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- Preliminary Material
- Contents
- Table of Cases
- Table of Legislation
- Table of Treaties and International Instruments
- List of Contributors
- List of Abbreviations
- General Introduction
- Main Text
- Part I Responses to the Covid-19 Crisis and Maintenance of Financial Stability
- 1 The Role of International Financial Fora in Preserving Global Financial Stability Amidst the Pandemic Crisis: The First 18 Months
- Preliminary Material
- 1.1 Introductory Remarks
- 1.2 Global Financial Stability: The Role of the Financial Stability Board
- 1.3 Aspects Specifically Relating to Banking Sector Stability
- 1.4 Capital Markets’ Stability and Investor Protection: The Role of the International Organization of Securities Commissions (IOSCO)
- 1.5 Insurance Sector Stability: The (Relatively Limited) Role of the International Association of Insurance Supervisors (IAIS)
- 1.6 Concluding Remarks
- 2 Measures Taken by the Federal Reserve in Response to Financial Stress in the US Economy Arising from the Global Pandemic
- Preliminary Material
- 2.1 Introduction
- 2.2 Federal Reserve Mandate
- 2.3 Specific Federal Reserve ‘Emergency’ Responses to Restore and Maintain Financial Stability
- 2.25
- 2.26
- 2.27
- 2.28
- 2.29
- 2.3.1 Federal Reserve programmes announced before the CARES Act
- 2.3.2 The enactment of the CARES Act and the Main Street Lending Program
- 2.3.3 Other programmes announced after the enactment of the CARES Act
- 2.4 Monetary Policy
- 2.5 Banking Supervision
- 2.6 Financial Infrastructure
- 2.7 Conclusion
- 3 The Response of Central Banks to the COVID-19 Crisis: Legal Aspects of the ECB’s Monetary Policy Measures
- Preliminary Material
- 3.1 Introduction
- 3.2 The Monetary Policy Measures Undertaken by the ECB as a Response to the COVID Crisis
- 3.3 Measures Relating to Asset Purchase Programmes
- 3.4 Measures Relating to Lending Programmes
- 3.5 Measures Relating to Central Bank Liquidity Lines
- 3.6 The ECB’s Monetary Policy Strategic Review: An Overview
- 3.7 The Measures Undertaken by the ECB as a Prudential Supervisor in Response to the COVID Crisis
- 3.8 Concluding Remarks
- 4 The Response of Central Banks to the COVID-19 Crisis: Legal Aspects of the Bank of England’s Policy Measures
- Preliminary Material
- 4.1 Introduction
- 4.2 Overview of the Bank of England’s Remit
- 4.3 MPC and FPC Actions
- 4.4 The Asset Purchase Facility
- 4.5 Use of Swap Lines
- 4.6 Credit Supply via the Banking System
- 4.7 Direct Credit Supply
- 4.8 Ways and Means
- 4.9 Additional Supportive Prudential Measures
- 4.61
- 4.62
- 4.63
- 4.9.1 Measures concerning dividends, buy-backs, and variable remuneration
- 4.9.2 Other Systemically Important Institutions buffer rates
- 4.9.3 The Transitional Measure on Technical Provisions
- 4.9.4 Measures taken by the Bank and the PRA to alleviate operational burdens on firms
- 4.9.5 Operational readiness for a zero or negative Bank Rate
- 4.9.6 The Bank as resolution authority
- 4.9.7 FMI Supervision
- 4.10 Conclusion
- 5 Central Bank Policy Responses to the Effects of COVID-19 on the Brazilian Economy
- Preliminary Material
- 5.1 Introduction
- 5.2 Banco Central do Brasil’s Roles in the Context of the COVID-19 Economic Crisis
- 5.3 Monetary Responses: Enhancing Financial System Liquidity
- 5.4 Regulatory Responses: Supporting Credit to Households and Businesses
- 5.5 Conclusion
- 6 Safeguarding Financial Stability in China: Legal and Institutional Framework
- 1 The Role of International Financial Fora in Preserving Global Financial Stability Amidst the Pandemic Crisis: The First 18 Months
- Part II Digitalization of Money and Finance
- 7 Lex Financiera Cryptographia
- 8 Towards an International Framework for the Regulation and Supervision of ‘Stablecoins’
- Preliminary Material
- 8.1 Executive Summary
- 8.2 Introduction
- 8.3 What are Stablecoins?
- 8.4 What Can Make a ‘Stablecoin’ a Means of Payment or Store of Value?
- 8.5 What Financial Risks and Vulnerabilities Could Stablecoins Give Rise To?
- 8.6 How to Design an Appropriate Regulatory Architecture to Address the Risks and Vulnerabilities?
