Journal of Financial Regulation最新文献_第9页

Too connected to fail: the regulation of systemic risk within Australia’s superannuation system 联系太紧密而不能失败:对澳大利亚养老金体系内系统性风险的监管

IF 2.6

Journal of Financial Regulation Pub Date : 2016-03-01 DOI: 10.1093/jfr/fjv010

S. Donald, H. Bateman, Ross P. Buckley, K. Liu, Rob Nicholls

{"title":"Too connected to fail: the regulation of systemic risk within Australia’s superannuation system","authors":"S. Donald, H. Bateman, Ross P. Buckley, K. Liu, Rob Nicholls","doi":"10.1093/jfr/fjv010","DOIUrl":"https://doi.org/10.1093/jfr/fjv010","url":null,"abstract":"The funds, entities, and regulators involved in the Australian superannuation industry together comprise a system that is complex and dynamic. The differentiation between roles and the distribution of responsibility amongst entities provides the system with a measure of resilience against the local failure of any one of the entities. However, the interconnections that bind and constitute the system also have the potential to transmit risks within the system, creating the potential for the impact of local failures to amplify through propagation, or in other ways to pose risks to the system as a whole. This article uses a new data set on 200 of Australia’s largest superannuation funds to map and assess those links and to identify the challenges those links pose to the scheme of prudential regulation applied to the superannuation system in Australia. It finds that the function of the entity and the legal form of the linkages, both of which are more variegated than typically occurs in banking sector transactions, crucially influences whether, and to what extent, various types of failures might be transmitted across the system. It also finds that we may be materially under-estimating the possibility that local failures in the superannuation system, which are a near certainty given the current regulatory risk appetite, will have a systemic impact. The findings have broad application across pension and institutional investment markets worldwide.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2016-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/jfr/fjv010","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61718345","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Designing Financial Supervision: The Puzzling Case of the FIUs against Money Laundering 金融监管的设计:外国投资委员会反洗钱的困惑案例

IF 2.6

Journal of Financial Regulation Pub Date : 2016-03-01 DOI: 10.1093/JFR/FJW002

D. Masciandaro, Alessio Volpicella

{"title":"Designing Financial Supervision: The Puzzling Case of the FIUs against Money Laundering","authors":"D. Masciandaro, Alessio Volpicella","doi":"10.1093/JFR/FJW002","DOIUrl":"https://doi.org/10.1093/JFR/FJW002","url":null,"abstract":"The design of financial supervision for the purposes of implementing anti-money laundering (AML) regulation has become essential in the agendas of governments. This AML regulation has been implemented through the creation of specialized agencies known as Financial Intelligence Units (FIUs). The establishment of FIUs was triggered by international pressures exerted by the Financial Action Task Force (FATF), which at the same time leaves any country free to choose its preferred model. A crucial question thus arises: how do the policymakers select their FIU models? The economics of AML suggests that a financial model of FIU (FFIU) should be the best choice, given its comparative informational advantages. Nevertheless, our empirical analysis of the establishment of FIUs shows a more nuanced reality: after the September 11 terrorist attack, the policymakers preferred the Law Enforcement model of Financial Intelligence Unit (LEFIU). Using a political economy framework, two possible and non-alternative explanations are offered. In order to counteract the terrorist threat, policymakers could have preferred the comparative advantages of the LEFIU model in terms of police and investigation powers. At the same time, politicians could have used September 11 just as an occasion to avoid the establishment of a FFIU with its higher risks of banking capture and/or an over-powerful financial agency.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2016-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/JFR/FJW002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61718461","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Fiscal Governance: How Can the Eurozone Get What It Needs? 财政治理:欧元区如何得到它所需要的?

IF 2.6

Journal of Financial Regulation Pub Date : 2016-03-01 DOI: 10.1093/JFR/FJW003

D. Vines

{"title":"Fiscal Governance: How Can the Eurozone Get What It Needs?","authors":"D. Vines","doi":"10.1093/JFR/FJW003","DOIUrl":"https://doi.org/10.1093/JFR/FJW003","url":null,"abstract":"Within the Eurozone’s macroeconomic policy framework, fiscal policy was assigned the task of managing the level of fiscal deficits, and ensuring that the level of public debt was not too high. Within this framework, monetary policy was to stabilize the macroeconomy, wage and price setting was to ensure that countries remained sufficiently competitive in relation to each other, and financial liberalization was undertaken to enable integration of the peripheral European economies with their northern neighbours, thereby generating an increase in well-being. But, even before the onset of the global financial crisis, the competitive position of the GIIPS countries had become unsustainable, and financial liberalization had been grossly mismanaged. The onset of the global financial crisis has meant that interest rates have reached the zero bound so that monetary policy is no longer able to stabilize the Eurozone economy effectively. In these circumstances, fiscal policy needs to both help stabilize the economy, in a way not allowed by the Stability and Growth Pact, and also needs to play a part in ensuring the resolution of imbalances within Europe. For this to be possible, some of the sovereign debt of countries will need to be written down.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2016-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/JFR/FJW003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61718787","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The Implementation of the BRRD in Italy and its First Test: Policy Implications BRRD在意大利的实施及其第一次测试:政策影响

