Photo of Professor Alastair Hudson

Professor Alastair Hudson

LLB LLM PhD NTFS FHEA FRSA

Professor of Equity and Finance Law

3190

01392 723190

Amory 024

Alastair was voted UK Law Teacher of the Year in 2008. He was appointed a National Teaching Fellow in 2009 by the Higher Education Academy. He is a judge of the Law Teacher of the Year competition.

Alastair is the author of twenty books on various aspects of law and legal theory which have established themselves as being authoritative within the UK and overseas. They have been cited in court and in court judgments in several jurisdictions.

His publications include the following:-

Sole-authored Books by Alastair Hudson 

  1. Equity and Trusts
    9th ed, Routledge, 2016, 1,115pp +li. ISBN 978-0-415-83688-3 (Hardback); ISBN 978-0-415-83687-6 (Paperback); ISBN 978-1-315-77441-1 (e-book). 
     
  2. Principles of Equity & Trusts
    1st ed, Routledge, 2016, 588pp +li. ISBN 978-0-1 85941 379 X 
     
  3. Understanding Equity and Trusts
    6th ed, Routledge, 2016, 255pp. ISBN 978-1-138-77468-1(hbk); 978-1-138-774674(pbk); 9781315774275(ebk)
     
  4. Understanding Company Law
    2nd ed, Routledge, 2016, 291pp. ISBN 978-0-415-68217-6 (hbk); 9780415682183 (pbk); 9780203148303 (ebk) 
     
  5. Great Debates in Equity & Trusts
    “Great Debates” series (ed. Prof Jonathan Herring), 1st ed, Palgrave Macmillan, 2014, 257pp. ISBN 978-1-137-01570-9 
     
  6. The Law of Finance
    “Classics Series”, 2nd ed, Sweet & Maxwell, 2013, 1,452pp +clv. ISBN 978-0-414-02764-0 
     
  7. Securities Law
    2nd ed, Sweet & Maxwell, 2013, 874pp + cviii. Practitioner Treatise. ISBN 978-1-414-02845-6. 
     
  8. The Law and Regulation of Finance
    2nd ed, Sweet & Maxwell, 2013, 1,691pp +clxxxiv. Practitioner Treatise. ISBN 978-0-414-03136-4 
     
  9. The Law on Financial Derivatives
    5th ed, Sweet and Maxwell, 2012, 990pp + lxxxvi. Practitioner Treatise. ISBN 978-1-84703-889-0
     
  10. The Law on Investment Entities
    Sweet & Maxwell, 2000, 356pp. Practitioner Treatise. ISBN 0421593903 
     
  11. Towards A Just Society: Law, Labour and Legal AidPinter (Cassell), “Citizenship and Law Series” (ed. Prof Robert Blackburn), 1999, 286pp. ISBN 1-85567-546-3 (hbk); 1-85567-547-1 (pbk)
     
  12. Swaps, Restitution and Trusts
    Sweet & Maxwell, 1999, 245pp +xxvii. ISBN 0421-65650-6 
     
  13. Principles of Equity & Trusts
    Cavendish, 1999, 588pp +li. ISBN 1 85941 379 X
     
  14. The Law on Homelessness
    Sweet & Maxwell, 1997, 449pp. ISBN 0 421 580 704 

Co-authored books and Encyclopaedia 

15.    The Law of Trusts, with Prof Geraint Thomas QC
2nd ed, Oxford University Press, 2010, 1,681pp +ccxiv. With contributions from Francis Barlow QC, Richard Wallington QC, Jonathan Glasson, et al. Practitioner Treatise. ISBN 978-0-19-955028-9 

16.    Charlesworth’s Company Law, with Prof Stephen Girvin and Dr Sandra Frisby
18th ed, Sweet & Maxwell, 2010, 836pp. ISBN 978-1-84703-919-4 

17.     Palmer’s Company Law
25th edition, 1992-2014, Sweet & Maxwell, ed. Prof Geoffrey Morse. 8 volume, loose-leaf “encyclopaedia”, including tables and legislation. Updated five times annually. Contributor and member of editorial board since 1997. Sole author of two Parts of the work:

·      Part 5: “Capital Issues”, c.350pp (last re-written completely in 2013).

·      Part 5A: “Open-ended investment companies”, c.200pp (complete re-write 2013). 

18   The International Trust, ed. Mr Justice David Hayton
3rd ed, Jordans Publishing, 2011, 925pp. Author of 25% of the total. ISBN 978 1 84661 272 5.
Also published in the loose-leaf “encyclopaedia” International Trusts Law, ed D Hayton, Jordans Publishing.

