References of "Prüm, André 50002890"
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See detailCentral Banks and Regulation of Cryptocurrencies
Nabilou, Hossein UL; Prüm, André UL

in Review of Banking & Financial Law (in press)

This paper explores the interface between central banks and cryptocurrencies. Focusing on the European Central Bank (ECB), it identifies the potential threats that the rise of cryptocurrencies would pose ... [more ▼]

This paper explores the interface between central banks and cryptocurrencies. Focusing on the European Central Bank (ECB), it identifies the potential threats that the rise of cryptocurrencies would pose to the basic and ancillary tasks of the ECB, in particular, its monetary policy operations and the exercise of its supervisory functions over credit institutions and payment systems. The paper finds that cryptocurrencies can potentially have both direct – through their potential impact on the price stability and monetary policy, and central banks’ monopoly over issuing base money – and indirect effects on central banks, mainly through the institutions and systems that fall under the ECB’s scope of competence. To address the challenges posed by cryptocurrencies, the ECB may take both legal (including supervisory and oversight) measures and non-legal (or technical) measures. With respect to technical measures, the ECB - to the extent falling within the scope of its competence - may focus on improving the efficiency of existing payment systems and addressing the existing frictions in market infrastructures to indirectly affect the cryptocurrency markets. Alternatively, it can venture into issuing Central Bank Digital Currency (CBDC). Regarding legal measures, central banks could envisage regulating cryptocurrencies either directly or indirectly. However, as the most significant potential impact of cryptocurrencies on central banks is likely to be indirect through the impact of cryptocurrencies on the banking and payment systems, and given the limitations on the ECB’s mandate and its regulatory and supervisory tools, it is apposite for the ECB to consider using indirect strategies and tools to influence cryptocurrency markets. This indirect approach can be implemented through the ECB’s existing supervisory and oversight powers over the banking and payment systems. This paper specifies the direct and indirect measures and assesses their merits in addressing the concerns about cryptocurrencies. [less ▲]

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See detailIgnorance, Debt and Cryptocurrencies: The Old and the New in the Law and Economics of Concurrent Currencies
Nabilou, Hossein UL; Prüm, André UL

in Journal of Financial Regulation (2019), 5(1), 1-35

Cryptocurrencies are expected to have a significant impact on banking, finance, and monetary systems. Due to uncertainty as to the possible future trajectories of the evolving cryptocurrency ecosystem ... [more ▼]

Cryptocurrencies are expected to have a significant impact on banking, finance, and monetary systems. Due to uncertainty as to the possible future trajectories of the evolving cryptocurrency ecosystem, governments have taken a relatively hands-off approach to regulating such currencies. This approach may be justified within the theoretical information-economics framework of this paper, which draws parallels between the information economics of money and quasi-money creation within the current central banking, commercial banking and shadow banking systems with that of the cryptocurrency ecosystem. In particular, drawing lessons from the literature on the role of information in creating ‘safe assets’, this paper finds that by building on symmetric (common) knowledge as to the inner workings of the Bitcoin Blockchain - though in a different way - bitcoin possesses a degree of endogenous information insensitivity typical of safe assets. This endogenous information insensitivity could support bitcoin’s promise of maturing into a viable store of value and a niche medium of exchange. This finding should not be overlooked in the policy discussions for potential future regulatory interventions in the cryptocurrency ecosystem. [less ▲]

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See detailShadow Banking in Europe: Idiosyncrasies and their Implications for Regulation
Nabilou, Hossein UL; Prüm, André UL

in European Journal of Risk Regulation (2019)

This paper studies the specificities of the regulation of shadow banking in Europe. It argues that the idiosyncratic features of the EU shadow banking sector call for a different (or indigenized ... [more ▼]

