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The Responsibility to Protect: Locating Norm Entrepreneurship
- Cristina G. Stefan
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- Journal:
- Ethics & International Affairs / Volume 35 / Issue 2 / Summer 2021
- Published online by Cambridge University Press:
- 19 August 2021, pp. 197-211
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As part of the roundtable “The Responsibility to Protect in a Changing World Order: Twenty Years since Its Inception,” this essay examines the issue of norm entrepreneurship as it has been used in conjunction with the Responsibility to Protect (RtoP), twenty years after the emergence of The Responsibility to Protect report produced by the International Commission on Intervention and State Sovereignty (ICISS). It examines norm entrepreneurs with enough drive, motivation, and resources to keep RtoP on the international agenda in a changing world order, after Western middle powers, such as Canada and some European Union member states, had previously acted as indispensable norm entrepreneurs. An examination of both Western and non-Western entrepreneurship efforts to date reveals three key observations. First, RtoP champions are now facing additional challenges in today's transitional global order, where nationalistic foreign policy agendas are replacing liberal agendas, such as RtoP. Second, the drive and adaptability of non-Western norm entrepreneurs with regional ambitions mean that small states can emerge as rather-unexpected RtoP champions. Third, giving non-Western states a visible regional or international platform allows them to display leadership in reframing prevention under the RtoP framework. The last two observations point to the increasing role of non-Western states in global governance and in the promotion of prevention measures to protect the most vulnerable, which in turn increases the legitimacy of the RtoP norm itself.
Integrating primary care and public health to enhance response to a pandemic
- Karen Kinder, Andrew Bazemore, Melina Taylor, Cristina Mannie, Stefan Strydom, Joe George, Felicity Goodyear-Smith
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- Journal:
- Primary Health Care Research & Development / Volume 22 / 2021
- Published online by Cambridge University Press:
- 10 June 2021, e27
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Primary health care (PHC) includes both primary care (PC) and essential public health (PH) functions. While much is written about the need to coordinate these two aspects, successful integration remains elusive in many countries. Furthermore, the current global pandemic has highlighted many gaps in a well-integrated PHC approach. Four key actions have been recognized as important for effective integration.
A survey of PC stakeholders (clinicians, researchers, and policy-makers) from 111 countries revealed many of the challenges encountered when facing the pandemic without a coordinated effort between PC and PH functions. Participants’ responses to open-ended questions underscored how each of the key actions could have been strengthened in their country and are potential factors to why a strong PC system may not have contributed to reduced mortality.
By integrating PC and PH greater capacity to respond to emergencies may be possible if the synergies gained by harmonizing the two are realized.
No evidence for an association between facial fluctuating asymmetry and vocal attractiveness in men or women
- Tobias L. Kordsmeyer, Yasmin T. K. Thies, Omid Ekrami, Julia Stern, Christoph Schild, Cristina Spoiala, Peter Claes, Stefan Van Dongen, Lars Penke
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- Journal:
- Evolutionary Human Sciences / Volume 2 / 2020
- Published online by Cambridge University Press:
- 29 June 2020, e35
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Facial fluctuating asymmetry (FA), presumably a proxy measure of developmental instability, has been proposed to inversely relate to vocal attractiveness, which may convey information on heritable fitness benefits. Using an improved method of measuring facial FA, we sought to replicate two recent studies that showed an inverse correlation of facial FA with vocal attractiveness. In two samples of men (N = 165) and women (N = 157), we investigated the association of automatically measured facial FA based on 3D face scans with male and female observer-rated attractiveness of voice recordings. No significant associations were found for men or women, also when controlling for facial attractiveness, age, and body mass index. Equivalence tests show that effect sizes were significantly smaller than previous meta-analytic effects, providing robust evidence against a link of facial FA with vocal attractiveness. Thus, our study contradicts earlier findings that vocal attractiveness may signal genetic quality in humans via an association with FA.
Editorial
- Edward Newman, Jason Ralph, Jacqui True, Karin Aggestam, Navnita Chadha Behera, Jennifer Mitzen, Laura Considine, Jack Holland, Yoshiharu Kobayashi, Nick Robinson, Cristina Stefan
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- Journal:
- European Journal of International Security / Volume 5 / Issue 1 / February 2020
- Published online by Cambridge University Press:
- 31 January 2020, pp. 1-4
- Print publication:
- February 2020
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Can Technological Innovations Improve Private Regulation in the Global Economy?
- Graeme Auld, Benjamin Cashore, Cristina Balboa, Laura Bozzi, Stefan Renckens
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- Journal:
- Business and Politics / Volume 12 / Issue 3 / October 2010
- Published online by Cambridge University Press:
- 20 January 2017, pp. 1-39
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Those supplying private regulation in the global economy face two fundamental challenges if they are to ameliorate the problems for which they create these systems: targets must conform to, while demanders must have proof of, regulatory compliance. This paper explores an important area absent from assessments as to whether, when, and how, private regulatory bodies are successful in improving behavior and rewarding compliant firms: the role of technological innovations. Employing an inductive, comparative case study analysis, we offer an analytical framework that distinguishes technological innovations that improve tracking mechanisms from innovations that directly improve on-the-ground performance. We illustrate the utility of the analytical framework through an assessment of technological innovations in shaping “non-state market driven” global certification programs governing forestry, fisheries, coffee, e-waste, and climate.
