The concept of integrated financial supervision and regulation of financial conglomerates in Germany and the United Kingdom:
Gespeichert in:
1. Verfasser: | |
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Format: | Abschlussarbeit Buch |
Sprache: | English |
Veröffentlicht: |
Baden-Baden
Nomos [u.a.]
2007
|
Ausgabe: | 1. Aufl. |
Schriftenreihe: | Europäisches Wirtschaftsrecht
48 |
Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis |
Beschreibung: | 204 S. graph. Darst., Kt. |
ISBN: | 9783832925123 3832925120 |
Internformat
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245 | 1 | 0 | |a The concept of integrated financial supervision and regulation of financial conglomerates in Germany and the United Kingdom |c Tatyana Filipova |
250 | |a 1. Aufl. | ||
264 | 1 | |a Baden-Baden |b Nomos [u.a.] |c 2007 | |
300 | |a 204 S. |b graph. Darst., Kt. | ||
336 | |b txt |2 rdacontent | ||
337 | |b n |2 rdamedia | ||
338 | |b nc |2 rdacarrier | ||
490 | 1 | |a Europäisches Wirtschaftsrecht |v 48 | |
502 | |a Zugl.: Frankfurt (Oder), Univ., Diss., 2006 | ||
650 | 4 | |a Recht | |
650 | 4 | |a Banking law |z Germany | |
650 | 4 | |a Banking law |z Great Britain | |
650 | 4 | |a Conglomerate corporations |x Law and legislation |z Germany | |
650 | 4 | |a Conglomerate corporations |x Law and legislation |z Great Britain | |
650 | 4 | |a Financial services industry |x Law and legislation |z Germany | |
650 | 4 | |a Financial services industry |x Law and legislation |z Great Britain | |
650 | 0 | 7 | |a Finanzdienstleistungsaufsicht |0 (DE-588)4741959-3 |2 gnd |9 rswk-swf |
650 | 0 | 7 | |a Rechtsvergleich |0 (DE-588)4115712-6 |2 gnd |9 rswk-swf |
651 | 4 | |a Deutschland | |
651 | 4 | |a Großbritannien | |
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Datensatz im Suchindex
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adam_text | Table of Content
List of often used Acronyms and Abbreviations 13
Table of Cases 15
Table of Legislation 17
PART I: INTRODUCTION 21
Chapter 1: Focus, Background and Approach 23
Aims and Methodology 30
Significance 31
Structure of the Enquiry 32
Note on Terminology 33
PART II: FINANCIAL CONGLOMERATES FROM AN ECONOMIC
PERSPECTIVE 35
Chapter 2: The Nature of Financial Conglomerates 37
2.1 Definition 37
2.2 Ratio for formation of financial conglomerates 38
2.2.1 Developments in the financial markets in the 1980s and 1990s 38
2.2.2 Benefits associated with financial conglomerates 40
2.3 Structure of financial conglomerates 42
2.3.1 Organisational structures 42
2.3.1.1 Co-operation - Distribution and marketing agreements 42
2.3.1.2 Strategic participation - Distribution and marketing
alliances 43
2.3.1.3 Holding 43
2.3.2 Structure according to the dominating financial sector 44
2.4 The spread of financial conglomerates 44
2.4.1 Markets in EU Member States 45
2.4.2 Markets of countries outside the EU 49
2.5 Conclusions 50
Chapter 3: Reasons for Regulation of Financial Conglomerates 51
3.1 Danger of influence exercised to the detriment of a prudent business
activity of a financial company 51
3.2 Contagion - Domino and spill-over effects 53
3.3 Multiple gearing of capital 55
3.4 Supervisory arbitrage 57
3.5 Transparency of the legal and managerial structure 57
3.6 Insufficient co-operation between sectoral regulators 59
Chapter 4: The Concept of Integrated Financial Supervision
(Allfinanzaufsichtskonzept) 60
4.1 Arguments underpinning the integrated financial supervision 61
4.1.1 Facilitation of cross-sectoral supervision 61
4.1.2 Minimisation of the burden of supervision 61
4.1.3 Competitive neutrality and prevention of regulatory arbitrage 62
4.1.4 Regulatory efficiency 62
4.1.5 Increased professionalisation of staff 63
4.1.6 Improved accountability 64
