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Financial Supervision, 1st ed. 2019 An Introduction to Theories, Policies and Practices

Langue : Anglais

Auteur :

This book provides an introduction to financial supervision as practiced and discussed by stakeholders and in academia. It covers the ?why, who, and by whom? issues of financial supervision, offering international comparisons as well as perspectives from different academic disciplines such as law, finance, economics and public administration. The books is based on an extensive survey of available research and publications on the topics covered, as well as a large number of interviews with stakeholders at different levels and in different countries who work with the implementation, enforcement and/or compliance with financial regulation on a daily basis. By recognizing the multi-disciplinary nature of financial supervision the book will be of interest to both practitioners, students and academics, and respond to the growing need for authoritative guidance in this complex area.


1. INTRODUCTION

Box 1.1 “One book to learn it all?”

2. THE FINANCIAL SYSTEM, FINANCIAL COMPANIES AND SERVICES

2.1 FINANCIAL SERVICES AND PRODUCTS

2.1.1 Deposit-taking

2.1.2 Credit provisioning

2.1.3 Insurance provisioning

2.1.4 Risk managing

2.1.5 Market making, clearing and settlement

2.1.6 Payment services

2.1.6 The intangible nature of financial markets, services and products

2.2 FINANCIAL COMPANIES

2.2.1 Banks

2.2.2 Insurance companies

2.2.3 Securities firms

2.2.4 Investment funds and pension funds

2.2.5 Market makers and clearing houses

2.2.6 Financial holding companies and conglomerates

2.3 FINANCIAL MARKETS

2.3.1 Equity markets

2.3.2 Money markets

2.3.3 Bond markets

2.3.4 Foreign exchange market

2.3.5 Commodity markets

2.3.6 Derivative markets

2.3.7 Non-market trading

2.3.8 Payment systems and the interbank market

2.4 THE FINANCIAL SYSTEM

Figure 2.4.1 The importance of the financial system and its resilience

2.4.1 System stability and low transaction costs

2.4.2 System flexibility and market competition

2.4.3 Market innovation and system change

3. FINANCIAL REGULATION

3.1 THE OBJECTIVES OF FINANCIAL REGULATION

3.1 DEFINITIONS, DESCRIPTIONS, AND EXAMPLES

3.2 REGULATIONS, LAWS AND POLICIES

3.3 FINANCIAL MARKET REGULATIONS

3.3.1 Consumer protection regulation

3.3.2 Conduct of business regulation

3.3.3 Market maker and clearing house regulation

3.3.4 Macro-prudential regulation

3.3.5 Payment system regulation

3.4 FINANCIAL COMPANY REGULATION

3.4.1 Bank regulation

3.4.2 Insurance company regulation

3.4.3 Securities firm regulation

3.4.4 Stock market and clearing house regulation

3.4.5 Holding company regulation

3.4.6 Non-/unregulated financial companies

3.4.7 Fit and proper regulation

3.5 PRINCIPLE AND/OR RULE BASED REGULATION

3.6 MARKET DISCIPLINE AND MARKET FAILURES

3.7 THE REGULATION OF THE SUPERVISOR

3.8 LIMITS OF FINANCIAL REGULATION

3.9 MONEY LAUNDERING AND FINANCIAL CRIME

3.10 THE REGULATORY PROCESS

4. FINANCIAL SUPERVISION

4.1 THE OBJECTIVES OF FINANCIAL SUPERVISION

4.1.1 System resilience

4.1.2 Market effectiveness

4.1.3 Consumer confidence

4.1.4 Rule of law

4.2 FINANCIAL SUPERVISORS AS BUREAUCRATIC AGENCIES

4.3 THE WORK OF SUPERVISORS

4.3.1 The “action points” of the supervision work

4.3.2 Interpretation

4.3.3 Adoption

4.3.4 Enactment, approvals and exemptions

4.3.5 Collecting and sharing information

4.3.6 Enforcement actions

4.3.7 ‘Going’ rule making

4.3.8 Evaluation

4.4 VERIFYING COMPLIANCE

4.4.1 Compliance with the letter and/or spirit of the regulation

4.4 STRICT OR ACCOMMODATING ENFORCEMENT STYLES AND STRATEGIES

4.4 THE SUPERVISOR IN THE REGULATORY PROCESS

5. THE ORGANISATION OF FINANCIAL SUPERVISION

5.1 INTRODUCTION

5.2 SECTORIAL, FUNCTIONAL OR OBJECTIVE-BASED ORGANISATION

5.2.1 Organising by financial sector

5.2.2 Organising by function or service categories

5.2.3 Organising by objective

5.4 ONE OR MORE FINANCIAL SUPERVISORS

5.4.1 Single supervisory agency

5.4.2 Twin peaks arrangement

5.4.3 Integrated and unified agencies

5.5 CENTRAL BANKS AND FINANCIAL SUPERVISION

5.5.1 Monetary policy and financial supervision

5.5.2 The Lender of Last Resort function and the financial supervision

6. FINANCIAL SUPERVISION IN THE EU

6.1 INTRODUCTION

6.2 THE ECB BANKING SUPERVISION – THE SSM

6.3 THE JOINT SUPERVISORY TEAMS

6.5 REGULATORY HARMONIZATION AND NATIONAL OPTIONS

7. FINANCIAL SUPERVISION IN THE USA

7.2 FINANCIAL REGULATION AND SUPERVISION AT THE FEDERAL LEVEL

