Eu search for regulatory answers to crypto assets and their place in the financial markets’ infrastructure

Crypto assets are no longer a niche topic for geeks but an important trend in financial markets and an uprising asset class. This is due to technological advancements, spike in token issuances, and Facebook's Libra project, now called Diem, among other things. Many potential benefits of crypto assets for the financial sector are widely recognized, including cost savings, improved efficiency and transparency. The rapid growth of the crypto assets ecosystem has intensified the focus of regulators. They are challenged to provide an adequate response, protect investors and customers, and mitigate risks while fostering technological development. Currently, at the EU-wide level, there is a regulatory gap, which contributes to legal uncertainty and weak investor protection. Several European jurisdictions have been proactive and successfully designed their own national regulatory solutions to crypto assets. Many European and international supervisory and regulatory bodies contributed to the debate and issued reports, analysis and statements highlighting risks and making regulatory recommendations. The European Commission took the first steps to assume its competence over all crypto assets within the EU and, after a comprehensive review of the entire crypto assets ecosystem, issued a proposal for a regulation on markets in crypto assets. This paper evaluates the EU's current regulatory approach to crypto assets against the background of the views and reports of several advisory and supervisory bodies and international organizations and against market developments.     

Stochastic amortization and manufacturing profitability

The quantitative analysis of manufacturing operations usually considers the amortization of physical assets, and allows for the cost of such assets in product prices. Typically, this involves the use of an asset's P/A ratio, where P is its initial cost and A is the net cash-flow or profit it generates in unit time. The simplest case, regarding asset life as fixed, is seldom credible, and a more realistic approach is to model the stochastic nature of asset lifetimes. In this paper, we demonstrate the efficacy of the strategy of calculating an average P/A, and show that the earning power of assets should increase with variability in lifetimes. We then argue that pricings based around this average are most useful with large numbers of assets, and that analysis of a small number requires a more considered approach. Finally, we consider the impact of estimating lifetime parameters on the approaches outlined.     

欧盟统一的法定审计制度:挑战与改革

欧盟公司法的统一是不断向前推进的,有关法定审计的第8号公司法指令是欧盟公司法的组成部分.本世纪初在美国及欧盟发生的财务丑闻加快了欧盟强化法定审计独立性及法定审计责任的改革.以公司治理为背景,主要分析了欧盟修订法定审计指令的考量因素、对法定审计独立性的强化措施、有关法定审计的形式选择以及尚未解决的问题,指出欧盟法定审计的改革受到美国《萨班斯法案》以及欧盟成员国内法的影响,而且,这一改革还将持续进行,并且也影响着包括中国在内的其他国家的相关立法.     

On the Use of Law in Transatlantic Relations: Legal Dialogues between the EU and US

Law plays a significant role in contemporary transatlantic relations outside of the bilateral context which, from the perspective of EU external relations law, might seem neither conventional nor apparent. Non‐bilateral transatlantic relations increasingly deploy law as a communication tool between the two legal orders. For example, in 2011, the US intervened informally and anonymously in the formulation of EU legislation, while the US House of Representatives passed legislation to prohibit the impact of EU law upon the US legal order. Another example is constituted by EU amicus curiae submissions before the US Supreme Court in death penalty cases. The so‐called Brussels effect is also the subject of recent scholarship, assessing the perceived spillover effect of EU regulatory standards onto US rules. The paper provides many vivid examples of the variable institutional and legal components of transatlantic relations not usually accounted for in scholarship on transatlantic relations.     

Separated by Bars or Dollar Signs? A Comparative Examination of the Financial Literacy of Those Incarcerated and the General Population

This study examines the level of financial literacy of inmates in Arkansas correctional institutions. Furthermore, it compares the financial knowledge, planning, and practices between not only white and non-white inmates but also between males within and outside of penal institutions. Specifically, this research combines primary data on the financial realities of those within correctional institutions and existing statistics on the public to examine the relationship between demographics, banking history, use of non-traditional lenders, and financial literacy. While prior literature on the public is extensive, research on the financial literacy of individuals currently incarcerated is sparse. Findings indicate vast differences between the public and those within penal institutions, particularly in financial knowledge and planning. For our incarcerated sample we find similar disparities between our white and non-white respondents. Last, we find that youth, minority status, and lowered education are predictors of lower financial knowledge, use of predatory lender use, and poor financial planning among inmates. This is crucial because low levels of financial literacy, use of predatory lenders, and poor financial planning often provide barriers to asset accumulation, which increases the probability of incarceration and recidivism.     

