Download or read book The EU financial supervisory framework written by Great Britain: Parliament: House of Lords: European Union Committee and published by The Stationery Office. This book was released on 2011-07-21 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inquiry conducted by Sub-committee A (Economic and Financial Affairs, and International Trade)
Download or read book Review of the New European System of Financial Supervision ESFS written by Fabrice Demarigny and published by . This book was released on 2013 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial services regulation in Europe written by Katja Philipps and published by GRIN Verlag. This book was released on 2013-09-27 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studienarbeit aus dem Jahr 2012 im Fachbereich Politik - Thema: Europäische Union, University of Twente , Sprache: Deutsch, Abstract: Since the foundation of the European Union in 1992, the claim of a ‘rising regulatory state’ in Western Europe has become an important feature of public policy research. The creation of a single market by the Treaty of Maastricht forced European governments to change their traditional modes of governance in response to developments like increasing international competition and deepening economic and monetary integration within the European Union. Strategic adaptation to these new realities has been linked to two key trends: one is the reduced role for the positive, interventionist state and a corresponding increase in the role of the regulatory state, using legal authority over the tools of taxing and spending. The second trend is the European Commission’s ambitious attempts to maximise its influence over policy content, and the increased interest of member states in transnational policy responses to the issues arising from the Single European Market. One of the main institutional features of this ‘rising regulatory state’ has been the creation of European regulatory agencies with the primary aim to provide policy-makers with objective and independent information. An interesting but also controversial feature of this development is the fact that governments were apparently willing to abandon some of their regulatory competencies in favour of institutions that are not democratically accountable, and that are to a large extent insulated from political influence. The relevance of this topic becomes accessible when looking at the developments in fi-nancial services regulation between 1999 and 2011. The eruption of the financial crisis in 2007 significantly changed the institutional architecture of regulation at the European level and led to the creation of a new European financial supervisory framework, centred around three supervisory authorities with defined legal powers. The aim of this paper is to outline these developments and to put them into an explanatory theoretical context. How can the development from regulatory agencies with only an auxiliary role in the process of European policy-making to supervisory authorities with defined legal powers be explained? Even more important, is there really a qualitative leap from one regulatory body to the other?
Download or read book Financial Regulation in the European Union written by Rainer Kattel and published by Routledge. This book was released on 2015-10-08 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection offers a comparative overview of how financial regulations have evolved in various European countries since the introduction of the single European market in 1986. It includes a number of country studies which provides a narrative of the domestic financial regulatory structure at the beginning of the period, as well the means by which the EU Directives have been introduced into domestic legislation and the impact on the financial structure of the economy. In particular, studies highlight how the discretion allowed by the Directives has been used to meet the then existing domestic conditions and financial structure as well as how they have modified that structure. Countries covered are France, Germany, Italy, Spain, Estonia, Hungary and Slovenia. The book also contains an overview of regulatory changes in the UK and Nordic countries, and in post-crisis USA. This comparative approach raises questions about whether past and more recent regulatory changes have in fact contributed to increase financial stability in the EU. The comparative analysis provided in this book raises questions on whether the past and more recent changes are contributing to increase the financial stability and efficiency of individual banks and national financial systems. The crisis has demonstrated the drawbacks of formulating the regulatory framework on standards borrowed from the best industry practices from the large developed countries, originally designed exclusively for large global banks, but now applied to all financial institutions.
Download or read book Review of the New European System of Financial Supervision ESFS written by and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Responding to the challenges of the financial crisis, the European Union (EU) adopted a new financial supervisory framework: the European System of Financial Supervision (ESFS) in 2010. Its new European Supervisory Authorities (ESAs) were established in the beginning of 2011 and are due be reviewed by the European Commission by January 2014. This report reviews and assesses for the European Parliament the performance of the ESAs. It reasons that the ESAs have been established successfully but need a stronger foundation, in particular enhanced governance when taking decisions on supervisory consistency across the EU. A key conclusion is that the benefits of legal and regulatory harmonisation (Single Rulebook) will be lost without consistent implementation and application. Finally, the report contains recommendations to improve the ESAs' effectiveness and efficiency.
