The essays in this work offer a high-level examination of the most important issues facing financial services regulation,and the far-reaching effects of the Financial Services and Markets Act 2000 on the UK financial sector in the context of rapid global change. Taking an interdisciplinary approach the book includes contributions by many distinguished academic authorities on the law and economics of regulation, and also some of the most influential practitioners, regulators and policymakers. As such it provides an authoritative analysis of the underlying issues affecting the broad development of financial services regulation: the objectives of regulation, the responsibilities of the regulated community, the accountability of regulators, the regulation of electronic financial markets and the impact of stock market mergers, regional regulation within Europe, and the development of global financial regulation.
This textbook covers financial systems and services, particularly focusing on present systems and future developments. Broken into three parts, Part One establishes the public institutional framework in which financial services are conducted, defines financial service systems, critically examines the link between finance, wealth and income inequality, and economic growth, challenges conventional paradigms about the raison d’être of financial institutions and markets, and considers the loss of US financial hegemony to emerging regional entities [BRICS]. Part Two focuses on financial innovation by explaining the impact of the following technologies: cryptography, FinTech, distributed ledger technology, and artificial intelligence. Part Three assesses to what extent financial innovation has disrupted legacy banking and the delivery of financial services, identifies the main obstacles to reconstructing the whole financial system based upon “first principles thinking”: Nation State regulation and incumbent interests of multi-national companies, and provides a cursory description of how the pandemic of COVID-19 may establish a “new normal” for the financial services industry. Combining rigorous detail alongside exercises and PowerPoint slides for each chapter, this textbook helps finance students understand the wide breadth of financial systems and speculates the forthcoming developments in the industry.
The financial crisis prompted financial supervisors to take a critical look at their own performance. The "toolkit" available to supervisors is considerably more varied than it was a few years ago. Supervision has become more forward-looking, taking into account also soft controls, such as ‘conduct and culture’, corporate governance, and business models of financial institutions. This collection of essays discusses several significant changes in supervision methods and supervisory organisations and examines what methods contribute to ‘good supervision’ and what can reasonably be expected of supervisors. The authors are experts in the field and most of them are affiliated to organisations responsible for financial supervision.
Global Finance in the 21st Century: Stability and Sustainability in a Fragmenting World explains finance and its regulation after the global financial crisis. The book introduces non-finance scholars into the wider debate regarding the conduct and regulation of finance to encourage broader discussion on important societal issues that relate to finance. The book also explores the ineffectiveness of the current approach to global prudential governance and places this discussion within the more expansive context of global governance and nationalism in the twenty-first century. The book argues that fragmentation and the growing trend of promoting informality and voluntarism has facilitated a return to nationalism as a primary form of global governance that acts contrary to post-crisis reforms that seek to promote stability and sustainability in the conduct of finance. As a remedy, Kourabas suggests that we need more, not less, of what we have traditionally conceived as international law – treaties and treaty-based international organisations. In the field of finance, this means not only pursuing financial liberalisation through free trade and investment treaties, but also the inclusion of provisions in these treaties that promotes systemic financial stability and sustainable development objectives. Of interest to legal and non-legal academics and students, legal professionals and policy-makers, this book offers a nuanced defence of international law as an approach to global governance in finance and beyond, as well as reform of international law to meet the needs of twenty-first century society.
This book analyses different strategies and their results in implementing financial regulation in terms of rule-making, public enforcement and private enforcement. The analysis is based on a comparative study of conduct of business regulation on mis-selling of financial instruments in the UK and South Korea. It extends into liquidity regulation in the banking sector and credit rating agency regulation. The book concludes that in rule-making, purposive rules are more effective for achieving regulatory goals with minimal undesirable results, but a rule-making system with purposive rules can only work on a foundation of trust among rule-makers, enforcers and the regulates, that with respect to public enforcement, the enforcement strategies should combine the compliance-oriented and deterrence-oriented approaches and be continuously adjusted based on close monitoring of the regulatory outcomes and that in private enforcement, regulation should be instituted as the minimum requirement in private law.
Insurance regulation and competition for the 21st century : hearing before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the Committee on Financial Services, U.S. House of Representatives, One Hundred Seventh Congress, second session, June 4, 11, 18, 2002.
