The accountability of financial regulators: a European and international perspective
Based on the author's post-doctoral project conducted at the Montesquieu Institute at Maastricht University from 2009-2012. Parts of this book were presented in conferences and workshops in Maastricht (The Netherlands), Oxford (UK), Leuven (Belgium), Herztliya (Israel), Tallinn (Estonia) and Fl...
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Alphen aan den Rijn
2014
|
| Edition: | Kluwer Law and Business |
| Series: | International banking and finance law series
22 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Summary: | Based on the author's post-doctoral project conducted at the Montesquieu Institute at Maastricht University from 2009-2012. Parts of this book were presented in conferences and workshops in Maastricht (The Netherlands), Oxford (UK), Leuven (Belgium), Herztliya (Israel), Tallinn (Estonia) and Florence (Italy) |
| Physical Description: | XVII, 366 S. |
| ISBN: | 9789041138743 9041138749 |
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| 245 | 1 | 0 | |a The accountability of financial regulators |b a European and international perspective |c Pablo Iglesias-Rodríguez |
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| 490 | 1 | |a International banking and finance law series |v 22 | |
| 520 | |a Based on the author's post-doctoral project conducted at the Montesquieu Institute at Maastricht University from 2009-2012. Parts of this book were presented in conferences and workshops in Maastricht (The Netherlands), Oxford (UK), Leuven (Belgium), Herztliya (Israel), Tallinn (Estonia) and Florence (Italy) | ||
| 650 | 4 | |a Recht | |
| 650 | 4 | |a Financial services industry |x Law and legislation | |
| 650 | 4 | |a Financial institutions |x Law and legislation | |
| 650 | 4 | |a Financial services industry |x Law and legislation |z European Union countries | |
| 650 | 4 | |a Financial institutions |x Law and legislation |z European Union countries | |
| 650 | 4 | |a Global Financial Crisis, 2008-2009 | |
| 651 | 4 | |a Europäische Union. Mitgliedsstaaten | |
| 830 | 0 | |a International banking and finance law series |v 22 |w (DE-604)BV021464333 |9 22 | |
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Record in the Search Index
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|---|---|
| adam_text | TABLE OF CONTENTS
PREFACE XV
ACKNOWLEDGMENTS XVII
CHAPTER 1
THE ACCOUNTABILITY OF FINANCIAL REGULATION AND SUPERVISION AUTHORITIES:
THE DEFINING ELEMENTS 1
§1.01 INTRODUCTION 1
§1.02 THE ACCOUNTABILITY OF FINANCIAL REGULATION AND SUPERVISION
AUTHORITIES
(FRSAS) 4
§1.03 ACCOUNTABILITY TOWARDS POLITICAL FORUMS AND STAKEHOLDERS 7
