainstream ＂.     

WHAT SHOULD AN IDEAL E-ADMINISTRATION MODEL COMPRISE？

The dominance of computer and information technologies in the second half of the 20th century has begun to transform the conventional forms of concepts and relations in law and public administration. This transformation has beeome a trigger and an indispensable decisive factor of an ongoing change which has deep impacts on the social order. In this context, the conventional relations between citizens and administration have appeared in new forms with the emergence of the Internet and other information technologies. In administrative law, this innovation, mostly referred to as e- administration, results in changes in administration and administrative activities and applications. This change gives the signals of a start that will have deep impacts and transform both public administration and administrative law. The factors that influence the emergence and success of e-administration are the level of development, financial capability, level of infrastructure, national legislation and public support in a country. The recent global crisis has led to a decrease of acceleration in e-State applications. In international literature, Fang suggests a list of requirements for e-State and hence for e-administration. An expanded version of this list can be accepted as the ＂ideal＂ for the time being. Ten characteristics required for the good practice of e-administration are as follows：     

CHINA'S PENSION CRISIS: SYSTEM REFORMS START WITH RELAXATION OF ONE-CHILD POLICY

China's one-child policy ("OCP") exacerbates the existing weaknesses within the country's pension system.1 This strict family planning measure is the root cause of sub-replacement fertility and rising dependency ratios within the country.Consequently,the one-child policy should not coexist with the nation's currently under-funded retirement security program.In order to avert an impending financial and social crisis,the Chinese government should immediately confront the issue of pension reform.However,designs to improve the retirement security framework cannot be successfully instituted unless,as an initial step,the one-child policy is relaxed.The focal point of this paper delves into the impracticality of the one-child policy in relation to China's pension reform efforts.     

Transforming China poverty crisis： Challenges and issues

This paper describes the economic conditions of urban and rural poverty in China. The examination of this problem deconstructs into three components and this explains why this problem is China＇s premier economic problem, despite its recent economic progress into a world ranked industrial economic power. Here, this paper examines the period of 1985 to 2008, a period of almost exponential growth. Even though during this period millions escaped from poverty levels of income, this was only part of the positive results. There were social negatives as well, and the main one was that economic inequality became worse, as the impoverished, as well as being affected by the current financial situation that has overcome the Chinese labor market, has put them into competition with the better off who are in the same economic predicament. As China merges into forms of economic globalization, any external blow will cause sharp fluctuations within the Chinese economy, as reflected within the labor market. Unemployment imposes direct impacts on incomes, and may give rise to social instability. As a result, job growth should be at the top of the macro-control agenda.     

INSTITUTIONAL CHALLENGES TO CHINA＇S INNOVATIVE CAPACITY BUILDING

After dynamic economic growth for more than 30 years, China has been increasingly pressured with the unsustainability of its extensive development model. Despite the remarkable economic growth and the party-state promotion, China is facing barriers for its economic upgrading with scientific and institutional innovation. In recent years, a series of policies and measures have been taken by the Party-State to promote country＇s innovative reorientation. However, implementation of these measures in practice is facing many institutional difficulties, which closely relate to the necessary political reform in order to liberalize people＇s creativity and entrepreneurship. The article will examine three major institutional challenges in this regard from legal perspective.＂ freedom of speech, a level playing field for free market competition, and research integrity. The author argues that the Party-State＇s support and promotion will be insufficient to build up a society with innovative capacity when the Party-State regime itself becomes an obstacle to such development. Success of China＇s innovative reorientation to a large extent depends on its political and institutional reform as well as a fair and equal competitive market system.     

THE ASYMMETRY OF THE WTO DISPUTE SETTLEMENT MECHANISM AND CHINESE STRATEGY： IN WHAT WAYS DO THE SYSTEM AND RESULTS FAVOR COMPLAINANTS？

By referring to 400 WTO cases, this paper reviews the results of WTO dispute settlement proceedings and the systemic causes in order to find out whether the WTO dispute settlement system ＂s results reflect a clear tendency of favoring complainants, and if so, whether the internal asymmetry of the system leads to such results. Based on these findings, and by considering a number of factors, this paper analyses the influence on national interests brought about by such asymmetry, so as to find whether there is a two-way adjustment effect and relative deprivation effect for developing countries. Then, according to the current economic situations of the WTO＇s Asian countries, this paper suggests that the Asian members should reform their policies to overcome the disadvantages of the WTO asymmetric proceedings. In this part, this paper comprehensively evaluates the measure of actively using the WTO dispute settlement system that favors the complainants, in order to develop overseas markets and realize potential benefits of treaty negotiations.     

Gender violence： A perception that the law discriminates in favor of women

Prior to the democratization of the South African society, human rights culture was at a lower ebb, both within the government and the society at large. The society was male dominated and the vulnerable members of society, ostensibly women and children, were not adequately protected against their male counterparts. The Republic of South Africa Constitution Act, brought with it a bill of rights which is justiciable and this led to the promulgation of various legislative measures, notably the Prevention of Family Violence Act, which was later replaced by the Domestic Violence Act, in terms whereof the state attempts to curb the scourge of gender and related violence.     

