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Christos V. Gortsos - One of the best experts on this subject based on the ideXlab platform.
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the evolution of european eu Banking Law under the influence of public international Banking Law a comprehensive overview third fully updated edition
Social Science Research Network, 2020Co-Authors: Christos V. GortsosAbstract:The present study contains a further (second) update of the comprehensive overview of the evolution of European (EU) Banking Law under the influence of public international Banking Law. It is structured in two Parts. Part One, titled “Public International Financial Law (Regulation)” contains four Sections: Section A gives the definition, presents the various branches, and undertakes a brief overview of the historical evolution, in three periods, of public international financial Law. The following Section B discusses the four levels of the making and enforcement of public international financial Law (political decisionmaking – adoption of the rules – coordination – indirect enforcement of rules) and its sources, with emphasis on the ‘Compendium of Standards and Codes’ of the Financial Stability Board (FSB). Section C presents then the international fora adopting international financial standards and the Committee on the Global Financial System. The Basel Committee on Banking Supervision, which is the main forum setting standards pertaining to public international Banking Law, is discussed in more details in Section D. The new Appendix I briefly discusses the measures taken at global level in relation to financial stability amidst the current pandemic crisis. Part Two, titled “European (EU) Banking Law (Regulation)” is more detailed and structured in six Sections: Section A gives the definition and the branches of EU financial Law and then undertakes a brief overview of its historical evolution, in four periods. Appendix I discusses in more details the procedure for the making of EU financial Law after the recent (2007-2009) international financial crisis. Section B presents the developments in EU financial Law as a result of the ongoing fiscal crisis in the euro area, which leads to the presentation of the (European) Banking Union (BU), including the still pending issues in relation thereto. The following Sections C and D present, in turn and briefly, the two main pillars of the BU, namely the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). Section E contains an analysis of the Deposit Guarantee Schemes Directive (DGSD) of 2014 and Section F briefly presents the Emergency Liquidity Assistance (ELA) mechanism, which refers to last resort lending to viable credit institutions in the euro area by the national central banks – members of the Eurosystem. The financial stability measures taken at EU level amidst the current pandemic crisis are discussed in the new Appendix III. The cut-off date for information included therein is 31 December 2020.
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The Functions of Central Banks and Definition of European Central Banking Law
Palgrave Macmillan Studies in Banking and Financial Institutions, 2020Co-Authors: Christos V. GortsosAbstract:This chapter provides a definition of European central Banking Law on the basis of the functions of central banks in the monetary, financial, and payment and settlement systems, discussing, in the first section, in turn, their monetary policy function (including both ‘conventional’ and ‘unconventional’ monetary policy), their financial stability function(s), their functions in relation to payment and settlement systems and their function in promoting financial inclusion and literacy. The second section defines European central Banking Law as a synthesis of European monetary and financial Law (also defined therein), based on the stronger link, since November 2014, between European monetary and Banking Law, given that, inter alia, the European Central Bank (ECB) is both a single monetary authority within the Eurosystem and a Banking supervisory authority within the Single Supervisory Mechanism.
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european Banking union within the system of european Banking and monetary Law
2019Co-Authors: Christos V. GortsosAbstract:The (European) Banking Union (BU) has been in place since November 2014, even though its form is not yet complete. The legal acts adopted on its basis and those constituting the single rulebook underlying its three main pillars are concurrently the key sources of European Union (EU) Banking Law. Nevertheless, mainly due to the pivotal role of the European Central Bank (ECB) as a monetary and Banking supervisory authority, the question arises whether these legal acts also constitute EU monetary Law. This study, structured in six sections, seeks to substantiate that, even though the BU is considered to be a condition for the deepening of the Economic and Monetary Union (EMU), its legal sources are fully embedded into EU Banking Law, but not in EU monetary Law.
