National Reports: Luxembourg

in Bork, Reinhard; Veder, Michael (Eds.) Harmonisation of Transactions Avoidance Laws (2022)

Préface du volume XXV des Actes de la section des sciences morales et politiques de l'Institut grand-ducal

in Actes de la section des sciences morales et politiques de l'Institut grand-ducal (2022)

Faut il compter sur la théorie de l'imprévision pour réviser les relations contractuelles dont l'économie est brisée par la pandémie de la Covid-19

in Inventaire avant sortie de crise ! (2021)

Réformer le droit luxembourgeois

in Mélanges en l'honneur de Pascal Ancel (2021)

Methods and constraints for reforming Luxembourg law

Cession de créance, de dette et de contrats, rapport sur les textes internationaux et les principes européens

in Prüm, André; Ancel, Pascal (Eds.) Réformer le droit des contrats ? Analyse comparée autour du droit luxembourgeois (2020)

Rapport sur le traitement des cessions de créances, de dettes et de contrats dans les principaux textes internationaux régissant les contrats internationaux ainsi que dans les principes européens (Lando ... [more ▼]

Rapport sur le traitement des cessions de créances, de dettes et de contrats dans les principaux textes internationaux régissant les contrats internationaux ainsi que dans les principes européens (Lando et Gandolfi) [less ▲]

La gouvernance d'entreprise après la pandémie- postface

in Tchotourian, Ivan (Ed.) La gouvernance d'entreprise après la pandémie (2020)

Central Banks and Regulation of Cryptocurrencies

in Review of Banking and Financial Law (2020), 39(2)(Spring 2020), 1003-1104

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 ▲]

Réformer le droit des contrats luxembourgeois ?

in Prüm, André; Ancel, Pascal (Eds.) Réformer le droit des contrats ? Analyse comparée autour du droit luxembourgeois (2020)

Introduction du livre "Réformer le droit des contrats ? Analyse comparative autour du droit luxembourgeois." Réflexions sur l'opportunité d'une modernisation du droit luxembourgeois des contrats à l'aune ... [more ▼]

Introduction du livre "Réformer le droit des contrats ? Analyse comparative autour du droit luxembourgeois." Réflexions sur l'opportunité d'une modernisation du droit luxembourgeois des contrats à l'aune de celle réalisée dans d'autres pays et présentation des pistes méthodologiques pour effectuer une telle réforme. [less ▲]

La Banque Centrale Européenne face aux crypto monnaies, défis et opportunité?

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

Shadow Banking in Europe: Idiosyncrasies and their Implications for Regulation

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 ▲]