Smoking Guns: European Cigarette Smuggling in the 1990’s

This article concerns European cigarette smuggling over the past decade and examines the actors, structures and relationships which facilitated the illicit trade. It discusses the central role played by actors not traditionally associated with organised crime, such as multi-national tobacco companies, Swiss banks and the state security agencies of various Balkan states. It demonstrates how domestic legislation in Switzerland and instability in the Balkans prevented national law enforcement agencies from effectively dealing with this international network at an earlier stage. The article also focuses on the history of local and national law enforcement investigations as well as the integrated multi-national investigation project later initiated by the EU and member states. The article's conclusions suggest that while smuggling actors have successfully adapted to the process of globalisation – financial and state deregulation – law enforcement agencies remain at a disadvantage as they are hampered by the domestic legislation in nation states such as Switzerland and the United States. While cigarette smuggling was and is a major illicit industry, it has not been the subject of much academic scrutiny. This article, based on field research in the Balkans and EU member states aims to contribute to a broader understanding of a problem involving a multiplicity of criminal actors, states and law enforcement agencies.     

The joined cases of Dwyer,SpaceNet and VD and SR before the European Court of Justice: The judgments of the Grand Chamber about data retention continue falling on deaf ears in Member States

On 5 April and 20 September 2022, the Grand Chamber of the European Court of Justice rendered three judgments in the cases of Dwyer, SpaceNet and VD and SR. It mainly reiterated its own applicable case law on the retention of and access to traffic and location data. In the VD and SR judgment, the Grand Chamber however expanded its scope to the area of market abuse.Legislation adopted by Member States and decisions rendered by most domestic courts, tribunals and judges do not fully comply with the case law of the Grand Chamber on the retention of and access to traffic and location data. In this particular context, the EU legislature should urgently adopt EU secondary legislation on the retention of personal data to provide legal clarity to all players involved.     

Criminal benefit,the confiscation order and the post-conviction confiscation regime

Governments and law enforcement agencies around the world seek to identify and confiscate the ‘proceeds of crime’ on the assertion that doing so will deter offending and symbolise to citizens and communities that ‘crime does not pay’. In the UK such assertions have underpinned the enactment of legislation, the investment in law enforcement agents and the development of wide ranging new technologies to facilitate the identification of assets and their recovery. This paper critically considers two key concepts which fundamentally drive the post-conviction confiscation regime in the UK. First, ‘criminal benefit’ which is the amount that a defendant is adjudged to have made from ‘criminal conduct’. Second, the ‘available amount’ which is the amount that the state hopes to recover from a defendant via the court ordered ‘confiscation order’. In so doing, this paper explores the assumptions at the heart of the 2002 Proceeds of Crime Act and their application in practice, concentrating on the nature of the powers accorded to financial investigators and how these powers have been interpreted and applied. It is argued that far from representing the ‘profit’ generated from crime these values are constructs founded in the relationship between legislation, the discretional practice of police officers and financial investigators, organisational restrictions and constraints and informal negotiation and compromise between the defence and prosecution. This has implications for both conceptualising the nature of the post-conviction confiscation regime as well as for shaping what the state might expect to recover from defendants.     

Singapore's Personal Data Protection legislation: Business perspectives

As global digitalisation of information and interconnecting technologies along with new marketing practices and business processes vastly increase the opportunities for data collection, storage, usage and delivery, there is a corresponding increase in consumer expectations of data privacy. These expectations must be met if business organisations are to promote consumer trust and confidence and maintain their overall competitiveness in a global market. It goes without saying that information is the most valuable business asset and “privacy is good business and information can be the basis of bigger business”. The need to protect data privacy has long been recognised and implemented by major trading nations. Surprisingly, Singapore as a financial centre and nation aspiring to be a trusted data hosting hub has been slow in enacting specific data protection laws. The first piece of legislation that has emerged is a light-touch baseline framework applicable to all organisations except the public sector. This article considers the new legislation from the business perspective and the implications for private sector business organisations facing the challenges of compliance.     