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the comitology procedure under the european parliament and council regulation eu no 182 2011 and its importance for eu Banking Law
Social Science Research Network, 2016Co-Authors: Christos V. GortsosAbstract:The present working paper provides an analysis of Regulation (EU) No 182/2011, of the European Parliament and of the Council "laying down the rules and general principles concerning mechanisms for control by Member States of the Commission’s exercise of implementing powers", which repealed Council Decision 1999/468/EC of 28 June 1999, as in force after its amendment by Council Decision 2006/512/EC of 17 July 2006. It is structured in four Sections: (i) Section 1 examines the Comitology procedures within the system of Law-making under the TFEU. (ii) A closer look into the general aspects of Regulation (EU) No 182/2011 and the 'Comitology Committees' provided therein is the subject of Section 2. (iii) In Section 3, the two main Comitology procedures laid down by the Regulation (the examination and the advisory procedures) are analysed. (iv) Finally, Section 4 presents the other provisions of the Regulation (namely those on immediately applicable implementing acts and on controls by the European Parliament and the Council, the transitional provisions and arrangements, as well as the review clause).
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the evolution of european Banking Law from the principle of national treatment to the european Banking union
Social Science Research Network, 2015Co-Authors: Christos V. GortsosAbstract:This paper aims at a brief but systematic overview of the evolution of European Banking Law, which is one (if not the most important) of the branches of European financial Law. It is structured in three sections: (1) Section A provides the definition of European Banking Law (under 1) and reviews the institutional and regulatory developments during the first three periods of its evolution (under 2-4). (2) Section B deals with the institutional and regulatory developments during the first phase of the fourth (and current) period in the evolution of European Banking Law, which were responses to the recent (2007-2009) international financial crisis. (3) Finally, Section C presents the institutional and regulatory developments during the second phase of the fourth period in the evolution of European Banking Law, which took place as a response to the current fiscal crisis in the euro area and led to the establishment of the European Banking Union.
Maphuti Tuba - One of the best experts on this subject based on the ideXlab platform.
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lodhi 5 properties investments cc v firstrand bank limited 2015 3 all sa 32 sca and the enforcement of islamic Banking Law in south africa
Potchefstroom Electronic Law Journal, 2017Co-Authors: Maphuti TubaAbstract:On 22 May 2015, the Supreme Court of Appeal (“SCA”) handed down a judgment in the matter of Lodhi 5 Properties Investments Cc v Firstrand Bank Limited [2015] 3 All SA 32 (SCA). This judgement considered whether the prohibition against the charging of interest on loan in terms of Islamic Law (Shariah Law) may be a defence for a claim for mora interest in term of a loan agreement. This note critically discusses the judgement in light of the approach adopted by the SCA with regard to addressing dispute arising from a contract that has Islamic Law as a governing Law. As this is the first case that came before the SCA in South Africa, this note critically analyses how this court discussed the applicable principles of Islamic Law as applicable to the dispute between the parties. In particular, it questions the court’s assertion that a claim for mora interest has nothing to do with and is not affected by the Shariah Law's prohibition against payment of interest on a loan debt. It also looks at the SCA’s approach (as a common Law court) with regard to the enforcement of Islamic Banking Law principles. This judgement raises important issues regarding the enforceability of Islamic finance Law and therefore merits discussion, in light of the continuing growth and expansion of Islamic Banking and finance Law in South Africa.
