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.
Author(s): Leon Trakman, Robert Walters
Publisher: Routledge
Year: 2022
Language: English
Pages: 187
City: London
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
