Prudential regulation of banks and securities firms: European and international aspects ; based on a seminar organised by the Centre for European and International Financial Law, University of Siena, and held at Certosa di Pontignano, Siena in November 1994
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
London [u.a.]
Kluwer Law Internat.
1995
|
| Ausgabe: | 1. publ. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XV, 295 S. |
| ISBN: | 9041108823 |
Internformat
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| 245 | 1 | 0 | |a Prudential regulation of banks and securities firms |b European and international aspects ; based on a seminar organised by the Centre for European and International Financial Law, University of Siena, and held at Certosa di Pontignano, Siena in November 1994 |c ed. by Guido Ferrarini |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a London [u.a.] |b Kluwer Law Internat. |c 1995 | |
| 300 | |a XV, 295 S. | ||
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Datensatz im Suchindex
| _version_ | 1804125419224432640 |
|---|---|
| adam_text | Contents
xii
List of contributors xv
Acknowledgements
Part I General
1 Introduction 3
Guido Ferrarini
1.1 An overview 3
1.2 From banking and securities regulation to financial regulation 10
1.3 Own funds harmonisation 15
1.4 Capital adequacy and the internal management of risks 17
1.5 Further supervisory issues 19
1.6 Mechanisms for the protection of depositors and investors 21
1.7 Perspectives 25
2 The Regulation of Investment Firms in the European Union 27
Richard Dale
2.1 The regulation of banks and securities firms 28
2.2 The Investment Services Directive 34
2.3 The Capital Adequacy Directive 39
2.4 Summary and conclusions 58
V
vi CONTENTS
3 The CAD and Competition Distortion 63
Giorgio Szego
3.1 The recent EC directives 63
3.2 Regulatory goals and approaches 65
3.3 Universal banks and other financial supermarkets 67
3.4 The EC approach 68
3.5 The other players: the Basle Committee 69
3.6 The cost of levelling the playing field 70
3.7 A possible risk evaluation technique 71
3.8 A comparison between the current requirements and the 73
precise methods
3.9 Regulations and conflicts of interest 74
4 The Supervision of Financial Conglomerates 77
Uwe H. Schneider
4.1 The concept of the European law of financial institutions 77
4.2 The structure of financial conglomerates 78
4.3 Considerations within the European Union 79
4.4 The problems 80
4.5 The establishment of financial conglomerates 82
4.6 The transparency of financial conglomerates 83
4.7 Supervisory requirements for current business activities 84
of financial conglomerates
4.8 Supervisory requirements for the liquidation of a consolidated 87
company and for its reorganisation
4.9 Outlook 87
5 Prudential Regulation in an Integrated Financial Market: 89
Issues of Optimality and Credibility
Franco Bruni
5.1 Introduction 89
5.2 Market discipline 90
5.3 The credibility of the no bailout clause 91
5.4 Looking for the optimal combination of prudential instruments 94
5.5 The narrow banks 96
5.6 Some principles for an integrated prudential 98
strategy
CONTENTS vjj
Part II Own Funds
6 The Role of Own Funds 103
Francesco Cesarini
6.1 Introduction 103
6.2 Traditional functions of bank capital funds 104
6.3 The role of bank capital funds in a static market 104
environment
6.4 The role of bank capital funds in a competitive 105
market environment
6.5 The present setting of supervisory controls with 107
reference to capital adequacy
6.6 Concluding remarks 111
7 The Structure of Own Funds 113
Franz Hduser
7.1 Introduction 113
7.2 The proposals of the Basle Committee and the European 114
Directive on Own Funds
7.3. Differences as to the legal effect 116
7.4 Aims and functions of the definition of own funds 116
7.5 The items of own funds 117
7.6 Conclusion 122
8 Subordinated Debt 123
Philip R. Wood
8.1 Meaning and purposes of subordination 123
8.2 Methods of subordination 126
8.3 Subordination, insolvency tests and wrongful 127
trading
8.4 Aspects of turnover subordinations 129
8.5 Subordination and the debtor s bankruptcy 130
8.6 Subordinations and set off 132
8.7 Terms of subordination agreements 133
viii CONTENTS
Part III Risks in Banking and Securities
Activities
9 Credit Risks in European and International Regulations 139
Dominique Augustin
9.1 Introduction 139
9.2 Credit risk definition 141
9.3 Supervision of aggregate credit risk 143
9.4 Individual supervision of credit risk exposure 145
9.5 Conclusion 147
10 Interest Rate Risks and Foreign Exchange Risks 149
Giovanni Carosio
10.1 The growing importance of market risks in banking 149
10.2 The basic options in the international regulation of market 150
risks
10.3 The methodology for the assessment of risk 152
10.4 Consultation with market participants 154
10.5 The possibility of using banks internal models for 155
supervisory purposes
11 Prudential Regulation of OTC Derivatives: Lessons from the 157
Exchange traded Sector
Andrea M. Corcoran
11.1 Synopsis 157
11.2 Background 158
11.3 Lessons from the exchange trading experience 161
11.4 Margin, segregation, capital and other prudential measures 162
cannot totally forestall potential systemic risk
11.5 The benefits of transparency are not absolute 173
11.6 Clearing arrangements decrease the risks of insolvency loss but 175
may increase the risk of gridlock
11.7 Convergence of markets and regulatory methodologies 177
11.8 Barings 179
11.9 Conclusion 179
Appendix: background to the Commodity Futures Trading 180
Commission
CONTENTS jx
12 Liquidity Supervision of the Branches of European Community 185
Credit Institutions
Renzo Costi
12.1 Introduction 185
12.2 Monitoring of liquidity and monetary policy 185
12.3 Compulsory reserve requirements and other instruments 188
of monetary policy
12.4 Branches having access to the host country s payments 188
system
12.5 Branches having access to last resort credit or to a 189
deposit guarantee system
12.6 Risk of illiquidity and risk of insolvency 190
12.7 Interpretation of Article 14.2 of the Second Banking 191
Directive
12.8 Conclusion 193
13 Netting and Settlement 195
Ross Cranston
13.1 Introduction 195
13.2 Types of netting 196