This paper studies the specificities of the regulation of shadow banking in Europe. It argues that the idiosyncratic features of the EU shadow banking sector call for a different (or indigenized) regulatory approach from that of the US. It highlights striking differences between the EU and the US shadow banking sectors based on both market structure and legal micro-infrastructure of the shadow banking sectors in these two jurisdictions. These different institutional and legal infrastructures of the shadow banking activities, instruments, and entities, as well as the different trajectories in the evolution of the banking and shadow banking sectors in terms of business models, size and composition of actors and transactions can be the driving force behind the differential regulatory treatment of shadow banking in the EU and the US. In highlighting the differences between shadow banking across the Atlantic, this paper focuses on the repo markets, as the main instruments and activities that play a significant role in credit intermediation outside the regulatory perimeter of the traditional or regular banking system. It then discusses one specific segment of the shadow banking entities, i.e., Money Market Funds (MMFs), and highlights the fundamental differences in the structure, functioning, and existing regulatory treatment of the MMFs in the US and the EU. The paper concludes that the market structure, business models, as well as legacy legal and regulatory frameworks of shadow banking (as well as banking) display substantial differences in the US and the EU. The findings in this paper rally against one-size-fits-all approaches to addressing the problems of the shadow banking system worldwide and recommends differentiated and more nuanced regulatory approaches to regulating shadow banking across the Atlantic. By implication, any adoption of the US regulatory framework or recommendations of international fora for the shadow banking sector by the EU regulatory authorities should not overlook these differences. [less ▲]

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See detailLa Banque Centrale Européenne face aux crypto monnaies, défis et opportunité?
Prüm, André UL

in Mélanges en l'honneur de Bernard Teyssie (2019)

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See detailFaut-Il Réformer Le Droit Luxembourgeois des Contrats?
Prüm, André UL

in Mélanges en l’honneur du professeur Claude Witz (2018)

Founded on the Code Napoléon, Luxembourg contract law has remained virtually unchanged over the last two centuries. The recent reform of the law of obligations enacted in France and the draft bill ... [more ▼]

Founded on the Code Napoléon, Luxembourg contract law has remained virtually unchanged over the last two centuries. The recent reform of the law of obligations enacted in France and the draft bill currently discussed in Belgium risk to deprive Luxembourg contract law of its reference model. The present paper explains the overall impacts of these reforms for the Grand-Duchy and concludes that it needs in turn to reflect on a modernization of its contract law. It presents the main options for such a project. [less ▲]

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See detailBrexit:Options for Banks from the UK to Access the EU Market
Prüm, André UL

in Europäische Zeitschrift für Wirtschaftsrecht = European Journal of Business Law = Revue Européenne de Droit Economique (2017), 24/2017

UK banks who want to maintain an access to the EU market after BREXIT are currently assessing their options. The prospect of a free trade agreement with the EU remaining uncertain, they cannot rely on ... [more ▼]

UK banks who want to maintain an access to the EU market after BREXIT are currently assessing their options. The prospect of a free trade agreement with the EU remaining uncertain, they cannot rely on such an agreement before taking a decision. The present paper sketches the three main options - i.e. servicing EU clients directly from the UK, creating a branch or establishing a subsidiary - comparing their benefits and restrictions under the GATS rules and the free movement of capital and freedom of establishment under the EU Treaties. The focus is on traditional banking activities leaving aside investment services. Whilst acting through a EU based subsidiary appears to be the most promising option for UK banks who ambition to serve clients on a EU scale, the choice of location is not trivial as Member States are competing to attract such subsidiaries to their jurisdiction. The ECB in its supervisory role of the banking sector has already signaled that it will not allow such competition to result in a supervisory arbitrage. [less ▲]

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See detailChronique de droit bancaire, juillet à décembre 2016: Un peu de souplesse, beaucoup de rigueur
Prüm, André UL; MATTOUT, Jean-Pierre

in Droit & Patrimoine (2017), 267

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See detailLa réforme du droit luxembourgeois des sociétés
Prüm, André UL

Book published by Larcier (2017)

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See detailDe nouveaux espaces de liberté dans le droit des sociétés luxembourgeois
Corbisier, Isabelle UL; Prüm, André UL

in Corbisier, Isabelle; Fayot, Franz; Hoss, Philippe (Eds.) et al La réforme du droit luxembourgeois des sociétés (2017)

Cent et une années, jour pour jour, après l’adoption de la première loi organisant le régime des sociétés commerciales au Grand-Duché du Luxembourg, la loi du 10 août 2016 portant modernisation de la loi ... [more ▼]