Multiple cosmogenic nuclides document complex Pleistocene exposure history of glacial drifts in Terra Nova Bay (northern Victoria Land, Antarctica)
- Luigia Di Nicola, Stefan Strasky, Christian Schlüchter, Maria Cristina Salvatore, Naki Akçar, Peter W. Kubik, Marcus Christl, Haino Uwe Kasper, Rainer Wieler, Carlo Baroni
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- Journal:
- Quaternary Research / Volume 71 / Issue 1 / January 2009
- Published online by Cambridge University Press:
- 20 January 2017, pp. 83-92
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Geomorphological and glacial geological surveys and multiple cosmogenic nuclide analyses (10Be, 26Al, and 21Ne) allowed us to reconstruct the chronology of variations prior to the last glacial maximum of the East Antarctic Ice Sheet (EAIS) and valley glaciers in the Terra Nova Bay region. Glacially scoured coastal piedmonts with round-topped mountains occur below the highest local erosional trimline. They represent relict landscape features eroded by extensive ice overriding the whole coastal area before at least 6 Ma (pre-dating the build-up of the Mt. Melbourne volcanic field). Since then, summit surfaces were continuously exposed and well preserved under polar condition with negligible erosion rates on the order of 17 cm/Ma. Complex older drifts rest on deglaciated areas above the younger late-Pleistocene glacial drift and below the previously overridden summits. The combination of stable and radionuclide isotopes documents complex exposure histories with substantial periods of burial combined with minimal erosion. The areas below rounded summits were repeatedly exposed and buried by ice from local and outlet glaciers. The exposure ages of the older drift(s) indicate multiple Pleistocene glacial cycles, which did not significantly modify the pre-existing landscape.
On non-Western norm shapers: Brazil and the Responsibility while Protecting
- Cristina G. Stefan
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- Journal:
- European Journal of International Security / Volume 2 / Issue 1 / February 2017
- Published online by Cambridge University Press:
- 12 December 2016, pp. 88-110
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- February 2017
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Drawing on a notable example of a non-Western normative initiative, Brazil’s ‘Responsibility while Protecting’ (RwP), this article contributes to broadening the scope of the norm dynamics literature beyond its common Western-centric focus. Post-2011 Libya intervention, Brazil proposed RwP to clarify what ‘using force’ means under the Responsibility to Protect (R2P) banner, but then withdrew from visible norm sponsorship, only to return to this as part of a collective exercise to institutionalise R2P at the United Nations. First, the article highlights the significant role of non-Western agents whose contributions usually go overlooked, yet carry the highest potential to address the legitimacy deficit of norms like R2P. Second, the article proposes adding a new conceptual tool when investigating the role of agency in norm dynamics, one that incorporates a wider range of norm ‘shaping’ processes and highlights enabling, contingent circumstances. The latter, is argued, best captures the anomalies in contemporary norm contestation. This is illustrated through an empirical analysis of the conditions under which Brazil was able to advance RwP, despite the subsequent emergence of unfavourable circumstances. This article emphasises how significant an alignment of enabling circumstances is to non-Western agents in terms of shaping norm contestation and normative exercise completion.
RF-Sputtered ZnO Thin Films: The Tailoring of Structural, Electrical and Optical Properties
- Cristina Besleaga, George E. Stan, Lucian Ion, Stefan Antohe
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- Journal:
- MRS Online Proceedings Library Archive / Volume 1327 / 2011
- Published online by Cambridge University Press:
- 18 July 2011, mrss11-1327-g03-15
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- 2011
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We report on the influence of radio-frequency magnetron sputtering variables (working pressure and deposition atmosphere) and post-deposition thermal treatment processing upon the structural, optical and electrical properties of c-axis highly textured ZnO thin films. The films’ crystallinity increased progressively with argon pressure for the inert atmosphere experiments and with the oxygen dilution in the working atmosphere (up to 10%) for the reactive atmosphere experiments. The post-deposition annealing treatment at 450°C/1h in air reduced the strain in the ZnO films and enhanced their crystallinity and texturing. The ZnO films had an average transmittance of ∼90% in visible range and an average band-gap of ∼3.4 eV, regardless of the sputtering variables used. The samples prepared at the higher argon pressure (0.45 Pa) had a resistivity with one order of magnitude smaller than the samples prepared at the lower pressures.
