imported>Nick Gardner |
imported>Nick Gardner |
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| ==Selected financial institutions==
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| ===Banks===
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| ====The United States [http://www.comptrollerofthecurrency.gov/nb/nbguide.pdf]====
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| Bank of America[http://www.bankofamerica.com/index.cfm?page=about]
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| J P Morgan Chase[http://www.jpmorganchase.com/cm/cs?pagename=Chase/Href&urlname=jpmc/about]
| | ==Regulatory structures== |
| | Four types of regulatory structure have been identified[http://www.deloitte.com/dtt/cda/doc/content/The%20structure%20of%20Financial%20Supervision.pdf]: |
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| Citibank[http://www.citibank.com/us/index.htm]
| | *The institutional approach, in which a firm’s legal status determines which regulator is tasked with overseeing its activity; |
| | *The functional approach, in which supervisory oversight is determined by the business that is being transacted by the entity so that each type of business activity has its own regulator; |
| | *The integrated approach, in which a single universal regulator conducts both safety and soundness oversight and conduct-of-business regulation for all the sectors of financial services business; and, |
| | *The twin peaks approach, in which one regulator performs safety and soundness supervision function and the other focuses on conduct-of-business regulation. |
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| Wachovia[https://www.wachovia.com/]
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| ====The United Kingdom==== | | ==Reform agendas== |
| HSBC[http://www.hsbc.co.uk/1/2/]
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| Lloyds Banking Group[http://www.lloydsbankinggroup.com/]
| | '''Markets in Financial Instruments Directive'''[http://www.eubusiness.com/Finance/mifid-guide/] (EU) October 2007. |
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| Royal Bank of Scotland Group[http://www.rbs.com/home.ashx]
| | '''Report of the Financial Stability Forum'''[http://www.financialstabilityboard.org/publications/r_0804.pdf?noframes=1] April 2008. |
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| Barclays[http://group.barclays.com/Home]
| | '''The G30 report'''[http://www.group30.org/pubs/reformreport.pdf] October 2008 |
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| ===Other finance providers===
| | '''The [[G20 summit]]s''' November 2008 and April 2009. |
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| ===Investment managers===
| | '''Report of the Congressional Oversight Panel'''[http://cop.senate.gov/documents/cop-012909-report-regulatoryreform.pdf] (US) January 2009. |
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| Goldman Sachs[http://www2.goldmansachs.com/services/index.html]
| | '''Report of the de Larosière Group'''[http://ec.europa.eu/commission_barroso/president/pdf/statement_20090225_en.pdf] (EU) February 2009. |
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| Bridgewater Associates[http://www.bwater.com/]
| | '''Federal Reserve Board proposals'''[http://www.federalreserve.gov/newsevents/speech/bernanke20090310a.htm] (US) March 2009. |
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| ===Credit rating agencies===
| | '''The Obama plan''' (US) June 2009 White Paper: ''Financial Regulatory Reform'':[http://www.financialstability.gov/docs/regs/FinalReport_web.pdf]. |
| | Fact Sheets:''Requiring Strong Supervision And Appropriate Regulation Of All Financial Firms''[http://www.financialstability.gov/docs/regulatoryreform/requiring_strong_supervision_reg_finfirms.pdf]; |
| | ''Strengthening Regulation Of Core Markets And Market Infrastructure'' [http://www.financialstability.gov/docs/regulatoryreform/strengthening_reg_core-markets_infrastructure.pdf];''Strengthening Consumer Protection''[http://www.financialstability.gov/docs/regulatoryreform/strengthening_consumer_protection.pdf]; |
| | ''Providing The Government With Tools To Effectively Manage Failing Institutions''[http://www.financialstability.gov/docs/regulatoryreform/providing_govt_tools_manage_fincrisis.pdf]; |
| | ''Improving International Regulatory Standards And Cooperation''[http://www.financialstability.gov/docs/regulatoryreform/improving_internatl_reg_standards_co-op.pdf] |
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| Standard and Poor's[http://www2.standardandpoors.com/portal/site/sp/en/eu/page.home/home/0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0.html]
| | '''Treasury and Bank of England proposals''' [http://www.hm-treasury.gov.uk/press_57_09.htm#primaryContentFull][http://www.hm-treasury.gov.uk/press_57_09.htm#primaryContentFull] (UK) June 2009. |
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| Moodys[http://www.moodys.com/cust/default.asp]
| | '''Council Conclusions on Strengthening EU financial supervision'''[http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/108389.pdf] (EU) 9th June 2009. |
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| FitchRatings[http://www.fitchratings.com/]
| | '''[[Sarbanes-Oxley Act]]''', 2002 U.S. laws and regulations intended to protect against financial irregularity in public companies. (A response to major corporate failures that involved poor auditing, such as [[Enron]] and [[Worldcom]]). |
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| ===Stock exchanges===
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| The New York Stock Exchange[http://www.nyse.com/about/1088808971270.html]
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| NASDAQ (The National Association of Securities Dealers Automated Quotations)[http://www.nasdaq.com/] is the best-known dealer market.
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| The London Stock Exchange[http://www.londonstockexchange.com/en-gb/about/] began operating in "Jonathan's Coffee House" in 1698. Main market, Alternative Investments Market (AIM), Professional Services Market, Specialist Funds Market.