- 8.7 Cross-border Issues
- 8.8 Conclusion
- 8.9 Annex
- 9 The Evolution of New Forms of Money and the Monetary Constitution
- 10 Payment in Virtual Currency: The Legal Challenge
- 11 Regulation of Cryptoassets: The EU/EEA Perspective in the Global Context
- Preliminary Material
- 11.1 Preliminary Remarks
- 11.2 Subject Matter and Taxonomy
- 11.3 Interaction of Private Law and Regulation of Capital Markets under Public Law
- 11.4 Global Standard Setters
- 11.5 Digital Euro
- 11.6 Current EU Regulatory Baseline
- 11.7 On the Way to Harmonizing: EU/EEA Perspectives
- 11.7.1 Gaps, open questions, and need to take action
- 11.7.2 National legislation
- 11.7.3 EU Draft Regulatory Package
- 11.63
- 11.64
- 11.7.3.1 Addenda to the ‘MiFID II’ Directive 2014/65/EU
- 11.7.3.2 Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937
- 11.7.3.3 Regulation on a Pilot Regime for Market Infrastructures based on Distributed Ledger Technology
- 11.7.3.4 Taking effect, transitional periods, and grandfathering
- 11.8 Next Steps
- 11.9 Outlook
- 12 Japanese and International Law Developments of Crypto and Digital Currencies
- Preliminary Material
- 12.1 Introduction
- 12.2 Technological Development, Interrelation, and Monetary Sovereignty
- 12.2.1 Overcoming the legal issues associated with technological development: The case of overseas monitoring
- 12.2.2 Interrelation and mismatches between the points of contention in public and private law
- 12.2.3 What is monetary sovereignty?
- 12.2.4 State monopoly of money needed?
- 12.2.5 Possible G20 initiative to resolve cross-border CBDC conflicts
- 12.2.6 Proposal of principles for an international model
- 12.3 The Tangibility Requirement of Cryptocurrencies and Digital Currencies in Japan
- 12.4 Conclusion
- 13 Regulating Financial Data in the Digital Era
- Part III Sustainable Finance
- 14 The Evolution of the Regulatory Framework Governing Climate Change and Sustainable Finance in the EU and UK
- Preliminary Material
- 14.1 Introduction
- 14.2 The ‘Trilogy’ of Legislative Acts Governing the Sustainable Finance Framework under EU Law
- 14.3 On the EU Taxonomy Regulation (TR)
- 14.3.1 Scope and field of application
- 14.3.2 Criteria for determining whether economic activities qualify as environmentally sustainable and the Commission’s Delegated Acts
- 14.3.3 Disclosure requirements for environmentally sustainable investments and the provisions on non-financial reporting
- 14.3.4 Social taxonomy
- 14.4 The Gradual Shift from Capital Markets-Related to Banking-Related Legislation in the EU
- 14.4.1 New initiatives by the (European) Commission
- 14.4.2 The Report of the European Banking Authority (EBA) on the management and supervision of ESG risks for credit institutions and investment firms and the way forward
- 14.5 The Position in the United Kingdom
- 14.6 Conclusion
- 15 Digitalization and Sustainability: Implications for Financial Law from a Japanese Perspective
- 16 The Emerging Human Rights and Environmental Due Diligence Responsibility of Financial Institutions
- Preliminary Material
- 16.1 One of the Last Bastions of Corporate Social Responsibility
- 16.2 The Distinction between the Obligations of Public and of Private Financial Institutions
- 16.3 Corporate Due Diligence as a Responsibility Proxy
- 16.4 The Controversy Regarding the Scope of the Due Diligence Responsibility of Financial Institutions
- 16.5 Conclusion
- 14 The Evolution of the Regulatory Framework Governing Climate Change and Sustainable Finance in the EU and UK
- Part IV Legal Aspects of Central Banking and Banking Regulation and Supervision
- 17 Independence and Accountability of Central Banking
- 18 Unconventional Monetary Policy in the Euro Area: A Comparative Analysis with the Unconventional Monetary Policy of the Federal Reserve
- Preliminary Material
- 18.1 Introduction
- 18.2 Phases of Unconventional Monetary Policy and Changing Objectives
- 18.3 Policy Tools
- 18.4 Ongoing Constitutional Conflicts in the EU
- 18.5 Conclusion
- 19 Central Banking in Taiwan
- 20 Legal Framework for Monetary Integration in West Africa—AfCFTA
- Preliminary Material
- 20.1 Background
- 20.2 Objectives of AfCFTA
- 20.3 Advantages of the AfCFTA
- 20.4 Monetary Integration
- 20.5 Analytical Frameworks for Integration
- 20.6 Attempts at Monetary Integration in West Africa
- 20.7 Effectiveness of the AfCFTA/How the AFCFTA Can Advance Monetary Integration in West Africa
- 20.8 Foundation Pillars for Integration
- 20.9 Possible Constraints to the Use of the AfCFTA in Attaining Monetary Integration
- 20.10 Conclusion
- 21 Supervisory Lessons from Bank Failures in Uganda
- Preliminary Material
- 21.1 Introduction
- 21.2 The Regulation and Supervision of Banks
- 21.3 Causes of Bank Failures in Uganda: Two Case Studies
- 21.4 Supervisory Lessons from the Bank Failures
- 21.42
- 21.43
- 21.44
- 21.4.1 The centrality of the right supervisory team
- 21.4.2 The supervisor’s mandate: Prudential versus conduct of business supervision
- 21.4.3 The regulation and supervision of banks as corporations
- 21.4.4 Independence of the central bank—confidentiality versus the public interest
- 21.4.5 Timely deployment of appropriate enforcement measures
- 21.5 Conclusion
- 22 Financial Standards Are Not Legally Binding … Or Are They?
- Preliminary Material
- 22.1 Introduction
- 22.2 Some Illustrative Standards Applicable to the Financial Sector
- 22.3 Reflections on Accountability
- 22.4 Conclusion
- Part I Responses to the Covid-19 Crisis and Maintenance of Financial Stability
- Further Material
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