Financial Supervision: An Introduction to Theories, Policies and Practices
Autor Mikael Wendschlagen Limba Engleză Paperback – 3 apr 2021
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.
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Specificații
ISBN-13: 9783319966366
ISBN-10: 3319966367
Dimensiuni: 148 x 210 mm
Ediția:1st ed. 2021
Editura: Springer
Colecția Palgrave Macmillan
Locul publicării:Cham, Switzerland
ISBN-10: 3319966367
Dimensiuni: 148 x 210 mm
Ediția:1st ed. 2021
Editura: Springer
Colecția Palgrave Macmillan
Locul publicării:Cham, Switzerland
Cuprins
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
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
Notă biografică
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.
Textul de pe ultima copertă
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
also
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.
Caracteristici
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