scholarly journals The Law and Finance of Initial Coin Offerings

Cryptoassets ◽  
2019 ◽  
pp. 117-156 ◽  
Author(s):  
Aurelio Gurrea-Martínez ◽  
and Nydia Remolina
Keyword(s):  
Corporate Governance ◽  
Money Laundering ◽  
Data Protection ◽  
Law And Finance ◽  
Privacy Law ◽  
Section Viii ◽  
The Law ◽  
Financial Challenges ◽  
Insolvency Proceedings ◽  
Initial Coin Offerings

This chapter analyzes the legal and financial aspects of Initial Coin Offerings (ICOs). Section I examines the concept, features, and structure of an ICO. Section II analyzes the different regulatory approaches to deal with ICOs. Section III provides an overview of some of the accounting and financial challenges ICOs generate. Section VI focuses on the corporate governance aspects of ICOs. Section V analyzes how ICOs may raise issues related to money laundering, and how regulators and policymakers can deal with these problems. Section VI provides an overview of the challenges of ICOs from the perspective of privacy law and data protection. Section VII examines how insolvency may affect the issuer and buyer of tokens, and how insolvency jurisdictions should deal with those issues arising in insolvency proceedings involving cryptoassets. Finally, Section VIII discusses the jurisdictional issues arising in ICOs.

scholarly journals Rethinking capital markets reform: a reassessment of Olson problem and regulatory dualism in the German capital markets from a varieties of capitalism perspective

2015 ◽  
Vol 4 (4) ◽  
pp. 26-46
Author(s):  
André Ziccardi de Carvalho
Keyword(s):  
Corporate Governance ◽  
Capital Markets ◽  
Varieties Of Capitalism ◽  
Clear Understanding ◽  
Law And Finance ◽  
German Market ◽  
Economic Agents ◽  
The World ◽  
The Law ◽  
Neuer Markt

Since its proposition by Peter A. Hall and David Soskice the Varieties of Capitalism (VoC) approach has been particularly important to explain the relationship between economic agents and sets of institutional arrangements that, even in regulatory scenarios that Law and Finance’s school would consider “less than optimal”, are able to generate sustainable economic growth. In this context the VoC approach has been consistently challenging the traditional “one fits all” approach towards capital markets reform usually endorsed by institutions such as the World Bank and the International Monetary Fund, as well as by many scholars and capital markets regulators associated with La Porta’s Law and Finance School. As any theoretical framework, however, the VoC approach also faces its own challenges and still lacks the scientific maturity achieved by the Law and Finance School. Consequently a conciliation between the relational view of the firm proposed by the VoC approach and the overview of corporate governance practices throughout the world presented by the Law and Finance School would be instrumental to construe a more clear understanding of the competitive advantages generated by certain sets of institutions and, at the same time, more accurately assess impacts of reforms that, even if implemented with the legitimate goal of promoting firms’ transparency and higher corporate governance standards, may counter-intuitively generate unprecedented corporate and capital markets crisis. By analyzing two concepts proposed by Ronald J. Gilson, Henry Hansmann and Mariana Pargendler that have an apparent fundamental link to La Porta’s school of Law and Finance (i.e. Olson Problem and Regulatory Dualism) through a varieties of capitalism approach, this study aims at rethinking the traditional “one fits all” approach towards capital markets reform and taking a further step in the direction of conciliating the VoC approach with La Porta’s Law and Finance School. The analysis proposed in this article considers corporate and capital markets reforms in Germany between 1950 and 1997 (the year of creation of the Neuer Market) and also takes into consideration underlying economic factors of the German market economy, which ultimately contributed to the collapse of the Neuer Markt on late 2001.

Importance of Personal Data Protection Law for Commercial Air Transport

2017 ◽  
Vol 2017 (1) ◽  
pp. 35-44
Author(s):  
Dawid Zadura
Keyword(s):  
Data Protection ◽  
Public Information ◽  
Personal Data ◽  
Air Transport ◽  
Civil Aviation ◽  
Aviation Industry ◽  
Personal Data Protection ◽  
It Systems ◽  
Data Protection Law ◽  
The Law

Abstract In the review below the author presents a general overview of the selected contemporary legal issues related to the present growth of the aviation industry and the development of aviation technologies. The review is focused on the questions at the intersection of aviation law and personal data protection law. Massive processing of passenger data (Passenger Name Record, PNR) in IT systems is a daily activity for the contemporary aviation industry. Simultaneously, since the mid- 1990s we can observe the rapid growth of personal data protection law as a very new branch of the law. The importance of this new branch of the law for the aviation industry is however still questionable and unclear. This article includes the summary of the author’s own research conducted between 2011 and 2017, in particular his audits in LOT Polish Airlines (June 2011-April 2013) and Lublin Airport (July - September 2013) and the author’s analyses of public information shared by International Civil Aviation Organization (ICAO), International Air Transport Association (IATA), Association of European Airlines (AEA), Civil Aviation Authority (ULC) and (GIODO). The purpose of the author’s research was to determine the applicability of the implementation of technical and organizational measures established by personal data protection law in aviation industry entities.

