Regulating Financial Services and Markets in the 21st Century.
Ferran, Eilís.
Regulating Financial Services and Markets in the 21st Century. - 1st ed. - 1 online resource (356 pages)
Half Title Page -- Half Title verso -- Title Page -- Title verso -- Preface -- Contents -- List of Contributors -- 1. Regulating Financial Services and Markets in the Twenty First Century: An Overview -- The Dawn of a New Era in UK Regulation of Financial Services and Markets -- Global Business, Global Regulation? -- Markets Without Frontiers - The Regulatory Response to Technological Developments -- The Enactment of the Financial Services and Markets Act 2000: The End of Self-Regulation -- Examining the FSMA Regulatory Objectives and Regulatory Principles -- The Regulation of Approved Persons -- Discipline and Enforcement -- Accountability -- European Securities Regulation -- International Financial Regulation - The Role of Rating Agencies -- 2. Reforming Financial Regulation: Progress and Priorities -- The Legislative Process -- The Dogs that did not Bark -- Accountability -- Where do we go from here? -- 3. Regulatory Principles and the Financial Services and Markets Act 2000 -- Introduction -- Bank Regulation -- Non-Bank Domestic Regulation -- International Aspects of Regulation -- The Real Impact of Financial Systems -- Conclusions -- 4. Examining the Objectives of Financial Regulation - Will the New Regime Succeed? A Practitioner's View -- What will the Markets and Industry Look Like? -- Will the New Regime Succeed? -- Conclusion -- 5. Incentive v. Rule-Based Financial Regulation: A Role for Market Discipline -- Do Incentives Work? -- An Incentive Structure for Financial Regulations -- The Pros and Cons of Incentive v. Rule-Based Regulation -- The Road Ahead... -- 6. Directors' Fiduciary Duties and the Approved Persons Regime -- The Approved Persons Regime -- The Law of Directors' Duties -- Corporate Governance -- The Relationship Between the Approved Persons Regime and Company Law. 7. Fiduciary Duties, Regulation of Companies and Regulation of Individuals -- Introduction -- Do the FSA's Proposals Meet the Canons of Good Regulation? -- Are Requirements on Firms and Individuals Consistent? -- The FSA's Case Against Safe Harbours: A Logical Howler -- Conclusion -- 8. Regulatory Discipline and the European Convention on Human Rights - A Reality Check -- Introduction -- The New Regulatory Regime for Financial Services in the UK -- Broad Scheme of FSMA -- FSA's Approach to Regulation -- The Role of Discipline -- Regulatory Discipline and Criminal Law in the UK -- Regulatory Discipline and Article 6 of the ECHR -- Guidance from Other Jurisdictions -- Article 6 and the Market Abuse Regime -- Article 6 and the Disciplinary Regime for Authorised Firms and Approved Persons -- Conclusions -- 9. Holding the Balance - Effective Enforcement, Procedural Fairness and Human Rights -- Introduction: The Human Rights Act 1998 -- The Financial Services and Markets Act 2000 and Human Rights -- Article 6 of the HRA -- Article 6 and the FSMA -- Article 7 -- Article 7 and the FSMA -- May a Disciplinary Charge be Classified as Criminal for the Purposes of the ECHR? If so, can the Impact of that be Reduced? -- Might Disciplinary or Market Abuse Charges be Regarded as Uncertain if Article 7 Applies? -- 10. Regulating the Regulator - A Lawyer's Perspective on Accountability and Control -- Introduction -- Legislative Mandate -- Oversight -- Internal Controls -- Ministerial Controls -- Parliamentary Controls -- Stakeholder Control -- Oversight: Conclusions -- Due Process -- Rule-Making -- Disciplinary and Enforcement Powers -- Due Process: Conclusions -- Redress -- Appeals -- Judicial Review -- Statutory Immunity -- Administrative Redress -- Redress: Conclusions -- General Conclusion. 11. Regulating the Regulator - An Economist's Perspective on Accountability and Control -- Can One Measure Success/Failure? The Contrast Between the Monetary Policy Committee and the Financial Service Authority -- Economic Objectives -- Cost/Benefit Analysis -- Rules of Conduct -- Transparency and Market Discipline -- Accountability -- Conclusions -- 12. Public Accountability in the Financial Sector -- Accountability and Governance -- Definition of Accountability -- The Place of Transparency in the Framework of Accountability -- Transparency in the Framework of Accountability -- Independence and Accountability -- The Accountability of Independent Central Banks: The Example of the Bank of England -- The Accountability of the FSA -- Criteria of Assessment -- Evaluation of the Accountability of the FSA -- Concluding Remarks -- 13. Regulating European Markets: The Harmonisation of Securities Regulation in Europe in the New Trading Environment -- The Present State of the Regulation of Securities Markets in the EU -- Regulation of the Markets Under the Modified Trading Landscape -- The New Regulatory Pattern -- Conclusion -- 14. The Case for a European Securities Commission (ESC) -- Introduction -- Why Harmonise? -- The Current Position of