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Parliamentary Commission On Banking Standards
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Author :Great Britain. Parliament. House of Commons. Treasury Committee Publisher :The Stationery Office ISBN 13 :0215078810 Total Pages :86 pages Book Rating :4.2/5 (15 download)
Book Synopsis HC 768 - Implementing the Recommendations of the Parliamentary Commission on Banking Standards by : Great Britain. Parliament. House of Commons. Treasury Committee
Download or read book HC 768 - Implementing the Recommendations of the Parliamentary Commission on Banking Standards written by Great Britain. Parliament. House of Commons. Treasury Committee and published by The Stationery Office. This book was released on 2014 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Changing banking for good by : Great Britain: Parliament: Parliamentary Commission on Banking Standards
Download or read book Changing banking for good written by Great Britain: Parliament: Parliamentary Commission on Banking Standards and published by Stationery Office. This book was released on 2013-06-19 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Parliamentary Commission on Banking Standards was established in July 2012, in the wake of the LIBOR scandal, to conduct an inquiry into professional standards and culture in the UK banking sector and to make recommendations for legislative and other action. This final report from the Commission contains a package of recommendations to raise standards, including: making senior bankers personally responsible, reforming bank governance, creating better functioning and more diverse markets, reinforcing the powers of regulators and making sure they do their job. Key recommendations include: A new Senior Persons Regime, replacing the Approved Persons Regime, to ensure that the most important responsibilities within banks are assigned to specific, senior individuals so they can be held fully accountable for their decisions and the standards of their banks in these areas; a new licensing regime underpinned by Banking Standards Rules to ensure those who can do serious harm are subject to the full range of enforcement powers; a new criminal offence for Senior Persons of reckless misconduct in the management of a bank, carrying a custodial sentence; a new remuneration code better to align risks taken and rewards received in remuneration, with much more remuneration to be deferred and for much longer; a new power for the regulator to cancel all outstanding deferred remuneration, along with unvested pension rights and loss of office or change of control payments, for senior bank employees in the event of their banks needing taxpayer support, creating a major new incentive on bankers to avoid such risks.
Book Synopsis The Government's Response to the Report of the Parliamentary Commission on Banking Standards by : Great Britain
Download or read book The Government's Response to the Report of the Parliamentary Commission on Banking Standards written by Great Britain and published by Stationery Office/Tso. This book was released on 2013-07-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the Government's response to the Parliamentary Commission on Banking Standards report, 'Changing banking for good' (HC 175-I, session 2013-14 (ISBN 9780108551062)). The Commission's final report sets out a compelling case for change and makes over 100 recommendations. The Government agrees with the overall conclusions of the Commission and accepts all of its principal recommendations. Specifically, the Government is announcing that it is planning to: i) strengthen individual accountability by introducing a tough new Senior Persons regime; introducing new banking standards rules to promote higher standards for all bank staff; introducing a new criminal offence for reckless misconduct for senior bankers; reversing the burden of proof so that bank bosses are held accountable for breaches within their areas of responsibility; and working with the regulators to implement the Commission's proposals on pay ii) ask the regulators to implement the Commission's key recommendations on corporate governance iii) support competition in the banking sector by providing the Prudential Regulation Authority (PRA) with a secondary competition objective to strengthen its role; and ask the new payments regulator, once established, to urgently examine account portability and payments system ownership. As already announced, HM Treasury has launched a review of the case for establishing a "bad bank" consisting of some high risk RBS assets. The Office of Fair Trading (OFT) has brought forward its review of competition in the small and medium enterprise (SME) sector. In response to the Commission's other recommendations, the Government has initiated detailed further work to explore the best path for their implementation.
Book Synopsis Changing Banking for Good by : Great Britain. Parliament. Parliamentary Commission on Banking Standards
Download or read book Changing Banking for Good written by Great Britain. Parliament. Parliamentary Commission on Banking Standards and published by Stationery Office/Tso. This book was released on 2013 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Volume of the report from the Parliamentary Commission on Banking Standards contains eleven chapters setting out the Commission's findings, conclusions and recommendations in detail. The chapters are: introduction; the public experience of banks; the underlying causes; tackling resistance to reform; better functioning markets; a new framework for individuals; bank governance, standards and culture; remuneration; regulatory and supervisory approach; sanctions and enforcement; the way forward. The annexes to the report are: conduct of the Commission's work; trust in other sectors; bank remuneration; CDFIs (community development finance institutions); bank ownership; the public policy framework for remuneration
Author :Great Britain: Parliament: House of Commons: Treasury Committee Publisher : ISBN 13 :9780215083807 Total Pages :10 pages Book Rating :4.0/5 (838 download)
Book Synopsis Implementing the Recommendations of the Parliamentary Commission on Banking Standards by : Great Britain: Parliament: House of Commons: Treasury Committee
Download or read book Implementing the Recommendations of the Parliamentary Commission on Banking Standards written by Great Britain: Parliament: House of Commons: Treasury Committee and published by . This book was released on 2015-03-03 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Banking Reform by : Great Britain: Parliament: Parliamentary Commission on Banking Standards
Download or read book Banking Reform written by Great Britain: Parliament: Parliamentary Commission on Banking Standards and published by The Stationery Office. This book was released on 2013-03-11 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Structural reform represents a crucial building block for establishing a safer and more secure banking system in the United Kingdom. This Commission, in its First Report, concluded that partial structural separation of the kind proposed initially by the Independent Commission on Banking (ICB) and subsequently, with modifications, by the Government in its October 2012 draft Financial Services (Banking Reform) Bill could bring significant benefits for public policy and for banking. We recommended a number of steps to strengthen the proposed legislation and to increase its chances of being effective, as well as other measures to enhance the stability of the banking system as a whole."--Introduction.