7.2.1 The Office of the Comptroller of the Currency

7.2.2 The Federal Reserve

7.2.3 The Federal Deposit and Insurance Corporation

7.2.4 The Securities and Exchange Commission

7.3 FINANCIAL REGULATION AND SUPERVISION AT THE STATE LEVEL

8. WHAT SUPERVISORS DO – SUPERVISORY WORK

8.2 MICRO-PRUDENTIAL SUPERVISORY WORK

8.3 Off-site examinations

8.3.1 How to determine the risks of a supervised entity

8.4 PLANNING AND DEFINING EXAMINATION SCOPE

8.4.1 Scope drift/creep

Examinations of individual companies

Thematic examinations

Re-visits / Follow-ups

8.2.2 On-site examinations

9. 5 ENFORCEMENT ACTIONS

9.5.1 Why use enforcement actions?

9.5.2 Enforcement actions against what and whom?

9.5.3 Why are breaches made?

8.? SUPERVISION OF HOLDING COMPANIES OR SUBSIDIARIES

8.6 MAKING COMPLIANCE ACHIEVABLE AND SENSIBLE

8.7 “FIRE FIGHTING” (OR “FIRE PREVENTION”?)

8.10 THE RESOURCE CONSTRAINT OF FINANCIAL SUPERVISORS

8.10.1 THE RISK-BASED APPROACH

8.11 MACRO-PRUDENTIAL SUPERVISORY WORK

8.11.1 System and sector level analysis

8.11.2 Countering volatility in the financial cycle

8.11.3 Stress tests

8.10 SUPERVISION OF PAYMENT SYSTEMS AND OTHER MARKET INFRASTRUCTURE

8.11 MACROPRUDENTIAL EFFECTS OF MICROPRUDENTIAL SUPERVISION

8.12 MARKET DYNAMICS AND ORGANISATIONAL ADAPTIONS

9. COMPLYING WITH FINANCIAL REGULATION AND SUPERVISION

9.1 INTRODUCTION

9.2 WHAT IS COMPLIANCE?

9.3 WHAT THE COMPLIANCE FUNCTION DO

9.5 WHAT THE COMPLIANCE FUNCTION DOES NOT DO

9.6 COMPLYING WITH THE PUBLIC’S EXPECTATIONS?

9.7 MICRO SUPERVISION COMPLIANCE

9.8 MACRO SUPERVISION COMPLIANCE

9.9 Outsourcing compliance

9.10 MEASURING THE QUALITY OF THE COMPLIANCE WORK

9.11 “THE TONE AT THE TOP” AND THE IMPORTANCE OF CORPORATE CULTURE

10. WHAT MAKES FOR GOOD SUPERVISION?

10.1 INTRODUCTION

10.2 ACCOUNTABILITY OF FINANCIAL SUPERVISORS

10.2.1 The accountability of the individual civil servant

10.3 PUBLIC HEARINGS ON REGULATORY AND SUPERVISORY MATTERS

10.4 MEASURING OUTPUT

10.5 WHAT IS POOR FINANCIAL SUPERVISION?

10.6 THE TONE AT THE TOP

10.4.1 Work place culture

10.5 WHAT CAN FINANCIAL SUPERVISION ACHIEVE?

10.5.1 Effective and competitive markets

10.5.2 Consumer confidence

10.5.3 Rule-of-Law

10.5.4 System stability

10.6 ARE COMPANY FAILURES ALSO SUPERVISORY FAILURES?

9.6 COMPARING AGENCIES AND FINDING “BEST PRACTICES”?

10. INTERNATIONAL FINANCIAL REGULATION AND SUPERVISION

10.2 INTERNATIONAL ORGANISATIONS FOR FINANCIAL SUPERVISORS

10.2.1 IOSCO

10.4 Interational Insurance…

10.3 INTERNATIONAL REGULATORY FORUMS

10.3.1 Basel Committee on Banking Supervision

10.3.2 Financial Stability Board

10.4 THE THREE ESA:S

10.4.1 European Banking Authority

10.4.2 European Insurance and Organisational Pension Authority

10.4.3 European Securities XX Authority…

11. A SHORT HISTORY OF FINANCIAL SUPERVISION

11.1 THE FIRST LAW- AND STATE-BOUND CASES OF FINANCIAL REGULATION AND SUPERVISION

11.2 SAVINGS BANKS AND THE DEPOSITORS

11.3 THE REVOLUTION OF THE JOINT STOCK COMPANY

11.4 EARLY FINANCIAL CRISES AND PUBLIC RESPONSES

11.5 THE DEVELOPMENT OF THE SUPERVISOR PROFESSION

11.6 FINANCIAL SUPERVISION IN THE BEGINNING OF THE 20TH CENTURY

11.7 THE GREAT DEPRESSION AND THE BROAD ADOPTION OF FINANCIAL SUPERVISION

11.8 THE INSTITUTIONAL LEGACY OF THE GREAT DEPRESSION

11.9 THE “STRICT” REGULATORY REGIME AFTER WORLD WAR TWO

11.10 THE INTERNATIONALIZATION OF FINANCIAL SUPERVISION

11.11 THE FINANCIAL DEREGULATION AND THE FAITH IN MARKET DISCIPLINE


Mikael Wendschlag is a Researcher and Lecturer at the Uppsala University, Sweden. He has conducted commissioned research for the Swedish Financial Supervisory Agency and the Swedish Riksbank. He has been a Visiting Researcher at the Swedish House of Finance, the European University Institute in Florence, the Swedish Riksbank and the Institute for Economic and Business History Research at the Stockholm School of Economics, Sweden. He has also worked as a Research Assistant at the Swedish Institute for International Affairs. Having spent the past decade studying financial supervision, including its practice, he is a founding member of the Network for Research and Education in Financial Regulation and Supervision in Sweden and a member of the Research Panel for Financial Market Law at the Stockholm Centre for Commercial Law. 

Provides an authoritative introduction to financial supervision post crisis
Reviews supervision in both the US and Europe
Ideal for use on courses in financial supervision
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