[A] THE POWER TO CALL-TO-ACCOUNT AND TO HOLD-TO-ACCOUNT 8
[B] POLITICAL FORUMS 9
[C] STAKEHOLDERS 10
[D] OTHER ACCOUNTORS 13
§1.04 THE TIME OF ACCOUNTABILITY: EX-ANTE AND EX-POST ACCOUNTABILITY 14
§1.05 THE GROUNDS OF ACCOUNTABILITY 15
§1.06 THE MEANS OF ACCOUNTABILITY 16
§ 1.07 WHY IS THE ACCOUNTABILITY OF FRSAS IMPORTANT? 19
[A] THE ACCOUNTABILITY OF FRSAS AS A SOURCE OF INDEPENDENCE 19
[B] THE ACCOUNTABILITY OF FRSAS AS A SOURCE OF DEMOCRATIC CONTROL 22
[C] THE ACCOUNTABILITY OF FRSAS AS A SOURCE OF REGULATORY AND
SUPERVISORY PERFORMANCE 23
[D] THE ACCOUNTABILITY OF FRSAS AS A SOURCE OF CORRECTIVE JUSTICE 24
[E] THE ACCOUNTABILITY OF FRSAS AS A SOURCE OF LEGITIMACY 24
§ 1.08 UNDERSTANDING FAILURES IN THE ACCOUNTABILITY OF FRSAS 26
§1.09 REASONS, RESEARCH QUESTIONS, STRUCTURE AND METHODOLOGY OF THE BOOK
27
[A] REASONS FOR THE STUDY AND MAIN RESEARCH QUESTIONS 27
VN
TABLE OF CONTENTS
[B] STRUCTURE AND JURISDICTIONS ANALYZED, PERIOD COVERED AND OTHER
METHODOLOGICAL ASPECTS 28
[1] STRUCTURE AND JURISDICTIONS ANALYZED 28
[2] PERIOD COVERED 30
[3] INTERDISCIPLINARY APPROACH WITH A LEGAL FOCUS 30
[4] ACCOUNTABILITY IN THEORY AND IN PRACTICE 30
PART I THE ACCOUNTABILITY OF FINANCIAL REGULATION AND SUPERVISION
AUTHORITIES IN SPAIN, THE UNITED KINGDOM AND THE UNITED STATES OF
AMERICA 33
CHAPTER 2
THE STRUCTURES OF FINANCIAL REGULATION AND SUPERVISION IN SPAIN, THE UK
AND
THE US 35
§2.01 INTRODUCTORY REMARKS 35
§2.02 THE DIFFERENT APPROACHES TO THE INSTITUTIONAL STRUCTURE OF
FINANCIAL
SUPERVISION 36
§2.03 THE STRUCTURE OF FINANCIAL SUPERVISION IN SPAIN, THE UK AND THE US
39
[A] THE STRUCTURE OF FINANCIAL SUPERVISION IN SPAIN 39
[1] BANKING: BANCO DE ESPANA (BDE) 40
[2] INSURANCE: DIRECTION GENERAL DE SEGUROS Y FONDOS DE
PENSIONES (DGSFP) 42
[3] SECURITIES: COMISION NACIONAL DEL MERCADO DE VALORES
(CNMV) 45
[4] THE FINANCIAL CRISIS AND THE REFORM OF THE SPANISH SYSTEM
OF FINANCIAL SUPERVISION: TOWARDS A TWIN PEAKS STRUCTURE? 46
[B] THE STRUCTURE OF FINANCIAL SUPERVISION IN THE UK 47
[1] FROM 1997 TO 2012: INTEGRATED SUPERVISION; THE TRIPARTITE
SCHEME: THE BANK OF ENGLAND (BOE), THE FINANCIAL SERVICES
AUTHORITY (FSA) AND THE TREASURY 47
[A] THE BANK OF ENGLAND (BOE) 48
FB] THE FINANCIAL SERVICES AUTHORITY (FSA) 50
[2] THE FINANCIAL CRISIS IN THE UK AND THE REFORM OF THE SYSTEM
TOWARDS A TWIN PEAKS MODEL 51
[C] THE STRUCTURE OF FINANCIAL SUPERVISION IN THE US 54
[1] THE INSTITUTIONAL STRUCTURE OF BANKING SUPERVISION IN THE
US 55
[A] THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE
SYSTEM (BOARD OF GOVERNORS OF THE FED) 55
[B] THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) 57
[C] THE OFFICE OF THE COMPTROLLER OF THE CURRENCY (OCC) 58
[2] INSURANCE SUPERVISION IN THE US: STATE-BASED SUPERVISION