Book Synopsis Banking Reform by : Great Britain. Treasury
Download or read book Banking Reform written by Great Britain. Treasury and published by The Stationery Office. This book was released on 2013-02-04 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banking reform is the second key pillar of the Government's programme for reform of the financial sector to address the weaknesses exposed by the financial crisis of 2007-09. The first pillar of this programme, reform of financial services regulation, has been legislated in the Financial Services Act that received Royal Assent in December 2012 (2012 Ch. 21, 9780105421122). The Government is now legislating to reform the structure of the UK banking system, through the Financial Services (Banking Reform) Bill (HCB 130, session 2012-13, ISBN 9780215053794) which implements key recommendations of the Independent Commission on Banking, including ring-fencing retail deposits from wholesale banking activities and depositor preference. This document accompanies introduction of the Bill and includes the Government response to the first report of the Parliamentary Commission on Banking Standards (PCBS), which conducted pre-legislative scrutiny on the draft Bill. The response explains where the Government has amended the Bill and includes and impact assessment for the Bill, along with the opinion of the independent Regulatory Policy Committee
Book Synopsis Towards a Safer World of Banking by : T.T. Ram Mohan
Download or read book Towards a Safer World of Banking written by T.T. Ram Mohan and published by Business Expert Press. This book was released on 2017-04-04 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book contends that, while several factors can be blamed for the financial crisis of 2007, a failure of regulation was the most important one. The changes to bank regulation that have happened since are not good enough to make the banking system a great deal safer than before We need to look at radical, out-of-the-box solutions if another major financial upheaval is to be prevented.
Book Synopsis The UK and Multi-level Financial Regulation by : Scott James
Download or read book The UK and Multi-level Financial Regulation written by Scott James and published by Oxford University Press. This book was released on 2020-02-06 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: The UK and Multi-level Financial Regulation examines the role of the United Kingdom (UK) in shaping post-crisis financial regulatory reform, and assesses the implications of the UK's withdrawal from the European Union (EU). It develops a domestic political economy approach to examine how the interaction of three domestic groups - elected officials, financial regulators, and the financial industry - shaped UK preferences, strategy, and influence in international and EU-level regulatory negotiations. The framework is applied to five case studies: bank capital and liquidity requirements; bank recovery and resolution rules; bank structural reforms; hedge fund regulation; and the regulation of over-the-counter derivatives. It concludes by reflecting on the future of UK financial regulation after Brexit. The book argues that UK regulators pursued more stringent regulation when they had strong political support to resist financial industry lobbying. UK regulators promoted international harmonisation of rules when this protected the competitiveness of industry or enabled cross-border externalities to be managed more effectively; but were often more resistant to new EU rules when these threatened UK interests. Consequently, the UK was more successful at shaping international standards by leveraging its market power, regulatory capacity, and alliance building (with the US). But it often met with greater political resistance at the EU level, forcing it to use legal challenges to block reform or secure exemptions. The book concludes that political and regulatory pressure was pivotal in defining the UK's 'hard' Brexit position, and so the future UK-EU relationship in finance will most likely be based on a framework of regulatory equivalence.
Book Synopsis The Bank Culture Debate by : Huw Macartney
Download or read book The Bank Culture Debate written by Huw Macartney and published by Oxford University Press. This book was released on 2019-09-12 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The period since the Global Financial Crisis and numerous scandals have exposed some areas of serious illegal and unethical conduct within western banking systems. Despite extensive reforms it is increasingly apparent however that there is a persistent problem with the 'culture' of banking in Anglo-America. US and UK state managers made substantial efforts to reform the culture of their banking sectors. However, this book argues that they focused on an extremely narrow definition of bank culture. They did so for two reasons: firstly, because the structural pressures of financialization - which are a far more important driver of the problematic features of bank culture in Anglo-America - are harder to remedy; but secondly, state managers also used their bank culture response to tackle a legitimacy crisis facing their institutions of government. In so doing they abdicated responsibility for the real problems - of inequality and instability - associated with their respective financial systems Drawing on interviews with more than 150 individuals working in financial services as well as regulators, politicians, and lawyers, The Bank Culture Debate explains the strategies employed by state managers before then examining what has and has not changed in the culture of banking in the US and UK.
