Legal Aspects of Financial Services Regulation and the Concept of a Unified Regulator

Abstract

Chapter 2 Promoting the Independence of a Financial Services Regulator 19 2.1 Introduction 19 2.2 Independence and the Financial Services Regulator 19 2.3 The Example of Central Bank Independence 22 2.4 Independent but Accountable 25 2.5 Arguments For and Against the Independent Regulator 31 2.6 Conclusion 34 Chapter 3 The Concept of a Unified Financial Services Regulator 37 3.1 Introduction 37 3.2 The Unfolding Debate 38 3.3 Examples of Unified Regulators 45 3.4 Deciding Whether to Unify Financial Services Supervision 47 3.5 A Contingency Approach 48 3.6 Lessons Learned from Experience 49 3.7 Conclusion 55 vi Contents Chapter 4 Frameworks for Unified Financial Services Supervision: Latvia, the Scandinavian Countries, and the United Kingdom 57 4.1 Some Preliminary Issues 58 4.2 The Latvian Model 59 4.3 Structure of the Financial and Capital Market Commission 63 4.4 Strategic Goals of the Commission 71 4.5 Other Aspects of the Regulatory Framework 73 4.6 Unified Financial Services Supervision in the Scandinavian Countries 74 4.7 Unified Financial Services Supervision in the United Kingdom 82 4.8 Recent Regulatory Developments in the United Kingdom 84 4.9 Conclusion 87 Chapter 5 Conclusion 89

Developing Securitization-Enabling Financial Infrastructure in Emerging Markets: A Case Study of Zimbabwe

“…Although there is no universal theory of financial services regulation, 763 this study argues that the structure of Zimbabwe's financial services regulatory system should be reformed; not because the system has failed to manage securitization-transaction related risks, but because, as illustrated above, in practice it is likely to prove ineffective at managing risks -such as those exposed by the 2007 global financial crisis. The primary reason for this hypothesis is that Zimbabwe's regulatory system, especially its securities markets regulatory framework, is rudimentary and is underdeveloped to adequately prevent and manage securitization transaction-related risks.…”

“…204 206 The prescribed securities regime should be reformed in favour of a deregulated system, which permits prudentially regulated institutions to invest in any type of securities considered appropriate by the management of the relevant institution, subject to risk-based formulae being used for purposes of determining capital and liquidity reserves to be set aside. The prescribed securities regime should be reformed to make it less restrictive, enabling insurance firms to invest in structured finance securities.…”

Financial Transaction Tax as an Instrument for Banking Sector Regulation in the EU

“…This example is a typical reflection of inter-bank transactions. This type of transfer takes place on a daily basis in a wide range of currencies, sometimes expanding the number of intermediaries and clearing agents and brokers who process financial business orders [12].…”

Conglomération financière et architecture de surveillance

“…Voir à ce sujet van der Zwet (2003) ainsi queMasciandaro (2004Masciandaro ( , 2005Masciandaro ( , 2006Masciandaro ( et 2007). 2 Voir en particulier de Luna Martinez et Rose (2003) etCarmichael, Fleming et Llewellyn (2004).3 VoirLlewellyn (2003Llewellyn ( et 2006 ou encoreMwenda (2006).4 Le Royaume-Uni, l'Allemagne, l'Irlande ou la Belgique ont pour point commun d'avoir chacun unifié leur structure de supervision financière. Toutefois, cette unification est loin de s'être exprimée de la même manière.…”