AND THE NATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
(NAIC) 59
VM
TABLE OF CONTENTS
[3] THE INSTITUTIONAL STRUCTURE OF SECURITIES SUPERVISION IN THE
US 61
[A] THE SECURITIES AND EXCHANGE COMMISSION (SEC) 61
[B] THE COMMODITY FUTURES TRADING COMMISSION
(CFTC) 62
[4] THE DODD-FRANK ACT: TOWARDS A TWIN PEAKS MODEL? 63
§2.04 THE FAILURES IN THE ACCOUNTABILITY OF FRSAS TOWARDS POLITICAL
ACTORS
AND STAKEHOLDERS BEFORE THE FINANCIAL CRISIS 65
[A] FAILURES IN THE ACCOUNTABILITY OF FRSAS TOWARDS POLITICAL FORUMS 65
[1] PASSIVITY OF PARLIAMENTS OVER THE DE-REGULATORY APPROACHES
ADOPTED BY FRSAS 67
[A] THE CASE OF ALTERNATIVE NET CAPITAL REQUIREMENTS FOR
BROKERS/DEALERS IN CONSOLIDATED SUPERVISED ENTITIES 68
[B] FAILURES IN THE ACCOUNTABILITY OF FINANCIAL SUPERVISORS TOWARDS
STAKEHOLDERS: THE FAILURE OF FRSAS TO LISTEN TO STAKEHOLDERS - OR
TO SOME OF THEM 70
[1] FRSAS WERE CAPTURED BY THE FINANCIAL INDUSTRY: THE CASE
OF OTC DERIVATIVES 71
[2] FRSAS LARGELY DISMISSED THE INTERESTS OF THE GENERAL
INVESTING PUBLIC AND THE OBJECTIVE OF FINANCIAL STABILITY 72
[A] LENDING MALPRACTICES: ADVOCATE GROUPS AND THE FED 72
[B] DISMISSING RED FLAGS: MADOFF, MARKOPOLOS AND THE
SEC 73
§2.05 CONCLUSIONS 75
CHAPTER 3
THE ACCOUNTABILITY OF FRSAS TOWARDS POLITICAL FORUMS IN SPAIN, THE UK
AND
THE US 77
§3.01 INTRODUCTION: THE ACCOUNTABILITY OF FRSAS TO POLITICAL FORUMS 77
§3.02 THE APPOINTMENTS AT FRSAS: THE ROLE OF GOVERNMENTS AND PARLIAMENTS
78
[A] THE APPOINTMENTS AND REMOVALS AT FRSAS IN SPAIN 79
F 1] BANKING SECTOR: THE APPOINTMENTS AND REMOVALS AT THE
BANCO DE ESPANA (BDE) 79
[2] INSURANCE SECTOR: THE APPOINTMENTS AND REMOVALS AT THE
DIRECTION GENERAL DE SEGUROS Y FONDOS DE PENSIONES
(DGSFP) 81
[3] SECURITIES SECTOR: THE APPOINTMENTS AND REMOVALS AT THE
COMISI6N NACIONAL DEL MERCADO DE VALORES (CNMV) 82
[4] RECENT DEVELOPMENTS IN THE APPOINTMENTS AT SPANISH
FRSAS 85
[B] THE APPOINTMENTS AND REMOVALS AT FRSAS IN THE UK 86
[1] THE APPOINTMENTS AND REMOVALS AT THE BANK OF ENGLAND
(BOE) 86
[2] THE APPOINTMENTS AND REMOVALS AT THE FINANCIAL SERVICES
IX
TABLE OF CONTENTS
AUTHORITY (FSA) 88
[3] THE UK INSTITUTIONAL REFORMS IN THE FIELD OF FINANCIAL
REGULATION AND SUPERVISION: THE APPOINTMENTS AND
REMOVALS AT THE FINANCIAL CONDUCT AUTHORITY (FCA)
AND THE PRUDENTIAL REGULATION AUTHORITY (PRA) 89
[C] THE APPOINTMENTS AND REMOVALS AT FRSAS IN THE US 90
§3.03 PARLIAMENTARY HEARINGS WITH REPRESENTATIVES FROM FRSAS 93
§3.04 BUILDING TRANSPARENT FRSAS? THE ROLE OF REPORTING AND DISCLOSURE
DUTIES 101
§3.05 CONTROLLING THE BUDGETS OF FRSAS 109
§3.06 CONCLUSIONS 118
[A] THE HETEROGENEITY OF ACCOUNTABILITY MODELS AND PRACTICES ACROSS
JURISDICTIONS 118
[B] WHY DO DIFFERENT JURISDICTIONS ADOPT DIVERSE ACCOUNTABILITY