the European Union -- The Case for an ESC -- Conclusion -- Postscript by the Author -- 15. New Issues in International Financial Regulation -- The Development of International Financial Regulation -- The Challenges Facing International Financial Regulation -- A Common Theoretical Framework -- Macroeconomic and Microeconomic Aspects of International Regulation -- Pro-Cyclical and Pro-Contafion Risk Management -- The Harmonisation of Risk Management in Differing Corporate Governance Structures -- The Political Challenge of Accountability in a Soft Law Regime. Devising an Institutional Structure that Performs the Tasks of the Template WFA -- Summing-Up -- 16. The Financial Stability Forum (FSF): Just Another Acronym? -- Background -- What is Different About the FSF? -- Codes and Standards -- Capital Flows -- Highly-Leveraged Institutions (HLIS) -- Offshore Financial Centres (OFCS) -- What Next for the FSF? -- 17. The Need for Efficient International Financial Regulation and the Role of a Global Supervisor -- Introduction -- The Need for International Regulation -- The Case of the Basel Framework of Banking Supervision -- The Role of a Global Supervisor -- Conclusion -- 18. The Role of Rating Agencies in Global Market Regulation -- Introduction -- Analysis -- Multinational Considerations -- Conclusions -- 19. The Role of Credit Rating Agencies in the Establishment of Capital Standards for Financial Institutions in a Global Economy -- Background on Regulatory Incorporation of Credit Rating Agencies -- Rating Agencies Under the Basel Committee Proposals of June 1999 -- Criticisms -- Alternative Approaches to Setting the Capital Requirements for Credit Risks -- Implications for the Basel Proposals for Regulatory Policy -- 20. The Challenge of Technology - Regulation of Electronic Financial Markets -- Part I: Securities and Derivatives Markets -- The Impact of Technology -- Issues for Regulators -- Conclusion -- Part II: Nasdaq -- Online Perspectives -- Market Perspectives -- Market Structure -- Market Regulator -- Online Issues -- Conclusion -- Part III: London Stock Exchange -- Regulatory Systems -- Costs -- Challenges -- Why Regulate -- What do we Regulate? -- How do we Regulate? -- The Role of IT in Market Regulation -- Market Evolution -- Conclusion -- Index.
This interdisciplinary book provides an authoritative analysis of the underlying issues affecting the broad development of financial services regulation.
9781847311696
Financial services industry -- Law and legislation -- Wales.
Electronic books.
KD1715.R43 2001
346.41/082
Regulating Financial Services and Markets in the 21st Century. - 1st ed. - 1 online resource (356 pages)
Half Title Page -- Half Title verso -- Title Page -- Title verso -- Preface -- Contents -- List of Contributors -- 1. Regulating Financial Services and Markets in the Twenty First Century: An Overview -- The Dawn of a New Era in UK Regulation of Financial Services and Markets -- Global Business, Global Regulation? -- Markets Without Frontiers - The Regulatory Response to Technological Developments -- The Enactment of the Financial Services and Markets Act 2000: The End of Self-Regulation -- Examining the FSMA Regulatory Objectives and Regulatory Principles -- The Regulation of Approved Persons -- Discipline and Enforcement -- Accountability -- European Securities Regulation -- International Financial Regulation - The Role of Rating Agencies -- 2. Reforming Financial Regulation: Progress and Priorities -- The Legislative Process -- The Dogs that did not Bark -- Accountability -- Where do we go from here? -- 3. Regulatory Principles and the Financial Services and Markets Act 2000 -- Introduction -- Bank Regulation -- Non-Bank Domestic Regulation -- International Aspects of Regulation -- The Real Impact of Financial Systems -- Conclusions -- 4. Examining the Objectives of Financial Regulation - Will the New Regime Succeed? A Practitioner's View -- What will the Markets and Industry Look Like? -- Will the New Regime Succeed? -- Conclusion -- 5. Incentive v. Rule-Based Financial Regulation: A Role for Market Discipline -- Do Incentives Work? -- An Incentive Structure for Financial Regulations -- The Pros and Cons of Incentive v. Rule-Based Regulation -- The Road Ahead... -- 6. Directors' Fiduciary Duties and the Approved Persons Regime -- The Approved Persons Regime -- The Law of Directors' Duties -- Corporate Governance -- The Relationship Between the Approved Persons Regime and Company Law. 7. Fiduciary Duties, Regulation of Companies and Regulation of Individuals -- Introduction -- Do the FSA's Proposals Meet the Canons of Good Regulation? -- Are Requirements on Firms and Individuals Consistent? -- The FSA's Case Against Safe Harbours: A Logical Howler -- Conclusion -- 8. Regulatory Discipline and the European Convention on Human Rights - A Reality Check -- Introduction -- The New Regulatory Regime for Financial Services in the UK -- Broad Scheme of FSMA -- FSA's Approach to Regulation -- The Role of Discipline -- Regulatory Discipline and Criminal