David Ramos Muñoz - Profile on Academia.edu (original) (raw)

Papers by David Ramos Muñoz

Abuso Del Derecho, Transacciones Transfronterizas Y La Construcción Del Mercado Interior Y De La Ue: Un Equilibrio Imposible? (Abuse of Law, Cross-Border Transactions, and Construction of the Internal Market and the EU: An Impossible Equilibrium?)

Civitas Revista Espanola De Derecho Europeo, Oct 1, 2012

Spanish Abstract: El Abuso del Derecho define un problema hace mucho reconocid... more Spanish Abstract: El Abuso del Derecho define un problema hace mucho reconocido, pero una doctrina de reciente creación en la jurisprudencia del Tribunal de Justicia de la UE (TJUE), de modo que aún es mucho lo que se desconoce sobre su significado e implicaciones. Aunque comparte elementos con doctrinas similares de los Estados, como parte del Derecho de la UE plantea retos interpretativos únicos. El artículo propone algunos ejemplos hipotéticos donde los tribunales nacionales podrían solicitar una cuestión prejudicial al TJUE en materia de abuso del Derecho. Sobre esta base, procede a examinar la base conceptual de la doctrina y sus límites. Al hacerlo, presta especial atención a la (supuesta) multiplicidad de la doctrina al aplicarse a diferentes ámbitos (ej. divergencias entre casos verticales y horizontales), y sostiene que el elemento teleológico o finalista de la doctrina le proporciona, necesariamente, una "unidad en la diversidad". Finalmente, ofrece algunos ejemplos de los retos interpretativos a los que el abuso del Derecho deberá enfrentarse, a la luz de su estatus como doctrina transversal, que permea el Derecho de la UE, con especial referencia a problemas relativos a la economía social de mercado, Derecho de sociedades o regulación financiera, o la dificultad de su aplicación en casos de Derecho Internacional Privado. English Abstract: Abuse of Law is a long-acknowledged problem, but a recently-spawned doctrine in the case-law of the European Court of Justice (ECJ), and much is still unknown about its meaning and implications. Even though it shares elements with similar doctrines of Member States, as part of EU law it poses unique interpretative challenges. The article proposes some hypothetical examples where domestic courts could make a preliminary reference to the ECJ on abuse of law. On that basis, it proceeds to examine the doctrine's conceptual foundations and boundaries. In doing so, it pays specific attention to the (alleged) multiplicity of the doctrine in different ambits (e.g. divergences vertical and horizontal cases), and argues that the teleological or finalistic element necessarily gives abuse of law its "unity in diversity". Finally, it offers some examples of the interpretative challenges that abuse of law will have to confront, in light of its status as a transversal doctrine that permeates through all EU law, with special reference to problems with the social-market economy, company law or financial regulation, or the difficulty of application in Private International Law cases.

Do Fundamental Rights Conflict with Private Law?

