Matthias Haentjens

Matthias Lehmann

As the value of digital assets continues to soar inexorably, their use as collateral becomes increasingly interesting, including in the context of decentralised finance (DeFi). However, the lack of legal certainty restrains the further use and creates considerable risks. This paper takes stock of the practice of secured transactions in digital assets and addresses the fundamental question which law applies to them. To this end, it develops a waterfall of cascading connecting factors that may be used to identify the law governing such transactions and the security rights that they may create. It distinguishes, for instance, whether the network is permissioned and centralised, whether digital assets are 'held' by a custodian (broadly conceived), and whether a choice of law has been made or not. The paper also stresses the need for a uniform global requirement of 'control' over digital assets as a precondition for any security right in digital assets. In this way, it combines a conflict rule with a substantive standard.

The Law Governing Secured Transactions in Digital Assets

Bob Wessels

In this timely Handbook, over 30 prominent academics, practitioners and regulators from across the globe provide in-depth insights into an area of law that the recent global financial crisis has placed in the spotlight: bank insolvency law. Research Handbook on Crisis Management in the Banking Sector discusses the rules that govern a bank insolvency from the perspectives of the various parties that are affected by these rules. Thus, whilst many bank insolvency rules have been enacted only recently and their application is still clouded by a host of uncertainties, this book takes the perspectives of the relevant authorities, of the bank and of the bank’s counterparties. Providing a comprehensive approach to crisis management in the banking sector, this Handbook will prove a valuable resource for academics, postgraduate students, practitioners and international policymakers.

Research Handbook on Crisis Management in the Banking Sector

Since 2008, many countries across the globe have witnessed the introduction of new recovery and resolution regimes for banks. Whereas much may have been achieved on regional levels, this has not been perfect, and many global challenges remain unsolved. The Research Handbook on Cross-Border Bank Resolution analyses the strengths and weaknesses of the current regulatory framework for cross-border bank crises with contributions from eminent experts from the US, EU, Japan and China. The topic is addressed from both economic, and legal perspectives, with a special section devoted to real-life cases.

Matthias Haentjens

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