This paper examines the intrinsic and extrinsic risks of shadow banking and the use of structured... more This paper examines the intrinsic and extrinsic risks of shadow banking and the use of structured financial products within the banking system which cross over from unregulated banking into the regulated banking sector, creating risks for regulators. Those risks may be under-action, late action or overreaction. The paper looks at how the interaction of shadow banking products led to bank runs during the financial crisis and then considers that international regulators have since reacted to the Financial Crisis in ways which potentially increase regulatory risk rather than diminish it. This is so by reason of new regulations' differential application at country-level increasing the opportunities for regulatory arbitrage. Shadow banking exists precisely so as to bridge gaps or differences in international regulation.
This paper considers the process of engaging a foreign attorney as part of a transactional team. ... more This paper considers the process of engaging a foreign attorney as part of a transactional team. Sometimes called "foreign counsel", sometimes referred to as "local counsel", choosing a legal sub-contractor can carry risks which could damage a transaction if not handled correctly. The paper examines how to locate and engage the best foreign or local counsel, and how to manage them during a transaction. The paper also considers payment and disputes issues, together with the benefits of networking.
This paper examines international common law on auditor liability as well as audit practice itsel... more This paper examines international common law on auditor liability as well as audit practice itself during the period before the financial crisis 2007 – 2009 in relation to the risk models used by banks and financial institutions which clearly failed to anticipate the collapse of the US sub-prime mortgage market, with its consequential effects on the global economy. The paper focusses on the auditor’s internal controls opinion specifically, as being the aspect of audit most closely associated with risk management. The paper finds that although auditors were likely aware of the defects of risk models and although audit standards may have been extensive enough to require testing for such defects, there are probably insurmountable problems of causation and remoteness of damage that would hinder any claim by a third party. The paper concludes that the common law is broad enough to encompass negligent misstatement by auditors in these circumstances but that specific audit standards could be introduced to improve the auditing of a company’s risk management.
Two ancient principles first established in Magna Carta in 1215 have come to the fore in the Brex... more Two ancient principles first established in Magna Carta in 1215 have come to the fore in the Brexit struggle between the British Government and the Houses of Parliament in the United Kingdom. The Rule of Law principle and the Separation of Powers principle produced two crucial checks on the Prime Minister's initial plan to negotiate Brexit with the EU under Crown prerogative powers relating to treaty-making with foreign sovereigns. This speech to the English Speaking Union explains why the Gina Miller judgment and the loss of the 2017 election were the turning points that handed control of the process of Brexit to the House of Commons, where the Speaker of the House, John Bercow, has asserted mastery of parliamentary procedure to frustrate the Prime Minister.
Discussion of: Internet Creativity, Communicative Freedom and a Constitutional Rights Theory Resp... more Discussion of: Internet Creativity, Communicative Freedom and a Constitutional Rights Theory Response to 'Code is Law‘ by Christoph B. Graber
Bermuda and Caribbean Tax Havens - What's really Going on Offshore"? A presentation on the battl... more Bermuda and Caribbean Tax Havens - What's really Going on Offshore"? A presentation on the battle for scarce tax revenues, pitting mature indebted economies against smaller finance centres demonised as tax havens. Highlights definitional uncertainties and the internal contradictions within the OECD, EU and USA.
In imagining the Prioress and the Monk in the Prologue to The Canterbury Tales, this essay draws ... more In imagining the Prioress and the Monk in the Prologue to The Canterbury Tales, this essay draws on a mixture of descriptions of bodily appearance and costume, as well as of attitudes and manners, both of speech and of conduct. The Prologue also refers to the two pilgrims’ personal possessions, habits and circumstances, all of which paint them as, respectively, a social climbing but insecure “Grande Dame of the suburbs” , who blithely acts in ways inconsistent with her being a nun, and a pleasure-loving, rich, “manly man” with natural authority and strong opinions that contradict his holy vows .
Arguably, Jane Eyre undertakes two types of journey: secular and religious. Accordingly, one must... more Arguably, Jane Eyre undertakes two types of journey: secular and religious. Accordingly, one must identify different types of waypoints along these two arcs. After various trials, Jane’s secular endpoint is a fulfilling marriage to Rochester. Collaterally, becoming “one flesh” with Rochester solves the central question of Jane Eyre, the “reconciliation of principle with propensity” . Describing marriage thus is of a sacramental character, taking precedence over lesser Christian duties. That, together with narrative possibly adumbrating the Passion of Christ, make Jane Eyre a religious pilgrimage also.
Format for a co-operation agreement between public agencies supervising and preventing money-laun... more Format for a co-operation agreement between public agencies supervising and preventing money-laundering and terrorsit financing. Structured as a Master Agreement with Schedules for specific differences in specific situations or between specific parties.
This Discussion Paper for a seminar on Human Rights and Business considers the principal barriers... more This Discussion Paper for a seminar on Human Rights and Business considers the principal barriers to State administered justice for individuals complaining of abuses by multi-national companies. The paper seeks to identify in international law a minimum standard of treatment for individuals. A table of reports than considers whether that standard was met in a number of countries where multi-national corporations are accused of human rights abuses. The paper then seeks to identify the principal reasons why the standard was not met and to propose solutions to such barriers to justice.