SCHEMES? 119
[C] THE POST-FINANCIAL CRISIS REFORMS IN SPAIN, THE UK AND THE US 121
[D] ACCOUNTABILITY AND INDEPENDENCE 123
[E] THE LIMITATIONS OF THE LEGAL DESIGN OF ACCOUNTABILITY 124
CHAPTER 4
THE ACCOUNTABILITY OF FRSAS TOWARDS STAKEHOLDERS IN SPAIN, THE UK AND
THE
US 127
§4.01 INTRODUCTION 127
§4.02 PARTICIPATION OF STAKEHOLDERS IN FINANCIAL POLICY-MAKING 128
[A] CONSTITUTIONAL AND LEGISLATIVE FRAMEWORKS REGARDING
STAKEHOLDER ENGAGEMENT 129
[B] PUBLIC CONSULTATIONS 131
[C] STAKEHOLDER CONSULTATIVE BODIES 132
[1] ASYMMETRIC REPRESENTATION AS A SOURCE OF ASYMMETRIC
ACCOUNTABILITY 136
[2] STAKEHOLDER CONSULTATIVE BODIES: WHICH WAY FORWARD? 140
§4.03 THE CREATION OF FRSAS AND OF FRSAS BODIES IN THE CONSUMER AND
INVESTOR REALMS 145
[A] THE US: THE CONSUMER FINANCIAL PROTECTION BUREAU (CFPB)
AND THE SEC S OFFICE OF THE INVESTOR ADVOCATE 146
[1] THE CONSUMER FINANCIAL PROTECTION BUREAU (CFPB) 146
[2] THE SEC S OFFICE OF THE INVESTOR ADVOCATE 148
[B] THE UK: THE MONEY ADVICE SERVICE (MAS) 149
[C] THE IMPLICATIONS OF FRSAS AND OF FRSAS BODIES IN THE FIELD OF
CONSUMER AND INVESTOR PROTECTION FOR THE LEGITIMACY OF
FINANCIAL RULES 151
§4.04 REVOLVING DOOR: THE MISSING REFORM? 152
§4.05 THE ACCOUNTABILITY OF FRSAS TOWARDS STAKEHOLDERS IN JUDICIAL
INSTANCES 157
[A] THE JUDICIAL REVIEW OF THE ACTIONS OF FRSAS 157
TABLE OF CONTENTS
[B] THE TORT LIABILITY OF FRSAS 161
[ 1 ] THE TORT LIABILITY OF FRSAS IN SPAIN 162
[A] AVA AND GESCARTERA OR HOW THE LAW AND ITS JUDICIAL
INTERPRETATION CREATE BARRIERS TO THE EFFECTIVE LIABILITY
IN TORT OF FRSAS IN SPAIN 163
[2] THE TORT LIABILITY OF FRSAS IN THE UK: STATUTORY INSULATION
FROM LIABILITY 167
[3] EU LAW AND THE LIABILITY OF THE FRSAS OF THE MEMBER
STATES 170
[4] THE TORT LIABILITY OF FRSAS IN THE US 173
[A] THE LIABILITY OF THE SEC FOR NEGLIGENT SUPERVISION:
THE MADOFF SAGA AND THE DISCRETIONARY FUNCTION
EXCEPTION 174
§4.06 CONCLUSIONS 177
PART II THE ACCOUNTABILITY OF THE EUROPEAN SUPERVISION AUTHORITIES IN
THE
FINANCIAL FIELD AND OF THE EUROPEAN SYSTEMIC RISK BOARD 183
CHAPTER 5
THE POST-FINANCIAL CRISIS EUROPEAN FINANCIAL SUPERVISION ARCHITECTURE
AND
THE NEED FOR ENHANCED ACCOUNTABILITY 185
§5.01 FINANCIAL SUPERVISION IN THE EUROPEAN UNION BEFORE THE EUROPEAN
SYSTEM OF FINANCIAL SUPERVISION 185
§5.02 FROM THE LAMFALUSSY COMMITTEES TO THE DE LAROSIERE AUTHORITIES 190
§5.03 THE EUROPEAN SUPERVISION AUTHORITIES IN THE FINANCIAL FIELD (ESAS)
193
§5.04 THE EUROPEAN SYSTEMIC RISK BOARD (ESRB) 197
§5.05 THE NATURE AND SCOPE OF THE ACTIONS OF THE ESAS AND OF THE ESRB
AND
THE NEED FOR ENHANCED ACCOUNTABILITY 199
[A] THE POWERS OF THE ESAS AND OF THE ESRB AND THE NEED FOR
ENHANCED ACCOUNTABILITY 200
[1] DEVELOPMENT OF DRAFT TECHNICAL STANDARDS 200