European Review of Private Law

: The relationship of fundamental rights and private law is often filled with mistrust, which res... more : The relationship of fundamental rights and private law is often filled with mistrust, which results in a framework where (1) the issue of horizontal effect acquires an oversized importance; (2) the relationship is described in terms of the conflict between fundamental rights and private rights; and (3) fundamental rights are seen as a constraint on consent. This article proposes a different, symbiotic, approach, where (1) horizontal effect is given less attention, because, in general, courts refuse to be tied by a single, unifying theory, when they approach the issue; (2) the purported ‘conflict between’ is reframed as an issue of overlapping conflicts between private interests on one level, and fundamental rights on the other, which are resolved through different methods; and (3) party autonomy is a cornerstone of both fundamental rights and private law, and a tool to address the two levels of conflict. With this approach we can identify some ‘false’ conflicts and restrict the ‘real conflicts’ to identifiable scenarios. The analysis is based on the extensive case law of Spanish courts, and the case law by the European Court of Human Rights (ECtHR), using parallels with other jurisdictions for purposes of comparison. Résumé: Les rapports entre les droits fondamentaux et le droit privé sont souvent empreints de méfiance, ce qui aboutit à un cadre où (i) la question de l’effet horizontal acquiert une trop grande importance; (ii) les rapports sont décrits en termes de conflit entre les droits fondamentaux et les droits privés; et (iii) les droits fondamentaux sont considérés comme un frein au consentement. Le présent article propose une approche différente, symbiotique, où (i) l’on attache moins d’attention à l’effet horizontal, parce que en général, les tribunaux refusent d’être tenus par une seule théorie unificatrice lorsqu’ils abordent la question; (ii) le prétendu ‘conflit entre’ est redéfini comme une question de conflits qui s’entrecroisent entre des intérêts privés d’une part et des droits fondamentaux d’autre part, qui sont résolus par différentes méthodes; et (iii) l’autonomie des parties est la pierre angulaire à la fois des droits fondamentaux et du droit privé, et un outil pour aborder les deux niveaux de conflit. Grâce à cette approche nous pouvons identifier plusieurs ‘faux’ conflits limitant les ‘conflits réels’ à des scenarios identifiables. L’analyse se base sur l’abondante jurisprudence des tribunaux espagnols et la jurisprudence de la Cour Européenne des Droits de l’Homme (CEDH), utilisant des parallèles avec d’autres juridictions dans un but de comparaison.

Does Europe Have What It Takes to Finish the Banking Union

Columbia Journal of European Law, 2018

The marketing of MREL securities after BRRD

El fenómeno FinTech desde el punto de vista del Derecho de la competencia

Perspectiva legal y económica del fenómeno FinTech, 2021, ISBN 978-84-18662-46-1, págs. 709-739, 2021

SSRN Electronic Journal, 2017

Le opinioni espresse nel presente Quaderno sono attribuibili esclusivamente agli autori e non rap... more Le opinioni espresse nel presente Quaderno sono attribuibili esclusivamente agli autori e non rappresentano posizioni ufficiali della Consob, né impegnano in alcun modo la responsabilità dell'Istituto. Nel citare i contenuti del presente Quaderno, non è pertanto corretto attribuirli alla Consob o ai suoi Vertici. Errori e imprecisioni sono imputabili esclusivamente agli autori.

European Company and Financial Law Review, 2016

Shadow banking" is the concept used by the Financial Stability Board (FSB) and the European Commi... more Shadow banking" is the concept used by the Financial Stability Board (FSB) and the European Commission to propose a new bout of regulatory reforms. The problem of this concept is less in its negative bias than in the fact that it mischaracterizes and marginalizes the problem. Rather than an issue of market players avoiding the rules, shadow banking's is a story of market players exploiting the rules and institutional structures created for their benefit. Rather than a separate 'parallel' system, shadow banking encompasses major players and markets, and has become the system, thanks partly to policy choices. The phenomenon of shadow banking should prompt a deeper discussion about the influence of legal institutions in market structures, and the perils of artificial distinctions between 'banking/money markets' and 'capital markets'. Drawing the appropriate lessons is particularly important now that momentous reforms, such as the Banking Union and Capital Markets Union, seem to go back to traditional (and unrealistic) dividing lines.

Capital Markets Law Journal, 2015

The described structure corresponds to a basic 'cash' securitization. In synthetic structures, th... more The described structure corresponds to a basic 'cash' securitization. In synthetic structures, the risk is transferred by means of derivatives contracts between the holder of the securitized assets and the SPV [the contract being a credit derivative, typically a Credit Default Swap (CDS)]. To fund its position, the SPV issues securities often called 'Credit Linked Notes' (CLN) divided in different tranches according to their seniority (super-senior, senior, mezzanine. . .). 1 Although securitization has made them popular, the use of SPVs/SPEs can be useful in any context where specific assets or cash flows need to be insulated from other risks, especially those associated with the activity of the transaction sponsor. Asset finance transactions, for example, need to insulate a large asset (eg vessel or aircraft): the end user (typically, the carrier) does not normally acquire the asset but has a lease over it, a lease that is not granted by the manufacturer, but, rather, by a special purpose vehicle, or a chain of SPVs, whose purpose is to own the asset or hold a lease over it, and lease it down the chain; and get lease payments and upstream them to the lessor, banks or investors. 2 In real estate finance, an SPV may be created to hold each real estate property, subscribe the loan and grant a security interest to the lender over the property, 3 thereby insulating it from the risks of the developer or the sponsor. And, in mergers and acquisitions, vehicles are used in LBOs to be filled up with debt, and then acquire the target company. 4 1 The proceeds obtained from investors are deposited in an account or invested in risk-free assets. Then, the sponsor makes periodical 'premium' payments to the SPV; who transfers them to investors, together with the interest from the risk-free assets. If a Credit Event (say, a substantial default, a drop in the levels of overcollateralization, etc.) occurs, the sponsor seizes control of the account/risk-free assets, whose risk the transaction tried to cover, and which are transferred to the SPV, which in turn holds them on behalf of the investors. If the sponsor defaults, investors (or their trustee) can themselves seize control over the assets. See David

