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Corporate Finance Law in the UK and EU [Hardback]

(Reader, University College London), (Visiting Professor, University College London)
  • Formāts: Hardback, 608 pages, height x width x depth: 253x179x52 mm, weight: 1200 g
  • Izdošanas datums: 10-Feb-2011
  • Izdevniecība: Oxford University Press
  • ISBN-10: 0199589615
  • ISBN-13: 9780199589616
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Corporate Finance Law in the UK and EUPalielināt
  • Formāts: Hardback, 608 pages, height x width x depth: 253x179x52 mm, weight: 1200 g
  • Izdošanas datums: 10-Feb-2011
  • Izdevniecība: Oxford University Press
  • ISBN-10: 0199589615
  • ISBN-13: 9780199589616
Citas grāmatas par šo tēmu:
Permanent link: https://www.kriso.lv/db/9780199589616.html
Keywords:
Combining perspectives from practice, legal theory and doctrinal analysis, this book presents a comprehensive examination of the questions facing the current understanding and future application of corporate finance law, such as the optimal adaptation of regulation in highly dynamic settings and the scope for innovation in legal markets in light of the current debt crisis. Corporate Finance Law in the UK and EU considers areas of corporate finance that are likely to be of key importance in the next few years including regulatory reforms, which are of present concern. It also addresses timely and important questions such as the impact of higher interest rates on capital markets strategies and how directors should balance the demands for disclosure and transparency with the cost of compliance. Bringing together contributions from over 20 international leading academic and practitioner experts in this area, this book provides a comparative perspective of equity financing, debt financing, European law and policy, and practical research on how to improve and solve current problems related to corporate finance.

Recenzijas

Despite the very technical nature of its topics, the contributors to this book have successfully managed to strike the right balance between, the level of details used in introducing their subjects on the one hand, and the sophistication and intellectual nature of their arguments on the other hand. * Abdul Karim Aldohm, Banking & Finance Law Review * ...this is a text that serves as a more than worthy addition to the literature and will set the benchmarks for future entrants to this field. * Paul J. Omar, International Company and Commercial Law Review *

Table of Cases
xxi
Table of Legislation
xxxiii
List of Contributors
xlv
List of Abbreviations
li
PART I EQUITY FINANCING AND CAPITAL MARKETS FINANCE
1 The Prohibition Against Financial Assistance: Constructing a Rational Response
3(24)
1.1 Introduction
3(3)
1.2 The Origins, Development, and Policy Objectives of the Prohibition
6(7)
1.3 The Current Regime
13(9)
1.3.1 Background
13(1)
1.3.2 The meaning of financial assistance
14(2)
1.3.3 The exceptions to the prohibition
16(2)
1.3.4 The consequences of breaching the prohibition
18(3)
1.3.5 Towards relaxing the prohibition: EU developments
21(1)
1.4 Constructing a Measured Response to Financial Assistance
22(2)
1.5 Conclusion
24(3)
2 The Decline of Legal Capital: An Exploration of the Consequences of Board Solvency-Based Capital Reductions
27(32)
2.1 Introduction
27(8)
2.2 Legal Strategies for Regulating Capital
35(6)
2.3 The Winners and Losers from the Board-Solvency-Statement Option
41(6)
2.4 The Irrelevance of Capital-Reduction Regulation
47(5)
2.5 The Evolutionary Implications of Legal Capital Reform
52(4)
2.6 Conclusion
56(3)
3 Schemes of Arrangement
59(28)
3.1 Introduction
59(1)
3.1.1 Summary
59(1)
3.1.2 Strengths of schemes as a method of restructuring
59(1)
3.1.3 Objection to the fundamental principle underlying schemes of arrangement
60(1)
3.2 Scheme Basics
60(2)
3.2.1 Elements of a scheme
60(1)
3.2.2 A scheme must be effected by a company
61(1)
3.3 Standing to Make an Application for an Order Sanctioning a Scheme
62(1)