Edited Collections of Essays

  1. New Perspectives on Property Law, Obligations and Restitution
    Alastair Hudson (ed), Cavendish, 2004, 378pp.
     
  2. New Perspectives on Property Law, Human Rights and the Home
    Alastair Hudson (ed),  Cavendish, 2004, 334pp.
     
  3. Modern Financial Techniques, Derivatives and Law
    Alastair Hudson (ed), Kluwer International, 2000, 246pp.
     
  4. Credit Derivatives: Legal, Regulatory and Accounting Issues
    Alastair Hudson (ed), Sweet & Maxwell, 1999, 198pp.  

Forthcoming Books

  1. Trusts of Homes, Routledge, 2017, 250pp – academic monograph
     
  2. The Law on Financial Derivatives, Sweet & Maxwell, 6th edn, 2017, 1,000pp
     
  3. Text, Cases and Materials in Equity & Trusts, Routledge, 2018-19, 1,000pp

Essays and Chapters in Books

  1.  “The synthesis of public and private in finance law” in Private Law: Key Encounters with Public Law, K. Barker and D Jansen (eds), Cambridge University Press, 2013, p.231-264. ISBN 9781107039117
     
  2.  “Equity, confidentiality and the nature of property” in Concepts of Property in Intellectual Property Law, H. Howe and J Griffiths (eds), Cambridge University Press, 2013, p.94-115. ISBN 9781107041820.
     
  3.  “Asset Protection Trusts” in The International Trust, ed. D. Hayton, Jordans Publishing, 2011, p.345-522.
     
  4.  “Trusts and finance law” in The International Trust, ed. D. Hayton, Jordans Publishing, 2011, p.635-690.
     
  5.  “The regulation of trustees”, in Contemporary Developments in Property Law, ed. M. Dixon and G. Griffiths, Oxford University Press, 2007, p.163-180.
     
  6.  “Allotment of Shares”, “Transparency Obligations”, and other securities law contributions; in Palmer’s Company Law Annotated Guide to the Companies Act 2006, ed G. Morse, Sweet & Maxwell, 2007. (Second edition, 2009.)
     
  7.  “The taxation of financial derivatives in the UK”, in The Taxation of Derivative Instruments, ed. Conlon and Acquilino; New York: Research Institute of America Publications, 1999, “UK” division in a loose-leaf encyclopaedia, 10,450 words; and 2006, 15,000 words. Re-written in 2007.
     
  8.  “The liabilities of trusts service providers in international financial law” in The International Trust, ed. J. Glasson and G. Thomas, Jordan Publishing, 2006, p.638-688.
     
  9.  “Dishonest assistance” in International Trusts Law, Jordans Publishing, 2006, 7,046 words, loose-leaf.
     
  10. “Public offers of shares”, in Charlesworth’s Company Law, ed. Morse, 17th edn., Sweet & Maxwell, 2005, p.106-132.
     
  11.  “The unbearable lightness of property”, in New Perspectives on Property Law, Obligations and Restitution, ed. Hudson, Cavendish Publishing, 2004, p.1-38.
     
  12. “Rapporteur: Between morality and formalism in property, obligations and restitution”, in New Perspectives on Property Law, Obligations and Restitution, ed. Hudson, Cavendish Publishing, 2004, p.359-372.
     
  13. “Equity, individualisation and social justice: towards a new law of the home”, in New Perspectives on Property Law, Human Rights and the Home, ed. Hudson, Cavendish Publishing, 2004, p.1-36.
     
  14. “Rapporteur: differentiation in property law”, in New Perspectives on Property Law, Human Rights and the Home, ed. Hudson, Cavendish Publishing, 2004, p.319-327.
     
  15.  “The regulatory aspect of English law in derivatives markets”, Modern Financial Techniques, Derivatives and Law, ed. Alastair Hudson; Kluwer International, 2000, p.69-120.
     
  16.  “The Law of Finance”, in Lessons from the swaps cases, ed. P. Birks, Mansfield Press, 1999, p.62-83.
     
  17. “Seller Liability for Credit Derivatives”, Credit Derivatives: Legal, Regulatory and Accounting Issues, ed. Alastair Hudson; Sweet & Maxwell, 1999, p.74-106.
     
  18. “Restitution of Payments”, Credit Derivatives: Legal, Regulatory and Accounting Issues, ed. Alastair Hudson; Sweet & Maxwell, 1999, p.138-178.
     