Download or read book Regulating and Supervising Investment Services in the European Union written by Y. Avgerinos and published by Springer. This book was released on 2003-05-14 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an extensive and critical assessment of the current regulatory and supervisory framework of investment services in the European Union (EU) and proposes alternative institutional structures. Recent trends in financial services at EU level as well as regulatory and institutional developments at national level make the focus of this book very timely. The book contributes to the debate by making specific suggestions with regard to the institutional structure and the operational sphere of a central pan-European regulator.
Download or read book Twin Peaks for Europe State of the Art Financial Supervisory Consolidation written by Olivia Johanna Erdélyi and published by Springer. This book was released on 2016-06-14 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book addresses the truly interdisciplinary and highly controversial subject of international financial regulation and supervision, which has been at the center of academic, political, and public attention since the start of the current economic and financial crisis. Drawing on international financial regulatory and supervisory experience and in line with the European Monetary Union’s gradual transformation into a Genuine Economic and Monetary Union, it proposes the transformation of the European financial supervisory framework into a hybrid twin-peaks model to create the previously missing necessary legal foundation for the adoption of the so-called Group Support Regime (GSR). The latter is a relatively simple and transparent capital management tool for (re)insurance groups operating in a parent-subsidiary structure proposed by the European Commission under the new Solvency II insurance supervisory framework, which despite lengthy consideration was eventually rejected by Member States.
Download or read book Will They Sing the Same Tune Measuring Convergence in the New European System of Financial Supervisors written by Donato Masciandaro and published by International Monetary Fund. This book was released on 2009-07 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: In June 2009 a new financial supervisory framework for the European Union (EU) was endorsed, consisting of a macro- and a micro-prudential pillar. The latter is composed of a Steering Committee, a supranational layer and a network of national supervisory authorities at the bottom, de facto establishing a complex multiple principals-multiple agents network. This paper focuses on the network of national agencies. Starting from an analysis of supervisory architectures and governance arrangements, we assess to what extent lack of convergence could undermine efficient and effective supervision. The main conclusion is that harmonization of governance arrangements towards best practice would better align supervisors' incentive structures and, hence, be beneficial for the quality of supervision.
Download or read book Financial Services Regulation in Europe written by Katja Philipps and published by . This book was released on 2013 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studienarbeit aus dem Jahr 2012 im Fachbereich Politik - Internationale Politik - Thema: Europaische Union, University of Twente, Sprache: Deutsch, Abstract: Since the foundation of the European Union in 1992, the claim of a 'rising regulatory state' in Western Europe has become an important feature of public policy research. The creation of a single market by the Treaty of Maastricht forced European governments to change their traditional modes of governance in response to developments like increasing international competition and deepening economic and monetary integration within the European Union. Strategic adaptation to these new realities has been linked to two key trends: one is the reduced role for the positive, interventionist state and a corresponding increase in the role of the regulatory state, using legal authority over the tools of taxing and spending. The second trend is the European Commission's ambitious attempts to maximise its influence over policy content, and the increased interest of member states in transnational policy responses to the issues arising from the Single European Market. One of the main institutional features of this 'rising regulatory state' has been the creation of European regulatory agencies with the primary aim to provide policy-makers with objective and independent information. An interesting but also controversial feature of this development is the fact that governments were apparently willing to abandon some of their regulatory competencies in favour of institutions that are not democratically accountable, and that are to a large extent insulated from political influence. The relevance of this topic becomes accessible when looking at the developments in fi-nancial services regulation between 1999 and 2011. The eruption of the financial crisis in 2007 significantly changed the institutional architecture of regulation at the European level and led to the creation of a new European financial supervisory framework, centred
Download or read book The Regulatory and Supervisory Framework for Fixed Income Markets in Europe written by Hubert Grignon Dumoulin and published by World Bank Publications. This book was released on 2004 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Eu s Position written by Stavroula Chrisdoulaki and published by GRIN Verlag. This book was released on 2010-11 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2010 in the subject Politics - International Politics - Topic: European Union, grade: A, University of Flensburg, language: English, abstract: European Union consists of a unique integration model not only due to the long term and ongoing process but also because of the Institutions and regulations under 27 Member States, which attempt to comprise and mostly to harmonize the national laws. Especially after Maastricht Treaty, when the supranational building of the EU was introduced plenty of reforms had introduced in order to increase from the one hand the effectiveness of the complicated and bureaucratic body of EU and from the other hand to control the way that European Union and the individual Member States function in a more effective and productive way. After the adoption of a single currency- the Euro- for sixteen of the Members of the EU in parallel of the important enlargement the structural body of the EU became even more complicated that needed the consistent control whether structural reforms had to be introduced in order the effective function of the EU was to be assured. Under these circumstances, the financial sector is of the greatest importance within the EU as it is -so far- the basement of the integration model and consists of the guardian of deepening integration within the EU. Therefore, the supervision and the reforms in financial services within EU has increased dramatically from 1993, after the Maastricht Treaty and the introduction of supranationality, through 2004-with the great Eastern enlargement and finally until now that the current financial crisis consisted a shock for EU, that attempted to implement new measures and to establish institutional changes in order to supervise the financial sector effectively in a long term.