Selling your organization on technology transfer: The metaphor of movement

Corporate technology transfer strategies often focus on the movement of tangible assets—products, processes, “off-the-shelf” technologies, and so on. We argue that the transfer of information- and knowledge-based assets are a critical element of successful competition in global markets, particularly for service industries. In this article we develop a model for (1) identifying a company's “information asset portfolio” and (2) managing the flow of these assets for commercial gain. The Technology Transfer Professional is at the center of this process of information movement and management.     

资产证券化中的超额担保制度研究

在西方资产证券化进程中,尤其是在"后金融危机时代",超额担保制度有助于降低投资风险,提高投资者信心,消弭金融危机的不利影响。为吸取美国金融危机的前车之鉴,我国在资产证券化起步阶段应引入该制度。超额担保的本质是债权质押,其质押标的是将来债权。在我国现行法律体系下,超额担保受制于现行的质押制度和破产法律制度设计。我国应制定专门的《资产证券化法》,明确资产证券化的性质,并对证券化资产的可让与性和出质问题予以专门规定,从而使超额担保制度既符合物权法定原则,又满足现实需要。通过控制超额比率和设置利差账户,以解决超额担保与现行破产法律之间的冲突问题。     

对我国商业银行设立基金管理公司所触发关键性法律问题之思考

《商业银行设立基金管理公司试点管理办法》的出台是我国金融自由化及全球金融自由化态势下的产物,它不仅在一定程度上可以改变我国银行业的资产结构与盈利模式,而且客观而言它也顺应了金融业发展的内在需求。然而,在另一方面商业银行设立的基金管理公司的即将面世也给人们展现了我国金融立法中的现实问题,即金融法律规则供给机制上的滞后性、应急性及一事一法的特点。因此,对商业银行设立基金管理公司所引发的法律问题进行反思与检讨便必不可少。     

金融控股公司的立法构想

随着金融业的发展 ,金融混业经营将成为现实 ,这对我国金融混业经营的立法提出了挑战。针对我国金融业的现状 ,本文认为应单独制定一部金融控股公司法以规范金融混业。该法的立法目的要侧重于追求安全与效率 ,保障金融控股公司的稳健经营 ;该法的立法体系应包括金融控股公司的界定 ,金融控股公司的市场准入与退出规则 ,监管主体及措施和法律责任等几个方面     

Bad banks: a proposal based on German financial history

In conventional bad bank models, the estimated fundamental value of the illiquid assets is paid to the ailing bank, thereby leaving considerable economic risk with the asset management company. In this paper, a different approach is proposed which combines the bad bank solution with equalization claims, an instrument that has successfully been used in two previous German debt crises. The main idea is to temporarily swap toxic assets for government bonds with an open maturity date. This approach not only leaves total losses with the banks, but also avoids the problem of evaluating the toxic assets in advance. The current German bad bank legislation largely follows this idea, but suffers severely from unnecessary complexity and lack of participation by commercial banks.     

Opening up personal data protection: A conceptual controversy

The existence of a fundamental right to the protection of personal data in European Union (EU) law is nowadays undisputed. Established in the EU Charter of Fundamental Rights in 2000, it is increasingly permeating EU secondary law, and is expected to play a key role in the future EU personal data protection landscape. The right's reinforced visibility has rendered manifest the co-existence of two possible and contrasting interpretations as to what it come to mean. If some envision it as a primarily permissive right, enabling the processing of such data under certain conditions, others picture it as having a prohibitive nature, implying that any processing of data is a limitation of the right, be it legitimate or illegitimate. This paper investigates existing tensions between different understandings of the right to the protection of personal data, and explores the assumptions and conceptual legacies underlying both approaches. It traces their historical lineages, and, focusing on the right to personal data protection as established by the EU Charter, analyses the different arguments that can ground contrasted readings of its Article 8. It also reviews the conceptualisations of personal data protection as present in the literature, and finally contrasts all these perspectives with the construal of the right by the EU Court of Justice.     