scholarly journals Reconciliation of anti-money laundering instruments and European data protection requirements in permissionless blockchain spaces

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Iwona Karasek-Wojciechowicz
Keyword(s):  
Data Processing ◽  
Money Laundering ◽  
Data Protection ◽  
Task Force ◽  
Policy Instruments ◽  
Personal Data ◽  
General Data Protection Regulation ◽  
Terrorist Financing ◽  
The Government ◽  
High Level

AbstractThis article is an attempt to reconcile the requirements of the EU General Data Protection Regulation (GDPR) and anti-money laundering and combat terrorist financing (AML/CFT) instruments used in permissionless ecosystems based on distributed ledger technology (DLT). Usually, analysis is focused only on one of these regulations. Covering by this research the interplay between both regulations reveals their incoherencies in relation to permissionless DLT. The GDPR requirements force permissionless blockchain communities to use anonymization or, at the very least, strong pseudonymization technologies to ensure compliance of data processing with the GDPR. At the same time, instruments of global AML/CFT policy that are presently being implemented in many countries following the recommendations of the Financial Action Task Force, counteract the anonymity-enhanced technologies built into blockchain protocols. Solutions suggested in this article aim to induce the shaping of permissionless DLT-based networks in ways that at the same time would secure the protection of personal data according to the GDPR rules, while also addressing the money laundering and terrorist financing risks created by transactions in anonymous blockchain spaces or those with strong pseudonyms. Searching for new policy instruments is necessary to ensure that governments do not combat the development of all privacy-blockchains so as to enable a high level of privacy protection and GDPR-compliant data processing. This article indicates two AML/CFT tools which may be helpful for shaping privacy-blockchains that can enable the feasibility of such tools. The first tool is exceptional government access to transactional data written on non-transparent ledgers, obfuscated by advanced anonymization cryptography. The tool should be optional for networks as long as another effective AML/CFT measures are accessible for the intermediaries or for the government in relation to a given network. If these other measures are not available and the network does not grant exceptional access, the regulations should allow governments to combat the development of those networks. Effective tools in that scope should target the value of privacy-cryptocurrency, not its users. Such tools could include, as a tool of last resort, state attacks which would undermine the trust of the community in a specific network.

Integrating Law, Technology and Design: Teaching Data Protection & Privacy Law in a Digital Age

2021 ◽  
Author(s):  
Marcelo Corrales Compagnucci ◽  
Mark Fenwick ◽  
Helena Haapio ◽  
Erik P.M. Vermeulen
Keyword(s):  
Data Protection ◽  
Digital Age ◽  
Privacy Law ◽  
Technology And Design

The essential role of the investigation in fighting economic crime in Italy

2016 ◽  
Vol 23 (2) ◽  
pp. 465-480 ◽  
Author(s):  
Domitilla Vanni
Keyword(s):  
Money Laundering ◽  
Comparative Method ◽  
Economic Crime ◽  
European Convention ◽  
Right To Privacy ◽  
Content Type ◽  
Community Law ◽  
The Law ◽  
Financing Of Terrorism ◽  
The Right

Purpose This paper aims to analyse the evolution of European anti-money laundering discipline passing from the First Money Laundering Directive 91/308/EEC, that was only referred to banks and financial intermediaries, that has been furthermore extended to some activities and professions outside the financial sector. The research examines the different steps done buy Italian Legislation in the field of economic crime: at first Law n. 14/2003 of 3 February 2003 (Community Law 2002), they transposed the 2001 Directive 2001/97/EC and then the Law n. 56/2004 of 20 February 2004, that has implemented Directive 2001/97/EC. Now it is urgent to implement Directive 2005/60/EC that has extended the scope of the legislation, including the fight against the financing of terrorism and modified anti-money laundering obligations. Design/methodology/approach This paper deals with the Legislations of some European States (in particular UK and Italy) interpreting them by a comparative method. Findings This paper has put in clear some differences and some analogies between national legislations of different countries. Research limitations/implications In Italy, at first Law n. 14/2003 of 3 February 2003 (Community Law 2002), has transposed the 2001 Directive 2001/97/EC and then the Law n. 56/2004 of 20 February 2004, has implemented Directive 2001/97/EC. In 2005, Directive 2005/60/EC has extended the scope of the legislation, including the fight against the financing of terrorism and modified anti-money laundering obligations. Practical implications In the context of economic crime, capital investigations represent one of the most effective tools to fight the activities of organized crime in the phase of managing wealth illicitly produced and its immission in the circuit of the legal economy. Social implications The need of fighting economic crime must always be harmonized with the protection of right to privacy that has been acknowledged by Article 8 of the European Convention of Human Rights of 1950 as a fundamental right. Originality/value This paper develops the need to balance the right to privacy of every European citizen (Article 8 CEDU) with investigative power exercised by Public or Private Authorities, considering the possibility to comprise the first – if necessary – to allow the regular exercise of the second.

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