Law in the UK -- Regulatory Discipline and Article 6 of the ECHR -- Guidance from Other Jurisdictions -- Article 6 and the Market Abuse Regime -- Article 6 and the Disciplinary Regime for Authorised Firms and Approved Persons -- Conclusions -- 9. Holding the Balance - Effective Enforcement, Procedural Fairness and Human Rights -- Introduction: The Human Rights Act 1998 -- The Financial Services and Markets Act 2000 and Human Rights -- Article 6 of the HRA -- Article 6 and the FSMA -- Article 7 -- Article 7 and the FSMA -- May a Disciplinary Charge be Classified as Criminal for the Purposes of the ECHR? If so, can the Impact of that be Reduced? -- Might Disciplinary or Market Abuse Charges be Regarded as Uncertain if Article 7 Applies? -- 10. Regulating the Regulator - A Lawyer's Perspective on Accountability and Control -- Introduction -- Legislative Mandate -- Oversight -- Internal Controls -- Ministerial Controls -- Parliamentary Controls -- Stakeholder Control -- Oversight: Conclusions -- Due Process -- Rule-Making -- Disciplinary and Enforcement Powers -- Due Process: Conclusions -- Redress -- Appeals -- Judicial Review -- Statutory Immunity -- Administrative Redress -- Redress: Conclusions -- General Conclusion. 11. Regulating the Regulator - An Economist's Perspective on Accountability and Control -- Can One Measure Success/Failure? The Contrast Between the Monetary Policy Committee and the Financial Service Authority -- Economic Objectives -- Cost/Benefit Analysis -- Rules of Conduct -- Transparency and Market Discipline -- Accountability -- Conclusions -- 12. Public Accountability in the Financial Sector -- Accountability and Governance -- Definition of Accountability -- The Place of Transparency in the Framework of Accountability -- Transparency in the Framework of Accountability -- Independence and Accountability -- The Accountability of Independent Central Banks: The Example of the Bank of England -- The Accountability of the FSA -- Criteria of Assessment -- Evaluation of the Accountability of the FSA -- Concluding Remarks -- 13. Regulating European Markets: The Harmonisation of Securities Regulation in Europe in the New Trading Environment -- The Present State of the Regulation of Securities Markets in the EU -- Regulation of the Markets Under the Modified Trading Landscape -- The New Regulatory Pattern -- Conclusion -- 14. The Case for a European Securities Commission (ESC) -- Introduction -- Why Harmonise? -- The Current Position of the European Union -- The Case for an ESC -- Conclusion -- Postscript by the Author -- 15. New Issues in International Financial Regulation -- The Development of International Financial Regulation -- The Challenges Facing International Financial Regulation -- A Common Theoretical Framework -- Macroeconomic and Microeconomic Aspects of International Regulation -- Pro-Cyclical and Pro-Contafion Risk Management -- The Harmonisation of Risk Management in Differing Corporate Governance Structures -- The Political Challenge of Accountability in a Soft Law Regime. Devising an Institutional Structure that Performs the Tasks of the Template WFA -- Summing-Up -- 16. The Financial Stability Forum (FSF): Just Another Acronym? -- Background -- What is Different About the FSF? -- Codes and Standards -- Capital Flows -- Highly-Leveraged Institutions (HLIS) -- Offshore Financial Centres (OFCS) -- What Next for the FSF? -- 17. The Need for Efficient International Financial Regulation and the Role of a Global Supervisor -- Introduction -- The Need for International Regulation -- The Case of the Basel Framework of Banking Supervision -- The Role of a Global Supervisor -- Conclusion -- 18. The Role of Rating Agencies in Global Market Regulation -- Introduction -- Analysis -- Multinational Considerations -- Conclusions -- 19. The Role of Credit Rating Agencies in the Establishment of Capital Standards for Financial Institutions in a Global Economy -- Background on Regulatory Incorporation of Credit Rating Agencies -- Rating Agencies Under the Basel Committee Proposals of June 1999 -- Criticisms -- Alternative Approaches to Setting the Capital Requirements for Credit Risks -- Implications for the Basel Proposals for Regulatory Policy -- 20. The Challenge of Technology - Regulation of Electronic Financial Markets -- Part I: Securities and Derivatives Markets -- The Impact of Technology -- Issues for Regulators -- Conclusion -- Part II: Nasdaq -- Online Perspectives -- Market Perspectives -- Market Structure -- Market Regulator -- Online Issues -- Conclusion -- Part III: London Stock Exchange -- Regulatory Systems -- Costs -- Challenges -- Why Regulate -- What do we Regulate? -- How do we Regulate? -- The Role of IT in Market Regulation -- Market Evolution -- Conclusion -- Index.
This interdisciplinary book provides an authoritative analysis of the underlying issues affecting the broad development of financial services regulation.
9781847311696
Financial services industry -- Law and legislation -- Wales.
Electronic books.
KD1715.R43 2001
346.41/082