The new EU cybersecurity framework: The NIS Directive,ENISA's role and the General Data Protection Regulation

The NIS Directive is the first horizontal legislation undertaken at EU level for the protection of network and information systems across the Union. During the last decades e-services, new technologies, information systems and networks have become embedded in our daily lives. It is by now common knowledge that deliberate incidents causing disruption of IT services and critical infrastructures constitute a serious threat to their operation and consequently to the functioning of the Internal Market and the Union. This paper first discusses the Directive's addressees particularly with regard to their compliance obligations as well as Member States’ obligations as regards their respective national strategies and cooperation at EU level. Subsequently, the critical role of ENISA in implementing the Directive, as reinforced by the proposal for a new Regulation on ENISA (the EU Cybersecurity Act), is brought forward, before elaborating upon the, inevitable, relationship of the NIS Directive with EU's General Data Protection Regulation.     

Priority goals in international co-operation of the Republic of Serbia in the field of environment and sustainable development

The paper points to the significance of some factors of international co-operation in the field of environment and sustainable development as a general framework for understanding of the fundamental goals in international co-operation of the Republic of Serbia (RS). It is especially pointed to the place and importance of the activities that are carried out in the European Union (EU), to the harmonisation of national legislation with EU legislation including regulations in the field of climate change, to the significance of international environmental agreements and various forms of global, regional, subregional and bilateral co-operation as well as to the co-operation with international financial institutions which are important for environment and sustainable development. The paper is based on the thesis that the fundamental goals in international co-operation of RS in the field of environment and sustainable development are mostly determined by the “European perspective” of RS and in accordance with this, with global trends in the contemporary environmental and sustainable development policy and law. Opening the prospect of the EU membership (potential candidate status and the status of the candidate for EU membership) has resulted in the acceleration of the process of harmonisation of national legislation with the EU’s as well as speeding up the process of ratification of the international treaties in the field of the environmental protection.     

Justice,Legitimacy and the Authority of Legislation within the European Union

What are we to make of the authority of legislation within the EU? EU lawyers have questioned the significance of legislative decision‐making within the EU. This article challenges these views and argues that the EU legislature must enjoy adequate freedom to shape EU law with the general interest in mind. Institutional accounts that seek to curtail the authority of legislation tend to rest upon ‘content‐dependent’ conceptions of political legitimacy, according to which the legitimacy of a decision depends on its moral qualities. Such conceptions overlook reasonable disagreements on justice and rest upon an overly optimistic (pessimistic) view of the Court (the legislature). The article argues for a content‐independent conception of legitimacy, following which the benefits of legislative decision‐making are more easily understood. The authority of legislation deserves wider recognition among EU lawyers for reasons of political legitimacy and because the EU legislature is better positioned to decide in the general interest.     

论我国存款保险制度的构建

存款保险制度设立的目的在于保护存款人利益,维持存款人对金融机构的信心,保证金融体系的稳定,最终维护社会公共利益。目前,我国存款保险制度的构建尚存在以下障碍:“资金援助”供需的结构性矛盾,差别费率与银行不良资产,金融立法滞后,缺乏一套客观公正的银行信用评级体系。我们应从立法体例和目标、存款保险机构、投保金融机构、存款保险资金以及存款保险费率等五个方面来构建我国的存款保险制度。     

Promoting Multilingual Consistency for the Quality of EU Law

The process of elaborating EU legislation includes the activity of translation. Drafting and translation cannot be considered separately but are rather two complementary activities whose aim is the quality of legislation. In order to achieve the required quality of legislation, one guiding principle is consistency of terminology. This study examines the particular case of two terms in German that appeared in the EC Treaty: Entscheidung and Beschluss. The inconsistent use of the two terms was the source of interpretative problems, as observed in Case C-370/07 Commission v Council. A comparison of the contested provisions in the EC Treaty and the provisions in the Treaty on the Functioning of the European Union shows that the terminological inconsistency has been corrected. After the examination of this case, we elaborate on the impact of terminological consistency on interpretation as reflected in requests for preliminary rulings.