3.4 Creditors Who Can Enter into a Scheme with the Company
63(5)
3.4.1 Factors determining who is a creditor
63(2)
3.4.2 Contribution claimants
65(1)
3.4.3 Dependants with claims under the Fatal Accidents Act 1976
66(1)
3.4.4 The need for a definition of `creditor'
67(1)
3.5 Beneficial and Legal Ownership
68(1)
3.5.1 Beneficial owners are not creditors
68(1)
3.5.2 The persons who are the members that can enter into a scheme with the company
68(1)
3.6 Practical Implications Arising From It Being the Legal Rather than the Beneficial Owner That is the Member or Creditor Who is Party to the Scheme
69(2)
3.6.1 Depositary interests
70(1)
3.7 Challenges to the Headcount Test
71(1)
3.7.1 Discretion to ignore the outcome of the headcount test
71(1)
3.7.2 A reaction to share splitting in Hong Kong
71(1)
3.8 Schemes Involving Third Parties
72(5)
3.8.1 Re T & N Ltd (No 3)
73(1)
3.8.2 Releases of third parties
73(3)
3.8.3 Enforcing schemes of arrangement with provisions affecting third parties
76(1)
3.9 Constitution of Classes for Meetings to Approve the Scheme
77(2)
3.9.1 The test for deciding who can vote at the meeting to approve the scheme
77(1)
3.9.2 The role of the court
77(1)
3.9.3 The relevance of the comparator
78(1)
3.10 The Explanatory Statement
79(1)
3.10.1 Scope of obligation
79(1)
3.10.2 The role of the court
80(1)
3.11 Schemes Contrasted with Court Applications in Other Comparable Contexts
80(3)
3.11.1 The role of the FSA
80(1)
3.11.2 The role of the independent expert
81(1)
3.11.3 The role of the Policyholder Advocate
82(1)
3.11.4 The role of the Takeover Panel
82(1)
3.12 The Scheme Process
83(4)
3.12.1 Electronic communications and use of websites
83(1)
3.12.2 Conduct of the meetings
84(1)
3.12.3 Factors to be taken into account when the court exercises discretion to sanction a scheme
85(1)
3.12.4 Collateral motives for voting
86(1)
4 Insider Dealing After the Market Abuse Directive
87(30)
4.1 Introduction
87(1)
4.2 Criticism and Justification of the Ban
88(3)
4.3 Inside Information
91(6)
4.4 Abuse of Inside Information
97(3)
4.5 The Necessary Mens Rea and Other Requirements of Due Process in Insider Dealing Cases
100(4)
4.6 Legal Transactions
104(8)
4.6.1 No use of the inside information
104(2)
4.6.2 Equal use
106(1)
4.6.3 Fair use
107(3)
4.6.4 The presumption of use and its rebuttal
110(2)
4.7 Passing on Inside Information
112(4)
4.8 Conclusion
116(1)
5 Short-Sales Regulation in Seasoned Equity Offerings: What Are the Issues?
117(22)
5.1 Introduction
117(4)
5.2 Short-Sales in Contemporary Financial Markets
121(4)
5.3 Should Short-Sales in the Context of SEOs be Banned? A Cost-Benefit Analysis
125(8)
5.3.1 The efficiency benefits of short-selling
125(2)
5.3.2 Destabilization of orderly markets and settlement risk
127(1)
5.3.3 The impact of short-sales on SEOs
128(3)
5.3.4 Does short-selling before SEOs amount to market abuse?
131(2)
5.4 How Short-Sales in the Context of SEOs Should be Regulated
133(5)
5.4.1 IOSCO Principles
133(1)
5.4.2 EU proposals
134(1)
5.4.3 A model for the regulation of short-selling around SEOs
135(3)
5.5 Conclusion
138(1)
6 Initial Public Offers---the Supply and Demand Side Perspectives in the Legal Framework
139(30)
6.1 Introduction
139(1)
6.2 The Supply Side Perspective
140(14)
6.2.1 The prospectus passport in the EU
142(1)
6.2.2 Cognizance for industry needs in the regulation of offer documents
143(4)
6.2.3 Little regulation of the bookbuilding process
147(1)
6.2.4 The exception of price stabilization
148(2)
6.2.5 The exceptions to the prospectus regime
150(4)
6.3 The Demand Side Perspective
154(14)
6.3.1 The disclosure regime and investor protection
155(3)
6.3.2 Market trends, practices, and biases surrounding an IPO
158(5)
6.3.3 Investor redress
163(5)
6.4 Conclusion
168(1)
7 The Future Role of Credit Rating Agencies in Contemporary Financial Markets---A Theoretical Perspective
169(44)
7.1 Introduction
169(2)
7.2 The Role of CRAs, their Potential Liability, and the Various Flaws in their Operation
171(14)
7.2.1 Defining credit ratings
171(2)