  19. “Citizens’ Access to the Law”, in Constitutional Reform; ed. Blackburn and Plant; Longman, 1999.
     
  20. “The European Regulation of Financial Derivatives and Securities”, in Developments in European Company Law, ed. B. Rider and M. Andenas; Kluwer, 1997, 159-180.

Articles and casenotes 

  1. “Getting into Hungary: the Counter-Revolutionary Code on Foreign Investment”, (1992) 18 Review of Central and East European Law, 301-352.
  2. “Real values I”; (1991) 1 Personal Tax Planning Review, 63-73.
  3. “Real values II”; (1991) 1 Personal Tax Planning Review, 115-125.
  4. “Tools of Necessity”; (1991) 1 Personal Tax Planning Review, 93-103.
  5. “Marshall v. Kerr”; (1992) 2 Offshore Tax Planning Review, 139-153.
  6. “Swaps and wagering contracts”; (1995-96) 6 King’s College Law Journal, 129-131.
  7. “SIB consultative paper on equity-related derivatives in take-over transactions”; (1996) 17 Company Lawyer, 312-314, 3,000 words.
  8. “Taking Risks with Constructive Trusteeship: Royal Brunei v. Tan”; (1996-97) 7 King’s College Law Journal, 114-117.
  9.  “Setting Mortgages Aside” (1996-97) 7 King’s College Law Journal, 120-123.
  10. “Noisy Neighbours: Nuisance and the Environmental Protection Act 1990”; [1996] Journal of Planning and Environment Law, 916-918.
  11.  “Justice in a reasonable period”; (1997-98) 8 King’s College Law Journal, 133-136.
  12. “Void interest swaps: restitution not reinforcement”; (1998) 19 The Company Lawyer, 181-182, 1,777 words.
  13. “The taxation of financial derivatives in the UK”; (1998) 6 Derivatives: Tax, Regulation and Finance; (Research Institute of America Publications, USA) No. 3, 1-14, 10,450 words.
  14. "Mapping the international law of finance”; (1998) European Business Law Review, 244-248.
  15. “Derivatives: internal controls for end-users and sellers”; (1999) 20 The Company Lawyer, 7,085 words.
  16. “Master agreements in derivatives transactions: I”; (1999) 4:04 Derivatives: Use Trading and Regulation, Vol. 4, No. 4, 26-33, 4,900 words
  17. “Master agreements in derivatives transactions: II”; (1999) 4:05 Derivatives: Use Trading and Regulation, Vol 4, No.5, 56-63, 4,900 words
  18. “Assessing mistake of law in derivatives transactions”; (1999) 14 Journal of International Banking Law, Issue 14:03, 41-45, 3,861 words.
  19. “Money as Property in Financial Transactions”; (1999) 14 Journal of International Banking Law, Issue 14:07, 170-177, 5,000 words.
  20. “Towards the Just Society – Labour’s legal agenda”; (2000) 8 Renewal 61-70.
  21. “Constructive trusts and the liability of banks and fund managers”, (2000) 2 Journal of International Financial Markets 212-215, 3,298 words.
  22. “Current legal problems concerning trusts, fiduciaries and finance”, (2006) 21 Journal of International Banking Law and Regulation, 149-155, 6,069 words.

 

Research interests

  • Equity and trusts law
  • Finance law (including Derivatives law and Securities law)
  • Law and the Home, including the law on homelessness
  • Company law
  • Legal aid and social exclusion

Law of Finance

Alastair is the author of several pioneering books on finance law. The Law of Finance (2nd edition, Sweet & Maxwell, 2013) is the first book to attempt to provide a comprehensive account of all financial markets (banking and lending, securities, derivatives, repo’s and stock-lending, foreign exchange and collective investment). It blends a detailed analysis of both the substantive law and financial regulation with an account of the standard market documentation used in many of these markets. It is a unique project. Professor Hudson has a uniquely broad experience of financial practice and has written in these fields across a uniquely broad scope: blending the detail of private law (as opposed to skimming through only a few well-known cases) with the detail of financial regulation (as opposed simply to focusing on policy pronouncements relating to the formation of regulation). It also presents a scholarly account of finance law, beginning with a metaphor from a Borges short story, and identifying understandings of money from thinkers as diverse as Aristotle, Simmel, Marx and Maynard Keynes; as well as theoretical understandings of the idea of risk in financial markets. The second edition of this highly successful book will be published in 2013.

