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Article
Publication date: 8 May 2017

Peter Yeoh

This paper aims to examine the key regulatory challenges impacting blockchains, innovative distributed technologies, in the European Union (EU) and the USA.

Abstract

Purpose

This paper aims to examine the key regulatory challenges impacting blockchains, innovative distributed technologies, in the European Union (EU) and the USA.

Design/methodology/approach

A qualitative perspective underpins the study. This paper relies on primary data from applicable statutes and secondary data from the public domain including relevant case study insights.

Findings

The smart regulatory hands-off approach adopted in the EU and the USA to a large extent bodes well for future innovative contributions of blockchains in the financial services and related sectors and toward enhanced financial inclusiveness.

Practical implications

The paper’s findings provide support for blockchain technology to advance with minimum regulatory brakes for greater value-adding and efficiency advancement, especially for financial services, thereby expanding accessibility and therefore financial inclusiveness.

Originality/value

This paper helps to draw greater attention to the technology underpinning virtual currencies. It also highlights other economic potentials flowing from blockchain advancement.

Details

Journal of Financial Regulation and Compliance, vol. 25 no. 2
Type: Research Article
ISSN: 1358-1988

Keywords

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Article
Publication date: 10 January 2019

Peter Yeoh

This paper aims to discuss key concerns surrounding the recent implementation of the Markets in Financial Instruments Directive (MIFID II). It focuses on the UK regime…

Abstract

Purpose

This paper aims to discuss key concerns surrounding the recent implementation of the Markets in Financial Instruments Directive (MIFID II). It focuses on the UK regime. The insights derived are envisaged to be helpful guides for participants and regulators in financial markets.

Design/methodology/approach

This paper used the legal-economics perspective. It relied on primary data from statutes and regulations and secondary data from the public domain to analyze the phenomenon. The analytical framework comprised the following sections: Introduction, MiFID I review, MiFID II scope, MiFID II key concerns and concluding remarks.

Findings

Only half of the EU Member States including the UK managed to transpose MiFID II within the 3rd January 2018 effective date. At this early stage of implementation, various teething problems were encountered. These pertained to costs and charges reporting, firm governance, product governance, transaction reporting, best execution and research. Owing to the sheer scale and complexity of MIFID II, most entities barely coped with their reporting obligations. Noting the situation, the Financial Conduct Authority assured firms taking all sufficient steps that they would be treated fairly.

Research limitations/implications

The paper was not sufficiently empirical. However, the study benefited reasonably from triangulation of data and perspectives to provide good insights on the implementation effects of the complex and voluminous EU rules for governing financial markets with global implications.

Practical implications

Investors could gain from the enhanced transparency and best execution rules. Investment banks could gain from the emerging resilient, integrated and efficient financial markets. Regulators with better access to more and higher quality reporting could intervene more effectively when required.

Originality/value

This paper assembled and critically analyzed currently available research insights in these areas so as to provide useful guidance to those needing to work and comply with MiFID II rules and academics teaching financial services law.

Details

Journal of Financial Regulation and Compliance, vol. 27 no. 1
Type: Research Article
ISSN: 1358-1988

Keywords

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Article
Publication date: 15 January 2020

Peter Yeoh

This paper aims to provide insights as to why money laundering persists in banks and their weaknesses as gatekeepers.

Abstract

Purpose

This paper aims to provide insights as to why money laundering persists in banks and their weaknesses as gatekeepers.

Design/methodology/approach

This paper contextualizes the design and proliferation of anti-money laundering (AML) measures; investigates the different manners of conceptualizing them; and provides insights pertaining to probable limitations of these measures. The paper relies on primary data from statutes and secondary data from published sources.

Findings

The paper’s findings suggest that competitive pressures, shareholders return imperative, and lucrative misaligned incentives for management contributed to weaknesses in effective compliance in banks.

Practical implications

Insights drawn from this paper reinforces the notion that banks need to seriously review their business approaches, as well as their roles as gatekeepers.

Social implications

Given the slew of corporate scandals and other materially harmful misjudgments in money-laundering compliance, banks might need to seriously review their role and obligations in the economy.

Originality/value

Much has been said about money-laundering activities enabled by the banking sector. This paper contributed to insights as to why they persist despite AML rules, and what measures could be further taken to enhance compliance effectiveness.

Details

Journal of Money Laundering Control, vol. 23 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

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Article
Publication date: 14 May 2018

Peter Yeoh

This paper aims to examine tax leakages in secrecy financial centres.

Abstract

Purpose

This paper aims to examine tax leakages in secrecy financial centres.

