Global systemically important banks (G-SIBs) are the largest, most complex and, in the event of their potential failure, most threatening banking institutions in the world. The Global Financial ...Crisis (GFC) was a turning point for G-SIBs, many of which contributed to the outbreak and severity of this downturn. The unfolding of the GFC also revealed flaws and omissions in the legal framework applying to financial entities. In the context of G-SIBs, it clearly demonstrated that the legal regimes, both in the USA and in the EU, grossly ignored the specific character of these institutions and their systemic importance, complexity, and individualism. As a result of this omission, these megabanks were long treated like any other smaller banking institutions. Since the GFC, legal systems have changed a lot on both sides of the Atlantic, and global and national lawmakers have adopted new rules applying specifically to G-SIBs to reduce their threat to financial stability. This book explores whether the G-SIB-specific regulatory frameworks are adequately tailored to their individualism in order to prevent them from exploiting overly general rules, as they did during the GFC. Analyzing the specific character and individualism of G-SIBs, in relation to their history, normal functioning, as well as their operations during the GFC, this book discusses transformation of banking systems and the challenges and opportunities G-SIBs face, such as Big Tech competitors, climate-related requirements, and the COVID-19 pandemic. Taking a multidisciplinary approach which combines financial aspects of operations of G- SIBs and legal analysis, the book describes G-SIB-oriented legal frameworks of the EU and the USA and assesses whether G-SIB individualism is adequately reflected, analyzing trends in supervisory action when it comes to discretion in the G-SIB context, all in order to contribute to the ongoing discussions about international banking law, its problems, and potential remedies to such persistent flaws.
Abstract
In a keynote speech Robert C. Marshall addresses unobserved collusion. Although the extent and scope of unobserved collusion is unknown, the repeated detection of cartels among some ...multi-product firms raises questions and concerns. Do some multi-product firms potentially have a large portfolio of cartels where detected cartels are just a small part of their total collusive activity? This address examines conduct by multi-product firms that suggests potential grounds for concern.
Platform businesses formed new types of economic activities based on information and communication technology. Although governments encourage these businesses, they create challenges in the economic ...environment that indicate a failure in the efficiency of market mechanism and economic laws, especially Competition Law. This study aims to clarify the effects of business platform features on the Competition law and its Authority. For this purpose, a selected list of (anti) competition cases in Brazil, Russia, India, China, South Africa (Brics), and Iran has been selected based on a multi-case study. The results show five characteristics of platform businesses age, including a) two-sided markets and network effect b) access instead of ownership c) revenue model and pricing d) innovation in business model and new economic segmentation, and e) data, its ownership, and privacy affect the three instances of the cartel, abuse dominance, and merger principles; Such as new examples of horizontal contracts, hub role-playing, vertical contracts (cartel/collusion), self-preferences, discrimination, denial of access through gateways, exploitation, assimilation of goods and services and aggressive/predatory pricing (abuse dominance) and changing corporate turnover and market structure (Merger). Second, these characteristics affect how the relevant market is defined (relevant product and relevant geography) and recognize the apparent market power. In addition, this study highlights the importance of designing a competition law authority concerning the sectoral regulator.
•We propose a governance structure for mandatory data sharing on data-driven markets.•A governance structure details investigation, decision making, and enforcement.•Optimal governance combines ...economically efficient centralization with legally necessary decentralization.•We show how and why it differs from current EU legal initiatives (DMA, DSA).
To prevent market tipping, which inhibits innovation, there is an urgent need to mandate sharing of user information in data-driven markets. Existing legal mechanisms to impose data sharing under EU competition law and data portability under the GDPR are not sufficient to tackle this problem. Mandated data sharing requires the design of a governance structure that combines elements of economically efficient centralization with legally necessary decentralization. We identify three feasible options. One is to centralize investigations and enforcement in a European Data Sharing Agency (EDSA), while decision-making power lies with National Competition Authorities in a Board of Supervisors. The second option is to set up a Data Sharing Cooperation Network coordinated through a European Data Sharing Board, with the National Competition Authority best placed to run the investigation adjudicating and enforcing the mandatory data-sharing decision across the EU. A third option is to mix both governance structures and to task national authorities to investigate and adjudicate and the EU-level EDSA with enforcement of data sharing.