4.2 Arguments against integrated financial supervision 64
4.2.1 Cross-sectoral differences 64
4.2.1.1 Banking regulation 65
4.2.1.2 Securities regulation 66
4.2.1.3 Insurance regulation 66
4.2.2 Unclear objectives 67
4.2.3 Diseconomies of scale 68
4.2.4 Limited synergies 68
Chapter 5: The Relationship between Financial Regulation and Competitiveness 70
PART HI: REGULATION AND SUPERVISION OF FINANCIAL
CONGLOMERATES IN GERMANY AND
THE UNITED KINGDOM 73
Chapter 6: The Constitutional Basis and Structure of the Legal System 75
6.1 Constitutional basis and structure of financial supervision 75
6.2 History of financial regulation 78
6.2.1 German law 78
6.2.1.1 History of insurance regulation 78
6.2.1.2 History of bank regulation 79
6.2.1.3 History of securities regulation 80
6.2.1.4 From sectoral to integrated financial supervision -
Gesetz iiber die integrierte Finanzaufsicht 80
8
6.2.2 British law 82
6.2.2.1 History of insurance regulation 82
6.2.2.2 History of banking regulation 82
6.2.2.3 History of securities regulation 83
6.2.2.4 From sectoral to integrated financial supervision -
Financial Services and Markets Act 84
6.3 The main legal sources of financial regulation 85
6.3.1 German law 85
6.3.2 British law 87
6.4 Regulatory objectives 88
6.4.1 German law 88
6.4.1.1 Objectives of banking regulation 89
6.4.1.2 Objectives of insurance regulation 89
6.4.1.3 Objectives of the securities regulation 90
6.4.2 British law 90
6.4.3 Comparison 92
6.5 General characteristics and competences of supervisory authorities 93
6.5.1 German law 93
6.5.1.1 Federal Financial Supervisory Authority - BaFin 93
6.5.1.2 German Central Bank - Deutsche Bundesbank 94
6.5.1.3 Relationship between BaFin and the Deutsche Bundesbank 95
6.5.2 British law 97
6.5.3 Comparison 98
6.6 Organisation of supervisory authorities 98
6.6.1 German law 98
6.6.1.1 Directorate banking supervision 99
6.6.1.2 Directorate insurance supervision 99
6.6.1.3 Directorate Securities Supervision and Assets Management 100
6.6.1.4 Cross-sectoral departments 100
6.6.2 British law 102
6.6.3 Comparison 106
6.7 Conclusions 106
Chapter 7: Control over Establishment of Financial Conglomerates 110
7.1 General rules governing the framework for the establishment of
financial conglomerates 110
7.1.1 Principle of specialisation of insurance undertakings -
Prohibition of entertainment of banking and insurance
business in a single entity 111
7.1.2 European regulatory policy pertaining to affiliations between
banks and insurance undertakings 112
7.1.3 Law of group of companies and its relevance for the regulation
of financial conglomerates 116
7.1.3.1 German law 116
7.1.3.1.1 Groups based on affiliation contracts 117
7.1.3.1.2 Situations of dependence outside a contract-based
group (de facto groups) 118
7.1.3.2 British law 119
7.2 Supervisory instruments for containment of conglomerate risks 121
7.2.1 Notification requirements 121
7.2.1.1 German law 121
7.2.1.1.1 Under the banking law 121
7.2.1.1.2 Under the insurance law 123
7.2.1.2 British law 124
7.2.1.3 Comparison 125
7.2.2 Control over shareholders and other persons exercising influence 127
7.2.2.1 German law 128
7.2.2.1.1 Under the banking and insurance statutory law 128
7.2.2.1.2 Under the banking and insurance practice 129
7.2.2.1.2.1 Normative basis for supervisory control over
group of companies 130
7.2.2.1.2.2 Control over financial conglomerates based on
affiliation contract 131
7.2.2.1.2.2.1 Insurance company as a dominant undertaking 131
7.2.2.1.2.2.2 Insurance company as a subordinated undertaking 132
7.2.2.1.2.3 Control over financial conglomerates established
as de facto groups 133
7.2.2.1.2.3.1 Insurance undertaking as a dominant company 133
