Part F Cross-Border Issues, 42 Cross-Border Financial Services, Consumer Protection, and Unfair Contract Terms

2015 ◽  
Author(s):  
Proctor Charles
Keyword(s):  
Consumer Protection ◽  
Financial Services ◽  
Customer Relationship ◽  
Financial Instruments ◽  
Trading System ◽  
Consumer Law ◽  
Cross Border ◽  
Multilateral Trading System ◽  
Rome I ◽  
The Impact

This chapter considers the provisions of Rome I that deal specifically with financial instruments and contracts for the provision of financial services. It discusses the background to Rome I and its consumer protection rules; the meaning of ‘financial instruments’ for Rome I purposes; contracts concluded within a multilateral trading system (Articles 4(1)(h) and 6(4)(e)); consumer law exemptions applicable to financial instruments, rights issues, and takeover offers (Article 6(4)(d)); the consumer law exemption relating to foreign services (Article 6(4)(a)); the banker-customer relationship; and the impact of domestic consumer laws.

Consumer Protection in the EU Conflict-of-Laws Framework

2019 ◽  
Vol 18 (1) ◽  
pp. 169-193
Author(s):  
Carlos Llorente
Keyword(s):  
Consumer Protection ◽  
Conflict Of Laws ◽  
Consumer Law ◽  
Cross Border ◽  
Consumer Contracts ◽  
Centre Of Rotation ◽  
Globalized World ◽  
Rome I ◽  
Insight Into ◽  
The Eu

Consumer law nowadays pervades all areas of activity where consumers are present. The EU, along with its Member States, is probably one of the leading actors in promoting consumer protection. Also, in a globalized world, where the fact of being a consumer is a valuable asset (given their purchasing power), the cross-border implications of consumer contracts need to be effectively tackled by legislators. The EU has tried to address global legal concerns concerning consumer contracts by producing conflict-of-law rules such as article 6 of the Rome I Regulation and others contained in specifically-focused directives. This article reviews the scope and application of those rules and offers some insight into the not-so-well construed interaction between them all, keeping in mind that article 6 of the Rome I Regulation should be the centre of rotation of all EU PIL law in this field.

scholarly journals Will International Rules on Subsidies Disrupt the World Trading System?

2006 ◽  
Vol 96 (3) ◽  
pp. 877-895 ◽  
Author(s):  
Kyle Bagwell ◽  
Robert W Staiger
Keyword(s):  
Market Access ◽  
Formal Analysis ◽  
Trading System ◽  
Domestic Production ◽  
Multilateral Trading System ◽  
The World ◽  
World Trading System ◽  
The Creation ◽  
The Impact ◽  
The Multilateral Trading System

We provide a first formal analysis of the international rules that govern the use of subsidies to domestic production. Our analysis highlights the impact of the new subsidy disciplines that were added to GATT rules with the creation of the WTO. While GATT subsidy rules were typically viewed as weak and inadequate, our results suggest that the key changes introduced by the WTO subsidy rules may ultimately do more harm than good to the multilateral trading system by undermining the ability of tariff negotiations to serve as the mechanism for expanding market access to more efficient levels.

scholarly journals The Impact of Protectionism on the Completion and Duration of Cross-Border Acquisitions

2021 ◽  
Author(s):  
◽  
Rehanna Callaghan
Keyword(s):  
National Security ◽  
Host Country ◽  
Firm Size ◽  
Financial Services ◽  
Foreign Firms ◽  
Gdp Growth ◽  
Target Firm ◽  
Cross Border ◽  
Time Required ◽  
The Impact

