Journal of Financial Regulation最新文献

{"title":"The Implementation of the BRRD in Italy and its First Test: Policy Implications","authors":"Lorenzo Stanghellini","doi":"10.1093/JFR/FJW005","DOIUrl":"https://doi.org/10.1093/JFR/FJW005","url":null,"abstract":"Eleven months after the deadline, in November 2015, Italy implemented the Bank Recovery and Resolution Directive. The detailed structure of the Directive drove most of the choices, but the Italian implementing acts are overall clearer than the Directive, especially in outlining the sequence of decisions that the competent authorities and the resolution authorities have to take with respect to a bank that is failing or likely to fail. Less than a week after their enactment, the new rules were applied to resolve four regional banks that until then had been under temporary administration. Although the resolution has been carried swiftly and in accordance with the principles of the Directive, this apparently minor case shows two lessons: that almost all banking crises will be handled with the new rules, liquidation being confined to micro-banks, and that the practical challenges of resolution actions are enormous.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"2 1","pages":"154-161"},"PeriodicalIF":2.6,"publicationDate":"2016-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/JFR/FJW005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61718914","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}

{"title":"Cotton rat immune responses to virus-like particles containing the pre-fusion form of respiratory syncytial virus fusion protein.","authors":"Lori McGinnes Cullen, Jorge C G Blanco, Trudy G Morrison","doi":"10.1186/s12967-015-0705-8","DOIUrl":"10.1186/s12967-015-0705-8","url":null,"abstract":"<p><strong>Background: </strong>Virus-like particles (VLPs) based on Newcastle disease virus (NDV) core proteins, M and NP, and containing two chimera proteins, F/F and H/G, composed of the respiratory syncytial virus (RSV) fusion protein (F) and glycoprotein (G) ectodomains fused to the transmembrane and cytoplasmic domains of the NDV F and HN proteins, respectively, stimulate durable, protective anti-RSV neutralizing antibodies in mice. Furthermore, immunization of mice with a VLP containing a F/F chimera protein with modifications previously reported to stabilize the pre-fusion form of the RSV F protein resulted in significantly improved neutralizing antibody titers over VLPs containing the wild type F protein. The goal of this study was to determine if VLPs containing the pre-fusion form of the RSV F protein stimulated protective immune responses in cotton rats, a more RSV permissive animal model than mice.</p><p><strong>Methods: </strong>Cotton rats were immunized intramuscularly with VLPs containing stabilized pre-fusion F/F chimera protein as well as the H/G chimera protein. The anti-RSV F and RSV G antibody responses were determined by ELISA. Neutralizing antibody titers in sera of immunized animals were determined in plaque reduction assays. Protection of the animals from RSV challenge was assessed. The safety of the VLP vaccine was determined by monitoring lung pathology upon RSV challenge of immunized animals.</p><p><strong>Results: </strong>The Pre-F/F VLP induced neutralizing titers that were well above minimum levels previously proposed to be required for a successful vaccine and titers significantly higher than those stimulated by RSV infection. In addition, Pre-F/F VLP immunization stimulated higher IgG titers to the soluble pre-fusion F protein than RSV infection. Cotton rats immunized with Pre-F/F VLPs were protected from RSV challenge, and, importantly, the VLP immunization did not result in enhanced respiratory disease upon RSV challenge.</p><p><strong>Conclusions: </strong>VLPs containing the pre-fusion RSV F protein have characteristics required for a safe, effective RSV vaccine.</p>","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"6 1","pages":"350"},"PeriodicalIF":7.4,"publicationDate":"2015-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4636065/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"65705221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Bank Regulation in Singapore","authors":"C. Hofmann","doi":"10.1093/JFR/FJV004","DOIUrl":"https://doi.org/10.1093/JFR/FJV004","url":null,"abstract":"This article discusses the most important principles of one of the most relevant financial markets in the world—Singapore. While little affected by the Global Financial Crisis, Singapore is currently reforming the regulatory framework for banks operating in its territory, both nationally and foreign headquartered. This contribution starts by providing some brief information on the structure of the Singaporean banking sector and its regulator, the Monetary Authority of Singapore. The main discussion focuses on the principles of bank regulation, especially in comparison to the rules of the Third Basel Accord (Basel III). This part is followed by the principles that apply to banks in crises and Singapore's role in cooperation with regulators from other jurisdictions. This last section includes an analysis of Singapore's willingness to participate in transnational efforts that seek to address the challenges resulting from the activities of global systemically important banks.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"1 1","pages":"306-324"},"PeriodicalIF":2.6,"publicationDate":"2015-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/JFR/FJV004","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61718182","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}

