Download or read book To Ring Fence Or Not and How Strategic Questions for Post Crisis Banking Reform in Europe written by Jens-Hinrich Binder and published by . This book was released on 2015 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the proposals of the United Kingdom's Independent Commission on Banking (now enacted in legislation), the “ring-fencing” of core banking functions and their legal and commercial insulation against the risks emanating from investment banking has attracted wide-spread attention in both academic and regulatory circles world-wide. This concept is but one emanation of a broader move towards the segregation of commercial and investment banking, which is being accomplished in the United States under the so-called “Volcker Rule” (Dodd-Frank Act, § 619), in a number of Continental European jurisdictions under national legislation since 2012, and promoted within Europe by the recommendations of the Liikanen commission and a recent draft for an EU Regulation on structural measures improving the resilience of EU credit institutions. Moreover, the term has been used to describe older regulatory strategies employed by host-country authorities in cross-border settings, which involve the segregation of local branches and subsidiaries from a multinational banking, with a view to protecting domestic creditors against the fallout from the insolvency of foreign institutions both ex ante and ex post. Against this background, the present paper promotes an integrated, functional understanding of ring-fencing in the context of banking regulation and defines some core strategic questions for future structural reform of the European banking systems.

Download or read book Regulating Hedge Funds in the EU written by Alexandros Seretakis and published by Kluwer Law International B.V.. This book was released on 2022-01-13 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge funds remain the most controversial vehicles of the alternative investment funds universe. Their opaque nature, alleged role in major crises around the world and perceived lack of investor protection have repeatedly led to calls for greater regulation. Yet despite its tremendous growth, the hedge fund industry is still shrouded in a veil of mystery largely due to the highly complex and dynamic trading strategies employed by hedge funds and the scarcity of information about them. For the first time in one comprehensive volume, this concise but thorough guide explains how hedge funds work, analyses risk, compares the European Union (EU) and United States (US) systems and proposes reforms to the European framework in order to improve its resilience. Focusing on the contribution of the hedge fund industry to systemic risk, the author elucidates the complex world of hedge funds and the legal issues linked to it. The analysis proceeds as follows: introduction to the world of hedge funds – definition, main characteristics, organizational structure, investment strategies, and benefits; deeply informed exploration of the dangers posed by hedge funds; documentation and examination of the major incidents connecting hedge funds and financial crises; rationales for regulation of hedge funds; comparison of relevant legislative developments in the US and EU; and proposals for strengthening the current EU supervisory and regulatory framework. Guiding legislation, such as the EU Alternative Investment Fund Managers Directive and the US Dodd-Frank Act, is analysed, along with topical issues such as hedge fund activism. Because the direction that hedge fund regulation takes in the future has implications for the Eurozone and systemic risk in the wider financial system, this book will be of immeasurable value to professionals in both the legal and business communities. It will be welcomed by corporate lawyers, regulatory authorities, policymakers and academics in both business-related and finance-related disciplines.

Download or read book EU Securities and Financial Markets Regulation written by Niamh Moloney and published by Oxford University Press. This book was released on 2023-03-25 with total page 993 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the decade or so since the global financial crisis rocked EU financial markets and led to wide-ranging reforms, EU securities and financial markets regulation has continued to evolve. The legislative framework has been refined and administrative rulemaking has expanded. Alongside, the Capital Markets Union agenda has developed, the UK has left the EU, and ESMA has emerged as a decisive influence on EU financial markets governance. All these developments, as well as the Covid-19 pandemic, have shaped the regulatory landscape and how supervision is organized. EU Securities and Financial Markets Regulation provides a comprehensive, critical, and contextual account of the intricate rulebook that governs EU financial markets and its supporting institutional arrangements. It is framed by an assessment of how the regime has evolved over the decade or so since the global financial crisis and considers, among other matters, the post-crisis reforms to key legislative measures, the massive expansion of administrative rulemaking and of soft law, the Capital Markets Union agenda, the development of supervisory convergence as the means for organizing pan-EU supervision, and ESMA's role in EU financial markets governance. Its coverage extends from capital-raising and the Prospectus Regulation to financial market intermediation and the MiFID II/MiFIR and IFD/IFR regimes, to the new regulatory regimes adopted since the global financial crisis (including for benchmarks and their administrators), to retail market regulation and the PRIIPs Regulation, and on to the EU's third country regime and the implications of the UK's departure from the EU. This is the fourth edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Heavily revised from the third edition to reflect developments since the global financial crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, institutional, and international context of the regulatory and supervisory regime.