<p>This study investigates the impact of protectionism in a host country on the completion likelihood of an announced cross-border acquisition and the time required to complete the acquisition. Adopting a legitimacy perspective, I identify and test boundary conditions at the firm and national levels to study the relationship between protectionism and cross-border acquisition completion and duration. I hypothesise that in host countries with a high level of protectionism, as reflected by the level of non-tariff barriers, cross-border acquisitions are less likely to be completed and the time taken to close the acquisition deal increases. I also propose that the relationships between protectionism and acquisition outcomes are moderated by critical target firm characteristics and the host country's economic condition. Specifically, these moderators include target firm size, target firm performance, the degree to which the target industry is sensitive to national security concerns, and the host country's GDP growth. I test these hypotheses using a sample of 675 cross-border acquisition attempts by firms in the manufacturing and services industries (excluding financial services) into the U.S. and Canada between 1995 and 2015. The results of the statistical analysis support the prediction that the higher the degree of protectionism, the lower likelihood of acquisition completion and the longer the duration is between acquisition announcement and completion. Findings also support the predicted moderating effects of the target firm size, performance and national security concern. However, the hypothesised moderating effect of the host country's GDP growth was not supported by the results. This finding suggests that host country protectionism impacts cross-border acquisition attempts, irrespective of the host country's economic development. These findings have significant implications for legitimacy-based explanations of cross-border acquisitions. In particular, the results of this study indicate that when protectionism is high, the host country is more likely to raise concerns around the legitimacy of foreign firms. In turn, these firms face adverse host country scrutiny which can result in a failed acquisition attempt, or an extended and therefore, costlier acquisition deal. The framework and findings of this study contribute to an institution-based view and, in particular, to a legitimacy-based perspective in the research on the internationalisation of firms.</p>

scholarly journals The Impact of Protectionism on the Completion and Duration of Cross-Border Acquisitions

2021 ◽  
Author(s):  
◽  
Rehanna Callaghan
Keyword(s):  
National Security ◽  
Host Country ◽  
Firm Size ◽  
Financial Services ◽  
Foreign Firms ◽  
Gdp Growth ◽  
Target Firm ◽  
Cross Border ◽  
Time Required ◽  
The Impact

<p>This study investigates the impact of protectionism in a host country on the completion likelihood of an announced cross-border acquisition and the time required to complete the acquisition. Adopting a legitimacy perspective, I identify and test boundary conditions at the firm and national levels to study the relationship between protectionism and cross-border acquisition completion and duration. I hypothesise that in host countries with a high level of protectionism, as reflected by the level of non-tariff barriers, cross-border acquisitions are less likely to be completed and the time taken to close the acquisition deal increases. I also propose that the relationships between protectionism and acquisition outcomes are moderated by critical target firm characteristics and the host country's economic condition. Specifically, these moderators include target firm size, target firm performance, the degree to which the target industry is sensitive to national security concerns, and the host country's GDP growth. I test these hypotheses using a sample of 675 cross-border acquisition attempts by firms in the manufacturing and services industries (excluding financial services) into the U.S. and Canada between 1995 and 2015. The results of the statistical analysis support the prediction that the higher the degree of protectionism, the lower likelihood of acquisition completion and the longer the duration is between acquisition announcement and completion. Findings also support the predicted moderating effects of the target firm size, performance and national security concern. However, the hypothesised moderating effect of the host country's GDP growth was not supported by the results. This finding suggests that host country protectionism impacts cross-border acquisition attempts, irrespective of the host country's economic development. These findings have significant implications for legitimacy-based explanations of cross-border acquisitions. In particular, the results of this study indicate that when protectionism is high, the host country is more likely to raise concerns around the legitimacy of foreign firms. In turn, these firms face adverse host country scrutiny which can result in a failed acquisition attempt, or an extended and therefore, costlier acquisition deal. The framework and findings of this study contribute to an institution-based view and, in particular, to a legitimacy-based perspective in the research on the internationalisation of firms.</p>

Evaluating the Impact of Trade Liberalization on Women With Special Reference to the Kingdom of Bahrain

