Contemporary Issues in Finance and Insolvency Law, Volume 2

Description

There is increasing regulatory interdependence amongst Central, East and South East Asia, European and North American financial markets, and these markets account for over one-third of the world’s population and global financial markets. As these Asian markets become more integral to global financial economy, more cohesive, compatible and integrated insolvency and restructuring laws are essential. This two-volume work reviews why we should internationalise current cross-border insolvency and how we could restructure laws to address inadequacies. The two-volume work evaluates international regulatory reforms directed at detecting and managing cross-border insolvency and restructuring crises across the entire economy including financial markets. The authors call for schemes of arrangements and letters of comfort to be formally accepted as international legal tools. The work also assesses recent, but as yet unregulated developments in financial agreements, namely, the use of close-out netting provisions. They are a significant preventative legal mechanism, protecting debtors, creditors and employees among others, before a declaration of insolvency. The book discusses international arbitration, data protection and artificial intelligence in cross-border insolvency and restructuring. Finally, it seeks a meaningful balance between self-regulation through financial contracts and other party practices, and regulation imposed by governments and international financial regulators. This extensive work will be a useful reference for legal practitioners, policy makers and scholars working on financial regulation and international financial laws. Cover Half Title Title Copyright Contents List of Figures Foreword Preface Acknowledgement 7 International Arbitration 7.1 Introduction 7.2 The Recognition and Enforcement of International Commercial Arbitration 7.3 Tension Between Arbitration and Cross-Border Insolvency 7.3.1 Arbitration Clauses – Insolvency Disputes 7.3.2 Managing Debt and Arbitration 7.3.3 Entering into Insolvency Following Conclusion of Arbitration – but Before Award is Issued 7.3.4 Assets Located in Separate Jurisdictions 7.3.5 Arbitrability – Australia and Singapore 7.3.6 Seat and Jurisdiction 7.3.7 Winding Up 7.4 Conclusion 8 Cross-Border Insolvency and Data Protection Law 8.1 Introduction 8.2 Data Protection Versus Privacy Case Law 8.3 Personal Data – What Does It Constitute? Australia China The European Union United States Comparative Differences 8.4 Data Localisation 8.5 Consent Australia The European Union China The United States Overview 8.6 Controller – Processor 8.7 Data Portability Australia European Union China United States Overview 8.8 Conclusion 9 Artificial Intelligence and Insolvency 9.1 Introduction 9.2 Predicting Financial Stress – Insolvency 9.3 Artificial Intelligence – Restructuring 9.4 Artificial Intelligence (AI) and Law 9.5 Regulating Artificial Intelligence 9.5.1 Defining Artificial Intelligence 9.6 Applying Artificial Intelligence in Law Managing Financial Risks through AI AI Going Forward 9.7 Conclusion 10 Internationalisation of Commercial Law and Pathway Forward 10.1 Introduction 10.2 Culture, Legal Culture, Legal Tradition 10.3 The Rule of Law 10.4 Obstacles to Further Internationalising Commercial Law 10.5 Bilateralism and Multilateralism 10.6 Transparency – A Concept that Supports the Internationalisation of Commercial Law 10.7 International Organisations 10.8 Pathway Forward and Conclusion 10.8.1 Cross-Border Insolvency 10.8.2 Schemes of Arrangement (SA) 10.8.3 Letters of Comfort (LC) 10.8.4 Mergers, Acquisitions – Foreign Investment 10.8.5 Netting Provisions 10.8.6 Technology – Personal Data 10.9 Concluding Remarks 10.9.1 Diagram – A Theory of Action Appendix One ISDA Master Agreements 1987 ISDA Master Agreement 1992 ISDA Master Agreement (United States) 2002 ISDA Master Agreement (United States) 2001 ISDA Cross-Agreement Bridge 2002 ISDA Energy Agreement Bridge Enforceability Force Arbitration Technology Index