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lodhi 5 properties investments cc v firstrand bank limited 2015 3 all sa 32 sca and the enforcement of islamic Banking Law in south africa
Social Science Research Network, 2017Co-Authors: Maphuti TubaAbstract:On 22 May 2015, the Supreme Court of Appeal (SCA) handed down a judgment in the matter of Lodhi 5 Properties Investments CC v FirstRand Bank Limited [2015] 3 All SA 32 (SCA). This judgement considered whether the prohibition against the charging of interest on a loan in terms of Islamic Law (Sharia Law) may be a defence for a claim for mora interest in terms of a loan agreement. This note critically discusses the judgment in the light of the approach adopted by the SCA with regard to addressing a dispute arising from a contract that has Islamic Law as a governing Law. As this is the first case to come before the SCA in South Africa, this note critically analyses how the court discussed the principles of Islamic Law as applicable to the dispute between the parties. In particular, it questions the court's assertion that a claim for mora interest has nothing to do with and is not affected by the Sharia Law's prohibition against payment of interest on a loan debt. It also looks at the SCA's approach (as a common Law court) with regard to the enforcement of the principles of Islamic Banking Law. The judgment raises important issues regarding the enforceability of Islamic finance Law and therefore merits discussion in the context of the continuing growth and expansion of Islamic Banking and finance Law in South Africa.
Alemnew Gebeyehu Dessie - One of the best experts on this subject based on the ideXlab platform.
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a critical analysis of the ethiopian Banking Law in light of the basel committee on Banking supervision s corporate governance principles for banks
Social Science Research Network, 2017Co-Authors: Alemnew Gebeyehu DessieAbstract:For everyone taking part in a development community, endeavoring to bring democracy through ameliorating economic situations and political structures, overcoming poverty, infrastructure decay, limited access to basic resources, and lack of private-sector jobs are sensitive concerns in fragile and emerging economies. For this, to address these and other related problems and maintain the legitimacy of governments, measures ranging from democratic to market reform were undertaken. Amongst all, corporate governance does have a pivotal role in cleansing the governance environment in unmasking insider relationships and injecting values of transparency and accountability in both spheres of private and public transactions. It is also accelerating a functional small and medium-sized enterprise sector entrusted for sustainable solutions to poverty in generating jobs and attracting investment. Hence, as good governance in the private and public sector is inseparable, corporate governance is found to be an important tool in bringing democracies to reveal for all segments of society.
J B Ruhl - One of the best experts on this subject based on the ideXlab platform.
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a practical guide to habitat conservation Banking Law and policy
Social Science Research Network, 2009Co-Authors: J B RuhlAbstract:This article describes and evaluates the habitat conservation Banking program the Clinton Administration conceived and the Bush Administration adopted under the Endangered Species Act.
Daniel K Tarullo - One of the best experts on this subject based on the ideXlab platform.
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bank supervision and administrative Law
Social Science Research Network, 2020Co-Authors: Daniel K TarulloAbstract:This article presents a systematic consideration of how administrative Law doctrines apply to Banking supervision, an unusual form of administrative practice. First, it describes the rationales for, and process of, bank supervision. Key here is an explanation of why financial regulation that is optimal in a narrow efficiency sense includes a supervisory function entailing considerable discretion. The relative opacity of some important features of this administrative practice has made it difficult for legal scholars to obtain a sufficiently informed understanding of the process to evaluate it against relevant legal norms and standards. Second, the article uses recent administrative Law arguments lodged by Banking interests against key supervisory practices as the springboard for an analysis of how our largely “trans-substantive” administrative Law can be problematic in the context of specific mandates given by Congress to administrative agencies. It argues that courts considering how administrative Law doctrine applies to agency practices must consider more fully the substantive Law the underpins the mission and organization of the agency. In the context of Banking supervision, Congress has regularly included in its amendments to Banking Law clear acknowledgement of the supervisory function, and has at times created expectations for how that function will advance safety and soundness regulation. When these statutory provisions are taken appropriately into account, arguments that supervisory practices are consistent with administrative Law requirements are considerably strengthened. Third, the article demonstrates how even a more tailored application of contemporary administrative Law doctrines would miss a critical feature of Banking supervision – that it is premised on an ongoing relationship between banks and supervisors. Judicial review of agency action usually focuses on discrete agency actions, thereby eliding this critical fact. As a result, administrative Law doctrines such as the “practically binding” test for agency guidance peculiarly inapposite. The last part of the article offers a tentative proposal for shifting the administrative Law review of supervisory actions to focus on the iterative nature of the supervisory relationship.