7.2.2.1.2.3.2 Insurance undertaking as a subordinated company 134
7.2.2.2 British law 135
7.2.2.3 Comparison 137
7.3 Conclusion 140
Chapter 8: Control over the Adequacy of Own Capital and Other Financial
Resources of Financial Conglomerates 142
8.1 General rules governing the supervision of financial conglomerates 144
8.1.1 Possibilities for convergence of the supervisory rules for banks
and insurance undertakings 144
8.1.1.1 Minimum amount of equity 146
8.1.1.2 Solvency requirements 146
8.1.1.3 Components forming the solvency funds 147
8.1.1.4 Limits on exposures and investments 147
8.1.1.5 Group supervision 149
8.1.1.6 Extra instruments that guarantee the solvency, stability,
and confidence in the financial system 149
8.1.1.7 Conclusion 150
10
8.1.2 Principles for supervision of financial conglomerates 150
8.1.2.1 General approach to supervision 150
8.1.2.2 Capital adequacy principles 153
8.1.2.3 Fit and proper principles 155
8.1.2.4 Supervisory information sharing and coordination 155
8.1.2.5 Intragroup transactions and risk concentrations 156
8.1.3 The EU financial conglomerates directive 156
8.1.3.1 Capital adequacy 157
8.1.3.2 Risk concentrations and intragroup transactions 158
8.1.3.3 Internal control mechanisms and risk management 159
8.1.3.4 Management qualification 159
8.1.3.5 Coordinator and information sharing 159
8.1.4 Assessment and conclusion 160
8.1.5 Influence of some current and imminent supervisory and
regulatory developments 161
8.1.5.1 Basel II and Solvency II 161
8.1.5.2 Lamfalussy approach 161
8.1.5.3 Conclusion 164
8.2 Supervisory instruments for containment of conglomerate risks 165
8.2.1 German Law 165
8.2.2 British law 166
8.2.3 Comparison and assessment 171
8.3 Conclusion 172
PART IV: CONCLUSION 175
Chapter 9: Key Results 177
Annex I: Structure of the FS A Handbook 181
Annex II: Most Important EU Legislative Developments in the Financial
Services Sector 185
Selected Bibliography 191
11
|
adam_txt |
Table of Content
List of often used Acronyms and Abbreviations 13
Table of Cases 15
Table of Legislation 17
PART I: INTRODUCTION 21
Chapter 1: Focus, Background and Approach 23
Aims and Methodology 30
Significance 31
Structure of the Enquiry 32
Note on Terminology 33
PART II: FINANCIAL CONGLOMERATES FROM AN ECONOMIC
PERSPECTIVE 35
Chapter 2: The Nature of Financial Conglomerates 37
2.1 Definition 37
2.2 Ratio for formation of financial conglomerates 38
2.2.1 Developments in the financial markets in the 1980s and 1990s 38
2.2.2 Benefits associated with financial conglomerates 40
2.3 Structure of financial conglomerates 42
2.3.1 Organisational structures 42
2.3.1.1 Co-operation - Distribution and marketing agreements 42
2.3.1.2 Strategic participation - Distribution and marketing
alliances 43
2.3.1.3 Holding 43
2.3.2 Structure according to the dominating financial sector 44
2.4 The spread of financial conglomerates 44
2.4.1 Markets in EU Member States 45
2.4.2 Markets of countries outside the EU 49
2.5 Conclusions 50
Chapter 3: Reasons for Regulation of Financial Conglomerates 51
3.1 Danger of influence exercised to the detriment of a prudent business
activity of a financial company 51
3.2 Contagion - Domino and spill-over effects 53
3.3 Multiple gearing of capital 55
3.4 Supervisory arbitrage 57
3.5 Transparency of the legal and managerial structure 57
3.6 Insufficient co-operation between sectoral regulators 59
Chapter 4: The Concept of Integrated Financial Supervision
(Allfinanzaufsichtskonzept) 60
4.1 Arguments underpinning the integrated financial supervision 61
4.1.1 Facilitation of cross-sectoral supervision 61
4.1.2 Minimisation of the burden of supervision 61
4.1.3 Competitive neutrality and prevention of regulatory arbitrage 62
4.1.4 Regulatory efficiency 62
