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Legal and Conduct Risk in the Financial Markets
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Synopsis
This is the third edition of the only work to focus on the topic of legal risk, expanded in this edition to include much new material specifically on conduct risk. The book has been updated to take into account developments in the law and professional standards concerning such risks and associated values in the context of the financial markets.
Significant (and in some cases, endemic) conduct-related scandals, such as the widespread mis-selling of financial products and LIBOR manipulation, exposed (even precipitated) by the Financial Crisis, have resulted in legal and regulatory change in equal measure (and profound effect) to that of the prudential and financial stability concerns captured in the second edition. Consequently this new edition fully examines the current approach to trust, ethics and conduct within the broader framework
of reputational and legal risk. In doing so, it clarifies what constitutes legal risk in contemporary financial markets and how to manage it, drawing on examples and case studies.
Other developments in areas such as the resolution/insolvency of banks, the revision of the UK regulatory structure from the FSA to the FCA and PRA, and the recently made new crime of reckless management of a bank are all considered in full. There is also discussion of trends in areas ripe for development such as fiduciary duty amongst financial markets participants.
Combining practical emphasis with theoretical depth, this is an approachable and engaging reference guide to this important and evolving area of law. New & Used
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What Reviewers Are Saying
Review from previous edition The first to wrestle legal risk to the floor, McCormick speaks in an eminently reassuring voice. Solicitors are problem solvers, and McCormick has engaged a (considerable) problem, observed its characteristics, mapped its watering holes, and made very sensible suggestions for keeping the beast at bay. * Joanna Benjamin, Journal of International Banking Law and Regulation (JIBLR), 2007, issue 2 * The book enters a number of familiar doctrinal debates, including charge-backs, property interests in indirectly held securities, changes on book debts. The technical difficulty of these is so great, and the controversy surrounding them so intractable that, generally speaking, the more one reads, the more lost one becomes. McCormick's gift is...to see doctrine as a resource and not as a burden. He is able to pick out the few essential propositions, and suggest a
sensible way forward (saving all of us a lot of time). * Joanna Benjamin, JIBLR, 2007, issue 2 * Of the many admirable qualities of the book, perhaps the most admirable is its approach. [...] What it does do is provide a toolkit using which (sic) both lawyers and non-lawyers can begin to approach each other and to develop a mutual understanding. * Simon Gleeson, JIBLR, 2006, issue 8 * The book is stimulating and informative. There is reference to almost every conceivable aspect of the recent financial crisis, from its origins to the legal and regulatory responses in the UK and elsewhere. * Matteo Solinas, Edinburgh Law Review * This is essential reading for every banking and corporate lawyer and it is an absolute must for anyone involved in setting out rules or guidelines in the management of legal risk...Overall this book represents a significant contribution in this complex area of law. * Gabriel Gomez Giglio, Journal of International Banking Law and Regulation. * It is.... a book that every finance lawyer should read before starting his or her career." "This is an essential read for every banking and corporate lawyer and it is an absolute must for anyone involved in setting out rules or guidelines in the management of legal risk. * William Johnston, IBA Legal Practice Division Newletter, Dec 2006 * An excellent and insightful examination of legal risk in financial markets written by an experienced senior practitioner in the field. This work is a major contribution to legal risk management, and full of sound and sensible advice. A pioneering and perceptive work. The second edition has illuminating chapters on the recent financial crisis and its implications for legal risks * Philip Wood, Head, Allen & Overy Global Law Intelligence Unit * This financial crisis highlights the importance of the work by McCormick, daring because not even the financial markets understand the legal risks involved, and few lawyers, if any, would really understand the complexity of all the financial products. The book is therefore useful to policymakers, lawyers, and finanacial actors, besides academics. * Journal of Risk and Insurance *
sensible way forward (saving all of us a lot of time). * Joanna Benjamin, JIBLR, 2007, issue 2 * Of the many admirable qualities of the book, perhaps the most admirable is its approach. [...] What it does do is provide a toolkit using which (sic) both lawyers and non-lawyers can begin to approach each other and to develop a mutual understandin