SSRN Electronic Journal, 2015

The provision of financial services through mobile phones is a powerful tool to foster financial ... more The provision of financial services through mobile phones is a powerful tool to foster financial inclusion, and thus economic growth, in developing countries. However, it raises important regulatory issues. Given the vulnerability of most potential customers of these services, the protection of customer funds is important. In common law countries, trust accounts are an effective response to these concerns. In civil law jurisdictions however, in the absence of trusts, protection of customer funds is more difficult. This paper identifies the theoretical and practical problems that regulators in civil law jurisdictions might face when trying to protect customer funds and explores how fiduciary contracts, mandate contracts and direct regulation might be used to achieve this goal. It offers a series of practical recommendations for policy-makers in developing countries that provide a range of regulatory options that combine private law and regulation.

The Power of Arbitrators to Make Pro-Futuro Orders

SSRN Electronic Journal, 2014

Non-monetary remedies, especially specific performance, have long been the subject-matter of law ... more Non-monetary remedies, especially specific performance, have long been the subject-matter of law and economics and comparative and uniform law. For civil law countries, it is a normal remedy; for common law countries, it is exceptional. Yet once its status seems to be converging under contract law, the debate has restarted in arbitration. Arbitration being based on consent, it is intuitively unrelated to anything conducive to coercion, hence the need to revisit some matters. The article examines the classification of non-monetary remedies as a substantive or procedural issue, and then studies the different sources where arbitrators can draw their power to order the performance of a contract. Albeit such sources vary, the consensus is in favor of allowing it. Yet as the dispute and its contents become more complex, one realizes that the real problem with non-monetary relief has to do with its role in ordering the parties' relationship in the future (pro futuro orders) something that is somehow contrary to the role that adjudication (not just arbitration) has traditionally played. Resolving this contradiction, and establishing more clearly the sources and nature of the arbitrators' powers to order future conduct, and the limits to such powers is an important task that can enhance, or hinder, arbitration's usefulness as a dispute resolution mechanism.

Bankruptcy Law v Bankruptcy-Remote Structures. Harmony Out of Dissonance?

