Redesigning Financial Regulation

Author : Justin O'Brien
Publisher : John Wiley & Sons
ISBN 13 : 0470060425
Total Pages : 220 pages
Book Rating : 4.21/5 ( download)

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Download or read book Redesigning Financial Regulation written by Justin O'Brien and published by John Wiley & Sons. This book was released on 2006-11-02 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the height of the 1990s boom, Jack Grubman, one of the most successful analysts in Wall Street proclaimed ‘what used to be conflicts of interest are now synergies’. This myopia contributed dramatically to the elevation of a culture in which greed was deified, oversight denigrated and misfeasance justified. Since the fall of the markets and the implosion of confidence in the American corporate business model, one man has proved instrumental in deconstructing the rhetoric of the 1990s: Eliot Spitzer, the combative Attorney General of New York. In the process, his innovative application of state law has reconfigured the governance of Wall Street. Over the past three years the pursuit of transparency and accountability in the structure of the markets has propelled Spitzer to the forefront of regulatory policy. His investigations into tainted analyst research, the mutual funds industry, the governance of the New York Stock Exchange and the insurance industry have focused attention not just on corrupted individuals but also the complicity of the financial structure itself. Spitzer exploited the inherent conflicts of interest to the full, forcing regulators to adopt a much more proactive approach and creating a national platform for his own wider political ambitions. Now holding the Democratic nomination for the Governorship of New York, Spitzer has begun a path for higher national office. This groundbreaking book features exclusive access with many of the key actors in these changes to the governance of Wall Street. It examines how Eliot Spitzer exploited gaps in the regulatory framework to capture the corporate reform agenda and explores the implications of his actions on policy formation and recalibration. Key incidents include: changing the terms of reference governing analyst research; the defenestration of Dick Grasso’s tenure over the NYSE (which is now being heard in state court in New York); and the battles for control between the former Chairman of the Securities Exchange Commission, Harvey Pitt, and Spitzer. The book details not only the contested, contingent and interdependent connections between the American political and financial systems but reveals how Spitzer’s manipulation of those connections have proved instrumental in enhancing his own wider political ambitions.

Author : Ms.Laura E. Kodres
Publisher : International Monetary Fund
ISBN 13 : 1462388884
Total Pages : 19 pages
Book Rating : 4.82/5 ( download)

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Download or read book Redesigning the Contours of the Future Financial System written by Ms.Laura E. Kodres and published by International Monetary Fund. This book was released on 2010-08-16 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the private- and public-sector responses to the crisis and some of the probable outcomes. Aside from improved supervision of individual institutions, greater emphasis needs to be put on financial regulations that reflect the systemic nature of financial risks and the role that macroeconomic policies play. Global consistency of regulation and financial sector taxation will be essential to mitigate systemic risks, avoid unintended distortions, and help ensure a level playing field. This note suggests the key aspects of the future contours will likely be: ? Banks are expected to return to their more traditional function as stricter regulation will limit the risks and activities they can undertake. ? The nonbanking sector will likely have a greater competitive advantage—both in supplying credit and providing investors with nonbank services—and will thus grow. ? The perimeter of regulation will need to expand to take into account risks in the nonbank sector. ? Market infrastructure will be reinforced to protect investors and will need to provide simplicity and transparency to make risks clearer and the financial system safer. ? The global financial system is likely to be smaller and less levered than in the recent past, and could well be less innovative and dynamic, at least for a while.

Author : H. Garten
Publisher : Springer
ISBN 13 : 0333977602
Total Pages : 236 pages
Book Rating : 4.06/5 ( download)

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Download or read book US Financial Regulation and the Level Playing Field written by H. Garten and published by Springer. This book was released on 2001-01-19 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: What will deregulation and globalization of financial markets mean for the future of US financial regulation? This book argues that the uniqueness of US regulation derives from its success in promoting four principles of competitive fairness that US players demand from financial markets. The peculiar US notion of a 'level playing field' provides a novel approach to understanding the evolution of US regulation, including recent reform, and to predicting US attitudes toward questions of global financial market supervision.

