Regulation of Financial Services
The Comparative Law Yearbook of International Business, Special Issue, 2013
Kluwer Law International (Verlag)
Erschienen am 13. Mai 2013
434 Seiten
978-90-411-5823-9 (ISBN)
Beschreibung
Given the turmoil of recent years in the financial services sector, the editors of the Comparative Law Yearbook of International Business believe it is appropriate to review developments in the regulation of financial services in selected jurisdictions. Accordingly, practitioners from Brazil, Bulgaria, China, Germany, Indonesia, Italy, Mexico, Portugal, Romania, Spain, Switzerland, Turkey, and the United Kingdom have provided chapters examining the current state of play in the financial services sector in their respective jurisdictions.
Weitere Details
Weitere Ausgaben
Person
Inhalt
- Cover
- Half Title Page
- Title Page
- Copyright Page
- Table of Contents
- Editor's Note
- Brazil
- Introduction
- Structure of the Financial System
- Applicable Legislation
- Regulatory Bodies
- Definitions
- Regulated Financial Services
- Banking Law and Consumer Protection
- Financial Services for Foreign Investors
- In General
- Remittance Flows from and into Brazil
- Foreign Investments in Brazil
- Opening a Non-Resident Bank Account
- Regulators of the Banking and Securities Sectors
- Functions and Powers of the Central Bank
- Penalties for Non-Compliance
- Functions and Powers of the Securities Commission
- Penalties for Non-Conformance
- Electronic Commerce and Electronic Payment Platforms
- Conclusion
- Bulgaria
- Introduction
- Banking
- Governance and Representation of Banks
- Applicable Legislation
- Capital and Reserve Funds
- Capital Adequacy Ratio and Exposure
- Liquidity Management and Supervision
- Payment Service Providers
- Bank Deposits and Bank Loans
- Capital Markets
- Legislative Framework
- Public Offerings of Securities Act
- Markets in Financial Instruments Act
- Commodity Exchanges and Commodity Markets Act
- Insurance
- Measures against Money Laundering
- Conclusion
- China
- Introduction
- Regulatory Framework
- Regulatory Framework of the Banking Sector
- Regulation of the Insurance Sector
- Key Regulatory Bodies in the Financial Sector
- People's Bank of China
- Ministry of Finance
- China Banking Regulatory Commission
- Ministry of Commerce
- State Administration of Industry and Commerce
- State Administration of Foreign Exchange
- The People's Bank of China's Recent Monetary Policies and Impact
- China Insurance Regulatory Commission
- Market Structure and Players in the Financial Sector
- Key Market Players in the Banking Sector
- Major Domestic Market Players in the Insurance Sector
- Business Operation Rules in the Financial Sector
- Key Business Operational Rules for Commercial Banks
- Operational Rules for Insurance Companies
- Foreign Investment in Financial Sectors
- The Banking Sector and Foreign-Funded Banks
- Foreign Investment in the Insurance Sector
- Old Problems or New Challenges - Chinese Puzzle of the Banking Sector after the Financial Crisis
- Effects of Commercialization
- Policy-Oriented" Commercial Banks and Quality of Loans
- Local Governments' Debt Crisis
- Regulatory and Macroeconomic Policies
- Conclusion
- Germany
- Introduction
- Definition and Types of Financial Services
- Players in the Financial Services Sector
- Providers of Financial Services
- Institutional and Private Investors of Capital
- Financial Market Supervision
- Statutory Framework for Financial Services
- Banking Act
- Securities Trading Act
- Qualification and Reliability Requirements for Freelance Intermediaries or Brokers
- Regulations on the Selling and Marketing of Investment Unit Certificates
- Regulations on Doorstep Selling and Distance Contracts
- Obligation to Publish a Prospectus and Prospectus Liability
- Liability under General Civil Law for Providing Incorrect Advice
- Proposed Reforms
- Introduction of a Financial Market Transaction Tax
- Draft Law to Strengthen German Financial Supervision
- Implementation of Basel III
- Reforms at the European Level
- Indonesia
- Introduction
- Historical Background
- Distinction between Banking and Financial Services
- Supervision of Banking and Financial Services
- Applicable Legislation on Financial Services
- Financial Services under Presidential Regulation Number 9
- Types of Financial Institutions
- Financing Companies
- Venture Capital Companies
- Infrastructure Financing Companies
- Insurance as a Financial Service under the Insurance Law
- Categories of Insurance Companies
- Limitations on Insurance Activities
- Supervision by the Minister of Finance
- Conclusion
- Italy
- Introduction
- Legal and Regulatory Framework
- Financial Service Providers
- Financial Intermediaries
- Reserved Activities
- Authorization
- European Financial Intermediaries
- Obligations
- Payment Services Institutions
- Reserved Activities
- Authorization
- Italian Branch of European Payment Institutions