Design/methodology/approach

This qualitative study relies on primary data from relevant statutes and secondary data from the public domain and in particular academic sources. The study makes concurrent use of the case study approach.

Findings

The study reinforces existing suggestions that tax evasion is significantly widespread from advanced to emerging economies. It also suggests serious enforcement difficulties because of light-touch surveillance among competing tax havens and financial professionals. Further, while relevant laws are in place to deal with illicit activities, enhanced transparency is needed to quell the problem and, in this instance, public access to beneficial owner data such as exemplified by UK’s public registry approach. The US Foreign Account Tax Compliance Act is proving to be effective, and similar expectations are raised for the equivalent the Organisation for Economic Co-Operation and Development initiative from 2017 onwards.

Research limitations/implications

The paper is constrained with the general limitations associated with qualitative studies. These are, however, mitigated by triangulations of perspectives and so on.

Practical implications

The findings have implications for policymakers and the business community.

Social implications

The findings could help to narrow inequality gaps between and within economies.

Originality/value

The paper combines insights from high-profile cases with those from academic sources. The analysis is also undertaken from the combined perspectives of law, economics and accounting. It also focuses in secrecy issues in both offshore and onshore financial centres.

Details

International Journal of Law and Management, vol. 60 no. 3
Type: Research Article
ISSN: 1754-243X

Keywords

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Article
Publication date: 18 May 2020

Peter Yeoh

The purpose of this paper to examine laws and regulations applicable to cannabis in the USA and the UK, including legal reforms and international treaty obligations.

Abstract

Purpose

The purpose of this paper to examine laws and regulations applicable to cannabis in the USA and the UK, including legal reforms and international treaty obligations.

Design/methodology/approach

This study relies on primary data from statutes and secondary data from online and offline resources, including relevant case studies.

Findings

Federal laws in the USA and existing UK cannabis legal regime generally prohibit recreational use of cannabis. Increasingly, various individual states in the USA have enabled the use of cannabis health-related uses, thereby challenging the status of the UN treaties on drug enforcement. As the USA struggles to reconcile the conflicts between federal law on cannabis and individual states within its borders, much of the rest of the world, including the UK, are struggling with how best to reconcile their domestic positions with their UN treaty obligations.

Social implications

Recent disclosures of past recreational use of prohibited drugs by several candidates vying to be the UK Prime Minister suggests why understanding the laws governing the use of cannabis is useful and relevant to the general public.

Originality/value

This paper provides a general but integrated review of national laws in the USA and the UK, as well as international treaties governing the use of cannabis.

Details

Journal of Money Laundering Control, vol. 23 no. 2
Type: Research Article
ISSN: 1368-5201

Keywords

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Article
Publication date: 1 April 2019

Peter Yeoh

This purpose of this viewpoint is to address the intended good and unintended bad impacts of artificial intelligence (AI) applications in financial crime.

Abstract

Purpose

This purpose of this viewpoint is to address the intended good and unintended bad impacts of artificial intelligence (AI) applications in financial crime.

Design/methodology/approach

The paper relied primarily on secondary data resources, business cases and relevant laws and regulations, and it used a legal-economics perspective.

Findings

Current AI systems could function as antidotes or accelerator of financial crime, in particular cybercrime. Research suggests criminal law could be applied via three approaches to curb these cybercrimes. However, others considered this to be an inappropriate mechanism to hold AI agents accountable, as present AI systems were not deemed capable of making ethically informed choices. Instead, administrative sanctions would be considered more appropriate for now. While keeping vigilance against AI malicious acts, regulatory authorities in the USA and the UK have opted largely for the innovation-friendly, market-oriented, permissionless approach over the state-interventionist stance so as to maintain their global competitive edge in this domain.

Originality/value

The paper reinforced the growing arguments that AI applications should be deployed more as panacea for financial crimes rather than being abused as crime accelerators. There equally though is the need for both public and private sectors to be mindful of the unintended negative, harmful consequences to society, especially those connected to cybercrime. This implied the further need to beef up attention and resources to help mitigate these risks.

Details

Journal of Financial Crime, vol. 26 no. 2
Type: Research Article
ISSN: 1359-0790

Keywords

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Article
Publication date: 3 October 2016

Peter Yeoh

The purpose of this paper is to trace how and why the market-designed Libor benchmark turned bad, thereby necessitating a regulatory response.

Abstract

Purpose

The purpose of this paper is to trace how and why the market-designed Libor benchmark turned bad, thereby necessitating a regulatory response.

Design/methodology/approach

The study relies on primary and secondary data in the public domain and complemented by a single-case study.