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- By Rose Teteki Abbey, K. C. Abraham, David Tuesday Adamo, LeRoy H. Aden, Efrain Agosto, Victor Aguilan, Gillian T. W. Ahlgren, Charanjit Kaur AjitSingh, Dorothy B E A Akoto, Giuseppe Alberigo, Daniel E. Albrecht, Ruth Albrecht, Daniel O. Aleshire, Urs Altermatt, Anand Amaladass, Michael Amaladoss, James N. Amanze, Lesley G. Anderson, Thomas C. Anderson, Victor Anderson, Hope S. Antone, María Pilar Aquino, Paula Arai, Victorio Araya Guillén, S. Wesley Ariarajah, Ellen T. Armour, Brett Gregory Armstrong, Atsuhiro Asano, Naim Stifan Ateek, Mahmoud Ayoub, John Alembillah Azumah, Mercedes L. García Bachmann, Irena Backus, J. Wayne Baker, Mieke Bal, Lewis V. Baldwin, William Barbieri, António Barbosa da Silva, David Basinger, Bolaji Olukemi Bateye, Oswald Bayer, Daniel H. Bays, Rosalie Beck, Nancy Elizabeth Bedford, Guy-Thomas Bedouelle, Chorbishop Seely Beggiani, Wolfgang Behringer, Christopher M. Bellitto, Byard Bennett, Harold V. Bennett, Teresa Berger, Miguel A. 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Hackett, Getatchew Haile, Douglas John Hall, Nicholas Hammond, Daphne Hampson, Jehu J. Hanciles, Barry Hankins, Jennifer Haraguchi, Stanley S. Harakas, Anthony John Harding, Conrad L. Harkins, J. William Harmless, Marjory Harper, Amir Harrak, Joel F. Harrington, Mark W. Harris, Susan Ashbrook Harvey, Van A. Harvey, R. Chris Hassel, Jione Havea, Daniel Hawk, Diana L. Hayes, Leslie Hayes, Priscilla Hayner, S. Mark Heim, Simo Heininen, Richard P. Heitzenrater, Eila Helander, David Hempton, Scott H. Hendrix, Jan-Olav Henriksen, Gina Hens-Piazza, Carter Heyward, Nicholas J. Higham, David Hilliard, Norman A. Hjelm, Peter C. Hodgson, Arthur Holder, M. Jan Holton, Dwight N. Hopkins, Ronnie Po-chia Hsia, Po-Ho Huang, James Hudnut-Beumler, Jennifer S. Hughes, Leonard M. Hummel, Mary E. Hunt, Laennec Hurbon, Mark Hutchinson, Susan E. Hylen, Mary Beth Ingham, H. Larry Ingle, Dale T. Irvin, Jon Isaak, Paul John Isaak, Ada María Isasi-Díaz, Hans Raun Iversen, Margaret C. Jacob, Arthur James, Maria Jansdotter-Samuelsson, David Jasper, Werner G. Jeanrond, Renée Jeffery, David Lyle Jeffrey, Theodore W. Jennings, David H. Jensen, Robin Margaret Jensen, David Jobling, Dale A. Johnson, Elizabeth A. Johnson, Maxwell E. Johnson, Sarah Johnson, Mark D. Johnston, F. Stanley Jones, James William Jones, John R. Jones, Alissa Jones Nelson, Inge Jonsson, Jan Joosten, Elizabeth Judd, Mulambya Peggy Kabonde, Robert Kaggwa, Sylvester Kahakwa, Isaac Kalimi, Ogbu U. Kalu, Eunice Kamaara, Wayne C. Kannaday, Musimbi Kanyoro, Veli-Matti Kärkkäinen, Frank Kaufmann, Léon Nguapitshi Kayongo, Richard Kearney, Alice A. Keefe, Ralph Keen, Catherine Keller, Anthony J. Kelly, Karen Kennelly, Kathi Lynn Kern, Fergus Kerr, Edward Kessler, George Kilcourse, Heup Young Kim, Kim Sung-Hae, Kim Yong-Bock, Kim Yung Suk, Richard King, Thomas M. King, Robert M. Kingdon, Ross Kinsler, Hans G. Kippenberg, Cheryl A. Kirk-Duggan, Clifton Kirkpatrick, Leonid Kishkovsky, Nadieszda Kizenko, Jeffrey Klaiber, Hans-Josef Klauck, Sidney Knight, Samuel Kobia, Robert Kolb, Karla Ann Koll, Heikki Kotila, Donald Kraybill, Philip D. W. Krey, Yves Krumenacker, Jeffrey Kah-Jin Kuan, Simanga R. Kumalo, Peter Kuzmic, Simon Shui-Man Kwan, Kwok Pui-lan, André LaCocque, Stephen E. Lahey, John Tsz Pang Lai, Emiel Lamberts, Armando Lampe, Craig Lampe, Beverly J. Lanzetta, Eve LaPlante, Lizette Larson-Miller, Ariel Bybee Laughton, Leonard Lawlor, Bentley Layton, Robin A. Leaver, Karen Lebacqz, Archie Chi Chung Lee, Marilyn J. Legge, Hervé LeGrand, D. L. LeMahieu, Raymond Lemieux, Bill J. Leonard, Ellen M. Leonard, Outi Leppä, Jean Lesaulnier, Nantawan Boonprasat Lewis, Henrietta Leyser, Alexei Lidov, Bernard Lightman, Paul Chang-Ha Lim, Carter Lindberg, Mark R. Lindsay, James R. Linville, James C. Livingston, Ann Loades, David Loades, Jean-Claude Loba-Mkole, Lo Lung Kwong, Wati Longchar, Eleazar López, David W. Lotz, Andrew Louth, Robin W. Lovin, William Luis, Frank D. Macchia, Diarmaid