- Obligations
- Subsidiaries and Agents
- Electronic Money Institutions
- Reserved Activities
- Authorization
- Italian Branch of European Electronic Money Institutions
- Obligations
- Subsidiaries and Agents
- Use of "Authorized Persons
- Conclusion
- Mexico
- Introduction
- In General
- Federal and State Regulation
- Deregulation (Non-Banking Financial Agents)
- Regulators
- In General
- Ministry of Finance and Public Credit
- Bank of Mexico
- Banking and Securities National Commission
- Insurance and Bonds National Commission
- Banking
- In General
- Regulated Activities
- Safety and Soundness Regulation
- Corporate Governance
- Foreign Ownership
- Reporting Requirements
- Reorganization of Banks
- Deposit Insurance
- Banking Secrecy
- Securities
- Historical Background
- Regulatory Scheme
- Securities Trading
- Brokerage Firms
- Stock Exchanges
- Depository Institutions
- Clearing Houses
- Rating Agencies
- Registration and Offering of Securities
- Registration
- Public Offering
- Mutual and Hedge Funds
- Mutual Funds
- Hedge Funds
- Insurance
- Regulatory Framework
- Regulators
- Corporate Governance
- Insurance Activities
- Insurance Compliance
- Other Aspects of Financial Regulation
- Money Laundering Regulations
- Financial Consumer Protection
- Class Actions
- Privacy and Disclosure
- Current Initiatives in Financial Regulation
- In General
- Banking Agents
- Mobile Accounts and Payments
- Conclusion
- Portugal
- Introduction
- Financial Services
- Banking Activities
- Investment Activities
- Types of Financial Entities
- Regulatory Procedure for the Performance of Financial Services
- Authorization
- Subsequent Formalities
- Final Registration
- Performance of Financial Services by Non-Domiciled Financial Entities
- In General
- Subsidiary
- Branch
- Crossborder Services
- Representative Office
- Supervision of Financial Services
- Supervision by the Bank of Portugal
- Supervision by the Securities Market Commission
- Insolvency Regime and Compensation Schemes
- Reorganization and Winding Up of Financial Entities
- Deposit Guarantee Fund and Resolution Fund
- Investor Compensation Scheme
- Conclusion
- Romania
- Introduction
- The Banking System
- The National Bank of Romania
- Credit Institutions
- Non-Banking Financial Institutions
- Capital Markets
- Legal Framework
- Regulated Markets
- The National Securities Commission
- Listing of Securities
- Special Governance Rules for Public Companies
- Market Transparency and Investor Equality
- Market Abuse
- Investment Services and Activities
- Conclusion
- Spain
- Introduction
- The Financial Services Market and the Wyman Report
- Current Status of the Financial Services Market and the 2012 Reform
- The Wyman Report
- Legal Features of the Debt Market in 2012
- Significant Features
- Refinancing and Restructuring Market
- Nationalization of Bankia
- Non-Performing Loans Market
- Limitations on Deducting Financial Costs
- The Code of Good Practice
- Key Reforms of the Financial Market
- First Reform: Royal Decree-Law Number 2/2012
- Second Reform: Royal Decree-Law Number 24/2012
- The "Bad Bank" for Toxic Property Assets
- General Overview
- Creation of Sareb
- Conclusion
- Switzerland
- Introduction
- Regulatory Framework
- Legal Framework
- Regulatory Bodies
- Regulated Activities
- Banks
- Qualifying Financial Institutions
- Crossborder Banking
- Banking Secrecy
- Outsourcing
- Obtaining a Banking License
- Securities Dealers
- Collective Investment Schemes
- Overview
- Authorization and Licensing Requirements
- Asset Management for an Investment Fund
- Distribution of Shares or Units of Investment Funds
- Independent Asset Manager
- Recent Developments
- The Swiss Bank Insolvency Regime
- Revision of the Deposit Protection Scheme
- New Bridge Bank Legislation
- New Too-Big-to-Fail Legislation
- Retrocessions
- Conclusion
- Turkey
- Introduction
- Overview of the Financial System
- The Progress Report of the European Commission
- Banking
- Background and Current Status
- Restructuring of the Turkish Banking Sector
- Banking Legislation
- Regulatory Institutions
- Insurance
- Overview
- Types of Insurance
- Insurance Legislation
- Regulatory Institutions
- Individual Pension System
- Capital Markets
- Overview
- Contribution to the Turkish Economy
- Capital Market Legislation
- Capital Market Activities and Institutions
- Conclusion
- United Kingdom
- Introduction
- The New Approach to Financial Regulation
- In General
- The Financial Policy Committee
- The Prudential Regulatory Authority
- The Financial Conduct Authority
- Regulatory Structure under the Financial Services and Markets Act
- The Impact of European Legislation
- In General
- Market in Financial Investment Directive
- Insurance Mediation Directive
- Market Abuse Directive and Insider Dealing
- Alternative Investment Fund Managers Directive
- Payment Services Directive
- Regulation of Consumer Credit
- Index
- Back Cover