Book Synopsis The Government response to the Independent Commission on Banking by : Great Britain: H.M. Treasury
Download or read book The Government response to the Independent Commission on Banking written by Great Britain: H.M. Treasury and published by The Stationery Office. This book was released on 2011-12-19 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: In its final report the Independent Commission on Banking (ICB) recommended a package of measures, consisting of ring-fencing vital banking services and increasing banks' loss-absorbency. The Government strongly supports the ICB's objectives and dual approach. The Government agrees that vital banking services - in particular, the taking of retail deposits - should only be provided by 'ring-fenced' banks', and that these banks should be prohibited from undertaking certain investment banking activities. On increased loss-absorbency, also supported are the ICB recommendations for higher equity requirements for large ring-fenced banks, a minimum leverage ratio, loss-absorbing debt, insured depositor preference and higher levels of loss-absorbing capacity for banks that are difficult to resolve. With regards to the principle that systemically important banks hold a minimum about of loss-absorbing capacity on a group-wide basis, however, the requirement should not apply to non-UK operations where it can be shown that those operations to do not pose a risk to UK financial stability. The Government also believes that depositor preference needs further analysis and consultation. On competition, the Government also strongly supports all the ICB recommendations. The Government estimates the aggregate private costs to UK banks at £3.5bn - £8bn, producing a gross reduction in GDP of £0.8bn - £1.8bn. Against these costs though should be set the potentially much larger benefits with the ICB's recommendations yielding an estimated incremental economic benefit of £9.5bn per annum. Significantly too the Government wants to see relevant legislation completed by the end of this Parliament in May 2015 as opposed to the ICBs recommended 2019
Book Synopsis Financial Stability and Prudential Regulation by : Alison Lui
Download or read book Financial Stability and Prudential Regulation written by Alison Lui and published by Routledge. This book was released on 2016-10-04 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial stability is one of the key tenets of a central bank’s functions. Since the financial crisis of 2007-2009, an area of hot debate is the extent to which the central bank should be involved with prudential regulation. This book examines the macro and micro-prudential regulatory frameworks and systems of the United Kingdom, Australia, the United States, Canada and Germany. Drawing on the regulator frameworks of these regions, this book examines the central banks’ roles of crisis management, resolution and prudential regulation. Alison Lui compares the institutional structure of the new ‘twin-peaks’ model in the UK to the Australian model, and the multi-regulatory US model and the single regulatory Canadian model. The book also discusses the extent the central bank in these countries, as well as the ECB, are involved with financial stability, and argues that the institutional architecture and geographical closeness of the Bank of England and Financial Policy Committee give rise to the fear that the UK central bank may become another single super-regulator, which may provide the Bank of England with too much power. As a multi-regional, comparative study on the importance and effectiveness of prudential regulation, this book will be of great use and interest to students and researchers in finance and bank law, economics and banking.
Book Synopsis Strategies for Compliance by : Alan Brener
Download or read book Strategies for Compliance written by Alan Brener and published by Routledge. This book was released on 2020-12-20 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compliance is a fundamental control function within regulated industries globally. This book provides an expert introduction to corporate compliance using cases, examples and insights from the financial services sector and beyond. The author, an experienced compliance practitioner and academic, highlights compliance challenges, using examples such as Wells Fargo, whistleblowing in the financial services and the mis-selling of payment protection insurance in the UK banking sector. The book explores strategies for creating compliant cultures and fostering regulatory trust, whilst practical guidance is provided on anticipating regulatory changes. Addressing organisational obstruction and delay, the author presents a series of valuable tools and techniques for real-world practice. An essential professional development resource for board directors, compliance officers and other senior managers, the book also provides a unique learning and development resource for students of corporate compliance globally.
Book Synopsis Principles of Banking Regulation by : Kern Alexander
Download or read book Principles of Banking Regulation written by Kern Alexander and published by Cambridge University Press. This book was released on 2019-06-06 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: An accessible, comprehensive analysis of the main principles and rules of banking regulation in the post-crisis regulatory reform era, this textbook looks at banking regulation from an inter-disciplinary perspective across law, economics, finance, management and policy studies. It provides detailed coverage of the most recent international, European and UK bank regulatory and policy developments, including Basel IV, structural regulation, bank resolution and Brexit, and considers the impact on bank governance, compliance, risk management and strategy.