SSRN Electronic Journal, 2014

Bankruptcy-remote structure is a common way to refer to securitization and other transactions. Bu... more Bankruptcy-remote structure is a common way to refer to securitization and other transactions. But what does it mean, and what are its implications for bankruptcy law? This paper sets itself the task of clarifying those two questions. It shows that bankruptcy-remoteness is a goal, with two conceptions ("basic", and "enhanced"): one tries to achieve the insulation of the bankruptcy-remote assets from the bankruptcy of the sponsor; the other tries to achieve their insulation from bankruptcy proceedings altogether. The contrast between these goals and bankruptcy policy provides good ground to contrast the bankruptcy policy views on consolidation/atomization of the estate or contractarianism/judicialism in bankruptcy law. Also, the international mobility of these structures (and the SPVs usually employed in them) provides a good testing ground for the debate on territoriality/universality in international insolvency. Bankruptcy law is mandatory, so in theory the parties cannot exclude bankruptcy proceedings, determine the size of the estate, or choose jurisdiction and applicable law. In practice, however, transaction parties use combinations of mechanisms that allow them to achieve exactly that. The paper does a comparative analysis to study how different jurisdictions (by statute, and, mainly, court decisions) have dealt with those mechanisms in light of the apparent contradiction with bankruptcy principles (principles that are, themselves, the subject of controversy).The results are interesting. Despite attention has been mostly focused on the "basic" notion of bankruptcy remoteness, the partitioning between the sponsor's estate and bankruptcy-remote assets is relatively uncontroversial, and doctrines such as "true sale" or "substantive consolidation", which have acquired an ominous connotation, are empty threats. Peril comes in other forms, which are analyzed in the study.Much more relevant seems to be the courts' perspective on the mechanisms to achieve "enhanced" bankruptcy remoteness, which provides an interesting guidance on how contractarian solutions could work in practice. Since court decisions discuss individual contract mechanisms, rather than the idea of "bankruptcy remoteness" itself, their reaction was often more intuitive than policy-oriented. Contract provisions, however, cannot work miracles, and do not eliminate the underlying conflict between creditors. Also, the approach based on detailed rules can be rigid in hard cases in the absence of interpretative criteria that can replace bankruptcy principles.Finally, the analysis of international cases shows the difficulties of finding an acceptable and predictable setting for these transactions, when existing rules that determine jurisdiction and applicable law rely on a concept of "insolvency proceedings" that is anathema for these structures. Bankruptcy-remote structures provide an interesting (minimalistic) ground to test hypotheses that may be extrapolated to bankruptcy policy as a whole. But the analysis also shows the benefit of observation, before any views are formed.

SEC v Goldman Sachs and the new wave of (asset-backed) securities litigation. What are the arguments? What is at stake?

Law and Financial Markets Review, 2010

Abstract: In the wake of the financial crisis a new wave of litigation looms. This paper presents... more Abstract: In the wake of the financial crisis a new wave of litigation looms. This paper presents an “aloof” analysis of legal arguments involved in securitisation cases. First, it identifies the relevant facts. Second, it focuses on key legal liability elements for fraudulent ...

In praise of small things: securitization and governance structure

Capital Markets Law Journal, 2010

* Dr in Law David Ramos Muñoz, University of Bologna (College of Spain). Assistant Professor of C... more * Dr in Law David Ramos Muñoz, University of Bologna (College of Spain). Assistant Professor of Commercial and Securities Law. Universidad Carlos III de Madrid. This article was conceived and drafted during a visiting fellowship at the London School of Economics and Political ...

Transacciones trascendentes. Operaciones fuera de balance, disociación de la propiedad y problemas regulatorios, patrimoniales y de gobierno

Revista De Derecho Bancario Y Bursatil, 2012

La Convención de Viena sobre contratos de compraventa internacional de mercaderías

dialnet.unirioja.es

... | Ayuda. La Convención de Viena sobre contratos de compraventa internacional de mercaderías. ... more ... | Ayuda. La Convención de Viena sobre contratos de compraventa internacional de mercaderías. Autores: David Ramos Muñoz; Localización: Derecho internacional económico y de las inversiones internacionales / coord. por ...

A supplementary approach towards the regulation of financial contagion

Las Participaciones Preferentes Y Su Contexto: Resolviendo El Sudoku (Preferred Shares (in Spanish Banks) and their Context: Solving the Sudoku)

CGN: Banks (Topic), 2012

Spanish Abstract: Durante los 'go-go years' previos a la crisis financ... more Spanish Abstract: Durante los 'go-go years' previos a la crisis financiera (y varios de los años de crisis) se asistió a un incremento extraordinario en la comercialización de productos financieros 'híbridos', que otorgaban a los inversores una participación en el capital de instituciones financieras (pero no el voto). En España el producto más importante fueron las 'participaciones preferentes' (no denominadas 'acciones' porque debían poder ser emitidas por las cajas, que no podían emitir derechos de propiedad). Este artículo trata de pintar un cuadro completo del entorno institucional (y sus fallos) que condujeron a la comercialización masiva de estos productos a inversores minoristas English Abstract: The go-go years prior to the financial crisis (and several crisis years) saw an extraordinary increase in the marketing of hybrid financial products which granted investors a participation in financial institutions' capital (but no vote). In Spain the more important product were 'preferred participations' (not called 'shares' because they had to be issued by savings banks, which could issue no ownership rights). This article tries to draw a full picture of the institutional environment (and failures) that led to the massive marketing of these products to retail investors.