The Law of Finance was built in turn on the publication of The Law on Financial Derivatives (5th edition, Sweet & Maxwell, 2012) in successive editions since 1996. It is the only combined scholarly and practical account of the law and regulation relating to financial derivatives in the world. The fifth edition was published in 2012 and it remains the only book which traverses everything from the fundamentals of the derivatives products themselves, the private law issues which have arisen around the standard market documentation, and the new regulatory regimes governing derivatives trading in the UK, the EU and the USA. It also presents a critical assessment of the new Bank of England regulatory regime.

Securities Law was first published in 2008. It is the only book which deals with the full range of sources of securities law in the EU and in the UK. It presents a comprehensive analysis of the EU and UK regulation of securities issues and securities markets, of the impact of the Financial Services and Markets Act 2000 and the Companies Act 2006 on securities law, and also of the sustantive law issues relating to shares, bonds and other securities trading. It considers the detail of the FSA Listing Rules, Prospectus Rules, and the Disclosure and Transparency Rules, it considers the Takeover Code, and it surveys market abuse and insider dealing regulation. This book was born out of Alastair’s contributions to Palmer’s Company Law since 1996 (in the areas of capital issues and open-ended investment companies). The second edition of this book will be published in 2013.

The Law on Investment Entities was a progressive account of the law and regulation of investment activity (which was superseded by The Law of Finance) which considered the private legal models which are used to conduct speculative and social investment. Rather than focus solely on speculative financial regulation (which had not been enshrined by the FSA at that time), this book blended legal theory and legal history with an understanding of the legal rights and obligations which obtain between finanical services provider, investor and the investment entity itself.

Alastair’s unique approach to finance law is predicated on his experience of working in investment banking, as well as his extensive publication record in private law fields (such as equity, trusts law, company law and tax law). Rather than seeing finance law as either a field of private knowledge to be shared among practitioners who presume the market never makes a mistake, or seeing finance law as a series of stale arguments about the question whether to regulate or not, the creation of a complete “law of finance” becomes possible when the substantive law (of contract, tort, property, conflict of laws and crime) is blended with the principles of financial regulation. For example, contract law is influenced by the regulation of conduct of business, tort law is influenced by prospectus regulation, fiduciary law is influenced by know-your-client regulation, criminal law is influenced by market abuse regulation, and so forth.

As a result, Professor Hudson was probably the only writer on finance law to anticipate the financial crisis years before the insolvency of Lehman Brothers. Having worked in the unregulated derivatives markets, he understood that the financial collapse was an inevitability which only needed a match to light the tinder. The concatenation of poorly-regulated mortgage markets and speculation on credit worth using derivatives was the match which lit that tinder.

Alastair is a technical advisor to commissioners on the Parliamentary Commission on Banking Standards. He has organised and led a large number of successful training courses for financiers, lawyers and regulators in the fields of derivatives law, securities law, trusts law and fiduciary duties, in London, Ireland, Malta and in other jurisdictions.

Equity & Trusts

Alastair is the author of several books on equity and trusts law. With Prof Geraint Thomas he is the author of The Law of Trusts which is a progressive and extremely well-reviewed practitioner text in this fast-moving legal field. Unlike other practitioner books in this area, The Law of Trusts divides between the Core Principles of trusts law and Specific Trusts, including the international use of trusts for asset protection and so forth, the use of trusts in finance law, trusts of the home, and trusts in insolvency proceedings. 

Equity & Trusts is a very successful textbook which has established itself as a favourite among students. It identifies the roots of equity in the thinking of Aristotle and others, before tracing it through the full range of modern equitable doctrines and remedies, while presenting an account of the much misunderstood idea of “conscience” in this field. It is a determinedly progressive book which blends an analysis of technical questions with an account of the theoretical issues surrounding trusts law, and yet which is spiced with clear, practical examples and bad jokes. Rather than limit itself simply to an account of trusts law, this book considers the whole of equity (including super-injunctions and the inter-action of equity with other codes such as human rights law and family law), and thus makes the field easier to understand.

Understanding Equity & Trusts is a book which has provoked many grateful emails from students who have used it to make sense of the complex areas of equity and trusts law before examinations. It is a lively, 200-page essay on the nature of equity and its key principles.

Alastair has further books on equity and trusts in production.

Company Law

Alastair has been a contributor to Palmer’s Company Law since 1997. He is the co-author of Charlesworth’s Company Law with Stephen Girvin and Sandra Frisby; and in 2011 he published a very well-received account of company law, corporate social responsibility and the politics of modern company law in Understanding Company Law. His work in securities law examines the inter-play between finance law and company law principles in the context of modern securities law markets. He has been one of the editors of Palmer's Company Law since 1997 in the area of capital issues in particular.