{"title":"Cross-Border Application of OTC Derivatives Rules: Revisiting the Substituted Compliance Approach","authors":"A. Artamonov","doi":"10.1093/JFR/FJV006","DOIUrl":"https://doi.org/10.1093/JFR/FJV006","url":null,"abstract":"The substituted compliance regulatory framework is currently being phased in for cross-border over-the-counter (OTC) derivatives transactions involving US and, in some instances, non-US dealers. Implementation of a substituted compliance regime revealed significant flaws in how regulators approached the extraterritorial application of their authority. This article revisits the approach to substituted compliance with OTC derivatives rules and suggests that a calibration of this approach, which would create a more flexible framework while not affecting allocation of systemic risk, is required.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"1 1","pages":"206-225"},"PeriodicalIF":2.6,"publicationDate":"2015-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/JFR/FJV006","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61718420","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}

{"title":"Virtual Currency Regulation in Singapore","authors":"Alexander F. H. Loke","doi":"10.1093/JFR/FJV001","DOIUrl":"https://doi.org/10.1093/JFR/FJV001","url":null,"abstract":"Virtual currencies present many challenges for regulators, not least the concern that it might be the via media for money laundering and terrorist financing. Thus, even as liberal economies embrace the new medium for the transfer of value globally, they face, first, the challenge of designing safeguards against such risks without chilling its use for legitimate purposes and, second, the issue of whether virtual currency holders' interest are adequately protected. This article examines the policy concerns that regulators in Singapore face as they seek to navigate the challenge of encouraging virtual currencies while addressing the risks they present.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"11 1","pages":"290-293"},"PeriodicalIF":2.6,"publicationDate":"2015-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/JFR/FJV001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61718623","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}

{"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":"1 1","pages":"169-205"},"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}

{"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":"1 1","pages":"226-262"},"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}

{"title":"The Roadmap Approach to Regulating Digital Financial Services","authors":"J. Greenacre","doi":"10.1093/jfr/fjv008","DOIUrl":"https://doi.org/10.1093/jfr/fjv008","url":null,"abstract":"Mobile phones are spreading rapidly throughout developing countries. Banks and other firms are increasingly using mobile phones and other non-traditional banking infrastructure, such as phone companies and retail shops, to provide financial services to large, low-income populations in these countries. This article provides a framework for regulating such services.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"1 1","pages":"298-305"},"PeriodicalIF":2.6,"publicationDate":"2015-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/jfr/fjv008","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61718650","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}

{"title":"New National Solutions for Bank Failures: Game-changing in the UK, Germany and the Netherlands?","authors":"M. Haentjens, L.G.A. Janssen","doi":"10.1093/JFR/FJV009","DOIUrl":"https://doi.org/10.1093/JFR/FJV009","url":null,"abstract":"This article discusses the special bank insolvency laws that have been enacted in the UK, Germany and the Netherlands since the onset of the global financial crisis. By 1 January 2015, the national regimes had to be adjusted to new European bank insolvency rules. Yet we believe these common European rules will fail to eliminate some significant differences between national bank insolvency regimes. Moreover, the new European rules will not prevent governments from resolving big banks along territorial lines if not by nationalization.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"1 1","pages":"294-297"},"PeriodicalIF":2.6,"publicationDate":"2015-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/JFR/FJV009","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61718268","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}

{"title":"Why Operational Risk Modelling Creates Inverse Incentives","authors":"R. Doff","doi":"10.1093/JFR/FJV005","DOIUrl":"https://doi.org/10.1093/JFR/FJV005","url":null,"abstract":"Operational risk modelling has become commonplace in large international banks and is gaining popularity in the insurance industry as well. This is partly due to financial regulation (Basel II, Solvency II). This article argues that operational risk modelling is fundamentally flawed, despite efforts to resolve the scarce data in the tail of the probability distributions. Potential solutions are special statistical techniques or shared (external) data initiatives. While capital regulation might be one perspective, internal capital modelling efforts are also flawed because of the main principles of the RAROC methodology. Rather than handling the issue of data scarcity, institutions and regulators should better focus on operational risk management and avoid large losses. Capital regulation for operational risk should be further simplified.","PeriodicalId":42830,"journal":{"name":"Journal of Financial Regulation","volume":"1 1","pages":"284-289"},"PeriodicalIF":2.6,"publicationDate":"2015-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1093/JFR/FJV005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"61718282","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}