SelectedWorks @ Widener University Commonwealth Law School
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The Introduction of Jury Trials and Adversarial Elements into the Former Soviet Union and Other Inquisitorial Countries
No full textThe establishment of the rule of law is of paramount importance to the process of democratization. The acceptance of the precept that there is an independent body of law, and no one is above the law, is essential to the establishment of a government of and by the people. Only when presidents, kings, queens, and other rulers are subject to a higher law, can communism, fascism, and other dictatorships be eliminated and democracy prosper. If democracy is to be established in the countries of the former Soviet Union and if those countries are to succeed economically, there must be a commitment to the rule of law
Payee Tax Representations & The ISDA Master Agreement
No full textNegotiations over the payee tax representations to be made in an ISDA Master Agreement are often confusing, acrimonious and slow. U.S. negotiators, at the urging of expensive tax counsel, often insist that their foreign counterparties make comprehensive tax representations for U.S. tax purposes and deliver certain IRS tax forms to them. Typically, foreign counterparties resist making these representations because they don\u27t understand the purposes behind them. However, these payee tax representations, and the related delivery of tax forms, serve important purposes
Rehypothecation Risk
No full textGranting rehypothecation or use rights with respect to pledged collateral is common in the over-the-counter derivative market. In fact, subject to the pledgor\u27s consent, the credit support annex to the International Swaps and Derivatives Association master agreement provides the secured party with the right to rehypothecate, or use for its own purposes, collateral pledged to it---subject only to the obligation to return the collateral once the pledgor has satisfied its obligations. Customers, however, are often alarmed to learn that the dealer requires such an unrestricted right to use and sell the pledged collateral
Federal Fossil Fuel Subsidies and Greenhouse Gas Emissions: A Case Study of Increasing Transparency for Fiscal Policy
No full textFrom Rio to Johannesburg: Implementing Sustainable Development at the Global and Local Scale
No full textBanking, Antitrust and Derivatives: Untying the Antitying Restrictions
No full textThis article argues that expressly requiring a borrower to enter into an OTC derivative with a bank as a condition for receiving credit does not violate the antitying restrictions of the Bank Holding Company Act ( BHCA ). Part I of this article discusses the nature of OTC derivatives and demonstrates through examples how OTC derivatives can enable a borrower to minimize various business risks. Part II examines how banks are encouraging their borrowers to utilize various risk management techniques such as OTC derivatives and discusses the impact of BHCA on such efforts. Finally, Part III analyzes the elements of tying a claim under BHCA and argues that a requirement to enter into an OTC derivative with a bank as a condition to obtaining credit will not constitute a violation of the BHCA. Part III first discusses how a loan combined with an OTC derivative such as an interest rate swap is not really two tied products, but is actually in substance a fixed rate loan. The part then argues that these tied products do not satisfy the anticompetitive in nature requirement because typically only the lending bank is willing to enter into the OTC derivative with the borrower. Finally, the part concludes that the traditional banking practice exception to the antitying rules would exempt such tying arrangement from the antitying provisions