This paper examines the intrinsic and extrinsic risks of shadow banking and the use of structured... more This paper examines the intrinsic and extrinsic risks of shadow banking and the use of structured financial products within the banking system which cross over from unregulated banking into the regulated banking sector, creating risks for regulators. Those risks may be under-action, late action or overreaction. The paper looks at how the interaction of shadow banking products led to bank runs during the financial crisis and then considers that international regulators have since reacted to the Financial Crisis in ways which potentially increase regulatory risk rather than diminish it. This is so by reason of new regulations' differential application at country-level increasing the opportunities for regulatory arbitrage. Shadow banking exists precisely so as to bridge gaps or differences in international regulation.
This paper considers the process of engaging a foreign attorney as part of a transactional team. ... more This paper considers the process of engaging a foreign attorney as part of a transactional team. Sometimes called "foreign counsel", sometimes referred to as "local counsel", choosing a legal sub-contractor can carry risks which could damage a transaction if not handled correctly. The paper examines how to locate and engage the best foreign or local counsel, and how to manage them during a transaction. The paper also considers payment and disputes issues, together with the benefits of networking.
This paper examines international common law on auditor liability as well as audit practice itsel... more This paper examines international common law on auditor liability as well as audit practice itself during the period before the financial crisis 2007 – 2009 in relation to the risk models used by banks and financial institutions which clearly failed to anticipate the collapse of the US sub-prime mortgage market, with its consequential effects on the global economy. The paper focusses on the auditor’s internal controls opinion specifically, as being the aspect of audit most closely associated with risk management. The paper finds that although auditors were likely aware of the defects of risk models and although audit standards may have been extensive enough to require testing for such defects, there are probably insurmountable problems of causation and remoteness of damage that would hinder any claim by a third party. The paper concludes that the common law is broad enough to encompass negligent misstatement by auditors in these circumstances but that specific audit standards could be introduced to improve the auditing of a company’s risk management.
Two ancient principles first established in Magna Carta in 1215 have come to the fore in the Brex... more Two ancient principles first established in Magna Carta in 1215 have come to the fore in the Brexit struggle between the British Government and the Houses of Parliament in the United Kingdom. The Rule of Law principle and the Separation of Powers principle produced two crucial checks on the Prime Minister's initial plan to negotiate Brexit with the EU under Crown prerogative powers relating to treaty-making with foreign sovereigns. This speech to the English Speaking Union explains why the Gina Miller judgment and the loss of the 2017 election were the turning points that handed control of the process of Brexit to the House of Commons, where the Speaker of the House, John Bercow, has asserted mastery of parliamentary procedure to frustrate the Prime Minister.
Discussion of: Internet Creativity, Communicative Freedom and a Constitutional Rights Theory Resp... more Discussion of: Internet Creativity, Communicative Freedom and a Constitutional Rights Theory Response to 'Code is Law‘ by Christoph B. Graber
Bermuda and Caribbean Tax Havens - What's really Going on Offshore"? A presentation on the battl... more Bermuda and Caribbean Tax Havens - What's really Going on Offshore"? A presentation on the battle for scarce tax revenues, pitting mature indebted economies against smaller finance centres demonised as tax havens. Highlights definitional uncertainties and the internal contradictions within the OECD, EU and USA.
In imagining the Prioress and the Monk in the Prologue to The Canterbury Tales, this essay draws ... more In imagining the Prioress and the Monk in the Prologue to The Canterbury Tales, this essay draws on a mixture of descriptions of bodily appearance and costume, as well as of attitudes and manners, both of speech and of conduct. The Prologue also refers to the two pilgrims’ personal possessions, habits and circumstances, all of which paint them as, respectively, a social climbing but insecure “Grande Dame of the suburbs” , who blithely acts in ways inconsistent with her being a nun, and a pleasure-loving, rich, “manly man” with natural authority and strong opinions that contradict his holy vows .
Arguably, Jane Eyre undertakes two types of journey: secular and religious. Accordingly, one must... more Arguably, Jane Eyre undertakes two types of journey: secular and religious. Accordingly, one must identify different types of waypoints along these two arcs. After various trials, Jane’s secular endpoint is a fulfilling marriage to Rochester. Collaterally, becoming “one flesh” with Rochester solves the central question of Jane Eyre, the “reconciliation of principle with propensity” . Describing marriage thus is of a sacramental character, taking precedence over lesser Christian duties. That, together with narrative possibly adumbrating the Passion of Christ, make Jane Eyre a religious pilgrimage also.
Format for a co-operation agreement between public agencies supervising and preventing money-laun... more Format for a co-operation agreement between public agencies supervising and preventing money-laundering and terrorsit financing. Structured as a Master Agreement with Schedules for specific differences in specific situations or between specific parties.
This Discussion Paper for a seminar on Human Rights and Business considers the principal barriers... more This Discussion Paper for a seminar on Human Rights and Business considers the principal barriers to State administered justice for individuals complaining of abuses by multi-national companies. The paper seeks to identify in international law a minimum standard of treatment for individuals. A table of reports than considers whether that standard was met in a number of countries where multi-national corporations are accused of human rights abuses. The paper then seeks to identify the principal reasons why the standard was not met and to propose solutions to such barriers to justice.
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