N. J. MacCulloch, Kirk R. MacGregor, Marjory A. MacLean, Donald MacLeod, Tomas S. Maddela, Inge Mager, Laurenti Magesa, David G. Maillu, Fortunato Mallimaci, Philip Mamalakis, Kä Mana, Ukachukwu Chris Manus, Herbert Robinson Marbury, Reuel Norman Marigza, Jacqueline Mariña, Antti Marjanen, Luiz C. L. Marques, Madipoane Masenya (ngwan'a Mphahlele), Caleb J. D. Maskell, Steve Mason, Thomas Massaro, Fernando Matamoros Ponce, András Máté-Tóth, Odair Pedroso Mateus, Dinis Matsolo, Fumitaka Matsuoka, John D'Arcy May, Yelena Mazour-Matusevich, Theodore Mbazumutima, John S. McClure, Christian McConnell, Lee Martin McDonald, Gary B. McGee, Thomas McGowan, Alister E. McGrath, Richard J. McGregor, John A. McGuckin, Maud Burnett McInerney, Elsie Anne McKee, Mary B. McKinley, James F. McMillan, Ernan McMullin, Kathleen E. McVey, M. 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Nicholson, George W. E. Nickelsburg, Tatyana Nikolskaya, Damayanthi M. A. Niles, Bertil Nilsson, Nyambura Njoroge, Fidelis Nkomazana, Mary Beth Norton, Christian Nottmeier, Sonene Nyawo, Anthère Nzabatsinda, Edward T. Oakes, Gerald O'Collins, Daniel O'Connell, David W. Odell-Scott, Mercy Amba Oduyoye, Kathleen O'Grady, Oyeronke Olajubu, Thomas O'Loughlin, Dennis T. Olson, J. Steven O'Malley, Cephas N. Omenyo, Muriel Orevillo-Montenegro, César Augusto Ornellas Ramos, Agbonkhianmeghe E. Orobator, Kenan B. Osborne, Carolyn Osiek, Javier Otaola Montagne, Douglas F. Ottati, Anna May Say Pa, Irina Paert, Jerry G. Pankhurst, Aristotle Papanikolaou, Samuele F. Pardini, Stefano Parenti, Peter Paris, Sung Bae Park, Cristián G. Parker, Raquel Pastor, Joseph Pathrapankal, Daniel Patte, W. Brown Patterson, Clive Pearson, Keith F. Pecklers, Nancy Cardoso Pereira, David Horace Perkins, Pheme Perkins, Edward N. Peters, Rebecca Todd Peters, Bishop Yeznik Petrossian, Raymond Pfister, Peter C. Phan, Isabel Apawo Phiri, William S. F. Pickering, Derrick G. Pitard, William Elvis Plata, Zlatko Plese, John Plummer, James Newton Poling, Ronald Popivchak, Andrew Porter, Ute Possekel, James M. Powell, Enos Das Pradhan, Devadasan Premnath, Jaime Adrían Prieto Valladares, Anne Primavesi, Randall Prior, María Alicia Puente Lutteroth, Eduardo Guzmão Quadros, Albert Rabil, Laurent William Ramambason, Apolonio M. Ranche, Vololona Randriamanantena Andriamitandrina, Lawrence R. Rast, Paul L. Redditt, Adele Reinhartz, Rolf Rendtorff, Pål Repstad, James N. Rhodes, John K. Riches, Joerg Rieger, Sharon H. Ringe, Sandra Rios, Tyler Roberts, David M. Robinson, James M. Robinson, Joanne Maguire Robinson, Richard A. H. Robinson, Roy R. Robson, Jack B. Rogers, Maria Roginska, Sidney Rooy, Rev. Garnett Roper, Maria José Fontelas Rosado-Nunes, Andrew C. Ross, Stefan Rossbach, François Rossier, John D. Roth, John K. Roth, Phillip Rothwell, Richard E. Rubenstein, Rosemary Radford Ruether, Markku Ruotsila, John E. Rybolt, Risto Saarinen, John Saillant, Juan Sanchez, Wagner Lopes Sanchez, Hugo N. Santos, Gerhard Sauter, Gloria L. Schaab, Sandra M. Schneiders, Quentin J. Schultze, Fernando F. Segovia, Turid Karlsen Seim, Carsten Selch Jensen, Alan P. F. Sell, Frank C. Senn, Kent Davis Sensenig, Damían Setton, Bal Krishna Sharma, Carolyn J. Sharp, Thomas Sheehan, N. Gerald Shenk, Christian Sheppard, Charles Sherlock, Tabona Shoko, Walter B. Shurden, Marguerite Shuster, B. Mark Sietsema, Batara Sihombing, Neil Silberman, Clodomiro Siller, Samuel Silva-Gotay, Heikki Silvet, John K. Simmons, Hagith Sivan, James C. Skedros, Abraham Smith, Ashley A. Smith, Ted A. Smith, Daud Soesilo, Pia Søltoft, Choan-Seng (C. S.) Song, Kathryn Spink, Bryan Spinks, Eric O. Springsted, Nicolas Standaert, Brian Stanley, Glen H. Stassen, Karel Steenbrink, Stephen J. Stein, Andrea Sterk, Gregory E. Sterling, Columba Stewart, Jacques Stewart, Robert B. Stewart, Cynthia Stokes Brown, Ken Stone, Anne Stott, Elizabeth Stuart, Monya Stubbs, Marjorie Hewitt Suchocki, David Kwang-sun Suh, Scott W. Sunquist, Keith Suter, Douglas Sweeney, Charles H. Talbert, Shawqi N. Talia, Elsa Tamez, Joseph