Topics in Financial Regulation
Many large corporations use “legal” structures and secrecy jurisdictions to avoid or reduce their tax commitments or to hide beneficial ownership. Discuss how this undermines financial regulation and frustrates tax collection. Also discuss the adverse impacts on small businesses, governments and citizens in the jurisdictions where the tax is not paid and also the adverse consequences for the tax haven.
Use an example from a large and complex British, French or American financial firm that uses (or provides to its clients) such structures and tax havens to illustrate your key arguments. ( Minimum word count 3250 words) Minimum number of sources is 15.Your essay should
• include a discussion of the implications domestically in the relevant jurisdiction
• include a discussion of the implications for the tax haven
• include a discussion of the concerns that might arise when returns to financiers or small groups of sophisticated or wealthy investors vastly exceed returns to the real economy.
Assessment criteria and guidance:
To do well in this assessment, you must:
• select an appropriate example
• ensure the example is based on a corporation in the correct jurisdiction
• demonstrate a good conceptual understanding of the secrecy jurisdictions and tax havens
• demonstrate a good conceptual understanding of the topics as below
o disclosure
o transparency
o market mechanism
o conflicts of interest
o regulatoryarbitrage
o legal and financial engineering o tax justice
• demonstrate that you have fully understood why and how societal stakeholder detriment occurs in the context of the example(s) you have selected (both domestically and internationally)
• explain why the issue might therefore be important from a regulatory and fiscal perspective
• evidence all of the above overtly and specifically through the development of your arguments
• demonstrate that you have critically engaged with a range of scholarly references in a credible manner
• use a suitable essay structure and appropriate grammar and relevant subject- specific vocabulary to demonstrate your knowledge of the subject matter