13.3 Netting and risk 197
13.4 Legality of netting 199
13.5 Conclusions 204
Part IV Protection of Depositors and
Investors
14 Towards a Regulatory Analysis of Deposit Insurance 209
Jonathan R. Macey and Geoffrey P. Miller
14.1 Introduction 209
14.2 The term structure mismatch 210
14.3 Competing hypotheses to explain the term structure 211
mismatch
14.4 The regulatory hypothesis and deposit insurance 220
14.5 A public choice explanation for deposit insurance 223
14.6 Conclusion 228
x CONTENTS
15 The Lender of Last Resort 231
Marcello De Cecco
15.1 Reasons for the choice of subject 231
15.2 The lender of last resort theory 231
15.3 The moral hazard concept 233
15.4 Credit of last resort in the USA 234
16 The Directive on the Protection of Depositors 241
Jean Le Brun
16.1 Introduction 241
16.2 The general harmonisation provisions 242
16.3 The situation for branches 247
16.4 Conclusion 248
17 Deposit Insurance in Italy in the Light of EC Directives 251
Elisabetta Montanaro
17.1 Introduction and main conclusions 251
17.2 Deposit insurance in banking theory 253
17.3 The function of deposit insurance 255
17.4 The management of banking crises in Italy up to the Banco 259
Ambrosiano failure
17.5 The Interbank Fund for Deposit Protection: an analysis of 261
interventions up to 1994
17.6 The Community Directive 94/19 on Deposit Guarantee 266
Systems: repercussions on the Italian system
18 The Draft Directive on the Protection of Investors 271
Cristopher J. Cruickshank
18.1 Objective and historical background 271
18.2 Scope of the proposal 272
18.3 Relationship with the Directive on Deposit Guarantee 273
Schemes
18.4 Circumstances in which compensation is payable to investors 274
18.5 Amount of minimum cover to be provided by Member States 274
18.6 Joining schemes in host Member States 274
18.7 Time limit for making claims 275
18.8 Time limit for entry into force 275
CONTENTS xi
19 Failures of Investment Firms and Investor Protection: The Italian 277
Experience
Marco Onado
19.1 Introduction 277
19.2 Theory of financial instability and the difference between 278
banks, broker dealers and investment managers
19.3 Financial intermediary crises in the Italian experience 281
19.4 Implications for prudential control of investment firms 285
Concluding Remarks 289
Giuseppe Zadra
Index 291
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| physical | XV, 295 S. |
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| spelling | Prudential regulation of banks and securities firms European and international aspects ; based on a seminar organised by the Centre for European and International Financial Law, University of Siena, and held at Certosa di Pontignano, Siena in November 1994 ed. by Guido Ferrarini 1. publ. London [u.a.] Kluwer Law Internat. 1995 XV, 295 S. txt rdacontent n rdamedia nc rdacarrier Banking - Regulation Bank Banking law Banks and banking State supervision Financial services industry State supervision (DE-588)1071861417 Konferenzschrift gnd-content Ferrarini, Guido Sonstige (DE-588)124266495 oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007310506&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Prudential regulation of banks and securities firms European and international aspects ; based on a seminar organised by the Centre for European and International Financial Law, University of Siena, and held at Certosa di Pontignano, Siena in November 1994 Banking - Regulation Bank Banking law Banks and banking State supervision Financial services industry State supervision |
| subject_GND | (DE-588)1071861417 |
| title | Prudential regulation of banks and securities firms European and international aspects ; based on a seminar organised by the Centre for European and International Financial Law, University of Siena, and held at Certosa di Pontignano, Siena in November 1994 |
| title_auth | Prudential regulation of banks and securities firms European and international aspects ; based on a seminar organised by the Centre for European and International Financial Law, University of Siena, and held at Certosa di Pontignano, Siena in November 1994 |
| title_exact_search | Prudential regulation of banks and securities firms European and international aspects ; based on a seminar organised by the Centre for European and International Financial Law, University of Siena, and held at Certosa di Pontignano, Siena in November 1994 |
| title_full | Prudential regulation of banks and securities firms European and international aspects ; based on a seminar organised by the Centre for European and International Financial Law, University of Siena, and held at Certosa di Pontignano, Siena in November 1994 ed. by Guido Ferrarini |
| title_fullStr | Prudential regulation of banks and securities firms European and international aspects ; based on a seminar organised by the Centre for European and International Financial Law, University of Siena, and held at Certosa di Pontignano, Siena in November 1994 ed. by Guido Ferrarini |
| title_full_unstemmed | Prudential regulation of banks and securities firms European and international aspects ; based on a seminar organised by the Centre for European and International Financial Law, University of Siena, and held at Certosa di Pontignano, Siena in November 1994 ed. by Guido Ferrarini |
| title_short | Prudential regulation of banks and securities firms |
| title_sort | prudential regulation of banks and securities firms european and international aspects based on a seminar organised by the centre for european and international financial law university of siena and held at certosa di pontignano siena in november 1994 |
| title_sub | European and international aspects ; based on a seminar organised by the Centre for European and International Financial Law, University of Siena, and held at Certosa di Pontignano, Siena in November 1994 |
| topic | Banking - Regulation Bank Banking law Banks and banking State supervision Financial services industry State supervision |
| topic_facet | Banking - Regulation Bank Banking law Banks and banking State supervision Financial services industry State supervision Konferenzschrift |
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