Findings

The study demonstrates how and why Libor benchmark rigging led to reforms in the UK and elsewhere.

Research limitations/implications

The study relying mainly on the secondary data analysis needs to be enhanced by further empirical-based studies.

Practical implications

Insights generated by the study suggest why it might not be worthwhile for market participants to game the system.

Social implications

Libor benchmark affects the financial system widely with varying significance to the wider public. With better regulatory oversight, its negative impact is expected to be mitigated considerably.

Originality/value

The seriousness with which the enforcement agency and judiciary now treat financial crime weakens the earlier public perception that white-collar crime is enforced differently.

Details

Journal of Financial Crime, vol. 23 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

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Article
Publication date: 6 February 2007

Peter Yeoh

To review and analyse the legal implications of the CA 2006 in respect of directors’ duties and powers, and in particular sections 172(1) and 471.

Abstract

Purpose

To review and analyse the legal implications of the CA 2006 in respect of directors’ duties and powers, and in particular sections 172(1) and 471.

Design/methodology/approach

The use of business management theories complements the primary use of the legal doctrinal approach as applied in this study.

Findings

Section 172(1)'s wordings generate ambivalent legal implications for directors’ general duties as codified. It appears to give discretionary powers to directors where the review of the six statutory factors is concerned. However, directors will need to treat these seriously when read in conjunction with section 471. The latter pertains to directors’ disclosure obligations for the newly expanded business review section of the directors’ annual report. Available corporate evidence suggests that some corporate directors go beyond the minimum mandatory standards for environmental and social (Corporate Social responsibility, CSR) issues. They have benefited from the integration of their CSR policies and practices with their corporate strategic plans and actions. Some have even forged effective partnership with non‐governmental organisations (NGOs) and other stakeholders to co‐create businesses.

Practical implications

This investigation provides strategic insights and practical thinking to investors, corporate directors, state planners, NGOs, and other corporate stakeholders.

Originality/value

Previous legal analysis on general directors’ duties focused on the law. This study advanced corporate legal theory further with the use of insights from contemporary business theories and practices.

Details

Managerial Law, vol. 49 no. 1/2
Type: Research Article
ISSN: 0309-0558

Keywords

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Article
Publication date: 11 July 2008

Peter Yeoh

The purpose of this paper is to evaluate the continued viability of the European Union emissions trading scheme (EU ETS) as a tool for climate control in the face of…

Abstract

Purpose

The purpose of this paper is to evaluate the continued viability of the European Union emissions trading scheme (EU ETS) as a tool for climate control in the face of continued criticisms.

Design/methodology/approach

This evaluative study makes use of connected existing studies and other secondary data from economics, management, politics and law.

Findings

The study found that though there were various flaws in the scheme in its initial launching phase, the insights gained are being applied in the second and subsequent phase of the EU ETS. It is also ascertained that despite initial doubts, a market for carbon finance is successfully established in the EU albeit with various limitations. The scheme is also poised to link with other regional schemes to address climate control.

Research limitations/implications

Though the study relied primarily on secondary data, the findings were sufficiently triangulated with perspectives from economics, politics, management and law. The findings would also provide useful and relevant information to those engage in the theory and practice of carbon finance.

Originality/value

This paper updates on the legal and economic significance of the EU ETS as a market mechanism to address climate change.

Details

International Journal of Law and Management, vol. 50 no. 4
Type: Research Article
ISSN: 1754-243X

Keywords

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Article
Publication date: 18 May 2010

Peter Yeoh

The purpose of this paper is to discuss the quality of narrative reporting of listed UK companies particularly in terms of transparency under guidance from the operating…

Abstract

Purpose

The purpose of this paper is to discuss the quality of narrative reporting of listed UK companies particularly in terms of transparency under guidance from the operating and financial review (OFR).

Design/methodology/approach

The approach taken is to rely on secondary data analysis with complementation from a limited case study of three listed UK companies.

Findings

The analysis finds that narrative reporting in the UK is generally transparent other than some weaknesses in some reporting areas and some limited evidence of creative reporting.

Research limitations/implications

Further investigation could be made on a larger sample of cases. Also, a comparative case analysis could be conducted between narrative reporting made before the current global financial crisis and shortly after the said crisis.

Practical implications

The paper highlights the general usefulness, relevance, and limitations of narrative reporting not only for corporate decision makers but also general investors, suppliers, employees, the state, and various connected community stakeholder groups.

Originality/value

This paper contributes to the enhanced understanding of narrative reporting practices for listed companies in the UK.

Details

International Journal of Law and Management, vol. 52 no. 3
Type: Research Article
ISSN: 1754-243X

Keywords

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