BUYER＇S REMEDIES AND CURE BY SELLER A STUDY OF THE HARMONIZATION OF EUROPEAN SALES LAW FROM THE PERSPECTIVE OF COMPARATIVE PRIVATE LAW

The development of e-commerce and the desire for the development of the integrate inner-market leads to a high regulatory need, the European legislators finally seek to the approach of harmonizing the contract law and draft out the Proposal for a Common European Sales Law （CESL）. However, this regulatory instrument is still faced with heavy criticism and the unknown fate in the future. This paper will analyze the commercial transactions in Europe from the perspective of comparative private law under the framework of CESL, Contracts for the International Sale of Goods （CISG） and German provisions on sales contract and hope to provide reference for the participants or those who have potential investment intention on the European market.     

THE PROCEDURE OF PLEA BARGAINING IN ROMANIA A NEGOTIATION OR JUST A FORMAL INSTITUTION？ THE COMMON LAW SYSTEM

Entry into force of the law No. 202/2010 regarding some measures to accelerate the settlement of the process, already raises a number of problems of interpretation. According to the Explanatory Memorandum of Law 202/2010 states that： ＂Unlike the other laws, the law No. 202/2010 comes into Romanian legislative with the aim of speeding criminal proceedings as well as to prepare the implementation of the new codes, some of the regulations contained in future coding being found in this law.＂ In this respect, in the explanatory memorandum to the bill, it was noted that ＂from the major failures of justice in Romania, the harshest criticism was the lack of celerity in solving cases. ＂ As often judicial procedures prove to be heavy, formal, expensive and lengthy, it was recognized that judicial effectiveness of justice consists, largely, in the speed with which the rights and obligations enshrined in judgments are part of the juridical circuit, thus ensuring the stability of legal relations to be decided. The introduction of simplified procedure of admission of guilt in the Criminal Code, now in force, was justified in the explanatory memorandum, among others, by Article 6 paragraphs 3 letter d） of the European Convention which guarantees the defendant the right to examine or have examined witnesses against him and to obtain the attendance and examination of witnesses under the same conditions as witnesses against him. This right has a relative character,＂ the defendant may give up his pursuit before an independent and impartial tribunal, and elect to be tried based on the evidence administrated in criminal prosecution. In this respect, the Strasbourg Court stipulated that the defendant has the opportunity to waive the right guaranteed by Article 6 paragraph 3 letters d） of the European Convention and, consequently, he cannot claim that this right was violated, if the sentencing court based its decision on the statement made during prosecution of a witness （anonymously） in whose defendant waived hear     

OWNERSHIP CONCENTRATION AND CORPORATE CONTROL IN CHINESE LISTED COMPANIES

This paper investigates the ownership concentration and corporate control of Chinese listed companies in the period of 2003-2011. The purpose is to examine the practical effect of the share structure split reform in 2005 and explore the actual outcome of the reduction of state shares of Chinese listed companies. Specifically, ownership structure, shareholding concentration, shareholder identification and corporate control pattern are identified to serve for this purpose. Statistics, calculated on data from the CSMAR database, are used to elucidate and support the investigation. The evidence presented in this paper shows that state shares, though greatly reduced in the reform, have still been the main types of shares in the mainstream of Chinese listed companies. This suggests that the ownership concentration and corporate control of Chinese listed companies have not been fundamentally changed even years after the reform.     

Pre-constitutional state of customary law in South Africa

Customary law is often criticized for being in conflict with human rights norms, mainly on the grounds that it tends not to emphasize gender equality and discriminate against women. Although customary law has not in the past emphasized equality between men and women, it cannot be regarded as completely in conflict with human rights1. As already stated, one of the principles of human rights is equality between the sexes. Customary law has the same aim as human rights, which is the protection of human dignity2. The conflict may be largely caused by the fact that, ideologically, African customary law is communal or socialist in approach, whereas human rights are based on the premise that a person has rights by virtue of his or her being an individual human being. Now that we in South Africa have a bill of rights and yet we will still have customary law, the question has been and is still being posed whether customary law is not in conflict with universal human rights. The reason for this is that one of the values that underpin our Constitution is equality.3 Customary law on the other hand does not insist on complete equality in every respect. In particular section 9 of the 1996 Constitution provides for equality before the law and for equal protection and benefit of the law, which entails the full and equal enjoyment of all the rights and freedoms. It further proscribes unfair discrimination based on the listed grounds although it allows steps to promote or advance people or categories of persons who have been disadvantaged by unfair discrimination.     