Legal aid and social exclusion

Alastair was the author of The Law on Homelessness (1997) which built on his work with the Big Issue (advising their volunteers and vendors). He was technical and policy advisor to the Labour Party (especially Paul Boateng MP, Shadow to the Lord Chancellor's Department) from 1992-97, and was the lead author of the Party's policy document 'Access to Justice' in 1995 and the author of Towards a Just Society: law, Labour and legal aid (Cassell, 1999). He remains very interested in practical policy questions and theoretical exploration of these issues. 

Research supervision

Equity and trusts law; land law; law and the home; homelessness; and international trusts law and tax avoidance. 

Finance law; derivatives law; securities law and company law (including corporate social responsiblity and corporate governance).

Legal aid and social exclusion.

External impact and engagement

My research is relied upon by practitioners and judges in many jurisdictions, and my textbooks are used in many law schools. 

I was technical legal advisor to the Labour commissioners on the Parliamentary Commission on Banking Standards, especially Lord John McFall, as well as to the Labour front-bench team. I advised the commissioners from the Commission’s inception on political strategy as well as on technical legal and regulatory questions, on the drafting of the Commission’s reports, and on the pre-legislative scrutiny of the Financial Services (Banking Reform) Act 2013. I first advised Alistair Darling MP and Peter Mandelson MP on tax and trusts law in 1992.

My work with the Labour Party continues today with John McDonnell MP, Shadow Chancellor of Exchequer in relation specifically to the Bank of England (Financial Services) Act 2016, Rebecca Long-Bailey MP on the Finance Bill 2016, and related aspects of tax avoidance, trusts law and financial regulation. I have served on John McDonnell's expert group on financial services. 

In the following situations, people have sought me out to advise them as a result of reading my published work. I served on the formal Advisory Committee for the Law Commission’s work on ‘Fiduciary Duties of Investment Intermediaries’, having been offered the role of lead lawyer on the research work. I have provided technical legal advice to senior civil servants from HM Treasury and the Department for Communities and Local Government on regulatory models in the area of local authority funding and the use of derivatives contracts as part of that process. I sat on the International Swaps and Derivatives Association London committee re-drafting their Master Agreement (which governs 90% of the world’s derivatives transactions) in 2002 and provided technical legal advice to the International Accounting Standards Board when reformulating their standards for derivatives.

I also volunteered with The Big Issue Foundation from its inception on the basis of my work on homelessness law, writing for the newspaper and advising their vendors at outreach sessions. I was a founding trustee of the Law for All charity until it shut its doors due to changes in legal aid provision. I wrote the Labour Party’s Access to Justice policy document (published in 1995) having been a special advisor on constitutional and legal affairs to the shadow to the Lord Chancellor (Paul Boateng MP) and others from 1992 to 1997. I managed Paul Boateng’s office during this period, including interviewing and managing staff. I have delivered training and advice to the Malta Financial Services Authority in the areas of derivatives law and regulation, and on the introduction of trusts law, as well as delivering training to financial institutions as detailed in my curriculum vitae. 

Biography

Alastair was voted UK Law Teacher of the Year in 2008. He was appointed a National Teaching Fellow in 2009 by the Higher Education Academy, and was elected a Fellow of the Higher Education Academy and a Fellow of the Royal Society of Arts. He is a Barrister, Lincoln’s Inn, and an Academic Member of the Chancery Bar Association.

Alastair is the author of twenty books on various aspects of law and legal theory which have established themselves as being authoritative within the UK and overseas. They have been cited in court and in court judgments in several jurisdictions.

He has advised the Labour Party on trusts law, tax avoidance and financial markets issues since 1992. His most recent work has been advising on the Bank of England (Financial Services) Act 2016, the Finance Bill 2016 and the fall-out from the Panama Papers. His contributions are reflected in Hansard. He was the author of the Labour Party’s 1995 ‘Access to Justice’ policy paper on legal aid and the legal system. He has advised the UK Law Commission, commissioners on the Parliamentary Commission on Banking Standards, and was a trustee / director of a charity (Law for All) providing pro bono legal services.

His personal website www.alastairhudson.com has a pioneering range of podcasts, vidcasts and essays on various aspects of finance law, equity and trusts law, company law, property and housing law, and legal affairs policy which are relied upon by large numbers of undergraduate and postgraduate students.