International banking regulation / Carl Felsenfeld.
2011
K1066 .F45 2011 (Map It)
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Details
Author
Title
International banking regulation / Carl Felsenfeld.
Published
Huntington, NY : Juris Pub., [2011]
Copyright
©2011
Call Number
K1066 .F45 2011
Edition
Third edition.
ISBN
9781578233502
157823350X
157823350X
Description
xii, 426 pages ; 24 cm
System Control No.
(OCoLC)722384687
Bibliography, etc. Note
Includes bibliographical references and index.
Record Appears in
Table of Contents
Foreword
xi
ch. I
Introduction
1
ch. II
United States Regulation of International Bankings
5
A.
General Principles
5
B.
American Banks Abroad
7
1.
Subject to Foreign Regulation and Control
7
2.
Foreign Branching by Federal Instrumentalities
9
3.
Foreign Powers
11
a.
Member Banks, Holding Companies and Edge Act Banks
11
b.
Non-member State Banks
16
4.
Acquisition of Foreign Banks
18
5.
Investment in Foreign Banks
20
C.
Entry by Foreign Banks into the United States
20
1.
Entry Generally
20
a.
Domestic Branches
21
b.
Agencies
22
c.
Representative Offices
22
d.
State Power
23
e.
The Dual Banking System and Foreign Banks
23
2.
Application of the Bank Holding Company Act
25
a.
General
25
b.
The "American Express Exception"
26
3.
Federal Reserve Supervision
27
4.
Continuing Interagency Supervision
31
5.
Interstate Branching
32
6.
Deposit Insurance
34
7.
Federal Reserve Act Secs. 23A and 23B
34
D.
Basle Reports and United States Responses
36
1.
Bank Supervision
38
2.
International Capital Guidelines
40
a.
The Accord
40
b.
1995 Amendment
42
c.
1999 Proposal
42
d.
2001 and Subsequent Proposals
44
3.
Derivatives Regulation
46
4.
Conglomerate Regulation
47
5.
Credit Risk Guidance Papers
47
6.
Electronic Banking Risk
48
7.
Auditing
49
8.
Special Exposures
50
E.
International Cooperation Generally
50
1.
Common Framework
50
2.
International Money Laundering Controls
51
ch. III
International Bank Services
53
A.
International Lending Supervision
53
1.
United States Bank-Regulatory Relationships
54
2.
Implementation of ILSA
55
3.
International Concepts of Financial Institution Supervision
56
a.
Capital Adequacy Principles Paper
57
b.
Supplement to the Capital Adequacy Principles Paper
58
c.
Fit and Proper Principles Paper
58
d.
Framework for Supervisory Information Sharing Paper
59
e.
Principles for Supervisory Information Sharing Paper
60
f.
Coordinator Paper
61
g.
Supervisory Questionnaire
62
B.
Country Risk
62
C.
Sovereign Immunity and Act of State Doctrines
65
1.
General
65
2.
The Two Doctrines
66
3.
The Sovereign Immunity Doctrine
68
4.
The Act of State Doctrine
77
a.
As a Choice of Law Rule
77
b.
Based Upon the Separation of Powers
78
c.
The Political Powers Approach
79
D.
Inter-Bank Loans
80
E.
International Loan Forgiveness
81
F.
Letters of Credit
83
1.
Governing Law
86
a.
The Uniform Commercial Code
86
b.
The ICC Uniform Customs and Practices
87
c.
The Common Law
88
2.
Clean Credits
89
3.
Sight or Time Credits
91
4.
The Independence Principle
91
5.
Discrepancies between LC and Documents
92
6.
Fraud
95
G.
Bankers Acceptances
99
H.
Trade Acceptances
105
I.
Investment Banking
106
1.
Bond Underwriting
108
2.
Stock Brokerage
110
3.
Merchant Banking
111
J.
Syndications and Participations
112
ch. IV
International Banks
117
A.
The United States Commitment
117
B.
The World Bank
118
C.
The International Monetary Fund
125
1.
Organization
127
2.
Special Drawing Rights
128
3.
Conditionality
129
4.
IMF Policies
131
5.
The IMF and Comparability Requirements
133
6.
Changing Influence of the IMF
133
7.
Future of the International Monetary Fund
135
D.
The Export-Import Bank of the United States
138
1.
Purposes of the EXIM
139
2.
Noncompetitive Financing
141
3.
Tied Aid and Mixed Credits
142
E.
The Overseas Private Investment Corporation
143
F.
Bank for International Settlements
144
G.
Foreign Specialized International Banks
149
1.
European Bank for Reconstruction and Development
149
a.
Introduction
149
b.
The Agreement
150
c.
Bank Operations
151
d.
Criticisms of EBRD
154
2.
Asian Development Bank
156
a.
Introduction
156
b.
ADB Policies
156
c.
Lending and Borrowing
158
d.
The Business of the Bank
159
e.
Administration
161
f.
The Bank and Private Capital
162
3.
The Inter-American Development Bank
163
4.
The African Development Bank
166
5.
East Caribbean Central Bank
167
H.
The Paris and London Clubs
168
1.
The Paris Club
168
2.
The London Club
170
I.
Central Banks
171
1.
Responsibility for Foreign Exchange
173
2.
United States Operations
174
3.
