Droit de la finance alternative


Book Description

La finance est en crise ; mais elle est indispensable à la vie des hommes en société. Cependant, il serait abusif de considérer "la finance" comme un tout homogène. En effet, loin de la finance conventionnelle qui fait la une de l'actualité, il existe une finance dite alternative qui tente de placer et de maintenir l'Homme au centre de son projet et à l'horizon de son ambition. Cet ouvrage, premier du genre, se propose de présenter sous forme d'études réalisées par des spécialistes du droit financier, les manifestations de cette finance alternative, les outils, instruments et techniques juridiques qui existent et qui permettent de concilier finance et humanisme. À travers l'analyse des critères de développement durable ou religieux appliqués à la finance, des monnaies alternatives, du microcrédit, de la notation extra-financière, du mutualisme et du coopératisme en finance, du crowdfunding, des fonds éthiques, du financement associatif, du financement alternatif de l'habitat ou du soutien des collectivités publiques aux entreprises, ce livre fait, en France comme en Espagne, au Royaume-Uni, en Grèce et au Canada, un tour d'horizon complet de ce segment du secteur financier souvent méconnu et qui offre néanmoins aux Hommes de réaliser leurs projets dans la perspective d'un mieux-être collectif. Pour rompre avec l'idée que la finance n'est que spéculation et prédation.







Mapping Legal Innovation


Book Description

The legal sector is being hit by profound economic and technological changes (digitalization, open data, blockchain, artificial intelligence ...) forcing law firms and legal departments to become ever more creative in order to demonstrate their added value. To help lawyers meet this challenge, this book draws on the perspectives of lawyers and creative specialists to analyze the concept and life cycle of legal innovations, techniques and services, whether related to legislation, legal engineering, legal services, or legal strategies, as well as the role of law as a source of creativity and interdisciplinary collaboration.




Legal Aspects of Crowdfunding


Book Description

This book offers a comparative perspective on 18 countries’ legal regulation of crowdfunding. In the wake of the financial crises of 2008, use of this alternative financing method has increased substantially, in various forms. Whereas some states have adopted tailor-made regimes in order to regulate but also encourage this way of financing projects, allowing loans to be made by non-banking institutions, others still haven’t specifically addressed the subject. An analysis of these diverse legislative stances offers readers a range of legal solutions for managing crowdfunding activities with regard to e.g. protecting investors, imposing limits on project owners, and finally the role and duties of intermediaries, i.e., companies operating crowdfunding platforms. In addition, the content presented here provides a legal basis for states and supranational organizations interested in regulating this phenomenon to achieve more legal certainty.