Author : Marianne Ojo
Publisher : Nova Science Publishers
ISBN 13 : 9781634848435
Total Pages : pages
Book Rating : 4.38/5 ( download)

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Download or read book Designing Optimal Models of Financial Regulation in a Changing Financial Environment written by Marianne Ojo and published by Nova Science Publishers. This book was released on 2016-06-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Preface -- Introduction and background to the study -- Review of the literature on self governance and corporate social responsibility -- Restoring trust in business following corporate collapses like ENRON : Sarbanes Oxley Act and principles based accounting -- Responsive regulation and corporate social responsibility : achieving right balance between persuasion and penalization -- Building on the trust of management : restoring trust in businesses through corporate governance -- Regulating stock markets and financial services : a matter of regulatory style and structure? -- Role of monetary policy in matters relating to financial stability : central banks and different policies implemented in response to the recent financial crisis -- Central bank's role and involvement in bank regulation : lender of last resort arrangements and the special resolution regime (SRR) -- The financial services authority : a model of improved accountability? -- Sarbanes Oxley, non audit services (NAS) and the mandatory rotation of audit firms -- Proposals for a new audit liability regime in Europe -- Audits, audit quality and signalling mechanisms : addressing information asymmetries in concentrated and family ownership systems/structures -- Credit risk measurement, leverage ratios and Basel III : proposed Basel III leverage and supplementary leverage ratios -- The unintended consequences and challenges of the Basel III leverage ratio : supplementary leverage ratios -- Designing regulatory policies aimed at effectively implementing mandatory audit rotation -- Conclusion and further recommendations -- References -- Index

Author : Marianne Ojo
Publisher : Nova Science Publishers
ISBN 13 : 9781634848299
Total Pages : 0 pages
Book Rating : 4.92/5 ( download)

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Download or read book Designing Optimal Models of Financial Regulation in a Changing Financial Environment written by Marianne Ojo and published by Nova Science Publishers. This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: As well as highlighting how corporations and enterprises -- national or multinational -- can be effectively engaged in entrepreneurship and innovation as a means of fulfilling corporate social responsibility goals and objectives, this book aims to propose means whereby auditors (and particularly, external auditors) could more effectively fulfil corporate governance roles through implementation of local, regional, national and internationally recognised codes, regulations, and standards. Whether it is advantageous to regulate both securities investments and consumer financial instruments through a single entity (as is accomplished by the Financial Conduct Authority in the United Kingdom), or through various specialised agencies (as is accomplished in the United States through the Securities and Exchange Commission and the Consumer Financial Protection Bureau) depends on the structure of the "single entity" and whether such an entity is still working as part of a larger entity whose effectiveness is primarily determined by the extent and level of coordination and cooperation with other entities in the supervisory process. As the tripartite arrangement between the Financial Services Authority, Bank of England and the Treasury has revealed, even well-designed regulatory structures are prone to flaws and shortcomings, where resources are inadequately allocated and where the necessary level of communication and coordination is lacking. The structure of financial regulation is hence not only crucial to the success of the attainment of regulatory objectives, but also the extent of involvement, coordination, and cooperation between involved supervisory authorities. Further, the allocation of appropriate tools and resources to those authorities who are best endowed, equipped with the expertise to carry out the required level of monitoring and supervision, as well as clear allocation of such responsibilities, would ensure resources of time and expertise are not wasted, and that responsibilities are not duplicated. As well as highlighting the impact of asymmetric information on levels of monitoring procedures and how conflicts of interests could arise between corporations and their shareholders or between governments and the firms being regulated by the regulator, this book also aims at accentuating the need for the operation of certain vital safeguards, given the merits that are and could be derived from self-governance and self-regulation. Several safeguards that are aimed at bolstering the agent's objectives and actions are closely monitored, as well as aligned with firm investors' desires, encompass and relate to the encouragement of longer term firm economic performance. This also includes increasing shareholder voting power, and the implementation of legislative tools and financial reporting standards as means of determining how effectively executives and management are to be compensated. Finally, this book is also aimed at exploring how these safeguards could be applied, particularly within the context of insider trading and the rationale behind several jurisdictions to adopt or not adopt insider trading regulations. The author seeks to provide the readers with a better understanding of how corporate governance structures can assist businesses.