The Regulatory Technology Handbook The transformational potential of RegTech has been confirmed in recent years with US$1.2 billion invested in start-ups (2017) and an expected additional spending of US$100 billion by 2020. Regulatory technology will not only provide efficiency gains for compliance and reporting functions, it will radically change market structure and supervision. This book, the first of its kind, is providing a comprehensive and invaluable source of information aimed at corporates, regulators, compliance professionals, start-ups and policy makers. The REGTECH Book brings into a single volume the curated industry expertise delivered by subject matter experts. It serves as a single reference point to understand the RegTech eco-system and its impact on the industry. Readers will learn foundational notions such as: • The economic impact of digitization and datafication of regulation • How new technologies (Artificial Intelligence, Blockchain) are applied to compliance • Business use cases of RegTech for cost-reduction and new product origination • The future regulatory landscape affecting financial institutions, technology companies and other industries Edited by world-class academics and written by compliance professionals, regulators, entrepreneurs and business leaders, the RegTech Book represents an invaluable resource that paves the way for 21st century regulatory innovation.
This title examines the constitutional framework for management of the economy in the UK, including the effects of the 2008 financial crisis. It assesses the extent to which legal principles limit the policy choices available to government and the extent to which they permit a coherent approach to economic management across government.
The early twenty-first century has seen a conspicuous absence of formal international law concerning money and finance. This book argues that this lack of formal international regulation was a significant contributing factor to the global financial crisis that began in 2007. It focuses on this lack of global substantive principles and 'hard law' rules in the field of financial regulation and monetary affairs, and analyses the emerging framework within international law that aims to govern financial institutions and markets. The global financial crisis has demonstrated the essential need for financial and monetary regulatory reform, and for the establishment of appropriate mechanisms for the settlement of financial disputes and for the regulation of cross-border financial institutions. This book therefore presents the foundations of solutions that could fill these critical gaps in international financial law. It addresses cross-border issues, financial regulation, and provides detailed analyses of monetary policies and regulation. This book is an updated collection of papers first published in the Special Edition of the Journal of International Economic Law on 'The Quest for International Law in Financial Regulation and Monetary Affairs' (Volume 12, Number 3, September 2010), which also show that the regulatory hands-off approach was not replicated in other areas of international economic law. International trade regulation witnessed an increased number of international rules and the reinforcement of a rule-oriented, if not rule-based, approach. Judicial dispute settlement and retaliation, exclusively based upon international ruling and authorization, was reinforced. Given the importance of trade regulation and WTO law, which has an established institutional and legal framework, the book therefore provides a much-needed comparative approach.
The Future of Financial Regulation is an edited collection of papers presented at a major conference at the University of Glasgow in spring 2009, co-sponsored by the Economic and Social Research Council World Economy and Finance Programme and the the Australian Research Council Governance Research Network. It draws together a variety of different perspectives on the international financial crisis which began in August 2007 and later turned into a more widespread economic crisis following the collapse of Lehman Brothers in the autumn of 2008. Spring 2009 was in many respects the nadir since valuations in financial markets had reached their low point and crisis management rather than regulatory reform was the main focus of attention. The conference and book were deliberately framed as an attempt to re-focus attention from the former to the latter. The first part of the book focuses on the context of the crisis, discussing the general characteristics of financial crises and the specific influences that were at work this time round. The second part focuses more specifically on regulatory techniques and practices implicated in the crisis, noting in particular an over-reliance on the capacity of regulators and financial institutions to manage risk and on the capacity of markets to self-correct. The third part focuses on the role of governance and ethics in the crisis and in particular the need for a common ethical framework to underpin governance practices and to provide greater clarity in the design of accountability mechanisms. The final part focuses on the trajectory of regulatory reform, noting the considerable potential for change as a result of the role of the state in the rescue and recuperation of the financial system and stressing the need for fundamental re-appraisal of business and regulatory models.
An account of the principal phases in the development of the English banking system, and an analysis of the financial structure of the economy of the UK. The book focuses in detail on the regulatory and supervisory aspects of the UK banking system, and the interactions between the structural aspects of the banking and supervisory system.