Breaking Up is Hard to Do: An Essay on Cross-Border Challenges in Resolving Financial Groups

2005 ◽  
pp. 175-191
Author(s):  
Thomas C. Baxter ◽  
Joseph H. Sommer
Author(s):  
Michael Schillig

The difficulties associated with the supervision and failure resolution of cross-border financial groups were among the key issues that came into renewed focus as a result of the global financial crisis. The cross-border dimension affects the recovery and resolution process in its entirety from the initial planning phase right through to liquidation. The chapter summarizes the elements of cross-border group law mentioned in previous chapters. It looks briefly at the US framework and the changes introduced through the Dodd–Frank Act. It discusses international jurisdiction of authorities and courts, the applicable law that governs proceedings, and the recognition and effects of foreign proceedings, in particular, in accordance with Directive 2001/24/EC on the reorganization and winding up of credit institutions and investment firms and the UNCITRAL Model Law on Cross-Border Insolvency. It also analyses the new European framework for co-operation in the cross-border group resolution context.


Author(s):  
Gabriel Moss QC ◽  
Bob Wessels ◽  
Matthias Haentjens

Within Germany, the harmonization of the national bank insolvency laws by Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms (the BRRD) has rendered an already complex legislative landscape considerably more confusing. For credit institutions, there are now no less than three different statutes that lay down the procedures and substantive provisions available to supervisory and resolution authorities, and the procedural framework for cross-border coordination and recognition is to be found in two of them (with some overlap in terms of scope and content). While the BRRD has been transposed within a separate new statute (the Act on the Recovery and Resolution of Institutions and Financial Groups), the provisions transposing Directive 2001/24/EC on the reorganisation and winding up of credit institutions (the Credit Institutions Directive) continue to be included in the German Banking Act. Section 46 of the Banking Act also continues to lay down administrative powers, including the closure of a failing institution, the imposition of a freeze of assets and stay of payments (known as the ‘moratorium’), as well as the removal of senior management for the German financial supervisory authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin).


Policy Papers ◽  
2010 ◽  
Vol 2010 (96) ◽  
Author(s):  

The recent financial crisis has given renewed urgency to the need for resolution systems for financial institutions, which both safeguard financial stability and limit moral hazard. However, experience demonstrates that these systems will not be effective unless progress is also made in developing a framework that applies on a cross-border basis. Since many systemically important financial groups operate globally, an uncoordinated application of resolution systems by national authorities will make it much more difficult to both secure the continuity of essential functions (thereby limiting contagion), and ensure that shareholders and creditors bear the financial burden of the resolution process.


2013 ◽  
Author(s):  
Sethapong Jarusombathi ◽  
◽  
Pimnapa Pongsayaporn ◽  
Veeris Amalapala

2020 ◽  
Vol 17 (4) ◽  
pp. 499-509
Author(s):  
Ágnes Erőss ◽  
Monika Mária Váradi ◽  
Doris Wastl-Walter

In post-Socialist countries, cross-border labour migration has become a common individual and family livelihood strategy. The paper is based on the analysis of semi-structured interviews conducted with two ethnic Hungarian women whose lives have been significantly reshaped by cross-border migration. Focusing on the interplay of gender and cross-border migration, our aim is to reveal how gender roles and boundaries are reinforced and repositioned by labour migration in the post-socialist context where both the socialist dual-earner model and conventional ideas of family and gender roles simultaneously prevail. We found that cross-border migration challenged these women to pursue diverse strategies to balance their roles of breadwinner, wife, and mother responsible for reproductive work. Nevertheless, the boundaries between female and male work or status were neither discursively nor in practice transgressed. Thus, the effect of cross-border migration on altering gender boundaries in post-socialist peripheries is limited.


2020 ◽  
Vol 17 (1) ◽  
pp. 125-138
Author(s):  
Zeynep Sahin Mencütek

Transnational activities of refugees in the Global North have been long studied, while those of the Global South, which host the majority of displaced people, have not yet received adequate scholarly attention. Drawing from refugee studies, transnationalism and diaspora studies, the article focuses on the emerging transnational practices and capabilities of displaced Syrians in Turkey. Relying on qualitative data drawn from interviews in Şanlıurfa – a border province in south-eastern Turkey that hosts half a million Syrians - the paper demonstrates the variations in the types and intensity of Syrians’ transnational activities and capabilities. It describes the low level of individual engagement of Syrians in terms of communicating with relatives and paying short visits to the hometowns as well as the intentional disassociation of young refugees from homeland politics. At the level of Syrian grassroots organisations, there have been mixed engagement initiatives emerging out of sustained cross-border processes. Syrians with higher economic capital and secured legal status have formed some economic, political, and cultural institutional channels, focusing more on empowerment and solidarity in the receiving country than on plans for advancement in the country of origin. Institutional attempts are not mature enough and can be classified as transnational capabilities, rather than actual activities that allow for applying pressure on the host and home governments. This situation can be attributed to the lack of political and economic security in the receiving country as well as no prospects for the stability in the country of origin. The study also concerns questions about the conceptual debates on the issue of refugee diaspora. Whilst there are clear signs of diaspora formation of the Syrian refugee communities, perhaps it is still premature to term Syrians in Turkey as refugee diaspora.


2019 ◽  
Vol 16 (4) ◽  
pp. 521-529
Author(s):  
Asuncion Fresnoza-Flot

The Philippines is one of only two states in the world in which absolute divorce remains largely impossible. Through its family laws, it regulates the marriage, family life and conjugal separation of its citizens, including its migrants abroad. To find out how these family laws interact with those in the receiving country of Filipino migrants and shape their lives, the present paper examines the case of Filipino women who experienced or are undergoing divorce in the Netherlands. Drawing from semi-structured interviews and an analysis of selected divorce stories, it unveils the intertwined institutions of marriage and of divorce, the constraints but also possibilities that interacting legal norms bring in the life of Filipino women, and the way these migrants navigate such norms within their transnational social spaces. These findings contribute interesting insights into cross-border divorces in the present age of global migration.


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