4.1.5 Increased professionalisation of staff 63
4.1.6 Improved accountability 64
4.2 Arguments against integrated financial supervision 64
4.2.1 Cross-sectoral differences 64
4.2.1.1 Banking regulation 65
4.2.1.2 Securities regulation 66
4.2.1.3 Insurance regulation 66
4.2.2 Unclear objectives 67
4.2.3 Diseconomies of scale 68
4.2.4 Limited synergies 68
Chapter 5: The Relationship between Financial Regulation and Competitiveness 70
PART HI: REGULATION AND SUPERVISION OF FINANCIAL
CONGLOMERATES IN GERMANY AND
THE UNITED KINGDOM 73
Chapter 6: The Constitutional Basis and Structure of the Legal System 75
6.1 Constitutional basis and structure of financial supervision 75
6.2 History of financial regulation 78
6.2.1 German law 78
6.2.1.1 History of insurance regulation 78
6.2.1.2 History of bank regulation 79
6.2.1.3 History of securities regulation 80
6.2.1.4 From sectoral to integrated financial supervision -
Gesetz iiber die integrierte Finanzaufsicht 80
8
6.2.2 British law 82
6.2.2.1 History of insurance regulation 82
6.2.2.2 History of banking regulation 82
6.2.2.3 History of securities regulation 83
6.2.2.4 From sectoral to integrated financial supervision -
Financial Services and Markets Act 84
6.3 The main legal sources of financial regulation 85
6.3.1 German law 85
6.3.2 British law 87
6.4 Regulatory objectives 88
6.4.1 German law 88
6.4.1.1 Objectives of banking regulation 89
6.4.1.2 Objectives of insurance regulation 89
6.4.1.3 Objectives of the securities regulation 90
6.4.2 British law 90
6.4.3 Comparison 92
6.5 General characteristics and competences of supervisory authorities 93
6.5.1 German law 93
6.5.1.1 Federal Financial Supervisory Authority - BaFin 93
6.5.1.2 German Central Bank - Deutsche Bundesbank 94
6.5.1.3 Relationship between BaFin and the Deutsche Bundesbank 95
6.5.2 British law 97
6.5.3 Comparison 98
6.6 Organisation of supervisory authorities 98
6.6.1 German law 98
6.6.1.1 Directorate banking supervision 99
6.6.1.2 Directorate insurance supervision 99
6.6.1.3 Directorate Securities Supervision and Assets Management 100
6.6.1.4 Cross-sectoral departments 100
6.6.2 British law 102
6.6.3 Comparison 106
6.7 Conclusions 106
Chapter 7: Control over Establishment of Financial Conglomerates 110
7.1 General rules governing the framework for the establishment of
financial conglomerates 110
7.1.1 Principle of specialisation of insurance undertakings -
Prohibition of entertainment of banking and insurance
business in a single entity 111
7.1.2 European regulatory policy pertaining to affiliations between
banks and insurance undertakings 112
7.1.3 Law of group of companies and its relevance for the regulation
of financial conglomerates 116
7.1.3.1 German law 116
7.1.3.1.1 Groups based on affiliation contracts 117
7.1.3.1.2 Situations of dependence outside a contract-based
group (de facto groups) 118
7.1.3.2 British law 119
7.2 Supervisory instruments for containment of conglomerate risks 121
7.2.1 Notification requirements 121
7.2.1.1 German law 121
7.2.1.1.1 Under the banking law 121
7.2.1.1.2 Under the insurance law 123
7.2.1.2 British law 124
7.2.1.3 Comparison 125
7.2.2 Control over shareholders and other persons exercising influence 127
7.2.2.1 German law 128
7.2.2.1.1 Under the banking and insurance statutory law 128
7.2.2.1.2 Under the banking and insurance practice 129
7.2.2.1.2.1 Normative basis for supervisory control over
group of companies 130
7.2.2.1.2.2 Control over financial conglomerates based on
affiliation contract 131
7.2.2.1.2.2.1 Insurance company as a dominant undertaking 131
7.2.2.1.2.2.2 Insurance company as a subordinated undertaking 132
7.2.2.1.2.3 Control over financial conglomerates established
as de facto groups 133
