Search results for "Financial law"
showing 9 items of 19 documents
EU anti-money laundering and counter-terrorism financing measures in context of electronic money institutions and payment processors
2018
The purpose of the given research would be to analyze the current EU AML / CTF regime with regard to electronic money institutions and payment providers, detect the scope of legal norms and regulations, obliging them, identify potential loopholes and suggest additional measures to strengthen existing AML and CTF legal regimes with regard to such entities.
Comparative analysis of Latvian and Estonian AML requirements in regards to the virtual currency exchange service providers – theory and practice
2020
Money laundering is considered as one of the most significant types of financial crime. Its magnitude has only increased in the past decade alongside with the development in the technological field. Since the regulatory framework seeks to mitigate threats posed by existing financial instruments, persons willing to initiate these actions still find new ways to proceed with illicit activities. In that regard, this thesis focuses on comprehending regulatory scope and requirements governing virtual currency exchange service providers at the high level (European Union), while further analysis emphasises their implementation in Estonian and Latvian regulatory framework. By comprehending minimum r…
Regulation of security tokens as financial instruments in the EU: is there a need for amendments?
2022
In 2020 the European Commission proposed laws on crypto-assets and DLT. The EU treats security tokens as financial instruments, provided that they fall into the MiFID II definition. This Thesis aims to provide classification for crypto-asset as a financial instrument, to identify regulatory gaps in the EU legislation applicable to crypto-assets that qualify as financial instruments (security tokens), and to provide recommendations in relation to security tokens regulation in the EU. The results indicate that Amending Directive will harmonize the procedure for classification of a crypto-asset as a financial instrument across the EU, but the requirement for the expected profit to be derived f…
Analysis of outright monetary transactions and public sector purchase programmes - legality and economic reasoning
2019
The main objective of this study was to establish a doctrine on how the OMT and PSPP can be compatible with the TFEU Article 123, which prohibits monetary financing of Member States by the ECB. The second and third objectives were to briefly examine what legal frameworks are practiced in other countries and assess the economic necessity of such programmes and future prospects. The research unravelled the interpretation methods used by the CJEU and established the sufficient safeguards doctrine. The doctrine has two main principles which cannot be violated in the creation of the particular safeguards, and those safeguards ultimately prevent the breach of the TFEU. Economic research made it c…
Supporting urban development in Latvian large cities through integrated territorial investments
2017
The regulatory framework of the EU Structural and Investment Funds (ESI Funds) has a strong territorial dimension and support to designated territories, particularly municipalities, is common. Provision of support to territories is an issue of common interest and the European Commission addresses it in the ESI Funds programming phase from different aspects one being the use of integrated approaches to tackle territorial challenges at sub-national and sub-regional levels. In the 2014-2020 programming period the territorial dimension has been further strengthened by a conditionality that beneficiary countries have to allocate 5% of their respective European Regional Development Fund (ERDF) en…
Customer due diligence requirements, in the context of anti-money laundering regulations in Latvia.
2021
This thesis investigates the problem of Latvian banks’ discriminatory habits towards non-residents in the context of anti-money laundering (AML) regulations, a practice which could have a negative impact on direct foreign investments in Latvia. The main objective of this study is to determine if the problem derives from legal norms or from banks’ arbitrary decisions. The research method is doctrinal legal research. The main conclusions are that Latvian AML legislation is partially aligned with FATF recommendations, therefore future restrictions should be expected. Analysis of the know your customer and due diligence requirements showed an absence of discrimination against non-residents. Cer…
Real estate crowdfunding: potential in Latvia
2017
Currently the economic environment is changing rapidly. The millennium’s development phase was followed by global financial crisis, which has changed the rules of game for all financial players and made others’ think outside the box. After the economic crisis people started losing trust in traditional financial institutions like banks, where all the processes are still very bureaucratic. Overregulated bank lending system could not satisfy the credit demand of small to medium size enterprises, thus triggering the need for a new, innovative financing model to fill the gap. At the same time, the communication afforded by Internet and information technologies opened up new opportunities. Taking…
Exploitation of cryptocurrencies as a tool for tax evasion: technological and regulatory issues
2020
Tax evasion is a crime that harms the national economies, society and indirectly affects all the residents of each state. Now that after a long time of international efforts the traditional tax evasion tools have eventually been put under a reasonable control, a new technology has emerged able to facilitate efficient tax evasion. The main objectives of this research are to identify the regulatory challenges of the non-precedent technology, to analyse the applicability of the current EU legislation aimed at tax evasion prevention to the exploitation of cryptocurrencies, and to assess the recommendations of academics and international organizations for a possible future regulation. This resea…
Wpływ wad procesu ustawodawczego na założone funkcje prawa finansowego
2023
Celem opracowania było wskazanie wybranych wad procesu legislacyjnego w zakresie tworzenia przepisów prawa finansowego, tj. regulacji odnoszących się do publicznej działalności finansowej, a także próba oceny wpływu tych uchybień na założone funkcje stanowionych unormowań. Ze względu na ograniczone ramy artykułu zakresem badania objęto wyłącznie fazę postępowania prawodawczego w Sejmie. Analizie poddano ustawy uchwalone w IX kadencji Sejmu, a katalog form naruszeń procesu ustawodawczego ograniczono do obejścia przepisów regulujących wykonywanie inicjatywy ustawodawczej oraz niezachowania wymogu rozpatrywania projektów ustaw w trzech czytaniach. Ponieważ termin „funkcje prawa” jest daleki od…