The power of arbitrators to make pro-futuro orders

Specific performance is the order of a court by which the breaching party to a contract is compelled to perform the activity contemplated in the contract. In civil law countries, specific performance is considered as a normal remedy. Common law countries, on the other hand, have developed a very particular system of protection of rights, which has traditionally condemned specific performance to a sort of ostracism among the remedies for breach of contract. How will specific performance be considered in an arbitration context? The chapter addresses this question, first, by comparing the approaches to specific performance in the different legal systems, and from the perspective of whether it constitutes a substantive or procedural issue. Then, it proceeds to analyze the sources, and limits of arbitrators' power to order specific performance, concluding that the different sources clearly back those powers, and that this does not constitute an obstacle for enforcement. Then, it analyzes the instances where arbitrators issue more difficult orders that organize the parties' relationship for the future, which is where the complexity of the case arises

El Derecho de grupos que viene. Cuidado con lo que deseas

Pocos de los retos del Derecho de Sociedades español son tan complejos y relevantes como el de los grupos de sociedades. Y es que en pocos otros casos el ordenamiento y tribunales españoles actúan como si el problema no existiera, o no tuviera carta de naturaleza. El Derecho de grupos actual se circunscribe a la normativa contable, los conflictos se resuelven como si se tratase de un problema convencional entre socios mayoritarios y socios minoritarios. El Anteproyecto de Código Mercantil pasa de la nada al todo, regulando de manera amplia el fenómeno de los grupos. La ventaja es que las soluciones a los conflictos estarán específicamente pensadas para el supuesto del grupo. El inconveniente, como siempre que se legisla, es que el nuevo concepto cobre vida propia. Reconocer el fenómeno de los grupos requiere una valoración sosegada de sus objetivos. Las dificultades interpretativas reflejan tensiones más profundas sobre si la prioridad es proteger a los “externos” o proteger el interés del grupo

La pérdida de volumen de ventas como daño indemnizable

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Living on the edge: securitization supervision and characterization problem

Ramos-Muñoz holds that financial regulation’s trouble to tackle securitization’s problems is but the tip of a great iceberg, for the question should not be in what category does securitization fit, but whether such categories make sense at all.Publicad

Shadow Banking: The Blind Spot in Banking and Capital Markets Reform

Shadow banking is the concept used by the Financial Stability Board (FSB) and the European Commission to propose a new bout of regulatory reforms. The problem is less in the concept's negative bias than in its marginalization of the problem. Shadow banking is reflective of major players exploiting existing rules often in collusion with authorities. This should prompt a deeper discussion about the influence of legal institutions in market structures, and the perils of artificial distinctions between 'banking/money markets' and 'capital markets'. Drawing the appropriate lessons is particularly important now that momentous reforms, such as the Banking Union and Capital Markets Union, seem to go back to traditional (and unrealistic) dividing lines

A game of snakes and ladders - Tax Arbitration in an International and EU setting

none1noTax arbitration? Yes, that would be a very good idea... Yet the trend in different tax treaties to introduce mechanisms of dispute reslution labelled 'arbitration' immediately raises a very basic doubt: is this arbitration at all? The question is not a matter o semantics. Whether a mechanism of dispute resolution is considered arbitration in the legal sense affects the power of arbitrators to rule on their own jurisdiction, or to organize the proceedings, as well as the enforceability of the decision, or the evaluation of whether the procedure respected fundamental rights. The chapter examines all these uetsions in detail, concluding that, as convenient as tax treaty dispute resolution mechanisms may be for tax authorities, they are (extremely) short on safeguards for the taxpayer.mixedramos munoz davidramos munoz davi

Bankruptcy-remote transactions and bankruptcy law : a comparative approach (part 1) : changing the focus on vehicle shielding

Bankruptcy-remote transactions are complex, but no longer rare. They are used by parties to insulate a pool of assets from the insolvency of the party that originated them. That party (originator/sponsor) transfers the assets (or the risk associated to them) to a Special Purpose Vehicle, a dummy corporation or trust, and they will be outside the reach of the creditors of the originator/sponsor... at least in theory. This article explores the instances where such vehicle insulation, or 'shielding' can be, or has been tested. Contrary to the theory, it concludes that direct threats, such as veil piercing, substantive consolidation, or re-characterization of the transaction, are not actual threats; yet practice also shows that there are other instances where the vehicle's assets are put temporarily in the hands of the originator in more indirect ways

Banking Union's accountability system in practice : a health check-up to Europe's financial heart

The Single Supervisory Mechanism (SSM) and Single Resolution Mechanism (SRM) form the Banking Union, which comprises EU authorities (ECB and SRB) and national authorities (NCAs and NRAs) with vast powers. Although crucial for its legitimacy, the Banking Union"s accountability is flawed, and not for the (stereo)typical reasons: accountability is a visible concept in SSM and SRM regulations, and political, administrative and judicial bodies are knowledgeable, engaged and thorough. Rather, this article posits that the SSM and SRM work very well because the legislature focused on practical details such as information flows, planning and continuity and coordination, while there has been no comparable effort to ensure the functioning of accountability tools. The result is a 'system” characterised by limited access to crucial information, lack of continuity, and uncoordinated functioning. Changing this should not be hard but requires replacing blanket criticism and stereotypical views with greater attention to detail

Creación de unidades de reacción pedagógicas (U.R.P) para la disminución de consumo de sustancias psicoactivas municipio de Dosquebradas – Risaralda

La presente propuesta de la creación de Unidades de Reacción Pedagógica (U.R.P), para la disminución del consumo de sustancias psicoactivas, surge como respuesta a la creciente problemática de nuestros jóvenes con el consumo de sustancias psicoactivas cada vez a más corta edad. Es alarmante ver cómo esta situación problema gana espacio y tiempo en la destrucción de los adolescentes como miembros activos de la sociedad. De otro lado, Dosquebradas es el municipio industrial por antonomasia y desde 1948 se vislumbraban los primeros asomos de la industrialización con la construcción del edificio de la fábrica de comestibles La Rosa, por la compañía norteamericana Grace Line. Dos años después la fábrica de Paños Omnes, propiedad de la firma Compañía de Tejidos de lana Omnes S.A de la mundialmente conocida casa productora de paños P. Cía. Teoulemonde, se establece en Dosquebradas e inicia sus operaciones. La junta de Fomento del Corregimiento de Dosquebradas, que en ese entonces velaba por el desarrollo de la región, exonera de impuestos por un plazo prudencial a las empresas que desearan establecerse en su territorio. Inmediatamente las fábricas y empresas empiezan a surgir masivamente, dada su comodidad y estratégica ubicación entre el triángulo de oro Cali, Medellín, Bogotá. El corregimiento de Dosquebradas dependía geográfica y políticamente del municipio de Santa Rosa de Cabal, que a su vez dependía del Departamento de Caldas. Posteriormente se independizó de Santa Rosa de Cabal en 1972, dada su situación limítrofe con la ciudad de Pereira y se convirtió en una ciudad polo de desarrollo, condición que prevalece hasta hoy y que le ha dado un carácter más comercial e industrial. De otro lado, el municipio industrial, desde la década de los noventa, ha tenido una explosión demográfica y urbana por su perfil comercial e industrial, además de su desarrollo urbano, y en la actualidad cuenta con cerca de 185.000 habitantes

Los problemas tributarios de las Sociedades de Inversión en Capital Variable (SICAV)

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