Download or read book The Difficult Construction of European Banking Union written by David Howarth and published by Taylor & Francis. This book was released on 2020-06-29 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Difficult Construction of European Banking Union examines the political, legal and economic issues surrounding the lacunae and design faults of European Banking Union and its problematic operation. The volume brings together the work of sixteen scholars focused on the diverse debates surrounding the construction and operation of Banking Union (BU), and its necessary reform. BU represents one of the most important developments in European integration since the launch of Monetary Union. Furthermore, the design of the BU agreed between 2012 and 2014 was a messy compromise among EU member states. It is not surprising then that BU has sparked a lively academic debate and triggered an ever-growing number of publications from different disciplinary backgrounds. The first wave of academic work on BU focuses upon the economic rationale underpinning the supranationalisation of control over banking — regulation, supervision, support and resolution — and the political dynamics and legal issues that shaped the design of the Union agreed. This volume is located at the intersection of this first phase of academic research and a second stage which analyses the functioning of the different elements of BU. New research questions are triggered by the albeit limited empirical evidence on BU’s implementation and operation. Contributions to this second wave of research attempt to identify potentially dangerous lacunae and contribute to on-going reform debates. The Difficult Construction of European Banking Union will be of great interest to scholars of the European Union, Banking, Economic Governance, and Political Economy. Most of the chapters were originally published as three special issues in the Journal of Economic Policy Reform.

Download or read book The European Banking Regulation Handbook Volume I written by Christos V. Gortsos and published by Springer Nature. This book was released on 2023-06-10 with total page 590 pages. Available in PDF, EPUB and Kindle. Book excerpt: In two volumes, this book covers in a comprehensive, internally balanced, systematic and detailed way the field of European Union (EU) banking law and regulation. In three parts, Volume I offers a brief introduction to the role of banks in the contemporary financial system and the theory of banking regulation, a thorough analysis of international financial standards which are contained in the sources of public international banking law (and of public international financial law, in general), a detailed presentation of the gradual evolution and the sources of EU banking law, as well as a precise analysis of the law-making process and the key institutional aspects of this branch of EU economic law. The standards and rules adopted and the institutions created in the aftermath of the (2007-2009) global financial crisis and the subsequent euro area fiscal crisis, as well as during the current pandemic crisis are discussed, as appropriate. A detailed analysis of the substantive aspects of EU banking law will follow in Volume II

Download or read book Ring fencing in Europe written by Konstantin Oppolzer and published by Nomos Verlagsgesellschaft. This book was released on 2020-01-02 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bank structural reforms that stipulate the separation of retail and investment banking and that can collectively be referred to as 'ring-fencing' have been among the most controversial regulations since the financial crisis. This study explores legal developments in the European Union in this regard as well as national legislation in the United Kingdom, Germany and Switzerland. The study contributes to the terminology and classification of existing and future ring-fencing initiatives and paints a comprehensive picture of current developments and prospects on an EU level in this respect. It furthermore highlights structural differences in the national approaches of Europe's three most important financial centres, and casts light on Switzerland's unique ring-fencing efforts that have been barely recognised internationally. This study was recognised with the Austrian Award for Insolvency Law.

Download or read book The Reform of International Economic Governance written by Antonio Segura Serrano and published by Routledge. This book was released on 2016-05-05 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second half of the twentieth century saw the emergence of international economic law as a major force in the international legal system. This force has been severely tested by the economic crisis of 2008. Unable to prevent the crisis, the existing legal mechanisms have struggled to react against its direst consequences. This book brings together leading experts to analyse the main causes of the crisis and the role that international economic law has played in trying to prevent it, on the one hand, and worsening it, on the other. The work highlights the reaction and examines the tools that have been created by the international legal field to implement international cooperation in an effort to help put an end to the crisis and avoid similar events in the future. The volume brings together eminent legal academics and economists to examine key issues from the perspectives of trade law, financial law, and investment law with the collective aim of reform of international economic governance.