Author : John Armour
Publisher : Oxford University Press
ISBN 13 : 0198786476
Total Pages : 698 pages
Book Rating : 4.74/5 ( download)

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Download or read book Principles of Financial Regulation written by John Armour and published by Oxford University Press. This book was released on 2016 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets, and prompted a fundamental reconsideration of the design of financial regulation. As the financial system has become ever-more complex and interconnected, the pace of evolution continues to accelerate. It is now clear that regulation must focus on the financial system as a whole, but this poses significant challenges for regulators. Principles of Financial Regulation describes how to address those challenges. Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of regulation by drawing on economics, finance, and law methodologies. The volume examines regulation in a purposive and dynamic way by framing the book in terms of what the financial system does, rather than what financial regulation is. By analysing specific regulatory measures, the book provides readers to the opportunity to assess regulatory choices on specific policy issues and encourages critical reflection on the design of regulation.

Author : James R. Barth
Publisher : Cambridge University Press
ISBN 13 : 9780521709309
Total Pages : 446 pages
Book Rating : 4.0X/5 ( download)

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Download or read book Rethinking Bank Regulation written by James R. Barth and published by Cambridge University Press. This book was released on 2008-05-12 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents a new database on bank regulation in over 150 countries. It offers a comprehensive cross-country assessment of the impact of bank regulation on the operation of banks and assesses the validity of the Basel Committee's influential approach to bank regulation.

Author : Orice M. Williams
Publisher : DIANE Publishing
ISBN 13 : 1437912966
Total Pages : 107 pages
Book Rating : 4.68/5 ( download)

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Download or read book Financial Regulation written by Orice M. Williams and published by DIANE Publishing. This book was released on 2009 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. and other countries are in the midst of the worst financial crisis in more than 75 years. While much of the attention of policymakers has been focused on taking short-term steps to address the immediate nature of the crisis, these events have served to strikingly demonstrate that the current U.S. financial regulatory system is in need of significant reform. This report: (1) describes the origins of the current financial regulatory system; (2) describes various market developments and changes that have created challenges for the current system; and (3) presents an evaluation framework that can be used to shape potential regulatory reform efforts. An important and thorough review of the issues related to regulatory reform. Charts and tables.

Author : Masahiro Kawai
Publisher : Brookings Institution Press
ISBN 13 : 0815704895
Total Pages : 441 pages
Book Rating : 4.98/5 ( download)

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Download or read book Financial Market Regulation and Reforms in Emerging Markets written by Masahiro Kawai and published by Brookings Institution Press. This book was released on 2011 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies"--Provided by publisher.

Author : Donato Masciandaro
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 536 pages
Book Rating : 4.11/5 ( download)

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Download or read book Designing Financial Supervision Institutions written by Donato Masciandaro and published by Edward Elgar Publishing. This book was released on 2007 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers the first systematic discussion of a new and promising field: the economics of independence, accountability and governance of financial supervision institutions. For a long time the design of supervision had been an irrelevant issue, both in theory and practice. This perception changed dramatically in the mid-1990s, and over the past decade many countries have witnessed changes in the architecture of financial supervision. This book presents frameworks for analyzing the emerging supervisory architectures and sheds light on the different supervisory regimes, with a particular focus on the role of central banks. It takes a country-specific, comparative and empirical approach. Designing Financial Supervision Institutions will be an accessible reference tool for multidisciplinary scholars and academics (principally economics, but also politics and law), policymakers, regulators and supervisory institutions. All royalties from this book to go to the UK charity, NSPCC.