The European Central Bank
176
4.
Other Functions of Central Banks
177
5.
The Exercise of Monetary Control
178
6.
Bank Regulation
181
J.
Bank for Continuous Linked Settlement
183
K.
The Mix of International Lending
183
ch. V
Foreign Deposits
185
A.
Introduction
185
B.
Requirements as to Foreign Deposits
186
1.
The FDIC Assessment Base
187
2.
Federal Reserve System Reserve Requirements
188
3.
Payment of Interest on Demand Deposits
190
4.
Liability for Foreign Deposits
191
a.
The United States and the Far East
191
b.
Cuba and the United States
192
c.
Vietnam and France
193
d.
Resolution in the United States
193
C.
The Offshore Bank
194
D.
USA Patriot Act of 2001
196
E.
The International Banking Facility
199
1.
Introduction
199
2.
The IBF Concept
200
3.
The IBF Controversy
200
4.
Adoption of the IBF
201
5.
Conclusion
202
ch. VI
Communications among Banks
203
A.
Money Transfers
203
B.
Funds Transfer Systems
204
1.
FedWire
205
2.
CHIPS
207
3.
S.W.I.F.T.
207
4.
Havala
209
5.
Other Systems
210
C.
Governing Statutory Law
210
1.
Introduction
210
2.
History of the UNCITRAL Model Law
211
3.
Nature of the Model Law
212
4.
The Model Law
214
5.
The Control of Risk
245
D.
Privacy, Data Transmission and Protection
247
1.
Nature of the Barriers
247
2.
European Community Position
249
3.
Privacy in the United States
254
4.
The United States Industry Position
263
5.
Conflicts between the European Community and the United States
266
6.
Commerce Department Safe Harbor Standards
266
7.
Binding Corporate Rules
269
8.
Privacy Experience
270
E.
Other Significant Privacy Protections
271
1.
Council of Europe Directive
271
2.
The Organization for Economic Co-operation and Development ("OECD")
272
3.
Encryption
274
a.
Introduction
274
b.
Evolving United States Policy
274
c.
Constitutional Problems
279
d.
European Reaction
283
4.
Electronic Signatures
284
a.
Introduction
284
b.
European Approach
286
c.
Congressional Approach
287
d.
Uniform Laws
288
ch. VII
Export Controls - Embargos
289
A.
Introduction
289
B.
United Nations Embargos
291
C.
United States Embargos
298
1.
Trading With the Enemy Act of 1917
299
2.
The National Emergencies Act of 1976
301
3.
The International Emergency Economic Powers Act
301
D.
Special Congressional Actions
305
E.
Other United States Statutes
307
1.
Embargos against Cuba
307
2.
The Arms Export Control Act
313
F.
Legal Principles
315
1.
McGrath, Attorney General v. Agency of Chartered Bank of India, Australia & China
315
2.
Libyan Arab Foreign Bank v. Bankers Trust Co.
316
G.
Political Impact of Embargos
320
ch. VIII
The Scope of International Banking
325
A.
Introduction
325
B.
The Trade Act of 1974
326
C.
The International Banking Act of 1978
327
D.
The Organization for Economic Co-Operation and Development ("OECD")
328
E.
The General Agreement on Tariffs and Trade ("GATT") and the World Trade Organization
328
F.
The General Agreement on Trade in Services ("GATS")
331
G.
Reciprocity
338
H.
The Central Banking Directives
340
1.
The First Banking Directive
340
2.
The Second Banking Directive
341
3.
Foreign Banks
344
4.
Reciprocity
344
5.
"General Good" Restrictions
345
6.
Insolvency
349
I.
Free Trade Areas
349
J.
Dangers of Deregulation
352
ch. IX
Bank Secrecy
355
A.
Principles of Bank Secrecy
355
B.
The Developing International Law
359
C.
United States Bank Secrecy
364
D.
Swiss Secrecy Law
369
1.
Numbered Accounts
371
2.
Foreign Criminal Prosecutions
372
3.
Formal Regulation of Bank Secrecy
372
a.
The Constitution
372
b.
Statutes
372
c.
The Conventions on Due Diligence
374
d.
Exceptions to Bank Secrecy
374
4.
International Mutual Assistance in Criminal Matters
376
a.
The General Federal Act
376
b.
The European Convention on Legal Assistance
377
c.
The Treaty on Judicial Assistance between Switzerland and the United States
377
d.
The Memorandum of Understanding Concerning Insider Trading
378
e.
The Agreement for Administrative Assistance in Tax Matters
379
5.
Foreign Banks in Switzerland
379
E.
Russia
379
F.
International Resolution
380
G.
Consumer/Commercial Needs
381
ch. X
International Monetary Exchange
383
A.
World Currency Exchange
383
1.
Traditions of Currency Trading
383
2.
Development of the Bretton Woods System
386
3.
Currency Trading Today
388
4.
International Exchange and the Derivatives Market
391
B.
The European Monetary Union
394
1.
Introduction
394
2.
The Internal Market Program
399
3.
Breakdown of the EMS
400
4.
Maastricht
401
5.
Monetary Union
406
6.
Implementation
409
7.
An Asian Monetary Unit?
411
C.
The International Financial Crisis of 1997
412
D.
The Great Recession of 2008
415
Index
417