Mark Hsiao

Associate Professor 
LLB, LLM, PhD, FHEA
Email: mark.hsiao@le.ac.uk
Telephone: +44 (0)116 223 1255

Personal details

Prior to joining the Leicester Law School in July 2013, Mark has worked at universities in the U.K and Hong Kong. His research interest lies in the law of trusts, financial and banking law (Investment Banking); he has taught banking and financial law in different programmes. He has authored and published four books with a focus on banking and financial principles in Hong Kong, China and international practices. He also has a wider research interest in commercial law where banking and finance law intersect with. These include insolvency law policies, securities' interest, mortgage, and use of trust as wealth protection. He has published in the following journals: Banking and Finance Law Review, Capital Markets Law Journal, the Conveyancer, the Company Lawyer, Hong Kong Law Journal, Journal of Business Law, Journal of Banking and Finance Law and Practice, Lloyds Maritime & Commercial Law Quarterly, Restitution Law Review and Trusts & Trustees.

His research focus is on private law and is best at teasing out the wholesale sector market governance, which is largely by contracts. An example of this wholesale sector market is the publications on the over-the-counter derivatives. He has interest in the area where autonomy and regulation intersect or interweave, i.e regulatory change that affects financial transactions. His research involves broadly in two points: 1) how changes in regulation, policies and market structure influence the private law based transactions in the markets, and 2) how market participants respond to such changes. His works are influenced by HLA Hart, N Luhmann and Gunther Teubner. He is also interested in using financial models ( i.e. (FV=1+i)n )  and economic theories (i.e. utility theory, marginalism, pareto efficiency) to explain the transactional model in order to support the change in private law. His works on the relationship between private law and regulations have been cited in the Singapore Court of Appeal case Alwie Handoyo v Tjong Very Sumito [2013] SGCA 44; the Singapore International Commercial Court case CPIT Investments Ltd v Qilin World Capital Ltd and another [2017] SGHC(I) 5; Smith and Hogan Criminal Law (14th edn OUP, Oxford 2011) and A Arora Banking Law (Pearson London 2014).

Mark has taught banking and financial law on JD, LL.M, MA, MBA, MSc, PCLL and LL.B programmes. He has also held  directorship in various programmes in the past such as Deputy Director to the JD programme, Deputy Director of the MSc Law and Finance and the Director of the MBA Banking (University of London International Programme). Whilst working in H.K., he was an executive board member of the Asia Pacific Structured-Finance Association (H.K), he also served as one of executive members of the Centre for Financial Regulation and Economic Development, Chinese University of Hong Kong.

Current Teaching

LLB: Equity and Trusts

LLM: International Banking Law

LLM: Capital Markets

Selected Publications

Books

Articles & Book Chapters

  • 'Revisiting Vandervell v IRC: Classification of the Option and Implications' (2018) 33(11) J.I.B.L.R 397.  Open access version
  • 'Judicial Reasoning in Statutory Trust and Client Money' (2018) 82(3) The Conveyancer and Property Lawyer 244-261.  Open access version
  • 'Liability to pay interest: Use value and time value' [2018] Lloyd's Maritime and Commercial Law Quarterly 477.  Open access version
  • 'The Concept of the Trust in Common Law and Civil Law and Its Impact on Structured Finance' in K Ong and CK Low (eds)  Structured Finance and Securitisation in Asia 2018 (Sweet & Maxwell 2018) 91-112 (with S Gallagher).
  • ‘Target Redemption Forwards and Contractual Estoppel’ in K Ong and CK Low (eds) Structured Finance and Securitisation in Asia 2018 (Sweet & Maxwell 2018 ) 113-124.
  • ‘Regulating OTC Derivatives: The Central Counterparty's Role and EMIR’ in Iris Chiu & Iain MacNeil (eds) Research Handbook on Shadow Banking: Legal and Regulatory Aspects (Elgar 2018) 205-228.  Open access version
  • ‘A shift in the objective deduction of secondary fact in presumption’ (2017) 81(2)  The Conveyancer and Property Lawyer 101-115.  Open access version
  • ‘A shift in the objective measure of the time value of money’ [2015] 23 Restitution Law Review 92-105.  Open access version
  • Chinese Trust Law: Registration as the Concept-Substitution and a Work-Out Solution for Investors (Beneficiaries)’ (2015) 25(8) Trusts & Trustees 1-13.
  • ‘The shift in China from corporate crime to corporate manslaughter crime: comparisons with the UK and Australia’ [2015] (1) Journal of Business Law 68-83.
  • ‘OTC Derivatives Regulation in China: how far across the river?’ (2014) 25(1) Journal of Banking and Finance Law and Practice 14-25.
  • ‘The legal transplant of the English floating charge and the pledge over receivables into Chinese law’ [2014] (2) Journal of Business Law 141-155.
  • ‘Finality orders in the clearing system and OTC derivatives regulation in Hong Kong’ (2013) 43(1) HKLJ 139-160.
  • From ISDA to NAFMII: Insolvency Stalemate and PRC Bankruptcy Jurisprudence’ (2013) 8(1) Capital Markets Law Journal 77-89 (with Mr. Kingsley Ong).
  • ‘The beginning and the end of an era of charitable public benefit in Hong Kong’ (2012) 76(3)  Conv. 228-242.
  • ‘Does China need financial derivatives’ regulation: Catch 22 or a vicious circle?’ (2012) 27(3) Banking and Finance Law Review 445-463.
  • ‘Deposit Insurance Scheme as the final destination-Mapping the financial market’(2011) 26(11) J.I.B.L.R. 538-547.
  • ‘Legitimized interference with private properties-Banking Act 2009’ (2010) 25(5) J.I.B.L.R. 227-234.
  • ‘The pilot securitization of credit assets in China’ (2009) 24(4) J.I.B.L.R. 216-223.
  • ‘Sprouting fiduciary duty of honesty and fidelity: Companies Act 2006’ (2009) 20(9) Int'l Company & Com.L.Rev. 301-308.
  • ‘Abandonment of the doctrine of attribution for gross negligent test on the Corporate Manslaughter and Corporate Homicide Act 2007’ (2009) 30(4) The Company Lawyer 110.
  • ‘An analysis of the Basel II framework on credit derivatives treatment on trading book for risk mitigation purpose and relationship to banking book’ (2008) 29(1) The Company Lawyer 26.
  • ‘Legal infrastructure of Chinese banking credit derivatives trading leading to securitization’ (2007) 28(10) The Company Lawyer 303.

Book Reviews

  • US Regulation for Asset Managers Outside the United States’(2018) 33(10) J.I.B.L.R 382.
  • OTC Derivatives: Bilateral Trading and Central Clearing: An Introduction to Regulatory Policy, Market Impact and Systemic Risk’ (2014) 29(9) J.I.B.L.R 599.

Others

  • Ong, K and Hsiao, M ‘Translating insolvency from Chinese’ Creditflux August 1 2013 <http://www.creditflux.com/Newsletter/2013-08-01/Translating-insolvency-from-Chinese/>

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