7.2.2.1.2.3.1 Insurance undertaking as a dominant company 133
7.2.2.1.2.3.2 Insurance undertaking as a subordinated company 134
7.2.2.2 British law 135
7.2.2.3 Comparison 137
7.3 Conclusion 140
Chapter 8: Control over the Adequacy of Own Capital and Other Financial
Resources of Financial Conglomerates 142
8.1 General rules governing the supervision of financial conglomerates 144
8.1.1 Possibilities for convergence of the supervisory rules for banks
and insurance undertakings 144
8.1.1.1 Minimum amount of equity 146
8.1.1.2 Solvency requirements 146
8.1.1.3 Components forming the solvency funds 147
8.1.1.4 Limits on exposures and investments 147
8.1.1.5 Group supervision 149
8.1.1.6 Extra instruments that guarantee the solvency, stability,
and confidence in the financial system 149
8.1.1.7 Conclusion 150
10
8.1.2 Principles for supervision of financial conglomerates 150
8.1.2.1 General approach to supervision 150
8.1.2.2 Capital adequacy principles 153
8.1.2.3 Fit and proper principles 155
8.1.2.4 Supervisory information sharing and coordination 155
8.1.2.5 Intragroup transactions and risk concentrations 156
8.1.3 The EU financial conglomerates directive 156
8.1.3.1 Capital adequacy 157
8.1.3.2 Risk concentrations and intragroup transactions 158
8.1.3.3 Internal control mechanisms and risk management 159
8.1.3.4 Management qualification 159
8.1.3.5 Coordinator and information sharing 159
8.1.4 Assessment and conclusion 160
8.1.5 Influence of some current and imminent supervisory and
regulatory developments 161
8.1.5.1 Basel II and Solvency II 161
8.1.5.2 Lamfalussy approach 161
8.1.5.3 Conclusion 164
8.2 Supervisory instruments for containment of conglomerate risks 165
8.2.1 German Law 165
8.2.2 British law 166
8.2.3 Comparison and assessment 171
8.3 Conclusion 172
PART IV: CONCLUSION 175
Chapter 9: Key Results 177
Annex I: Structure of the FS A Handbook 181
Annex II: Most Important EU Legislative Developments in the Financial
Services Sector 185
Selected Bibliography 191
11 |
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discipline | Rechtswissenschaft Wirtschaftswissenschaften |
discipline_str_mv | Rechtswissenschaft Wirtschaftswissenschaften |
edition | 1. Aufl. |
format | Thesis Book |
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genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
genre_facet | Hochschulschrift |
geographic | Deutschland Großbritannien Deutschland (DE-588)4011882-4 gnd Großbritannien (DE-588)4022153-2 gnd |
geographic_facet | Deutschland Großbritannien |
id | DE-604.BV022238745 |
illustrated | Illustrated |
index_date | 2024-07-02T16:35:09Z |
indexdate | 2024-07-09T20:53:05Z |
institution | BVB |
isbn | 9783832925123 3832925120 |
language | English |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-015449705 |
oclc_num | 91794312 |
open_access_boolean | |
owner | DE-M382 DE-384 DE-945 DE-521 DE-29 DE-858 |
owner_facet | DE-M382 DE-384 DE-945 DE-521 DE-29 DE-858 |
physical | 204 S. graph. Darst., Kt. |
publishDate | 2007 |
publishDateSearch | 2007 |
publishDateSort | 2007 |
publisher | Nomos [u.a.] |
record_format | marc |
series | Europäisches Wirtschaftsrecht |
series2 | Europäisches Wirtschaftsrecht |
spelling | Filipova, Tatyana Verfasser aut The concept of integrated financial supervision and regulation of financial conglomerates in Germany and the United Kingdom Tatyana Filipova 1. Aufl. Baden-Baden Nomos [u.a.] 2007 204 S. graph. Darst., Kt. txt rdacontent n rdamedia nc rdacarrier Europäisches Wirtschaftsrecht 48 Zugl.: Frankfurt (Oder), Univ., Diss., 2006 Recht Banking law Germany Banking law Great Britain Conglomerate corporations Law and legislation Germany Conglomerate corporations Law and legislation Great Britain Financial services industry Law