Download or read book Banking Law written by Andreas Kokkinis and published by Routledge. This book was released on 2021-03-16 with total page 445 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banking regulation and the private law governing the bank-customer relationship came under the spotlight as a result of the global financial crisis of 2007–2009. More than a decade later UK, EU and international regulatory initiatives have transformed the structure, business practices, financing models and governance of the banking sector. This authoritative text offers an in-depth analysis of modern banking law and regulation, while providing an assessment of its effectiveness and normative underpinnings. Its main focus is on UK law and practice, but where necessary it delves into EU law and institutions, such as the European Banking Union and supervisory role of the European Central Bank. The book also covers the regulation of bank corporate governance and executive remuneration, the promises and perils of FinTech and RegTech, and the impact of Brexit on UK financial services. Although detailed, the text remains easy to read and reasonably short; pedagogic features such as a glossary of terms and practice questions for each chapter are intended to facilitate learning. It is a useful resource for students and scholars of banking law and regulation, as well as for regulators and other professionals who are interested in reading a precise and evaluative account of this evolving area of law.

Download or read book Microfinance and Financial Inclusion written by Eugenia Macchiavello and published by Routledge. This book was released on 2017-07-20 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the recent global financial crisis there is a growing interest in alternative finance – and microfinance in particular – as new instruments for providing financial services in a socially responsible way or as an alternative to traditional banking. Nonetheless, correspondingly there is also a lack of clarity about how to regulate alternative financial methods particularly in light of the financial crisis’ lessons on regulatory failure and shadow banking’s risks. This book considers microfinance from a legal and regulatory perspective. Microfinance is the provision of a wide range of financial services, particularly credit but also remittances, savings, to low-income people or financially excluded people. It combines a business structure with social inspiration, often resorts to technological innovations to lower costs (Fintech: e.g. crowdfunding and mobile banking) and merges with traditional local experiences (e.g. financial cooperatives and Islamic finance), this further complicating the regulatory picture. The book describes some of the unique dimensions of microfinance and the difficulties that this can cause for regulators, through a comparative analysis of selected European Union (EU) countries’ regimes. The focus is in fact on the EU legal framework, with some references to certain developing world experiences where relevant. The book assesses the impact and validity of current financial regulation principles and rules, in light of the most recent developments and trends in financial regulation in the wake of the financial crisis and compares microfinance with traditional banking. The book puts forward policy recommendations for regulators and policy makers to help address the challenges and opportunities offered by microfinance.

Download or read book Creating a Safer Financial System written by José Vinãls and published by International Monetary Fund. This book was released on 2013-05-14 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S., the U.K., and more recently, the E.U., have proposed policy measures directly targeting complexity and business structures of banks. Unlike other, price-based reforms (e.g., Basel 3 and G-SIFI surcharges), these proposals have been developed unilaterally with material differences in scope, design and implementation schedules. This may exacerbate cross-border regulatory arbitrage and put a further burden on consolidated supervision and cross-border resolution. This paper provides an analysis of the potential implications of implementing different structural policy measures. It proposes a pragmatic and coordinated approach to development of these policies to reduce risk of regulatory arbitrage and minimize unintended consequences. In doing so, it also aims to identify a set of common policy measures that countries could adopt to re-scope bank business models and corporate structures.

Download or read book The Economic Crisis in Social and Institutional Context written by Sebastiano Fadda and published by Routledge. This book was released on 2015-02-20 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the foundations of the current economic crisis. Offering a heterodox approach to interpretation it examines the policies implemented before and during the crisis, and the main institutions that shaped the model of advanced economies, particularly in the last two decades. The first part of the book provides a theoretical analysis of the crisis. The roots of the ‘great recession’ are divided into fundamentals with origins in financial liberalisation, financial innovation and income distribution, and complementary or contributory factors such as the international imbalances, the monetary policy,and the role of credit rating agencies. Part II suggests various paths to recovery while emphasising that it will be necessary to develop alternative strategies for sustainable economic recovery and growth. These strategies will require genuine political support and a new 'great European vision' to address major issues concerning the EU such as unemployment, structural regional differences and federalism. Drawing on various schools of thought, this book explains the complexities of the crisis through a wider evolutionary-institutional and heterodox framework.