Cent et une années, jour pour jour, après l’adoption de la première loi organisant le régime des sociétés commerciales au Grand-Duché du Luxembourg, la loi du 10 août 2016 portant modernisation de la loi du 10 août 1915 concernant les sociétés commerciales achève l’important effort de réforme dans lequel s’est lancé le gouvernement luxembourgeois avec l’aide du Laboratoire de droit économique de l’Université du Luxembourg. La loi sur les sociétés commerciales en sort renforcée, son orientation délibérément contractuelle confirmée et la sécurité juridique des montages sociétaires assurée. Fruit des contributions présentées par les auteurs de la réforme et des praticiens chevronnés lors du colloque organisé par la Faculté de Droit, d’Économie et de Finance et le barreau du Luxembourg, le présent ouvrage apporte une éclairage approfondi sur l’ensemble des nouvelles dispositions et constitue la référence pour en connaître tous les détails. [less ▲]

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See detailLa transplantation de la société par actions simplifiée (SAS) dans le droit des sociétés luxembourgeois
Prüm, André UL

in Mélanges en l'honneur de Jean-Jacques Daigre (2017)

Detailed reference viewed: 76 (2 UL)
See detailPréface à La réforme du droit luxembourgeois des sociétés
Prüm, André UL

in Prüm, André (Ed.) La réforme du droit luxembourgeois des sociétés (2017)

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See detailDe nouveaux espaces de liberté
Prüm, André UL; Corbisier, Isabelle UL

Article for general public (2016)

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See detailChronique de droit bancaire : Janvier à juin 2016 Reflets d'un contexte économique difficile
Prüm, André UL; Mattout, Jean-Pierre

in Droit & Patrimoine (2016), 261

Le contentieux en matière bancaire continue à refléter un climat de tension entre banques et emprunteurs et garants faisant feu de tous arguments pour tenter d’échapper à leurs engagements. La ... [more ▼]

Le contentieux en matière bancaire continue à refléter un climat de tension entre banques et emprunteurs et garants faisant feu de tous arguments pour tenter d’échapper à leurs engagements. La jurisprudence est appelée à cerner les devoirs du banquier vis-à-vis des emprunteurs et garants profanes, à interpréter des accords qui ne sont pas toujours très explicites ou n’ont tout simplement pas envisagé des situations exceptionnelles comme celle des taux d’intérêts négatifs et à préciser le cadre procédural de textes qui manquent parfois de précision. Ses hésitations reflètent la difficulté de trouver le juste équilibre entre les intérêts en cause dans un contexte économique qui met à l’épreuve les établissements de crédit fragilisés par la crise et les questionnements sur leur modèle économique autant que les particuliers et entreprises endettés qui n’arrivent pas à accroître leurs ressources. Les initiatives par lesquelles le législateur cherche à moderniser le droit français pour le rendre plus efficace et plus attractif, au premier plan desquelles figure la réforme du droit des obligations et de contrats, apparaissent dans cette ambiance un peu lourde comme un appel d’air frais. [less ▲]

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See detailChronique de droit bancaire : juillet-décembre 2015: Le réalisme domine
Prüm, André UL; Mattout, Jean-Pierre

in Droit & Patrimoine (2016), 256

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See detailCent de droit Luxembourgeois des Sociétés
Prüm, André UL

Book published by Larcier (2016)

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See detailCent ans de contentieux en droit des sociétés
Prüm, André UL

in Prüm, André (Ed.) Cent ans de droit luxembourgeois des sociétés (2016)

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See detailJanvier-juin 2015 / Le Dilemme de la jurisprudence - protéger l'activité bancaire et protéger les clients
Prüm, André UL; Mattout, Jean-Pierre

in Droit & Patrimoine (2015), 250

Detailed reference viewed: 86 (12 UL)
See detailCode des sociétés - Company Law Code
Prüm, André UL; Hoss, Philippe

Book published by Larcier (2015)

Detailed reference viewed: 98 (9 UL)
See detailEuropean Banking and Financial Law Code
Prüm, André UL; Conac, Pierre-Henri UL; Riassetto, Isabelle UL et al

Book published by Larcier (2015)

Detailed reference viewed: 214 (14 UL)
See detailCode de droit bancaire et financier européen
Prüm, André UL; Conac, Pierre-Henri UL; Riassetto, Isabelle UL et al

Book published by Larcier - 2015 (2015)

Detailed reference viewed: 130 (16 UL)