Research Handbook on Asian Financial Law

Edited by Douglas W. Arner, University of Hong Kong, Wai Yee Wan, City University of Hong Kong, Hong Kong, Andrew Godwin, Associate Professor, Melbourne Law School, The University of Melbourne, Australia, Wei Shen, Shanghai Jiao Tong University, China and Evan Gibson, Faculty of Law, University of Hong Kong, Hong Kong

• Contents:PART I INTRODUCTION AND CONCEPTUAL FRAMEWORK1 Introduction to Research Handbook on Asian Financial Law 2Douglas W. Arner, Wai Yee Wan, Andrew Godwin, Wei Shen, and Evan Gibson2 The historical development of financial regulatory principles: influences onAsia-Pacific systemic supervision 10Evan Gibson and Douglas W. Arner3 Trends and theory in financial regulation and regulatory design after theglobal financial crisis 30Steve KourabasPART II FINANCIAL REGULATION IN ASIA4 Financial regulatory models in the Asia-Pacific – a case study in diversity 50Andrew Godwin5 Bank resolution 64Christian Hofmann6 Networked securities markets: from cross-listing to direct connection 86David C. Donald7 Regulation of derivatives in Asia: when technology meets financialengineering 101Christopher Chen8 Internationalization of renminbi: offshore renminbi businesses, offshorerenminbi centres and renminbi’s reserve currency status 122Wei ShenPART III FINANCIAL INTEGRATION IN ASIA9 Understanding ASEAN integration and trade 145Deborah Elms and Minh Hue Nguyen10 Cross-border regulation of securities markets in ASEAN 173Wai Yee Wan11 ASEAN bond markets: developments and challenges 192Tir Srinopnikom12 Consumer financial dispute resolution in a time of increased regulatoryscrutiny 209Vivien Chen, Andrew Godwin and Ian Ramsay13 Depositor preference and deposit insurance schemes – challenges forregulatory convergence and regulatory coordination in Asia 233Angus Chan, Andrew Godwin and Ian Ramsay14 Cross-border insolvency in East Asia: cooperation and convergence 257Casey G. WattersPART IV COUNTRY STUDIES15 Anti-‘grey rhino’: prudential regulation and bank resolution in China 274Simin Gao16 China’s puzzling banking and shadow banking sectors after the globalfinancial crisis 293Wei Shen17 Macau banking law and financial institutions 315Leong Cheng Hang18 Indonesian financial laws: banking, insolvency and taxation 336Tim Lindsey and Simon Butt19 The development of Islamic banking and finance: the Malaysian experience 368Nik Norzrul Thani and Ili Rahilah Ibrahim20 Financial regulation in New Zealand: optimizing twin peaks 387Helen Dervan and Simon Jensen21 Financial consumer protection in Singapore 408Dora NeoPART V FINTECH AND INNOVATIVE FINANCE22 FinTech and its regulation in Hong Kong 431Douglas W. Arner, Evan Gibson, and Janos Barberis23 Recent developments of Japanese laws and regulations on FinTech 454Tetsuo Morishita24 Lessons from Mt Gox: practical considerations for a virtual currencyinsolvency 479Stacey Steele and Tetsuo Morishita25 Financial regulation as interagency competition? The saga of venture capitalrule-making in China 499Sirui Han and Chao Xi26 Is a bird in the hand worth two in the bush? Reflections on equitycrowdfunding regulation in Taiwan 525Chang-hsien Tsai27 Sandboxes and bridges – the impact of Fintech on regulatory convergenceand coordination in Asia 547Lev Bromberg, Andrew Godwin and Ian RamsayIndex 569

'This is an excellent Research Handbook on Asian financial law and regulation. It brings together 32 of the leading experts in the area examining the subject across 27 substantial and informed chapters. The coverage is extensive. The treatment is sharp and professional. The analysis is deep and balanced. This is a timely and necessary piece of work, especially following the recent crises and instability in Asian and global financial markets and the future potential of the region. This sets a new standard of scholarship in the area and will immediately become the new reference text on this fascinating subject.'--George Walker, Queen Mary University of London, UK'This volume brings together leading experts in Asia-Pacific financial law and regulation, offering distinguishing perspectives from literature focused on the US/EU/UK. Asian financial law and regulation deserves its own platform and this volume is timely and highly valuable to researchers and practitioners alike.'--Iris H-Y Chiu, University College London, UK'This Research Handbook brings together the region's pre-eminent financial law scholars to analyse the major issues confronting East Asia. It is filled with illuminating and incisive insights across a broad and comprehensive canvas. I commend it to all who are interested in the development of the financial systems in our part of the world. No one could dip into this work without being deeply educated.'--Ross Buckley, University of New South Wales, Australia