Book Synopsis Corruption, Integrity and the Law by : Nicholas Ryder
Download or read book Corruption, Integrity and the Law written by Nicholas Ryder and published by Routledge. This book was released on 2020-02-11 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalisation has opened new avenues to corruption. Corrupt practices are proliferating not only within national borders but across different countries. Despite many national and international anti-corruption bodies and strategies, corruption far from being eradicated. There is an urgent global demand for a better understanding of corruption as a phenomenon and a thorough assessment of the existing regulatory remedies, towards the establishment of more effective (and possibly uniform) anti-corruption measures. Our previous collection, Corruption in the Global Era (Routledge, 2019), analysed the causes, the sources, and the forms of manifestation of global corruption. An ideal continuation of that volume, this book moves from the analysis of the phenomenon of corruption to that of the regulatory remedies against corruption and for the promotion of integrity. Corruption, Integrity and the Law provides a unique interdisciplinary assessment of the global anti-corruption legal framework. The collection gathers top experts in different fields of both the academic and the professional world – including criminal law, EU law, international law, competition law, corporate law and ethics. It analyses legal instruments adopted not only at a supranational level but also by different countries, in the attempt of establishing an interdisciplinary and comparative dialogue between theory and practice and between different legal systems towards a better global promotion of integrity. This book will be of value to researchers, academics and students in the fields of law, criminology, sociology, economics, ethics as well as professionals – especially solicitors, barristers, businessmen and public servants.
Book Synopsis The Origins of Modern Financial Crime by : Sarah Wilson
Download or read book The Origins of Modern Financial Crime written by Sarah Wilson and published by Routledge. This book was released on 2014-06-05 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent global financial crisis has been characterised as a turning point in the way we respond to financial crime. Focusing on this change and ‘crime in the commercial sphere’, this text considers the legal and economic dimensions of financial crime and its significance in societal consciousness in twenty-first century Britain. Considering how strongly criminal enforcement specifically features in identifying the post-crisis years as a ‘turning point’, it argues that nineteenth-century encounters with financial crime were transformative for contemporary British societal perceptions of ‘crime’ and its perpetrators, and have lasting resonance for legal responses and societal reactions today. The analysis in this text focuses primarily on how Victorian society perceived and responded to crime and its perpetrators, with its reactions to financial crime specifically couched within this. It is proposed that examining how financial misconduct became recognised as crime during Victorian times makes this an important contribution to nineteenth-century history. Beyond this, the analysis underlines that a historical perspective is essential for comprehending current issues raised by the ‘fight’ against financial crime, represented and analysed in law and criminology as matters of enormous intellectual and practical significance, even helping to illuminate the benefits and potential pitfalls which can be encountered in current moves for extending the reach of criminal liability for financial misconduct. Sarah Wilson’s text on this highly topical issue will be essential reading for criminologists, legal scholars and historians alike. It will also be of great interest to the general reader. The Origins of Modern Financial Crime was short-listed for the Wadsworth Prize 2015.
Book Synopsis Multinational Enterprises and the Law by : Peter Muchlinski
Download or read book Multinational Enterprises and the Law written by Peter Muchlinski and published by Oxford University Press. This book was released on 2021-02-18 with total page 864 pages. Available in PDF, EPUB and Kindle. Book excerpt: Multinational Enterprises and the Law is the only comprehensive, contemporary, and interdisciplinary account of the techniques used to regulate multinational enterprises (MNEs) at the national, regional, and multilateral levels. In addition, it considers the effects of corporate self-regulation, and the impact of civil society and community groups upon the development of the legal order in this area. The book has been thoroughly revised and updated for this third edition, making it a definitive reference work for students, researchers, and practitioners of international economic law, business, corporate and commercial law, development studies, and international politics. Split into four parts, the book first deals with the conceptual basis for MNE regulation. It explains the growth of MNEs, their business and legal forms, and the relationship between them and the effects of a globalized economy and society, now increasingly challenged by recently revived nationalist economic policies, upon the evolution of regulatory agendas in the field. In addition, the limits of national and regional jurisdiction over MNE activities are considered, a question that arises throughout the specialized areas of regulation covered in the remainder of the book. Part II covers the main areas of economic regulation, including controls over, and the liberalization of, entry and establishment, tax, company and competition law and the impact of intellectual property rights on technology diffusion and transfer. A specialized chapter on the regulation of multinational banks in the wake of the global financial crisis is new to this edition. Part III introduces the social dimension of MNE regulation covering labour rights, human rights, and environmental issues. Finally, Part IV deals with the contribution of international investment law to MNE regulation and to the control of investment risks, covering the main provisions found in international investment agreements, their interpretation by international tribunals, the process of investor-state arbitration, and how concerns over these developments are leading to reform proposals.