The ebook edition of this title is Open Access and freely available to read online. Specification for Tunnelling, Fourth edition is a standard industry document for tunnelling contracts and forms the ...basis of tunnelling specifications for projects throughout the world. It reflects current industry best practice and considers technological advancements over the last ten years. It also investigates a range of new topics. Since the publication of the third edition in 2010, the British tunnelling industry has completed several major projects both domestic and abroad. This updated fourth edition captures the many advances made in the field of tunnelling and the lessons learned on these projects through a comprehensive review of all content by subject matter experts. The importance of sustainability and the increased market share of low CO2e materials have been reflected by removal of prescriptive requirements and a strong emphasis on performance-based specification. All references to codes, standards and other design documents have been comprehensively updated. Drafted by an expert editorial committee and supported by multiple rounds of industry-wide peer reviews, the Specification for Tunnelling in its fourth edition will continue to be the de facto standard reference work for tunnelling in the UK and worldwide.
Professional sport has undoubtedly been hit hard by COVID-19. Clubs and governing bodies have had to adapt rapidly to the public health emergency and have come under great financial and regulatory ...strain. Some sports have weathered the storm better than others, though, and professional rugby union experienced significant off-field turbulence, with wages reductions seen across the English Premiership. This article will examine the conduct of Premiership Rugby and its clubs during the COVID-19 crisis from a competition law perspective and will argue that, by acting in concert, Premiership and the clubs may have breached UK competition law.
This book focuses on the neglected yet critical issue of how the global migration of millions of parents as low-waged migrant workers impacts the rights of their children under international human ...rights law. The work provides a systematic analysis and critique of how the restrictive features of policies governing temporary labour migration interfere with provisions of the Convention on the Rights of the Child that protect the child-parent relationship and parental role in children’s lives. Combining social and legal research, it identifies both potential harms to children’s well-being caused by prolonged child-parent separation and State duties to protect this relationship, which is deliberately disrupted by temporary labour migration policies. The book boldly argues that States benefitting from the labour of migrant workers share responsibility under international human rights law to mitigate harms to the children of these workers, including by supporting effective measures to maintain transnational child-parent relationships. It identifies measures to incorporate children’s best interests into temporary labour migration policies, offering ways to reduce interferences with children’s family rights. This book fills a gap that emerges at the intersection of child rights studies, migration research and existing literature on the purported nexus between labour migration and international development. It will be a valuable resource for academics, researchers and policymakers working in these areas.
The article identifies, systematizes the decisions taken by the Georgian Competition and Consumer Agency regarding digital markets/competition and reviews the practices established by the Agency ...based on the said decisions. The introduction of the article highlights the significant challenge of modern competition law, which implies that competition law does not exist independently of era and context, and it is important that competition law and its enforcement mechanisms function effectively in the conditions of the modern digital economy. The article then defines the digital economy and describes two of its key features, (big) data and digital platforms. A number of theoretical problems are then mentioned which may hinder the effective enforcement of competition law in relation to similar economic agents/markets. The main part of the article will concern the review of the decisions made by the Competition Agency in relation to online markets and digital platforms. Since there are currently no special legislative or by-law norms necessary for the effective enforcement of competition law in the digital age, the Competition Agency is guided by the general legislative framework regulating competition law to resolve similar issues. The analysis of the decisions revealed that the practice of the Agency develops in the direction of only two: (I) unfair competition (II) agreements restricting competition, and currently there is no, for example, a decision of the Competition Agency regarding the abuse of a dominant position by digital platforms.
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