2018 ◽  
pp. 152-177
Author(s):  
Amal Nagah Elbeshbishi ◽  
Ebtihaj A. Al A'ali
Keyword(s):  
Special Reference ◽  
Trade Liberalization ◽  
Gender Gap ◽  
National Level ◽  
Policy Recommendations ◽  
Trading System ◽  
Multilateral Trading System ◽  
Disaggregated Data ◽  
And Gender ◽  
The Impact

The institutional framework of the multilateral trading system (MTS) assumes that trade policies and agreements are gender neutral. There is very little known on the impact of trade liberalization on women, partly because of lack of gender-disaggregated data in trade statistics and partly because of lack of gender awareness in economic analysis. This chapter discusses the issue of trade liberalization and gender gap in general, then the issue of trade liberalization and women employment specifically, to evaluate the impact of trade liberalization on women with special reference to the Kingdom of Bahrain. Finally, the chapter concludes and discusses the policy recommendations as to whether national-level policy recommendations or international ones are necessary to move towards a gender-balanced trading system.

The new European crowdfunding regulation: facilitating cross-border services

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Marco Brand
Keyword(s):  
European Union ◽  
Financial Services ◽  
Business Models ◽  
Service Providers ◽  
The European Union ◽  
Content Type ◽  
Cross Border ◽  
Funding Sources ◽  
Capital Markets Union ◽  
The Impact

Purpose To explain the new Crowdfunding Regulation to market participants and to describe the impact of the Crowdfunding Regulation on current crowdfunding business models in the European Union. Design/methodology/approach This article provides an overview of the new Crowdfunding Regulation with a focus on the provisions concerning cross-border services (“European Passport”) and the new authorization requirements for crowdfunding service providers. Findings In particular the introduction of the European passport will open new funding sources for project owners. This together with the harmonized authorization requirements of crowdfunding service providers is expected to contribute to further growth of the crowdfunding market in the European Union. The Crowdfunding Regulation is a further step on the way to a Capital Markets Union in Europe and regulates crowdfunding for the first time on a European level. Practical implications The Crowdfunding Regulation does not cover all existing crowdfunding business models in Europe (e.g., consumer as project owners and qualified subordinated loans are exempted). Insofar, the rules of the Member States continue to apply with the consequence of a partial fragmentation of applicable regulations. Originality/value Expert guidance from experienced financial-services lawyer.

scholarly journals FINANCIAL MARKET OF UKRAINE - A MODERN LOOK AT THE ESSENCE OF THE CONCEPT

2019 ◽  
pp. 13-20
Author(s):  
I. Blahun
Keyword(s):  
Financial Market ◽  
Financial Institutions ◽  
Financial Services ◽  
Basic Function ◽  
Insurance Companies ◽  
Financial Resources ◽  
Financial Intermediaries ◽  
Financial Instruments ◽  
Investment Funds ◽  
The Impact

The article presents a modern view of understanding of "financial market" concept, as the development of financial technologies gradually influences the change of paradigm of its functioning, new financial institutions, institutions of market infrastructure, financial instruments are emerging, as well as the development of forms of alternative financing. On the base of the systematization, it is determined that the term "financial market" in the current scientific literature is considered from three positions, first as a mechanism of distribution of financial resources, secondly, as a system of economic relations, and thirdly as a set of markets and institutions. As a result of the research on the contrary to the popular opinion that the financial services market and the financial market are two separate markets, it has been substantiated that the financial services market is a part of the financial market, because financial instruments are formed through the provision of financial services. The financial market and the market of financial services have common subjects - financial intermediaries (banks, insurance companies, non-government pension funds, investment funds, etc.), but at the same time the objects of these two markets are different. Financial instruments are objects for financial markets, and services – for the market of financial services. Through the process of financial services providing, financial intermediaries ensure the fulfilment of the basic function of the financial market, which is the redistribution of financial resources in the economy, thereby creating financial assets, liabilities, etc., which is the basis for the formation of financial instruments. Taking into account of the impact of fintech on the development of the financial market, author's definition was presented in this work as a system of financial institutions (market subjects), which create the conditions for transactions with financial instruments of economic agents (market objects) using appropriate infrastructure and financial technologies. Transfer of flows of financial resources in the economy at national, subnational and global levels, adequate assess of financial risks and ability to absorb exogenous and endogenous shocks were determined as a purpose of the functioning of the financial market. Keywords: fintech, financial instruments, financial institutions, financial services market, financial system, financial services..