7.2.2 Credit ratings: just an opinion?
173(5)
7.2.3 Distinguishing CRAs from other rating agencies
178(2)
7.2.4 The use of ratings made by market participants
180(1)
7.2.5 The criticisms advanced against CRAs
181(4)
7.3 The Relationship between CRAs and the Structured Finance Market
185(6)
7.3.1 Asset securitization
186(1)
7.3.2 Collateralized debt obligations
187(4)
7.4 Regulating CRAs and Assessment of Current Proposals for Reform
191(15)
7.4.1 Is more regulation needed?
193(2)
7.4.2 Financial Stability Forum
195(1)
7.4.3 SIFMA
195(1)
7.4.4 The EU Regulation on CRA
196(8)
7.4.5 The Turner Review in the UK
204(2)
7.5 Conclusion
206(7)
PART II DEBT FINANCING AND TAXATION
8 Contractual Aspects of Debt Financing
213(20)
8.1 Introduction
213(1)
8.2 Contract and Conveyance
213(5)
8.3 Characterization as a Charge
218(1)
8.4 The Mystery of the Floating Charge
219(4)
8.5 Failure to Insist Upon Contractual Rights
223(3)
8.6 Automatic Crystallization
226(1)
8.7 Charge Backs
227(2)
8.8 The `Two Funds' Fallacy
229(2)
8.9 Conclusion
231(2)
9 Security
233(36)
9.1 Overview
233(1)
9.2 Types of Security
234(11)
9.2.1 Pledge
235(4)
9.2.2 Lien
239(1)
9.2.3 Mortgage
240(3)
9.2.4 The charge
243(2)
9.3 Classification and Characterization
245(7)
9.3.1 The English law approach to classification
245(3)
9.3.2 Difficult questions in the classification of securities
248(4)
9.4 Security over Intangibles and Future Assets
252(3)
9.4.1 The manner in which securities are held and dealt with
252(3)
9.5 Security and the Need to Deal with Assets
255(2)
9.6 The Problem of Charge Backs
257(1)
9.7 Presenting a `True and Fair View': Registration
258(4)
9.7.1 The importance of registration
258(1)
9.7.2 The English registration regime
258(2)
9.7.3 Foreign corporations
260(1)
9.7.4 Registration under the Companies Act and the specialist registers
261(1)
9.8 Priorities
262(7)
9.8.1 The different priority rules
262(7)
10 Set-off, Netting, and Alternatives to Security
269(26)
10.1 Introduction
269(2)
10.2 Set-off
271(6)
10.3 Netting
277(4)
10.4 Alternatives to Security
281(9)
10.5 European Law
290(5)
11 Policy Issues and Reform in Debt Finance: The Reform of the English Law of Secured Transactions in Personal Property
295(28)
11.1 Introduction
295(1)
11.2 Examining the Case for Reform
296(18)
11.2.1 The multiplicity of interests and forms of transaction under English law
297(2)
11.2.2 Fixed vs floating charges
299(1)
11.2.3 Security vs other transactions: the risk of re-characterization and the difficulties with rights and remedies
300(5)
11.2.4 Registration of security
305(3)
11.2.5 Priorities
308(6)
11.3 Previous Suggestions for Reform
314(1)
11.4 The Current Consultation
315(1)
11.5 Suggestions for Reform
316(4)
11.6 Further Questions for Consideration
320(3)
12 Practitioner's Perspective: The Financial Collateral Directive in England
323(38)
12.1 Introduction
323(1)
12.2 The Material, Personal, and Temporal Scope of the FCAR
324(4)
12.3 Financial Collateral
328(6)
12.3.1 Cash
328(3)
12.3.2 Financial instruments
331(3)
12.4 Security Financial Collateral Arrangement
334(11)
12.4.1 Relevant financial obligations
334(2)
12.4.2 Possession and control
336(9)
12.5 Title Transfer Financial Collateral Arrangement
345(1)
12.6 Disapplication of Formalities
346(1)
12.7 Disapplication of Insolvency Provisions
347(2)
12.8 Close-out Netting
349(6)
12.9 Right of Use Under Security Financial Collateral Arrangement
355(1)
12.10 Enforcement by Way of Appropriation
356(2)
12.11 Conflict of Laws Regarding Book Entry Securities Collateral
358(2)
12.12 Conclusion
360(1)
13 The Assymetrical Treatment of Debt and Equity Finance under UK Tax Law
361(32)
13.1 Introduction
361(2)
13.2 Debt and Equity Finance under UK Tax Law
363(2)