B. Tamney, Jonathan Y. Tan, Yak-Hwee Tan, Kathryn Tanner, Feiya Tao, Elizabeth S. Tapia, Aquiline Tarimo, Claire Taylor, Mark Lewis Taylor, Bishop Abba Samuel Wolde Tekestebirhan, Eugene TeSelle, M. Thomas Thangaraj, David R. Thomas, Andrew Thornley, Scott Thumma, Marcelo Timotheo da Costa, George E. “Tink” Tinker, Ola Tjørhom, Karen Jo Torjesen, Iain R. Torrance, Fernando Torres-Londoño, Archbishop Demetrios [Trakatellis], Marit Trelstad, Christine Trevett, Phyllis Trible, Johannes Tromp, Paul Turner, Robert G. Tuttle, Archbishop Desmond Tutu, Peter Tyler, Anders Tyrberg, Justin Ukpong, Javier Ulloa, Camillus Umoh, Kristi Upson-Saia, Martina Urban, Monica Uribe, Elochukwu Eugene Uzukwu, Richard Vaggione, Gabriel Vahanian, Paul Valliere, T. J. Van Bavel, Steven Vanderputten, Peter Van der Veer, Huub Van de Sandt, Louis Van Tongeren, Luke A. Veronis, Noel Villalba, Ramón Vinke, Tim Vivian, David Voas, Elena Volkova, Katharina von Kellenbach, Elina Vuola, Timothy Wadkins, Elaine M. Wainwright, Randi Jones Walker, Dewey D. Wallace, Jerry Walls, Michael J. Walsh, Philip Walters, Janet Walton, Jonathan L. Walton, Wang Xiaochao, Patricia A. Ward, David Harrington Watt, Herold D. Weiss, Laurence L. Welborn, Sharon D. Welch, Timothy Wengert, Traci C. West, Merold Westphal, David Wetherell, Barbara Wheeler, Carolinne White, Jean-Paul Wiest, Frans Wijsen, Terry L. Wilder, Felix Wilfred, Rebecca Wilkin, Daniel H. Williams, D. Newell Williams, Michael A. Williams, Vincent L. Wimbush, Gabriele Winkler, Anders Winroth, Lauri Emílio Wirth, James A. Wiseman, Ebba Witt-Brattström, Teofil Wojciechowski, John Wolffe, Kenman L. Wong, Wong Wai Ching, Linda Woodhead, Wendy M. Wright, Rose Wu, Keith E. Yandell, Gale A. Yee, Viktor Yelensky, Yeo Khiok-Khng, Gustav K. K. Yeung, Angela Yiu, Amos Yong, Yong Ting Jin, You Bin, Youhanna Nessim Youssef, Eliana Yunes, Robert Michael Zaller, Valarie H. Ziegler, Barbara Brown Zikmund, Joyce Ann Zimmerman, Aurora Zlotnik, Zhuo Xinping
- Edited by Daniel Patte, Vanderbilt University, Tennessee
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- The Cambridge Dictionary of Christianity
- Published online:
- 05 August 2012
- Print publication:
- 20 September 2010, pp xi-xliv
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Surface exposure ages imply multiple low-amplitude Pleistocene variations in East Antarctic Ice Sheet, Ricker Hills, Victoria Land
- Stefan Strasky, Luigia Di Nicola, Carlo Baroni, Maria Cristina Salvatore, Heinrich Baur, Peter W. Kubik, Christian Schlüchter, Rainer Wieler
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- Journal:
- Antarctic Science / Volume 21 / Issue 1 / February 2009
- Published online by Cambridge University Press:
- 09 July 2008, pp. 59-69
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One of the major issues in (palaeo-) climatology is the response of Antarctic ice sheets to global climate changes. Antarctic ice volume has varied in the past but the extent and timing of these fluctuations are not well known. In this study, we address the question of amplitude and timing of past Antarctic ice level changes by surface exposure dating using in situ produced cosmogenic nuclides (10Be and 21Ne). The study area lies in the Ricker Hills, a nunatak at the boundary of the East Antarctic Ice Sheet in southern Victoria Land. By determining exposure ages of erratic boulders from glacial drifts we directly date East Antarctic Ice Sheet variations. Erosion-corrected neon and beryllium exposure ages indicate that a major ice advance reaching elevations of about 500 m above present ice levels occurred between 1.125 and 1.375 million years before present. Subsequent ice fluctuations were of lesser extent but timing is difficult as all erratic boulders from related deposits show complex exposure histories. Sample-specific erosion rates were on the order of 20–45 cm Ma-1 for a quartzite and 10–65 cm Ma-1 for a sandstone boulder and imply that the modern cold, arid climate has persisted since at least the early Pleistocene.