IF 2.6

Journal of Financial Regulation Pub Date : 2016-03-01 DOI: 10.1093/JFR/FJW005

Lorenzo Stanghellini

引用次数: 7

Bank Regulation in Singapore 新加坡的银行监管

IF 2.6

Journal of Financial Regulation Pub Date : 2015-08-01 DOI: 10.1093/JFR/FJV004

C. Hofmann

引用次数: 0

Cross-Border Application of OTC Derivatives Rules: Revisiting the Substituted Compliance Approach 场外衍生品规则的跨境应用:重新审视替代合规方法

IF 2.6

Journal of Financial Regulation Pub Date : 2015-08-01 DOI: 10.1093/JFR/FJV006

A. Artamonov

引用次数: 7

Virtual Currency Regulation in Singapore 新加坡的虚拟货币监管

IF 2.6

Journal of Financial Regulation Pub Date : 2015-08-01 DOI: 10.1093/JFR/FJV001

Alexander F. H. Loke

引用次数: 3

Substituted Compliance: The Emergence, Challenges, and Evolution of a New Regulatory Paradigm 替代合规:新监管范式的出现、挑战和演变

IF 2.6

Journal of Financial Regulation Pub Date : 2015-08-01 DOI: 10.1093/JFR/FJV007

H. Jackson

{"title":"Substituted Compliance: The Emergence, Challenges, and Evolution of a New Regulatory Paradigm","authors":"H. Jackson","doi":"10.1093/JFR/FJV007","DOIUrl":"https://doi.org/10.1093/JFR/FJV007","url":null,"abstract":"Over the past few decades, the US Securities and Exchange Commission experimented with a number of different approaches to relaxing Securities and Exchange Commission (SEC) rules to facilitate entry of foreign firms into US capital markets. Initially, the SEC favoured an approach I denominate as modified national treatment, under which foreign firms were allowed exemption from a limited number of specific US requirements that were likely to conflict with, or be redundant with respect to, regulatory requirements in their home jurisdictions. In general, these exemptions were available regardless of the quality of home country oversight. Sometimes those exemptions were available only for transactions with large institutional investors located in the USA. Starting in 2007, the Commission began to comtemplate more far-reaching acceptance of foreign regulatory oversight, most prominently in an approach that came to be known as substituted compliance. A hallmark of substituted compliance was that it was to be selective, and thus available only to those jurisdictions that the Commission determined to be substantially comparable to US regulatory oversight. In the face of the Global Financial Crisis in 2008, the Commission backed away from its initial experiment with substituted compliance, but the exercise still offers an interesting content in which to consider the manner in which the Commission might have determined the comparability of foreign regulatory systems. This essay explores the various analytical options available for making such supervisory assessments. It then concludes with some preliminary thoughts on what might be called ‘second-generation’ substituted compliance, which the SEC and the Commodity Futures Trading Commission have begun to employ in the past few years to limit the extraterritorial application of certain provisions of the Dodd–Frank Act.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2015-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/JFR/FJV007","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61718518","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 7

Standing and judicial review in the new EU financial markets architecture 欧盟新金融市场架构中的地位和司法审查

IF 2.6

Journal of Financial Regulation Pub Date : 2015-08-01 DOI: 10.1093/JFR/FJV002

A. Witte

{"title":"Standing and judicial review in the new EU financial markets architecture","authors":"A. Witte","doi":"10.1093/JFR/FJV002","DOIUrl":"https://doi.org/10.1093/JFR/FJV002","url":null,"abstract":"The three European Supervisory Authorities (ESAs) have been entrusted with various tasks relating to the supervision over financial market sectors by competent authorities. These tasks are complemented by legally binding powers vis-a-vis competent authorities. In addition, the ESAs draft standards are to be adopted in the form of directly applicable regulations. This article examines how private undertakings may challenge ESA acts judicially and quasi-judicially. The outcome of the analysis is that Union law may offer ample opportunities for private parties to challenge ESA acts not addressed to them. This may come as a surprise given the traditionally restrictive interpretation of standing in Union law, but can be supported de lege lata even though the question has not yet been ruled upon authoritatively. The article also discusses the question of standing against supervisory decisions of the European Central Bank within the framework of the Single Supervisory Mechanism. The question is placed within the broader context of the EU’s self-imposed standards of rule of law, which require extensive powers of European institutions to be accompanied with sufficient opportunities for judicial review, not only to protect rights of market actors but also to promote the further development and harmonization of substantive EU law.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2015-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/JFR/FJV002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61718173","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5

New National Solutions for Bank Failures: Game-changing in the UK, Germany and the Netherlands? 针对银行倒闭的新国家解决方案:英国、德国和荷兰改变游戏规则?

IF 2.6

Journal of Financial Regulation Pub Date : 2015-08-01 DOI: 10.1093/JFR/FJV009

M. Haentjens, L.G.A. Janssen

引用次数: 15