Default Invariance: Naïve Category of Law and Finance

Default invariance is the idea that default does not change at any scale of law and finance. Default is a conserved quantity in a universe where fundamental principles of law and finance operate. It exists at the micro-level as part of the fundamental structure of every financial transaction, and at the macro- level, as a fixed critical point within the relatively stable phases of the law and finance cycle. A key point is that default is equivalent to maximizing uncertainty at the micro-level and at the macro-level, is equivalent to the phase transition where unbearable fluctuations occur in all forms of risk transformation, including maturity, liquidity and credit. As such, default invariance is the glue that links the micro and macro structures of law and finance. In this essay, we apply naïve category theory (NCT), a type of mapping logic, to these types of phenomena. The purpose of using NCT is to introduce a rigorous (but simple) mathematical methodology to law and finance discourse and to show that these types of structural considerations are of prime practical importance and significance to law and finance practitioners. These mappings imply a number of novel areas of investigation. From the micro- structure, three macro-approximations are implied. These approximations form the core analytical framework which we will use to examine the phenomena and hypothesize rules governing law and finance. Our observations from these approximations are grouped into five findings. While the entirety of the five findings can be encapsulated by the three approximations, since the intended audience of this paper is the non-specialist in law, finance and category theory, for ease of access we will illustrate the use of the mappings with relatively common concepts drawn from law and finance, focusing especially on financial contracts, derivatives, Shadow Banking, credit rating agencies and credit crises.

Transgender Freedom and the Law: A Liberal-Poststructural Discussion on McNally

In R v McNally, gender deception is found capable of leading to the vitiation of consent to sexual intercourse and, in so doing, places restriction on the freedom of transgendered individuals in favour of cisgendered freedom. This paper seeks to challenge the standing of this decision by adopting a combined methodological approach between Deleuzian post-structuralism and Gewirthian legal idealism. In so doing, we attempt to show that the combination offers a novel and productive approach to contentious decisions, such as that in McNally. Our approach brings together post-structuralist corporeality which conceives of the body as material and productive, and Gewirth’s ‘agent’ to conceptualise the legal body as an entity which can, and should, shape judicial reasoning. It does this by employing the criterion of categorically necessary freedom on institutionalised practical reasoning. These ‘bodies of agents’ can be conceived as the underpinning and justificatory basis for the authority of the law subject to the morally rational Principle of Generic Consistency. This egalitarian condition precedent requires individualisation and the ability to accept self-differentiation in order to return to a status, which can be validly described as “law”. Ultimately, we argue that this theoretical combination responds to a call to problematise the connection made between gender discourse and judicial reasoning, whilst offering the opportunity to further our conceptions of law and broaden the theoretical armoury with which to challenge judicial reasoning in McNally. That is, a ‘good faith’ attempt to further and guarantee transgender freedoms.

Complete Public Law Text, Cases and Materials, 3rd edition

Complete Public Law: Text, Cases, and Materials combines extracts from key primary and secondary materials with clear explanatory text to provide a complete resource for students of constitutional and administrative law. Clear, concise explanation of key legal principles is combined with a wide range of extracts, from statutes, case law and academic materials to provide a complete resource for students The authors use straightforward and uncomplicated language to ensure legal concepts and the complexities of the British constitution are easily understood Learning features such as thinking points, diagrams, useful notes, summary points and reflective questions provide valuable support for students and encourage them to engage with the subject A helpful 'case study' chapter on human rights, terrorism and the courts illustrates how the Human Rights Act has been used in practice across the legal system, providing extra insight into the importance of both human rights law and the process of judicial review The 'Judicial review: putting it all together in problem answers' chapter pulls together strands from previous chapters to provide a checklist of issues to be considered in order to diagnose a judicial review problem and advise a client

Achieving human security through UN human rights law: prospects and challenges

This paper explores the prospects and challenges of achieving human security through United Nations (UN) human rights law. The paper does not aim to pronounce definitively on the achievement of human security by way of UN human rights law that is, to assess the achievement of human security per se 'as a future end state'. Rather the focus of the paper is firmly placed on the capacity of UN human rights law to achieve human security. The paper departs from the premise that if human rights define human security, international human rights law and UN human rights law in particular should have something to say about the achievement of human security.

Securitisation law: EU and US disclosure regulations

Providing key guidance on the process of securitisation, this comprehensive title explains in detail exactly what practitioners need to know. Featuring the most up-to-date commentary, Securitisation Law and Practice cuts through this complicated process using practical aids such as flow charts and checklists. The book also contains discussion on the latest case law (including case studies) and critical legal issues. The book also features: (1) Analysis of the recent securities regulations regarding asset-backed securities disclosures in the US and EU, providing an understanding of the differences in regulatory reporting requirements between jurisdictions. (2) Discussion of the various types of asset-backed structures that have been created over the last 30 years. (3) Analysis of the major legal decisions in the US and EU regarding securitisation transactions, including such cases as Enron, Parmalat and the recent sub-prime problem.

Critical autopoiesis and the materiality of law

Autopoietic theory is increasingly seen as a candidate for a radical theory of law, both in relation to its theoretical credentials and its relevance in terms of new and emerging forms of law. An aspect of the theory that has remained less developed, however, is its material side, and more concretely the theory’s accommodation of bodies, space, objects and their claim to legal agency. The present article reads Luhmann’s theory of autopoietic systems in a radical and material manner, linking it on the one hand to current post-structural theorisations of law and society, and on the other hand extending its ambit to accommodate the influx of material considerations that have been working their way through various other disciplines. The latter comprises both a materialisation of the theory itself and ways of conceptualising the legal system as material through and through. This I do by further developing what I have called Critical Autopoiesis, namely an acentric, topological, post-ecological and posthuman understanding of Luhmann’s theory, that draws on Deleuzian thought, feminist theory, geography, non-representational theory, and new material and object-oriented ontologies. These are combined with some well-rehearsed autopoietic concepts, such as distinction, environment and boundaries; Luhmann’s earlier work on materiality continuum; more recent work on bodies and space; as well as his work on form and medium in relation to art. The article concludes with five suggestions for an understanding of what critical autopoietic materiality might mean for law.

Confronting law affectively: encounters of a Patpong sex tourist

When considering spaces of sex-work such as Patpong in Bangkok, Thailand, the inclination is to be drawn into habitual debates concerning the legitimacy of sex-work and the clear objectification of sex-workers. While these concerns are valid and real, there are significant absences in terms of the theoretical mapping of the space, such as the affect of the presence of law, bodies, space and the sexual encounter itself. Law emerges as the most significant presence, since it both forms the transactional surface of Patpong and produces the confusion and revilement that results from the confluence of cold legal exchange with the tactile intimacy of the sexual encounter. This text explores the ethnographic space of Patpong in order to understand ways in which law’s transactional, effective surface is both embodied through subjectivication and spatially emplaced, yet also disrupted through the affective agency of the bodies and spaces it enfolds in order to produce this surface. This exploration will point to the limitations of law’s effective surface and suggest ways in which law might be located within a regime of affect, which returns the law to the body it subjectivises.

Flesh of the Law: Material Metaphors

Existing legal metaphors, even the predominantly spatial and corporeal ones, paradoxically perpetuate a dematerialized impression of the law. This is because they depict the law as universal, adversarial, and court-based, thus ignoring alternative legalities. Instead, there is a need to employ more radically material metaphors, in line with the material turn in law and other disciplines, in order to allow law's materiality to come forth. I explore the connection between language and matter (the ‘flesh’ of the law) through legal, linguistic, and art theory, and conclude by suggesting four characteristics of material legal metaphors.