Case 4 - Basic insolvency situation
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, James McGill Professor of Law, McGill University Montreal, Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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Summary
Case
Alternative 1
Tom is a real estate agent. One of the immovables he is trying to sell is an apartment belonging to Samantha. Bill is interested in buying this apartment. To show his seriousness in entering into negotiations, Bill writes a cheque for €10,000 as a deposit, which is to be refundable if the sale does not proceed. On Tom's instructions, Bill makes the cheque payable to Tom, and Tom deposits this cheque into his own bank account. The negotiations between Samantha and Bill break off with no contract, and Bill tells Tom to refund the money. Tom, who has made no withdrawal from the bank account in the intervening time, has become insolvent. Does Bill's claim to his deposit have priority over competing claims, or is he treated as a general creditor? Would it make a difference if Tom were a practising lawyer?
Alternative 2
Tom is a travel agent. He sells tickets from various airlines to his customers. The money paid for the tickets by his customers is deposited in a bank account in Tom's name. When Tom becomes insolvent, some customers already have their tickets and some do not (and those who do not have tickets have no contractual claims against the airlines). The customers who have not been issued tickets claim back their money. The airlines claim payment from the bank account for tickets that have been issued. Tom's general creditors also claim the money in the bank account.
Case 1 - Creation and termination of the management relationship; powers of the manager
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, James McGill Professor of Law, McGill University Montreal, Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- 22 August 2009
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- 03 November 2005, pp 103-217
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Summary
Case
John is a professional investment manager. Sam decides to make use of John's services after learning that he is a skilful manager. In John's office, Sam signs a document granting John full investment powers over a capital value of €2,000,000. The terms of the document indicate that John's powers are to be irrevocable for the term of five years. These powers enable John, inter alia, to buy and sell any kind of asset, including immovables. The document also provides that John will credit all the income produced by the managed capital to Sam's bank account. It stipulates that John will be entitled to deduct an annual fee, calculated as a percentage of the capital value of the managed assets. Sam then writes a cheque payable to John for €2,000,000.
Alternative 1
In the second year of their relationship, Sam reads in a newspaper that John is implicated in the international trafficking of stolen works of art. He does not know whether the allegations are true but he decides to terminate their relationship. He communicates this to John. He demands restitution of the managed assets, as well as a full account of the investments that have been made. Upon John's refusal, Sam sues, asking for: (a) a judicial declaration that the relationship is terminated; (b) a remedy enjoining John from entering into any further transaction related to the assets; (c) a full audit of the previous period; (d) restitution of the managed assets; and (e) damages.
Case 8 - Pensions funds
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, Professor of Law, McGill University Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- 22 August 2009
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- 03 November 2005, pp 431-455
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Summary
Case
A pension fund for employees of a company, that provides a specified benefit upon retirement, has been running for several years. Both the employer and the employees make contributions to the fund. The managers of the fund are of the opinion that there is a surplus of funds as a result of successful investments.
a. Can the employer suspend making contributions?
b. To whom does the surplus belong?
Discussion
AUSTRIA
An employees' pension fund that provides a specified benefit upon retirement, several years after the employer and the employee have made contributions to the fund, is not a ‘pension fund’ according to the Austrian Investment Fund Act. However, Austrian private law recognises alternative concepts that meet the requirements described in Case 8. These alternatives are based on a specific statute called the Betriebspensionsgesetz (BPG). There are basically three pension fund schemes under s. 2 BPG.
The first scheme is called Pensionskasse (s. 2 Z 1 BPG). This pension scheme is an insurance solution that allows the employer to organise the insurance entity. The insurance entity has its own legal personality based on a specific statute, the Pensionskassengesetz (PKG). Both the employer and the employee pay contributions to the insurance entity on behalf of the employee. The employees can claim benefits upon retirement, regardless of whether they still have an employment contract with the same employer.
The second pension fund scheme is a direct promise pension (direkte Leistungszusage) (s. 2 Z 2 BPG).
Case 7 - Choice of law
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, Professor of Law, McGill University Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- Commercial Trusts in European Private Law
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- 22 August 2009
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- 03 November 2005, pp 406-430
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Summary
Case
Jane manages property in the interest of her client, Monica. The property is located in your country, where both Monica and Jane live and are domiciled. In their agreement they introduce a clause stating that their relationship is a trust governed by Jersey law. Litigation arises between them. Jane claims the invalidity of the trust provision of the arrangement, and claims that local law should govern the relationship. What is the result?
Discussion
AUSTRIA
Austria has not ratified the Hague Convention on the Law Applicable to Trusts and on their Recognition. Since both of the parties live and are domiciled in Austria, and the property is located there as well, the proposed relationship does not include any foreign element; this precludes the application of the Austrian conflicts law (IPRG). Therefore, the validity of the ‘choice of law clause’ between Jane and Monica is governed by the general rules of Austrian law.