Download or read book Banking Reform written by Great Britain. Treasury and published by The Stationery Office. This book was released on 2013-02-04 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banking reform is the second key pillar of the Government's programme for reform of the financial sector to address the weaknesses exposed by the financial crisis of 2007-09. The first pillar of this programme, reform of financial services regulation, has been legislated in the Financial Services Act that received Royal Assent in December 2012 (2012 Ch. 21, 9780105421122). The Government is now legislating to reform the structure of the UK banking system, through the Financial Services (Banking Reform) Bill (HCB 130, session 2012-13, ISBN 9780215053794) which implements key recommendations of the Independent Commission on Banking, including ring-fencing retail deposits from wholesale banking activities and depositor preference. This document accompanies introduction of the Bill and includes the Government response to the first report of the Parliamentary Commission on Banking Standards (PCBS), which conducted pre-legislative scrutiny on the draft Bill. The response explains where the Government has amended the Bill and includes and impact assessment for the Bill, along with the opinion of the independent Regulatory Policy Committee

Download or read book Principles of Banking Regulation written by Kern Alexander and published by Cambridge University Press. This book was released on 2019-06-06 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyses banking regulation and recent international developments, including Basel IV, bank resolution and Brexit, and their impact on bank governance.

Download or read book The European Debt Crisis written by United States. Congress. Senate. Committee on Foreign Relations. Subcommittee on European Affairs and published by . This book was released on 2012 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Law and Financial Instability written by Andreas Kokkinis and published by Routledge. This book was released on 2017-11-20 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: Virtually all large banks and other financial institutions in the UK and internationally are public limited liability companies whose shares are listed on one or several stock exchanges. As such, their corporate governance and, in particular, the incentives faced by their directors and senior managers are to a significant extent determined by corporate and securities law rules such as directors’ duties, directors’ liability in insolvency, takeover regulation, disclosure obligations, shareholder rights and rules on executive remuneration. At the same time, systemically important financial institutions in the UK are licensed, regulated and supervised by the Prudential Regulation Authority (PRA). This book explores the relationship between, on the one hand, the broader corporate law, corporate governance and securities law framework and, on the other, the prudential regulatory framework. Although the book’s main focus is on UK law, much of the policy argumentation is relevant globally and therefore appropriate international comparisons are drawn, and analysis of EU law and regulation is included. The book argues that the corporate law regime, which focuses on shareholder empowerment and profit maximisation, operates as an antithesis to prudential regulatory objectives thus undermining the safety and soundness of banks and other financial institutions by encouraging risky behaviour that may be in the best interests of their shareholders, but is clearly not in the public interest.

Download or read book Transaction Banking and the Impact of Regulatory Change written by R. Wandhöfer and published by Springer. This book was released on 2015-12-17 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes you on a journey through post-crisis regulatory reform, highlighting the unintended consequences of some of the measures on transaction banking, a business that provides the backbone of financial markets.

Download or read book Banking reform written by Great Britain: H.M. Treasury and published by Stationery Office. This book was released on 2013-07-17 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Services (Banking Reform) Bill aims to establish a more resilient, stable and competitive banking sector; to reduce the severity of a future financial crisis; and to protect taxpayers in the event of such a crisis. It is primarily an enabling Bill, which provides HM Treasury with the requisite powers to implement the policy underlying the Bill through secondary legislation. Three illustrative draft instruments were published in March 2013 in order to aid Parliamentary scrutiny of the Bill, and the Government has continued to develop those instruments. This paper invites comments on a further four statutory instruments: Ring-fenced Bodies and Core Activities Order; Excluded Activities and Prohibitions Order; Banking reform (Loss Absorbency Requirement) Order; and the Fees and Prescribed International Organisations Regulations. Further secondary legislation is planned for pensions and building societies.