The Collaborative Economy in Action: European Perspectives


Book Description

The book titled The Collaborative Economy in Action: European Perspectives is one of the important outcomes of the COST Action CA16121, From Sharing to Caring: Examining the Socio-Technical Aspects of the Collaborative Economy (short name: Sharing and Caring; sharingandcaring.eu) that was active between March 2017 and September 2021. The Action was funded by the European Cooperation in Science and Technology - COST (www.cost.eu/actions/CA16121). The main objective of the COST Action Sharing and Caring is the development of a European network of researchers and practitioners interested in investigating the collaborative economy models, platforms, and their socio-technological implications. The network involves scholars, practitioners, communities, and policymakers. The COST Action Sharing and Caring helped to connect research initiatives across Europe and enabled scientists to develop their ideas by collaborating with peers. This collaboration opportunity represented a boost for the participants' research, careers, and innovation potential. The main aim of this book is to provide a comprehensive overview of the collaborative economy (CE) in European countries with a variety of its aspects for a deeper understanding of the phenomenon as a whole. For this reason, in July 2017, an open call for country reports was distributed among the members of the COST Action Sharing and Caring. Representatives of the member countries were invited to produce short country reports covering: definition(s) of the CE; types and models of the CE; key stakeholders involved; as well as legislation and technological tools relevant for the CE. Submitted reports varied in length and regarding the level of detail included, in accordance with how much information was available in each respective country at the time of writing. Editors of the book have compiled these early reports into a summary report, which was intended as a first step in mapping the state of the CE in Europe. The Member Countries Report on the Collaborative Economy, edited by Gaia Mosconi, Agnieszka Lukasiewicz, and Gabriela Avram (2018) that was published on the Sharing and Caring website, represented its first synergetic outcome and provided an overview of the CE phenomenon as interpreted and manifested in each of the countries part of the network. Additionally, Sergio Nassare-Aznar, Kosjenka Dumančić, and Giulia Priora compiled a Preliminary Legal Analysis of Country Reports on Cases of Collaborative Economy (2018). In 2018, after undertaking an analysis of the previous reports' strengths and weaknesses, the book editors issued a call for an updated version of these country reports. Prof. Ann Light advised the editorial team, proposing a new format for country reports and 4000 words limit. The template included: Introduction, Definition, Key Questions, Examples, Illustration, Context, Developments, Issues, Other Major Players, and Relevant Literature. The new template was approved by the Management Committee in October 2018. The task force that had supported the production of the first series of country reports (Dimitar Trajanov, Maria del Mar Alonso, Bálint Balázs, Kosjenka Dumančić, and Gabriela Avram) acted as mentors for the team of authors in each country. The final reports arrived at the end of 2018, bringing the total number of submissions to 30 (twenty-nine European countries plus Georgia). A call for book editors was issued, and a new editorial team was formed by volunteers from the participants of the COST Action: Andrzej Klimczuk, Vida Česnuityte, Cristina Miguel, Santa Mijalche, Gabriela Avram, Bori Simonovits, Bálint Balázs, Kostas Stefanidis, and Rafael Laurenti. The editorial team organized the double-blind reviews of reports and communicated to the authors the requirements for improving their texts. After reviews, the authors submitted updated versions of their country reports providing up-to-date interdisciplinary analysis on the state of the CE in 2019, when the reports were collected. During the final phase, the chapters were again reviewed by the lead editors together with all editorial team members. At the time, the intention was to update these reports again just before the end of the COST Action Sharing and Caring in 2021 and to produce a third edition. However, the COVID-19 pandemic changed these plans. Thus, this final volume was created by 82 scholars-editors and contributors-and consists of reports on 27 countries participating in the COST Action.




The Alternative Investment Fund Managers Directive


Book Description

The Alternative Investment Fund Managers Directive (AIFMD) may be the most important European asset management regulation of the early 21st century. However, a preponderance of practitioners and academics in the field argue that, in its present form, the




Recent Developments in Alternative Finance


Book Description

Since the global financial crisis began in 2008-2009, there has been a strong decline in financial markets and investment. Alternative finance presents challenges intended to stimulate investment and promote economic growth and development. This volume aims to provide the reader an understanding of alternative finance in its various forms.




The Alternative Investment Fund Managers Directive


Book Description

Apart from MiFID, the Alternative Investment Fund Managers Directive (AIFMD) may be the most important European asset management regulation of the early twenty-first century. In this in-depth analytical and critical discussion of the content and system of the directive, thirty-eight contributing authors – academics, lawyers, consultants, fund supervisors, and fund industry experts – examine the AIFMD from every angle. They cover structure, regulatory history, scope, appointment and authorization of the manager, the requirements for depositaries and prime brokers, rules on delegation, reporting requirements, transitional provisions, and the objectives stipulated in the recitals and other official documents. The challenging implications and contexts they examine include the following: – connection with systemic risk and the financial crisis; - nexus with insurance for negligent conduct; - connection with corporate governance doctrine; - risk management; - transparency; - the cross-border dimension; - liability for lost assets; - impact on alternative investment strategies, and - the nexus with the European Regulation on Long-Term Investment Funds (ELTIFR). Nine country reports, representing most of Europe’s financial centres and fund markets add a national perspective to the discussion of the European regulation. These chapters deal with the potential interactions among the AIFMD and the relevant laws and regulations of Austria, France, Germany, Italy, Luxembourg, Liechtenstein, The Netherlands, Malta and the United Kingdom. The second edition of the book continues to deliver not only the much-needed discussion of the inconsistencies and difficulties when applying the directive, but also provides guidance and potential solutions to the problems it raises. The second edition considers all new developments in the field of alternative investment funds, their managers, depositaries, and prime brokers, including, but not limited to, statements by the European Securities and Markets Authority (ESMA) and national competent authorities on the interpretation of the AIFMD, as well as new European regulation, in particular the PRIIPS Regulation, the ELTIF Regulation, the Regulation on European Venture Capital Funds (EuVeCaR), the Regulation on European Social Entrepreneurship Funds (EUSEFR), MiFID II, and UCITS V. The book will be warmly welcomed by investors and their counsel, fund managers, depositaries, asset managers, administrators, as well as regulators and academics in the field.