[2] ISSUANCE OF WARNINGS, GUIDELINES AND RECOMMENDATIONS 202
[3] ADOPTION OF BINDING DECISIONS ADDRESSED TO FRSAS AND TO
FINANCIAL MARKET PARTICIPANTS 203
[A] BREACHES OF EU LAW BY THE FRSAS OF THE MEMBER
STATES 203
[B] EMERGENCY SITUATIONS 204
[C] SETTLEMENT OF DISAGREEMENTS BETWEEN FRSAS 205
[B] THE REACH OF THE ACTIONS OF THE ESAS AND OF THE ESRB AND THE
NEED FOR ENHANCED ACCOUNTABILITY 206
[1] THE ROLE OF THE ESAS AND OF THE ESRB IN THE PREVENTION,
MANAGEMENT AND RESOLUTION OF CRISES 206
[2] MAXIMUM HARMONIZATION, REGULATIONS AND THE ROLE OF THE
ESAS 207
XI
TABLE OF CONTENTS
CHAPTER 6
THE ACCOUNTABILITY OF THE EUROPEAN SUPERVISION AUTHORITIES IN THE
FINANCIAL
FIELD TOWARDS POLITICAL FORUMS 209
§6.01 INTRODUCTION: THE ACCOUNTABILITY OF THE EUROPEAN SUPERVISION
AUTHORITIES (ESAS) AND OF THE EUROPEAN SYSTEMIC RISK BOARD (ESRB)
TOWARDS POLITICAL ACTORS IN PERSPECTIVE 209
§6.02 THE ACCOUNTABILITY OF THE ESAS AND OF THE ESRB TOWARDS THE EU
POLITICAL INSTITUTIONS 212
[A] POLITICAL OVERSIGHT OVER THE APPOINTMENTS AND REMOVALS AT
THE ESAS AND AT THE ESRB 213
[1] APPOINTMENTS AND REMOVALS AT THE ESAS 213
[2] APPOINTMENTS AND REMOVALS AT THE ESRB 218
[B] POLITICAL OVERSIGHT OVER THE ESAS AND THE ESRB S DECISIONAL
POWERS 219
[1] POLITICAL OVERSIGHT OVER THE ESAS DECISIONAL POWERS 219
[A] OVERSIGHT OVER DRAFT REGULATORY TECHNICAL STANDARDS 219
[B] OVERSIGHT OVER DRAFT IMPLEMENTING TECHNICAL
STANDARDS 221
[C] OVERSIGHT OVER GUIDELINES AND RECOMMENDATIONS 221
[D] OVERSIGHT OVER BINDING DECISIONS ADDRESSED TO
FRSAS AND TO FINANCIAL INSTITUTIONS 222
[2] POLITICAL OVERSIGHT OVER THE ESRB S DECISIONAL POWERS 225
[C] TRANSMISSION OF INFORMATION FROM THE ESAS AND FROM THE ESRB
TO POLITICAL FORUMS AS AN ACCOUNTABILITY MECHANISM 226
[1] WORK PROGRAMMES AND ANNUAL REPORTS 227
[2] STATEMENTS AND HEARINGS 228
[3] ASSESSMENT OF MARKET DEVELOPMENTS 229
[4] ADVICE 231
[5] ACCOUNTABILITY WITH AND WITHOUT TRANSPARENCY IN THE
REPORTING OBLIGATIONS OF THE ESAS AND OF THE ESRB VIS A
VIS THE EU POLITICAL INSTITUTIONS 232
[D] BUDGETARY OVERSIGHT AND CONTROL 233
§6.03 THE ACCOUNTABILITY OF FRSAS WITH MEMBERSHIP IN THE ESAS AND IN THE
ESRB TOWARDS THE EU AND THE MEMBER STATES POLITICAL INSTITUTIONS 236
§6.04 THE ACCOUNTABILITY OF THE ESAS AND OF THE ESRB TOWARDS THE
MEMBER STATES POLITICAL FORUMS 237
§6.05 THE ACCOUNTABILITY OF THE ESAS TOWARDS POLITICAL FORUMS:
ACCOUNTABLE
AND INDEPENDENT SUPERVISION OF THE EU FINANCIAL MARKETS? 239
CHAPTER 7
THE ACCOUNTABILITY OF THE EUROPEAN SUPERVISION AUTHORITIES IN THE
FINANCIAL
FIELD TOWARDS STAKEHOLDERS 243
§7.01 INTRODUCTION 243
§7.02 THE EVOLUTION OF STAKEHOLDER PARTICIPATION IN EU FINANCIAL
REGULATION 247
XN
TABLE OF CONTENTS