Due to the contractual autonomy of the parties, the clause is legally valid and Jersey law governs the trust or fiduciary relationship. This, however, is only true as far as the default part of Austrian law is concerned; the parties cannot ‘contract out’ of the application of mandatory provisions of Austrian law. As a result, contractual autonomy permits the applicability of Jersey law regarding the contractual part of the trust, whereas the proprietary or real aspects of the relationship follow the lex rei sitae, which is Austrian law in this case.
Case 2 - Investment duties
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- 22 August 2009
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- 03 November 2005, pp 218-246
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Summary
Case
John is a professional investment manager. Sam decides to make use of John's services after learning that he is a skilful manager. In John's office, Sam signs a document granting John full investment powers over a capital value of €2,000,000. The terms of the document indicate that John's powers are to be irrevocable for the term of five years. These powers enable John, inter alia, to buy and sell any kind of asset, including immovables. The document also provides that John will credit all the income produced by the managed capital to Sam's bank account. It stipulates that John will be entitled to deduct an annual fee, calculated as a percentage of the capital value of the managed assets. Sam then writes a cheque payable to John for €2,000,000.
Alternative 1
In the second year of their relationship, Sam learns that John has made very risky investments that have done poorly. As a result, he has lost 50 per cent of the value of the capital. Does Sam have any legal recourse?
Alternative 2
In the second year of their relationship, Sam learns that John does not use his own judgement to make any of the investment decisions. Instead John relies exclusively on the recommendations in a well-known monthly financial newsletter. Does Sam have any legal recourse?
Discussion
AUSTRIA
Alternative 1
The contract between John and Sam is to be qualified as a contract of mandate in accordance with ss. 1002 ff. ABGB.
Case 10 - Multiple debenture holders
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, James McGill Professor of Law, McGill University Montreal, Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- 22 August 2009
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- 03 November 2005, pp 486-504
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Summary
Case
A company, XYZ Ltd, wishes to raise money in the financial markets. It is willing and able to give real security to secure the debt. The transaction must be structured so that XYZ Ltd can issue secured debt instruments to multiple investors, in such a way that each investor holds the same kind of real security over the same assets, and so that the enforcement of the security will be practicable. How can these goals be realised?
Discussion
AUSTRIA
There exists in Austrian law an old statute which governs the transaction. This is the Gesetz vom 24. April 1874 betreffend die gemeinsame Vertretung der Rechte der Besitzer von auf Inhaber lautenden oder durch Indossament übertragbaren Teilschuldverschreibungen und die bücherliche Behandlung der für solche Teilschuldverschreibungen eingeräumten Hypothekarrechte. This statute deals with Teilschuldverschreibungen. These are bonds negotiable on the capital market, issued by the company in situations like those of Case 10.
Such bonds can be secured by a mortgage on the immovable property of the company issuing the bonds. The statute enacts special provisions for such a security. The mortgage is created by presenting a mortgage deed to the court responsible for the land register. This document deed has to be drawn up by the company issuing the bonds. The individual bondholder is not registered in the land register. Only the total amount for which the bonds are issued, the number of bonds issued and the dates at which they are to be paid are registered.
Case 9 - Collective investment schemes
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, Professor of Law, McGill University Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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Summary
Case
A financial services company wishes to launch a collective investment scheme. It hopes to choose a vehicle that will allow the free transfer of the interests of investors, and which will permit the rules governing the scheme to be changed where necessary.
What options are available to it?
Discussion
AUSTRIA
Austrian private law recognises one type of collective investment scheme, namely, investment funds that fall under the Austrian Investment Fund Act (InvFG). Austrian investment funds are open-ended funds that work on the principle of risk diversification and lend themselves to an open clientele. It is also possible to create special funds that only have a limited number of investors. All types of Austrian investment funds allow for changes of terms and conditions and for changes of investors, although there is no secondary market for trading the investment fund ‘certificates’. Under the Austrian Investment Fund Act, the investors have the right of redemption.
A change of the terms and conditions of an investment fund, under s. 22(3) InvFG, does not require the consent of the investors, but it must be made in their interest, must be approved by the supervisory board and must be published. Section 22(3) InvFG deals only with the public law of the modification.
Different supervision schemes apply for Austrian investment funds. Supervision under the InvFG includes a bank supervisor, a supervisory board, an investment company (a special bank) and the depository bank. The investment company manages the fund and makes the investment decisions.
Case 5 - Insolvency of investment manager
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, Professor of Law, McGill University Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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Summary
Case
Roberto is a professional investment manager. He manages assets in the interest of different clients, namely Simon, Rebecca and Ruth. The managed assets are bought with money transferred to him by his clients. Roberto offers different forms of services: (a) individual management services, under which he is to keep separate the position of each client; (b) participation in a collective investment scheme, whereby the assets managed for his clients are pooled and each participant in the scheme will share pro rata the returns on the collective investments; and (c) shares of an investment company (DEF Ltd) which holds investments chosen by Roberto.
One year after receiving the money from his clients, Roberto becomes personally insolvent. Which of his clients is better off: Simon, who chose option a; Rebecca, who chose option b; or Ruth, who chose option c?