Download or read book HL 103 The Post crisis Eu Financial Regulatory Framework Do The Pieces Fit written by The Stationery Office and published by The Stationery Office. This book was released on 2015 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Committee criticises the belated recognition of the importance of the growth agenda. It welcomes proposals for an Investment Plan for Europe and for a Capital Markets Union. Yet the responsibility for promoting growth and prosperity lies not only with the Commission but with every Member State.The UK has the largest financial sector in the EU, and the implications of these reforms for this country are therefore immense. Yet the Committee finds that the UK's influence over the EU financial services agenda is diminishing. It calls on the Government and all UK authorities to take urgent steps to correct this. The prosperity of the City of London, and the financial services industry it hosts, is in the interests not only of the UK but of the EU as a whole.
Download or read book European Banking Supervision Taking Shape written by and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the aftermath of the financial crisis, the Commission took steps to stabilise the banking sector by seeking to strengthen the regulatory and supervisory framework, and by setting up the European Banking Authority (EBA). The Court's first audit in this area assessed whether the Commission and EBA had satisfactorily carried out their responsibilities in setting up the new arrangements for the regulation and supervision of the banking sector and considered what lessons could be learned for banking supervision under the new Single Supervisory Mechanism. The Court concluded that the Commission's actions, including the creation of EBA, were important first steps in response to the financial crisis. However, there were some shortcomings identified in the functioning of new arrangements in respect of cross-border banking supervision, the assessment of the resilience of EU banks and promotion of consumer protection for which the Court makes recommendations.
Download or read book Financial Regulation in the EU written by Raphaël Douady and published by Springer. This book was released on 2017-08-29 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial regulation has dramatically evolved and strengthened since the crisis on both sides of the Atlantic, with enhanced international coordination through the G-20 and the Financial Stability Board and, at the regional level, a definite contribution from the European Union. However the new regulatory environment has its critics, with many divergent voices arguing that over-regulation has become a root cause of our current economic stagnation. This book provides a bigger picture view of the impact and future of financial regulation in the EU, exploring the relationship between microeconomic incentives and macroeconomic growth, regulation and financial integration, and the changes required in economic policy to further European integration. Bringing together contributions from law, economics and management science, it offers readers an accessible but rigorous understanding of the current state of play of the regulatory environment, and on the future challenges. Coverage will include: • A review of the recent regulatory changes from a legal and economic perspective • Analysis of how the economic model of financial institutions and entities is impacted by the new frameworks • How to improve securitization and new instruments under MIFID II • Issues in the enhanced supervision under delegated acts for AIFMD, CRR-CRD IV and Solvency II • How long term funding can be supplied in lieu of the non-conventional monetary policies • A new architecture for a safer and more efficient European financial system Financial Regulation in the EU provides much needed clarity on the impact of new financial regulation and the future of the economy, and will prove a must have reference for all those working in, researching and affected by these changes.
Download or read book European Prudential Banking Regulation and Supervision written by Larisa Dragomir and published by Routledge. This book was released on 2010-04-05 with total page 583 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial market events in 2007-2009 have spurred renewed interest and controversy in debates regarding financial regulation and supervision. This book takes stock of the developments in EU legislation, case law and institutional structures with regards to banking regulation and supervision, which preceded and followed the recent financial crisis. It does not merely provide an update, but anchors these developments into the broader EU law context, challenging past paradigms and anticipating possible developments. The author provides a systematic analysis of the interactions between the content of prudential rules and the mechanisms behind their production and application European Prudential Banking Regulation and Supervision includes discussions of the European banking market structure and of regulatory theory that both aim to circumscribe prudential concerns. It scrutinises the content of prudential norms, proposes a qualification of these norms and an assessment of their interaction with other types of norms (corporate, auditing and accounting, consumer protection, competition rules). It also features an analysis of the underpinning institutional set-up and its envisaged reforms, focusing on the typical EU concerns related to checks and balances. Finally, the book attempts to revive the debate on supervisory liability, in light of the developments discussed. This book will be of great value to all those interested in financial stability matters (practitioners, policy-makers, students, academics), as well as to EU law scholars.