and legislation Germany Financial services industry Law and legislation Great Britain Finanzdienstleistungsaufsicht (DE-588)4741959-3 gnd rswk-swf Rechtsvergleich (DE-588)4115712-6 gnd rswk-swf Deutschland Großbritannien Deutschland (DE-588)4011882-4 gnd rswk-swf Großbritannien (DE-588)4022153-2 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Deutschland (DE-588)4011882-4 g Finanzdienstleistungsaufsicht (DE-588)4741959-3 s Rechtsvergleich (DE-588)4115712-6 s Großbritannien (DE-588)4022153-2 g DE-604 Europäisches Wirtschaftsrecht 48 (DE-604)BV007738755 48 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015449705&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Filipova, Tatyana The concept of integrated financial supervision and regulation of financial conglomerates in Germany and the United Kingdom Europäisches Wirtschaftsrecht Recht Banking law Germany Banking law Great Britain Conglomerate corporations Law and legislation Germany Conglomerate corporations Law and legislation Great Britain Financial services industry Law and legislation Germany Financial services industry Law and legislation Great Britain Finanzdienstleistungsaufsicht (DE-588)4741959-3 gnd Rechtsvergleich (DE-588)4115712-6 gnd |
subject_GND | (DE-588)4741959-3 (DE-588)4115712-6 (DE-588)4011882-4 (DE-588)4022153-2 (DE-588)4113937-9 |
title | The concept of integrated financial supervision and regulation of financial conglomerates in Germany and the United Kingdom |
title_auth | The concept of integrated financial supervision and regulation of financial conglomerates in Germany and the United Kingdom |
title_exact_search | The concept of integrated financial supervision and regulation of financial conglomerates in Germany and the United Kingdom |
title_exact_search_txtP | The concept of integrated financial supervision and regulation of financial conglomerates in Germany and the United Kingdom |
title_full | The concept of integrated financial supervision and regulation of financial conglomerates in Germany and the United Kingdom Tatyana Filipova |
title_fullStr | The concept of integrated financial supervision and regulation of financial conglomerates in Germany and the United Kingdom Tatyana Filipova |
title_full_unstemmed | The concept of integrated financial supervision and regulation of financial conglomerates in Germany and the United Kingdom Tatyana Filipova |
title_short | The concept of integrated financial supervision and regulation of financial conglomerates in Germany and the United Kingdom |
title_sort | the concept of integrated financial supervision and regulation of financial conglomerates in germany and the united kingdom |
topic | Recht Banking law Germany Banking law Great Britain Conglomerate corporations Law and legislation Germany Conglomerate corporations Law and legislation Great Britain Financial services industry Law and legislation Germany Financial services industry Law and legislation Great Britain Finanzdienstleistungsaufsicht (DE-588)4741959-3 gnd Rechtsvergleich (DE-588)4115712-6 gnd |
topic_facet | Recht Banking law Germany Banking law Great Britain Conglomerate corporations Law and legislation Germany Conglomerate corporations Law and legislation Great Britain Financial services industry Law and legislation Germany Financial services industry Law and legislation Great Britain Finanzdienstleistungsaufsicht Rechtsvergleich Deutschland Großbritannien Hochschulschrift |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015449705&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
volume_link | (DE-604)BV007738755 |
work_keys_str_mv | AT filipovatatyana theconceptofintegratedfinancialsupervisionandregulationoffinancialconglomeratesingermanyandtheunitedkingdom |