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Vol 22 No 12 Dec 17/Jan 18

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McGregor on Damages

Edited by: James Edelman, Simon Colton, Jason Varuhas
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This book is now Out of Print.
A new edition has been published, the details can be seen here:
Legal Risk in the Financial Markets 2nd ed isbn 9780199575916

Legal Risk in the Financial Markets

ISBN13: 9780199281916
ISBN: 0199281912
New Edition ISBN: 9780199575916
Published: March 2006
Publisher: Oxford University Press
Country of Publication: UK
Format: Hardback
Price: Out of print

This timely new book explains 'why' and 'how' the concept of legal risk has achieved such prominence in the financial markets and how it is intended to be addressed in the context of operational risk in light of the new Basel II regulatory regime.

McCormick traces the origins of legal risk as a phenomenon in the global financial markets, particularly in the UK market, addressing how concerns about legal risk have been dealt with in light of landmark cases such as Hazell v Hammersmith & Fulham and Re Charge Card and the formation of The Legal Risk Review Committee by the Bank of England. He looks at the principal components of legal risk, i.e. litigation/regulatory action risk and defective documentation as well as related risks, such as reputational risk and political risk.

Analytical consideration is given to current and recent legal risk concerns (in relation to e.g. conflicts of interest, securities held through intermediaries, compliance with anti-terrorism/money-laundering laws, settlement risk etc.) as well as older issues regarding the efficacy of close-out, and multilateral, netting arrangements and insolvency set-off and related legislation and case law. The book also features a section on the management of legal risk, the role of in-house counsel and compliance and the related regulatory aspects.

  • The only book of its kind on this topical issue
  • Timely publication ahead of the new Basel II regime
  • Considers practical issues concerning management of legal risk
  • A highly respected author and name in financial law

Banking and Finance
Part I: History
1. A Landmark Case and its Aftermath
2. A Case of Conceptual Impossibility
3. Settling Differences
Part II: Characteristics
4. Definition
5. Sources
6. Causation
Part III: Examples
7. Property Interests in Indirectly Held Investment Securities
8. Vague Laws
9. Re-characterization
Part IV: Management
10. The Essentials of Legal Risk Management
11. Lawyers' Responsibility for the Management of Legal Risk
Part V: Conclusions
12. A 'Risk-Based Approach' to Law