Tax Arbitration and Its Issues: From Fiction to Reality to Surrealism

"Tax" and "arbitration" are two seemingly unrelated terms. Yet recent efforts... more "Tax" and "arbitration" are two seemingly unrelated terms. Yet recent efforts, first by the OECD, and then by the United States and other countries to introduce arbitration clauses in their Tax Treaties require to reconsider the association. Alas, rather than rejoicing by the presence of a new member of the "arbitration club" the contents of the solutions envisaged in those Treaties command caution. Wanting the best of both worlds, States have tried to take the benefits of arbitration without giving away the control that it needs to work properly. The series of middle-of-the-road solutions envisaged in the Treaties not only raises suspicion about the practical functioning of the mechanism itself. They also pose fundamental questions about what can be called "arbitration", how is it supposed to work, and whether the hybrid tax arbitration can ultimately improve expediency, while preserving accountability.

Book review. Guide to the Willem c. vis International Commercial arbitration moot

Lecture Notes in Computer Science, 2015

Technology is increasingly available to end users of low socioeconomic status (SES), yet little i... more Technology is increasingly available to end users of low socioeconomic status (SES), yet little is known about how these users' values affect the interfaces they prefer when seeking information related to their child's health. We investigate low-SES parents' preferences when it comes to technology to track and learn about their child's developmental milestones using both qualitative and quantitative analyses. We follow the methods outlined by Value Sensitive Design (VSD) and found that the three most relevant values for information seeking are Convenience, Learning/Bonding and Trust. We also discuss how these values drive their technology preferences in tracking their child's developmental milestones. We also present a series of design principles for information communication technology for low-SES user groups that were derived directly from our qualitative research with 51 participants. We note that although working in this unique problem space necessitated following an abridged VSD paradigm our results align with the core set of values suggested by VSD.

Civitas Revista Espanola De Derecho Europeo, Oct 1, 2012

Do Fundamental Rights Conflict with Private Law?

European Review of Private Law

Does Europe Have What It Takes to Finish the Banking Union

Columbia Journal of European Law, 2018

The marketing of MREL securities after BRRD

El fenómeno FinTech desde el punto de vista del Derecho de la competencia

Perspectiva legal y económica del fenómeno FinTech, 2021, ISBN 978-84-18662-46-1, págs. 709-739, 2021

SSRN Electronic Journal, 2017

European Company and Financial Law Review, 2016

Capital Markets Law Journal, 2015

SSRN Electronic Journal, 2015

The Power of Arbitrators to Make Pro-Futuro Orders

SSRN Electronic Journal, 2014

Bankruptcy Law v Bankruptcy-Remote Structures. Harmony Out of Dissonance?

SSRN Electronic Journal, 2014

SEC v Goldman Sachs and the new wave of (asset-backed) securities litigation. What are the arguments? What is at stake?

Law and Financial Markets Review, 2010

In praise of small things: securitization and governance structure

Capital Markets Law Journal, 2010

Transacciones trascendentes. Operaciones fuera de balance, disociación de la propiedad y problemas regulatorios, patrimoniales y de gobierno

Revista De Derecho Bancario Y Bursatil, 2012

La Convención de Viena sobre contratos de compraventa internacional de mercaderías

dialnet.unirioja.es

A supplementary approach towards the regulation of financial contagion

Las Participaciones Preferentes Y Su Contexto: Resolviendo El Sudoku (Preferred Shares (in Spanish Banks) and their Context: Solving the Sudoku)

CGN: Banks (Topic), 2012

Tax Arbitration and Its Issues: From Fiction to Reality to Surrealism

Book review. Guide to the Willem c. vis International Commercial arbitration moot

Lecture Notes in Computer Science, 2015