Discussion
AUSTRIA
Option a
Professional investment managers, who offer the individual management services enumerated in s. 1 (1) ((19)) BWG, are not allowed to take over money from their clients. The managed assets are deposited in bank accounts in their clients' names. Professional investment managers do not carry out their services on a fiduciary basis, because they are obliged to act in the name and for the account of their clients. They are direct representatives, who are mandated and authorised by the clients to carry out specific investment services.
Case 3 - Conflict of interest
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- 03 November 2005, pp 247-284
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Summary
Case
Jacob is managing Esther's assets with full power to sell them. One of the assets he holds on her behalf is an undeveloped piece of land called Blackacre.
Alternative 1
While exploring investment possibilities for Esther, Jacob learns that the zoning rules for the area that includes Blackacre are likely to change in a way that will make land in that area more valuable. A month before the change is announced, Jacob uses his own money to buy Greenacre, an undeveloped piece of land in the same area. When the zoning change is announced, the value of both Blackacre and Greenacre increases by 100 per cent. When Esther becomes aware of what has happened, she seeks an amount corresponding to the increased value of Greenacre from Jacob. She claims that this increase is a wrongful gain from a transaction that created a conflict of interest and duty, since Jacob's duty involves using the information he acquires in managing Esther's assets for her benefit and not for his own gain. Will Esther's claim succeed?
Alternative 2
Jacob owns Greenacre, an undeveloped piece of land in the same area as Blackacre, in his personal capacity. Jacob sells Blackacre to Bill, a member of the zoning board responsible for the planning of the district including both Blackacre and Greenacre. The transaction is at market value.
Case 11 - Securitisation
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- By Georg Graf, Professor of Private Law, University of Salzburg, Austria, Monika Hinteregger, Professor of Civil Law, University of Graz, Austria, Manuela Weissenbacher, Assistant to the Chair of Civil Law, University of Graz, Austria, Benoit Allemeersch, Doctoral researcher Catholic, University of Leuven, Belgium; Attorney-at-Law bar of Brussels, Belgium, Alain Verbeke, Professor of Private and Comparative Law, Catholic University of Leuven, Belgium, Merete Clausen, Attorney-at-Law, Denmark, Lionel Smith, Professor of Law, McGill University Canada, Jarmo Tuomisto, Professor of Civil Law, University of Turku, Finland, François Barrière, Junior Professor, University of Paris II, France, Stefan Grundmann, Professor of Private Law European and International Private and Business Law, Humboldt University, Berlin, Germany, George K. Lekkas, Attorney-at-Law, Athens, Greece, Niamh Moloney, Professor of Capital Markets Law, University of Nottingham, England, Eoin O'Dell, Fellow, Trinity College, Dublin, Ireland, Antonio Gambaro, Professor of Comparative Private Law, State University of Milan, Italy, Michele Graziadei, Professor of Comparative Private Law, University of Eastern Piedmont, Italy, Steve Jacoby, Partner Kremer Associés & Clifford Chance; Lecturer, University of Luxembourg, Marielle Koppenol-Laforce, Attorney-at-Law Houthoff Buruma, NV, Amsterdam the Netherlands, Pedro Pais de Vasconcelos, Professor, University of Lisbon, Portugal, George L. Gretton, Lord President Reid Professor of Law, University of Edinburgh, Scotland, Sergio Cámara Lapuente, Professor of Civil Law, University of La Rioja, Spain, Cristina González Beilfuss, Professor of Private International Law, University of Barcelona, Spain, Torgny Håstad, Justice of the Swedish Supreme Court and formerly Professor of Private Law, Uppsala University, Sweden
- Edited by Michele Graziadei, Università degli Studi del Piemonte Orientale Amedeo Avogadro, Ugo Mattei, Università degli Studi di Torino, Italy, Lionel Smith, McGill University, Montréal
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- Book:
- Commercial Trusts in European Private Law
- Published online:
- 22 August 2009
- Print publication:
- 03 November 2005, pp 505-532
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- Chapter
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Summary
Case
A company, ABC Ltd, lends money on the security of mortgages/hypothecs on immovables. It now wishes to raise money in the financial markets. It wants to use its portfolio of secured loans as security for the transaction. The goals will be that ABC Ltd will not itself become liable on the transaction, and moreover that investors will not be adversely affected by any subsequent insolvency of ABC Ltd. How can the transaction be structured so as to isolate the portfolio of secured loans from the general business of ABC Ltd?
Discussion
AUSTRIA
There are only a few articles on securitisation in the Austrian literature, and no court decision at all. The following remarks therefore have only a preliminary character.
In principle, Austrian law provides all the legal instruments required to structure securitisation transactions. First, it will be necessary to set up a new company, a special purpose vehicle (SPV). In a second step, ABC Ltd shall transfer its secured loans to the SPV. In exchange for them, the SPV shall pay a certain sum to ABC Ltd. To raise the money necessary for this payment, the SPV shall issue bonds to investors. If those investors are the only creditors of the SPV, then the security of the claims assigned to the SPV will also secure the investors' claims. As there is no direct relationship between the investors and ABC Ltd, this company will not be liable for the SPV's debts towards the bondholders.