[A] PARTICIPATION IN THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE S
MEMBERSHIP AND ACTIVITIES 247
[B] PARTICIPATION IN THE EUROPEAN COMMISSION S CONSULTATION
PROCEDURES AND INITIATIVES 249
[C] THE INTERACTIONS BETWEEN LEGISLATIVE AND STAKEHOLDER FORA:
THE EUROPEAN PARLIAMENTARY FINANCIAL SERVICES FORUM AND THE
FINANCE WATCH INITIATIVE 252
[D] THE PARTICIPATION OF FINANCIAL INDUSTRY REPRESENTATIVES IN
SOFT-LAW DELEGATED REGULATION 255
[E] PARTICIPATION IN THE MARKET PARTICIPANTS CONSULTATIVE PANELS AT THE
LAMFALUSSY COMMITTEES 256
§7.03 THE PARTICIPATION OF STAKEHOLDERS IN THE EUROPEAN SUPERVISION
AUTHORITIES (ESAS) 256
[A] THE ESAS STAKEHOLDER GROUPS (SGS) 257
[1] THE SGS AND INPUT-LEGITIMACY IN EU FINANCIAL REGULATION 258
[2] THE LEGAL CONFIGURATION OF THE ESAS AND OF THE SGS 259
[A] THE MEMBERSHIP OF THE SGS: ASYMMETRIC
REPRESENTATION OF STAKEHOLDERS 260
[B] THE INTERNAL DECISION-MAKING PROCEDURES AT THE SGS:
ASYMMETRIC ALLOCATION OF POWERS 262
[C] THE SAFEGUARD CLAUSE: THE ADOPTION OF DECISIONS IN
CASES OF URGENCY 264
[B] THE INVOLVEMENT OF STAKEHOLDERS IN THE ESAS PUBLIC
CONSULTATIONS 265
[C] THE ESAS STANDING COMMITTEES CONSULTATIVE GROUPS 267
[D] THE ESAS AND REVOLVING DOORS 268
§7.04 THE DUTY OF THE ESAS TO GIVE REASONS AS AN ACCOUNTABILITY
MECHANISM 270
§7.05 THE ESAS AND TRANSPARENCY 271
§7.06 THE ESRB AND THE LIMITS OF ACCOUNTABILITY TOWARDS STAKEHOLDERS 274
§7.07 STAKEHOLDER JUDICIAL AND QUASI-JUDICIAL REDRESS 277
[A] THE ACCOUNTABILITY OF THE ESAS TOWARDS STAKEHOLDERS THROUGH
JUDICIAL MEANS: THE ROLE OF THE CJEU 277
[1] THE REQUEST OF JUDICIAL REVIEW OF DECISIONS OF THE ESAS 277
[2] THE LIABILITY OF THE ESAS TOWARDS STAKEHOLDERS FOR
DAMAGES 283
[B] THE EUROPEAN OMBUDSMAN (EO) AS A SOURCE OF REDRESS 285
§7.08 CONCLUSIONS 287
PART III THE ACCOUNTABILITY OF INTERNATIONAL NETWORKS OF FINANCIAL
REGULATION AND SUPERVISION AUTHORITIES 293
XIU
TABLE OF CONTENTS
CHAPTER 8
INTERNATIONAL NETWORKS OF FINANCIAL REGULATION AND SUPERVISION
AUTHORITIES
AS GLOBAL STANDARD-SETTERS 295
§8.01 INTRODUCTION: TOWARDS A DEFINITION OF INTERNATIONAL NETWORKS OF
FINANCIAL REGULATION AND SUPERVISION AUTHORITIES (INFRSAS) 295
§8.02 SOME STORY ABOUT THE BCBS, THE IOSCO AND THE IAIS 300
[A] THE BASEL COMMITTEE ON BANKING SUPERVISION (BCBS) 300
[B] THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS
(IOSCO) 304
[C] THE INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS (IAIS) 306
[D] THE NETWORK OF INFRSAS: THE JOINT FORUM 308
§8.03 CONCLUSIONS 309
CHAPTER 9
THE ACCOUNTABILITY OF INTERNATIONAL NETWORKS OF FINANCIAL REGULATION AND
SUPERVISION AUTHORITIES 311
§9.01 INTRODUCTION 311
§9.02 THE ROLE OF FRSAS IN INFRSAS: LEGITIMACY CONCERNS FROM A NATIONAL
PERSPECTIVE 314
§9.03 THE ACCOUNTABILITY OF INFRSAS TOWARDS FRSAS AND TOWARDS