scholarly journals Law Applicable to Consumer Contracts: Interaction of the Rome I Regulation and EU-directive-based Rules on Conflicts of Laws

2016 ◽  
Vol 24 ◽  
pp. 63 ◽  
Author(s):  
Ragne Piir ◽  
Karin Sein
Keyword(s):  
Consumer Protection ◽  
Legal Certainty ◽  
Conflict Of Laws ◽  
Cross Border ◽  
Eu Directive ◽  
Article 9 ◽  
Consumer Contracts ◽  
Mandatory Rules ◽  
Rome I ◽  
Apparent Problem

The article discusses the abundance and interaction of rules aimed at determining the law applicable to cross-border consumer contracts. Firstly, it examines whether there is a continuing need for conflict-of-laws rules that stem from consumer-related directives. It then addresses the question of whether the Estonian Law of Obligations Act’s conflict-of-laws rules comply with the consumer-related directives. Lastly, the relations between the conflict‑of‑laws rules stemming from consumer-related directives and the Rome I Regulation are analysed. The authors conclude that the level of consumer protection afforded by Rome I seems to allow for a waiver of the various simultaneously existing directive-based conflict rules. Such renunciation would not only resolve the issue of inaccurate transposition to national laws – an apparent problem for the Estonian legislator as well – but also contribute to legal certainty. While the conflict-of-laws rules of Rome I and the national directive-based rules coexist, the latter are to be considered subordinately to Rome I. The conflict rules of the Estonian Law of Obligations Act are deemed to be only domestically mandatory and therefore not to be viewed as overriding mandatory rules in the sense of Article 9 of Rome I.

scholarly journals EXEMPTION PROVISIONS AND THE CONSUMER PROTECTION ACT, 2008: SOME PRELIMINARY COMMENTS

Obiter ◽  
2014 ◽  
Author(s):  
Mark Tait ◽  
Stephen Newman
Keyword(s):  
Consumer Protection ◽  
Standard Form ◽  
Tourism Industry ◽  
Negative Consequences ◽  
Shopping Malls ◽  
Tourist Attractions ◽  
Consumer Law ◽  
Consumer Protection Act ◽  
Parking Garages ◽  
The Impact

Suppliers have found it most convenient to reduce their risk of liability by inserting a provision in their contracts with consumers – be it in a written and signed contract or in the form of a displayed notice – in terms of which suppliers are exempted from liabilities they would otherwise be obliged to accept. Exemption of liability provisions are often contained in standard-form contracts but also in notices displayed at public venues such as hotels, restaurants, shopping malls, parking garages, entertainment complexes, tourist attractions and even petrol-service stations. The same may probably be said of a host of other suppliers, including suppliers of tourism services. It is not surprising, therefore, that a significant factor in the development of consumer law in general can be “ascribed to legislative responses to business disclaimers of accountability for negative consequences attendant upon their dealings with consumers”.The Consumer Protection Act 68 of 2008 (CPA) introduced a number of provisions which impact on the use by suppliers of provisions that aim to exclude the liability of suppliers for harm to consumers caused through the negligence of the supplier. The CPA defines a supplier in section 1 as: “a person who markets any goods or services”. To market is defined as: “to promote or supply any goods or services”.This note seeks to provide a conceptual framework for the understanding and application of relevant provisions of the CPA to exemption provisions. The impact is considered within the context of the tourism industry in order to illustrate some of the practical consequences of the CPA on the use of exemption provisions. The note does not seek to question whether exemption provisions are contrary to public policy per se.

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