Download or read book European Financial Regulation written by Veerle Colaert and published by Bloomsbury Publishing. This book was released on 2019-12-26 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mirroring the long-established structure of the financial industry, EU financial regulation as we know it today approaches banking, insurance and investment services separately and often divergently. In recent decades however, the clear separation between financial sectors has gradually evaporated, as business lines have converged across sectors and FinTech solutions have emerged which do not fit traditional sector boundaries. As the contours of the traditional tripartition in the financial industry have faded, the diverging regulatory and supervisory treatment of these sectors has become increasingly at odds with economic reality. This book brings together insights developed by distinguished researchers and industry professionals in a series of articles analysing the main areas of EU financial regulation from a cross-sectoral perspective. For each specific research theme – including prudential regulation, corporate governance and conduct of business rules – the similarities, as well as gaps, overlaps and unjustifiable differences between banking, securities and insurance regulation, are clearly presented and discussed. This innovative research approach is aimed at informing lawmakers and policymakers on potential improvements to EU financial regulation whilst also supporting legal and compliance professionals applying the current framework or looking to streamline compliance processes.
Download or read book Hedge Fund Regulation in the European Union written by Phoebus Athanassiou and published by Kluwer Law International B.V.. This book was released on 2009-04-14 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: While hedge funds have been part and parcel of the global asset management landscape for well over fifty years, it is only relatively recently that they came to prominence as one of the fastest growing and most vigorous sub-sectors of the financial services industry. Despite their growing significance for global and European financial markets, hedge funds continue enjoying a sui generis regulatory status. The ongoing credit crisis and its lessons for the wisdom of unregulated or loosely regulated pockets of financial activity raise, with renewed urgency, the issue of deciding how long for the relative regulatory immunity of hedge funds is to be tolerated in the name of financial innovation. This well-thought-out book, the first of its kind in this particular field, examines the case for the European onshore hedge fund industry’s regulation, making concrete proposals for its normative future. Following a detailed account of the ‘established’ regulatory systems in Ireland and Luxembourg, as well as of the ‘emerging’ hedge fund jurisdictions in Italy, France, Spain and Germany, and of the regulatory treatment of hedge funds in the UK, this book examines to what extent the continuing exclusion of hedge funds from harmonized European regulation is defensible, whether their differences to traditional asset management products justify their distinct regulatory treatment and, ultimately, if their EU-wide regulation is possible and, if so, what form this should take. This book offers enormously valuable insights into all facets of the subject of the regulation of hedge funds, including: the legitimacy of the public policy interest in their activities; the conceptual underpinnings and systemic stability emphasis of a realistic hedge fund regulatory scheme; the main parameters of a workable onshore hedge fund regulatory framework; the role of investor protection and market integrity as part of a holistic hedge fund regulatory scheme; the possible use of the UCITS framework as a foundation for the EU-wide regulation of hedge funds; the MiFID’s impact on the regulatory future of the European hedge fund industry; existing cross-jurisdictional differences and similarities in the normative treatment of hedge funds within the EU; hitherto initiatives and recommendations of the Community institutions and bodies; and the need for more efficient co-operation and information-sharing arrangements amongst national supervisors for the monitoring of the cross-border risks inherent in the activities of hedge funds. As the first ever comprehensive account of the profile, main features and normative future of the contemporary global and European hedge fund markets – including a systematic inquiry into the conceptual underpinnings of hedge fund regulation and a detailed examination of the European hedge fund industry’s treatment under Community and domestic law – this book represents a major contribution to the literature on hedge funds and their regulation which, through its concrete proposals for the onshore industry’s regulation and its clear analysis of the conditions necessary for their implementation, should be of extraordinary value to policymakers, supervisors and academics alike.