STAKEHOLDERS 319
[A] THE MEMBERSHIP IN INFRSAS 319
[1] THE MEMBERSHIP IN THE BCBS 320
[2] THE MEMBERSHIP IN THE IOSCO 322
[3] THE MEMBERSHIP IN THE IAIS 325
[B] THE INTERNAL ORGANIZATION OF INFRSAS 327
[1] THE INTERNAL ORGANIZATION OF THE BCBS 328
[2] THE INTERNAL ORGANIZATION OF THE IOSCO 330
[3] THE INTERNAL ORGANIZATION OF THE IAIS 333
[C] THE TRANSPARENCY AND THE INCLUSIVENESS OF INFRSAS 335
[1] TRANSPARENCY AND INCLUSIVENESS IN THE BCBS 336
[2] TRANSPARENCY AND INCLUSIVENESS IN THE IOSCO 339
[3] TRANSPARENCY AND INCLUSIVENESS IN THE IAIS 341
§9.04 CONCLUSIONS 342
[A] HETEROGENEITY OF JURISDICTIONS REPRESENTED IN THE WORK OF
INFRSAS 342
[B] HETEROGENEITY OF STAKEHOLDERS REPRESENTED IN THE WORK OF
INFRSAS 343
FC] DIVERSITY OF PARTICIPATORY ARRANGEMENTS 344
[D] THE FINANCIAL CRISIS AND THE REFORMS IN THE GOVERNANCE OF
INFRSAS 344
CONCLUDING REMARKS 347
INDEX 357
XIV
|
| any_adam_object | 1 |
| author | Iglesias-Rodríguez, Pablo |
| author_GND | (DE-588)1054656118 |
| author_facet | Iglesias-Rodríguez, Pablo |
| author_role | aut |
| author_sort | Iglesias-Rodríguez, Pablo |
| author_variant | p i r pir |
| building | Verbundindex |
| bvnumber | BV042499911 |
| callnumber-first | H - Social Science |
| callnumber-label | HB3717 2008 |
| callnumber-raw | HB3717 2008 K1066 |
| callnumber-search | HB3717 2008 K1066 |
| callnumber-sort | HB 43717 42008 |
| callnumber-subject | HB - Economic Theory and Demography |
| classification_rvk | QK 651 |
| ctrlnum | (OCoLC)915642848 (DE-599)BVBBV042499911 |
| discipline | Wirtschaftswissenschaften |
| edition | Kluwer Law and Business |
| format | Book |
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| id | DE-604.BV042499911 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T01:23:26Z |
| institution | BVB |
| isbn | 9789041138743 9041138749 |
| language | English |
| lccn | 013371289 |
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| physical | XVII, 366 S. |
| publishDate | 2014 |
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| series | International banking and finance law series |
| series2 | International banking and finance law series |
| spelling | Iglesias-Rodríguez, Pablo Verfasser (DE-588)1054656118 aut The accountability of financial regulators a European and international perspective Pablo Iglesias-Rodríguez Kluwer Law and Business Alphen aan den Rijn 2014 XVII, 366 S. txt rdacontent n rdamedia nc rdacarrier International banking and finance law series 22 Based on the author's post-doctoral project conducted at the Montesquieu Institute at Maastricht University from 2009-2012. Parts of this book were presented in conferences and workshops in Maastricht (The Netherlands), Oxford (UK), Leuven (Belgium), Herztliya (Israel), Tallinn (Estonia) and Florence (Italy) Recht Financial services industry Law and legislation Financial institutions Law and legislation Financial services industry Law and legislation European Union countries Financial institutions Law and legislation European Union countries Global Financial Crisis, 2008-2009 Europäische Union. Mitgliedsstaaten International banking and finance law series 22 (DE-604)BV021464333 22 SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027934646&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Iglesias-Rodríguez, Pablo The accountability of financial regulators a European and international perspective International banking and finance law series Recht Financial services industry Law and legislation Financial institutions Law and legislation Financial services industry Law and legislation European Union countries Financial institutions Law and legislation European Union countries Global Financial Crisis, 2008-2009 |
| title | The accountability of financial regulators a European and international perspective |
| title_auth | The accountability of financial regulators a European and international perspective |
| title_exact_search | The accountability of financial regulators a European and international perspective |
| title_full | The accountability of financial regulators a European and international perspective Pablo Iglesias-Rodríguez |
| title_fullStr | The accountability of financial regulators a European and international perspective Pablo Iglesias-Rodríguez |
| title_full_unstemmed | The accountability of financial regulators a European and international perspective Pablo Iglesias-Rodríguez |
| title_short | The accountability of financial regulators |
| title_sort | the accountability of financial regulators a european and international perspective |
| title_sub | a European and international perspective |
| topic | Recht Financial services industry Law and legislation Financial institutions Law and legislation Financial services industry Law and legislation European Union countries Financial institutions Law and legislation European Union countries Global Financial Crisis, 2008-2009 |
| topic_facet | Recht Financial services industry Law and legislation Financial institutions Law and legislation Financial services industry Law and legislation European Union countries Financial institutions Law and legislation European Union countries Global Financial Crisis, 2008-2009 Europäische Union. Mitgliedsstaaten |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027934646&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV021464333 |
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