The Alternative Investment Fund Managers Directive


Book Description

In the ten years since its coming into force, the Alternative Investment Fund Managers Directive (AIFMD), with almost EUR 7 trillion assets under management in its remit, has become an important piece of European regulation complementing the Undertakings for Collective Investment in Transferable Securities (UCITS) and the Markets in Financial Instruments (MiFI) frameworks. This third edition of the most comprehensive and in-depth analysis of the AIFMD and its related European investment fund legislation (including the European Venture Capital Fund Regulation, the European Social Entrepreneurship Fund Regulation, the European Long-Term Investment Fund Regulation and the European Money Market Fund Regulation among others) brings together fund industry experts, fund supervisors, consultants, lawyers and academics to discuss the content and system of the directive from every angle, including its relation not only to the UCITS and MiFI frameworks but also to pension funds, the Sustainable Finance Disclosure Regulation, the Securitization Regulation and the Cross Border Funds Distribution Directive and Regulation, as well as related pieces of tax regulation at the European level. Further, the third edition emphasizes the function of such factors in the financial services value chain as the following: the AIFMD’s approach to robo-advisors; digital asset funds; infrastructure investments in the context of real estate and sustainable investments; risk management; transparency; and impact on alternative investment strategies. Five country reports, focusing on the European Union’s five most important financial centres for alternative investment funds, deal with the potential interactions among the AIFMD and the relevant laws and regulations of France, Germany, Luxembourg, Ireland and The Netherlands. This thoroughly updated edition elaborates on potential difficulties encountered when applying the directive and provides potential solutions to the problems it raises. The book is sure to be warmly welcomed by fund lawyers and consultants, investors and their counsels, fund managers, depositaries, asset managers and administrators, as well as regulators and academics in the field.




Dictionnaire Anglais Des Affaires, Du Commerce Et de la Finance


Book Description

This dictionary consists of some 100,000 terms and references in bith French and English, including 4,000 abbreviations. over 45 subject areas are covered, including: * Accountancy * Banking * Business Administration * Computing * Economics * Environment * Finance * General Commerce * Human Resource Management * Import/Export * Industry * Insurance * Law * Leisure * Management * Mathematics * Media * Patents * Politics * Property * Sales & Marketing * Stock Market * Taxation * Tourism * Transport * Welfare & Safety. Also included is a comprehensive up-to-date reference section on countries, business correspondence and situations, job titles, stock exchanges, economic indexes and numbers. KEY FEATURES Term Specialists - the terms list has been checked by over 100 sources including experts from Apple France * Association Française des Banques * Chartered Institute of Banking * France Telecom * Institute of European Trade and Technology * American Graduate School of Management * London School of Economics * Ecole supérieure de commerce de Lyon * Department of Trade and Industry * Law Society * University of Reading * Environment Council * University of Bath * Centre de Recherche et de Gestion * Manchester Business School * Ecole supérieure internationale de commerce and Ecole des hautes études commerciales de Montrial(HEC). Prestigous experts - include Prof. Chris Nobes, Prof. Michel Péron, Prof. Gordon Shenton, Dr. Van de Yeught and Prof. Peter Walton. Native Speakers - all stages of compilation have included native speakers of French as well as English and extensive coverage of US as well as UK terminology.