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

This study addresses the legal and policy issues underpinning the development of, and the strengthening of the regulatory and institutional framework for unified financial services supervision. The study discusses developments in a number of jurisd...

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Bibliographic Details
Main Author: Mwenda, Kenneth Kaoma
Format: Online
Language:English
en_US
Published: Washington, DC: World Bank 2012
Subjects:
ACCOUNTABILITY
ACCOUNTING
ADMINISTRATIVE LAW
ASP
BANK OF ENGLAND
BANK OF JAMAICA
BANKING SECTOR
BANKING SUPERVISION
BANKS
CAPITAL ADEQUACY
CAPITAL ADEQUACY DIRECTIVE
CENTRAL BANKS
CIVIL CODE
CLEARING HOUSES
COMPENSATION
COMPLAINTS
CONSOLIDATED SUPERVISION
CONSTITUTION
CONSUMER INTERESTS
CONTROL SYSTEMS
COPYRIGHT
DIRECTIVES
DOI
EMERGING MARKETS
ENFORCEMENT POWERS
ENVIRONMENTAL IMPACT
FEDERAL DEPOSIT INSURANCE
FEDERAL DEPOSIT INSURANCE CORPORATION
FINANCIAL CAPACITY
FINANCIAL INSTITUTIONS
FINANCIAL MARKETS
FINANCIAL REGULATION
FINANCIAL SERVICES
FINANCIAL SYSTEMS
GOVERNMENT DEPARTMENT
GOVERNMENT POLICIES
INFORMATION TECHNOLOGY
INSURANCE
INTEGRATED REGULATION
INTERNAL CONTROL
INTERNAL CONTROL SYSTEMS
INTERNATIONAL LAW
INVESTMENT BANKS
JURISDICTIONS
LEGAL FRAMEWORK
LEGAL PRACTITIONERS
LEGAL STATUS
LEGISLATION
LIABILITY
LICENSING
PENSIONS
POLICY COMMITTEE
POLICY OBJECTIVES
PRIVATE PROPERTY RIGHTS
PUBLIC POLICY
REGISTRY
REGULATOR
REGULATORS
REGULATORY AGENCIES
REGULATORY AUTHORITIES
REGULATORY AUTHORITY
REGULATORY BODIES
REGULATORY ENVIRONMENT
REGULATORY FRAMEWORK
REGULATORY FRAMEWORKS
REGULATORY MANDATE
REGULATORY OBJECTIVES
REGULATORY REGIMES
REGULATORY REQUIREMENTS
REGULATORY STRUCTURES
RESERVE BANK OF AUSTRALIA
RETIREMENT
RIGHT OF APPEAL
RULES
SAFETY
SUBSIDIARY
SYSTEMIC RISK
TRANSPARENCY
UNIVERSAL BANKING
Online Access:http://documents.worldbank.org/curated/en/2006/01/6739115/legal-aspects-financial-services-regulation-concept-unified-regulator
https://hdl.handle.net/10986/6952
https://doi.org/10.1596/978-0-8213-6459-8
Description
Summary:This study addresses the legal and policy issues underpinning the development of, and the strengthening of the regulatory and institutional framework for unified financial services supervision. The study discusses developments in a number of jurisdictions, among them Australia, Canada, Estonia, Germany, Hungary, Ireland, Latvia, Malta, the Scandinavian countries, the United Kingdom, and the United States. Chapter 1 examines conceptual issues to be taken into account in designing a sound regulatory and institutional framework for financial services supervision. The chapter also provides a working definition of "regulation" and delves into the intricacies of designing the appropriate regulatory framework. Chapter 2 analyzes the concept of an independent financial services regulator, arguing that a unified regulator that is both independent and accountable would help promote the development of a sound financial sector. Chapter 3 discusses the concept of a unified regulator, examining the question of whether every country should adopt a model of unified financial services supervision. Chapter 4 provides country studies, addressing the efficacy of the framework for unified financial services supervision in Latvia, the United Kingdom, and the Scandinavian countries. Finally, Chapter 5 defines policy recommendations and possible constitutional, and legal challenges that might be encountered when a country is considering unifying its regulation of financial services.

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