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| ===Regulators===
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| ====International====
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| Basel Committee on Banking Supervision:[http://www.bis.org/bcbs/]
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| ====United States====
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| Federal Reserve System:[http://www.federalreserve.gov/bankinforeg/default.htm]
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| Federal Deposit Insurance Corporation[http://www.fdic.gov/]
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| Office of the Comptroller of the Currency[http://www.comptrollerofthecurrency.gov]
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| National Credit Union Administration[http://www.ncua.gov/]
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| ====Europe====
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| Responsibility for financial regulation in the European Union rests with the various national authorities, but are to be submitted to the unifying procedures of the
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| "Markets in Financial Markets Directive" [http://www.eubusiness.com/Finance/mifid-guide/]
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| ====United Kingdom====
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| Financial Services Authority (UK)[http://www.fsa.gov.uk/Pages/about/index.shtml]
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| ===Central banks===
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| The [[Federal Reserve System]][http://www.federalreserve.gov/aboutthefed/default.htm]
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| The [[European Central Bank]][http://www.ecb.int/ecb/html/index.en.html] since the establishment of the euro as a common currency in 1999, the European Central Bank has operated the monetary policy of the European monetary system with objective of maintaining price stability, without generating excessive fluctuations in output.
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| The [[Bank of England]][http://www.bankofengland.co.uk/]
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| ===International institutions===
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| The [[International Monetary Fund]][http://www.imf.org/external/about.htm] was set up in 1944, mainly to provide loans to member governments in support of policies to deal with [[balance of payments]] problems. In recent years it has also devoted its resources to the strengthening of the international financial system and relieving financial crises. It also advises member governments about their economic problems and, when necessary, it grants loans to help resolve them.
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| The [[World Bank]] provides low-interest loans, interest-free credit and grants to developing countries, finances selected private sector projects,. guarantees foreign investors against non-commercial risks and settles disputes between foreign investors and host countries.
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| The [[Bank for International Settlements]] serves as the central banks’ bank and provides a forum to promote discussion and policy analysis among central bank governors and senior executives. Its committees include the Basel Committee on Banking Supervision and the Committee on the Global Financial System.
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| ==Reform proposals==
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| THE WHITE HOUSE
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| Office of the Press Secretary
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| __________________________________________________________________
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| For Immediate Release June 17, 2009
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| President Obama to Announce Comprehensive Plan for Regulatory Reform
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| WASHINGTON – President Obama will lay out a comprehensive regulatory reform plan this afternoon to modernize and protect the integrity of our financial system. While this crisis has had many causes, it is clear now that the government could have done more to prevent these problems from growing out of control and threatening our overall economy.
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| The President will be joined by Treasury Secretary Tim Geithner, representatives from the regulatory community, consumer groups, the financial industry and members of Congress for an event in the East Room later this afternoon.
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| The President’s plan will:
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| * Require that all financial firms that pose a significant risk to the financial system at large are subjected to strong consolidated supervision and regulation
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| * Increase market discipline and transparency to make our markets strong enough to withstand system-wide stress and the potential failure of one or more large financial institutions
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| * Rebuild trust in our markets by creating the Consumer Financial Protection Agency to focus exclusively on protecting consumers in credit, savings, and payment markets.
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| * Provide the government with the tools needed to manage financial crises so it is not forced to choose between bailouts and financial collapse
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| * Raise international regulatory standards and improve international coordination
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| Below are links to the White Paper and Fact Sheets:
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| White Paper: Financial Regulatory Reform:
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| http://www.financialstability.gov/docs/regs/FinalReport_web.pdf
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| Fact Sheets:
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| Requiring Strong Supervision And Appropriate Regulation Of All Financial Firms[http://www.financialstability.gov/docs/regulatoryreform/requiring_strong_supervision_reg_finfirms.pdf]
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| Strengthening Regulation Of Core Markets And Market Infrastructure [http://www.financialstability.gov/docs/regulatoryreform/strengthening_reg_core-markets_infrastructure.pdf]
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| Strengthening Consumer Protection[http://www.financialstability.gov/docs/regulatoryreform/strengthening_consumer_protection.pdf]
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| Providing The Government With Tools To Effectively Manage Failing Institutions[http://www.financialstability.gov/docs/regulatoryreform/providing_govt_tools_manage_fincrisis.pdf]
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| Improving International Regulatory Standards And Cooperation[http://www.financialstability.gov/docs/regulatoryreform/improving_internatl_reg_standards_co-op.pdf]
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Regulatory structures
Four types of regulatory structure have been identified[1]:
- The institutional approach, in which a firm’s legal status determines which regulator is tasked with overseeing its activity;
- The functional approach, in which supervisory oversight is determined by the business that is being transacted by the entity so that each type of business activity has its own regulator;
- The integrated approach, in which a single universal regulator conducts both safety and soundness oversight and conduct-of-business regulation for all the sectors of financial services business; and,
- The twin peaks approach, in which one regulator performs safety and soundness supervision function and the other focuses on conduct-of-business regulation.
Reform agendas
Markets in Financial Instruments Directive[2] (EU) October 2007.
Report of the Financial Stability Forum[3] April 2008.
The G30 report[4] October 2008
The G20 summits November 2008 and April 2009.
Report of the Congressional Oversight Panel[5] (US) January 2009.
Report of the de Larosière Group[6] (EU) February 2009.
Federal Reserve Board proposals[7] (US) March 2009.
The Obama plan (US) June 2009 White Paper: Financial Regulatory Reform:[8].
Fact Sheets:Requiring Strong Supervision And Appropriate Regulation Of All Financial Firms[9];
Strengthening Regulation Of Core Markets And Market Infrastructure [10];Strengthening Consumer Protection[11];
Providing The Government With Tools To Effectively Manage Failing Institutions[12];
Improving International Regulatory Standards And Cooperation[13]
Treasury and Bank of England proposals [14][15] (UK) June 2009.
Council Conclusions on Strengthening EU financial supervision[16] (EU) 9th June 2009.
Sarbanes-Oxley Act, 2002 U.S. laws and regulations intended to protect against financial irregularity in public companies. (A response to major corporate failures that involved poor auditing, such as Enron and Worldcom).