13.3 Is the Different Tax Treatment of Debt and Equity Justified?
365(3)
13.4 Does the Difference in Treatment Affect the Capital Structure of Companies?
368(1)
13.5 Behavioural Responses and Legislative Rejoinder
369(7)
13.5.1 Equity disguised as debt
370(4)
13.5.2 Debt disguised as equity
374(2)
13.6 International Tax Issues
376(13)
13.6.1 Thin capitalization rules
377(4)
13.6.2 Taxation of foreign profits, debt cap, and controlled foreign companies
381(5)
13.6.3 International tax arbitrage
386(3)
13.7 Conclusion
389(4)
PART III EUROPEAN LAW AND POLICY
14 The EU Financial Services Action Plan and its Impact on Corporate Finance
393(36)
14.1 Introduction
393(4)
14.2 Setting the Scene
397(4)
14.2.1 The single market programme
397(1)
14.2.2 What is the FSAP?
398(1)
14.2.3 The Lamfalussy lawmaking process
399(2)
14.3 Assessing the Impact of the FSAP on EU Corporate Finance
401(24)
14.3.1 Regulatory impacts: establishing the contours of the new regulatory landscape
403(7)
14.3.2 Market impacts
410(7)
14.3.3 Elements of regulatory competition
417(2)
14.3.4 Costs and inefficiencies
419(6)
14.4 Conclusion
425(4)
15 How does Corporate Mobility Affect Lawmaking? A Comparative Analysis
429(32)
15.1 Introduction
429(4)
15.2 Challenging the `Non-Competition' Strategy?: The Societas Europaea
433(9)
15.2.1 The SE: an incomplete lawmaking product
434(2)
15.2.2 The SE: a vehicle for company law arbitrage?
436(6)
15.3 ECJ Case Law: Challenging the `Non-Competition' Strategy?
442(16)
15.3.1 The incorporation mobility cases
442(3)
15.3.2 The reincorporation mobility cases
445(3)
15.3.3 The practical impact of the ECJ case law
448(6)
15.3.4 Responsive (but not competitive) lawmaking in Germany and the Netherlands
454(4)
15.4 Conclusion
458(3)
16 Is Volkswagen The New Centros? Free Movement of Capital's Impact on Company Law
461(32)
16.1 Introduction
461(3)
16.2 Freedom of Establishment and Free Movement of Capital
464(5)
16.3 The Volkswagen Case
469(5)
16.3.1 Background
469(1)
16.3.2 The judgment
470(1)
16.3.3 The Thyssen Krupp case
471(1)
16.3.4 Consequences and emerging questions
472(2)
16.4 Systematic Analysis of the Free Movement of Capital
474(17)
16.4.1 Private action
474(5)
16.4.2 State action
479(8)
16.4.3 A common approach
487(3)
16.4.4 Volkswagen: the aftermath
490(1)
16.5 Conclusion
491(2)
17 Equivalence-Based Regulation and EU Prospectus Law---The Shadow Regime
493(26)
17.1 Introduction
493(3)
17.2 Equivalence-Based Regulation and Article 20 PD
496(12)
17.2.1 Prior approval as a means to recognize equivalence
497(2)
17.2.2 Limits to prior approval
499(3)
17.2.3 Equivalence-based regulation among Member States
502(6)
17.3 Article 20 PD: A Shadow Regime in Need of Reform?
508(9)
17.3.1 Pathology
508(3)
17.3.2 Remedies
511(1)
17.3.3 Strategies
511(1)
17.3.4 Actors
512(5)
17.4 Conclusion
517(2)
18 Legal Capital and the EU Treaties
519(22)
18.1 Introduction
519(1)
18.2 Summary of the (Former) Debate on Legal Capital
520(7)
18.3 The Test of Legal Capital under EU Law
527(12)
18.3.1 National provisions on legal capital and basic freedoms
527(7)
18.3.2 Directive provisions on minimum capital and basic freedoms
534(3)
18.3.3 The legal capital system of the Directive: legitimate harmonization?
537(2)
18.4 Conclusion
539(2)
Index 541
Dan Prentice is a visiting professor at University College London and practices at Erskine Chambers. He is Emeritus Professor of Corporate Law at the University of Oxford and he is a member of the Law Society's Committees on Company Law and Insolvency Law.



Arad Reisberg is a Reader in Corporate and Financial Law at University College London. His research interests are in the field of corporate law, financial law, corporate finance and regulation of financial markets.