CONTENTS

This essay applies Polanyi＇s theory of ＂double movements＂, with an emphasis on mutual transformation between state and society, to analyze China＇s staterebuilding since the economic reform and challenges it faces in the future. This paper argues that since the economic reform and before the recent turn of state governance, state-rebuilding in China has been driven by one single movement： marketization. However, since entering the 21 st century, state-rebuilding has to be undertaken in the tension between a double movement of marketization and self-protection of society which move in two different directions. To respond such a challenge, China must restructure the relationships among state, market, and society.     

The way from Lomé A system of customs preferences in the period of economic crisis

In his contribution the author deals with the topical range of problems with the legacy of the most significant customs and political phenomenon of the 20th century, with the spirit of Lom6 manifesting itself in the General System of Customs Preferences （GSP）. The idea of solidarity incorporated in the form of common bodies and common decision process, in the conditions of the financial crisis changed to a real menace to the European Union financial stability.     

REHABILITATION OF DRUNK DRIVERS AND THE SMADIT PROJECT： COLLABORATION AMONG THE POLICE FORCE,THE ROAD ADMINISTRATION AND THE SOCIAL SERVICES

The aim of the SMADITt project is not only to reduce the number of drunk drivers on the Swedish roads but also to reduce the number of repeated drunk driving offences. The SMADIT project is a three-way collaboration between the Swedish Police Force, the Swedish Road Administration and the Swedish Social Services. According to the guidelines the police should inform the suspected drunk drivers about SMADIT and ask if they want to be contacted by the Social Services. If they agree to take part in the project, then a member of staff from the Social Services will contact them within 24 hours. The purpose of this paper is to present the results from a qualitative study evaluating the effects of SMADIT. Thirteen male drivers and one female driver who agreed to take part in the SMADIT project were interviewed. The questions covered their experience of SMADIT, why they agreed to participate, what kind of help they received but also their attitudes towards drinking and driving in general and the event leading up to the conviction. The results showed that the initial contact with the police determined if they would agree to participate in the project or not. Both written and verbal information were essential An important aim with SMADIT project is the early contact with the Social Service. However, the results from this study showed that several informants needed time for reflection and to recover from the shock after being stopped by the police on suspicion of drunk driving. However, according to informants, it was important that not too many days passed before a contact was established. During the meeting with the Social Service, the informants were then offered different kinds of treatment. All of the informants were very pleased with this contact. According to the guidelines provided by the SMADIT project a consensus has to be reached, otherwise the Social Services cannot contact the person. In this study, we found that a person straight after the event does not always think clearly and therefore we propose that the SM     

INSTITUTIONAL DEVELOPMENTS,ACADEMIC DEBATES AND LEGAL PRACTICES ON THE CONSTITUTIONAL REVIEW IN CHINA： 2000--2013

A special system of constitutional review, namely National People＇s Congress Review Model （the NPC Review Model） has been established since the 1982 Constitution. However, this system was criticized for its inactivity and has never been actually activated. After 2000, there are lots of efforts try to improve the system of constitutional review of China, the results of the Qi Yuling case （2001） and the Luoyang seed case （2003） demonstrated that the U.S.-style of constitutional review is not and will not be accepted by the political system of China, while the results of the Sun Zhigang case （2003） and the Tang Fuzhen case （2009） proved that the existing NPC Review model cannot work very well if political leaders refuse to reform it. However, the experiences of the New Model of Parliamentary Sovereignty which was developed from Canada, New Zealand, the United Kingdom, Canberra （the Australian Capital Territory）, and the Hong Kong Special Administrative Region of China after 1980s, showed that a third way to protect human rights in a liberal democracy and to coordinate the relationship between legislature and court in a system of constitutional review. I believe the third way provides a good case for China to reform the existing constitutional review system without abandon its cherished tradition of the system of people ＇s congress.     

The clash of rights： Sexual violence and ethnic prejudices

The global spread of the recent financial crisis reveals the crisis of the social model at the base of Western societies. This can be seen from the increased social inequality and poverty, linked to increasing rates of unemployment levels within the so-called advanced capitalistic society. These societies, particularly the European ones, are interested at the same time in the migration and acquire the status of multicultural society. The mixture of the two phenomena, the economic and social crisis on the one hand, the increasing of migration flows on the other, led to deep divisions in that societies, whose consequences are felt by the most vulnerable groups： migrants and women. The associations complain of the increased exploitation of migrant labour, which creates resentment in the population, the unions complain the most violent fallout of the crisis of the labour market on women than men. In the Italian context occur that the two forms of discrimination have been dramatically intertwined： the public was captured by a sequence of shocking rapes of women by neo-communitarian citizens. The panic induced by the media has prevented a proper reflection on what was happening, crediting a model of criminalization of foreigners and increasing perception of insecurity in women. The scenario problematic from a legal standpoint, to which this article addresses, is a dangerous polarization between the protection of freedom of women and the respect for the social dignity of migrants. In relation to this scenario highly critical, in which is erroneously included women as a minority in conflict with another minority-migrants, the article aims to identify in a comparative way the best tools to prevent the ethnicization of gender violence.