Legal Aspects of Financial Services Regulation and the Concept of a Unified Regulator

This study addresses the legal and policy issues underpinning the development of, and the strengthening of the regulatory and institutional framework for unified financial services supervision. The study discusses developments in a number of jurisd...

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Bibliographic Details
Main Author:	Mwenda, Kenneth Kaoma
Format:	Publication
Language:	English en_US
Published:	Washington, DC: World Bank 2012
Subjects:	ACCOUNTABILITY ACCOUNTING ADMINISTRATIVE LAW ASP BANK OF ENGLAND BANK OF JAMAICA BANKING SECTOR BANKING SUPERVISION BANKS CAPITAL ADEQUACY CAPITAL ADEQUACY DIRECTIVE CENTRAL BANKS CIVIL CODE CLEARING HOUSES COMPENSATION COMPLAINTS CONSOLIDATED SUPERVISION CONSTITUTION CONSUMER INTERESTS CONTROL SYSTEMS COPYRIGHT DIRECTIVES DOI EMERGING MARKETS ENFORCEMENT POWERS ENVIRONMENTAL IMPACT FEDERAL DEPOSIT INSURANCE FEDERAL DEPOSIT INSURANCE CORPORATION FINANCIAL CAPACITY FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL SERVICES FINANCIAL SYSTEMS GOVERNMENT DEPARTMENT GOVERNMENT POLICIES INFORMATION TECHNOLOGY INSURANCE INTEGRATED REGULATION INTERNAL CONTROL INTERNAL CONTROL SYSTEMS INTERNATIONAL LAW INVESTMENT BANKS JURISDICTIONS LEGAL FRAMEWORK LEGAL PRACTITIONERS LEGAL STATUS LEGISLATION LIABILITY LICENSING PENSIONS POLICY COMMITTEE POLICY OBJECTIVES PRIVATE PROPERTY RIGHTS PUBLIC POLICY REGISTRY REGULATOR REGULATORS REGULATORY AGENCIES REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY BODIES REGULATORY ENVIRONMENT REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REGULATORY MANDATE REGULATORY OBJECTIVES REGULATORY REGIMES REGULATORY REQUIREMENTS REGULATORY STRUCTURES RESERVE BANK OF AUSTRALIA RETIREMENT RIGHT OF APPEAL RULES SAFETY SUBSIDIARY SYSTEMIC RISK TRANSPARENCY UNIVERSAL BANKING
Online Access:	http://documents.worldbank.org/curated/en/2006/01/6739115/legal-aspects-financial-services-regulation-concept-unified-regulator http://hdl.handle.net/10986/6952

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Summary:	This study addresses the legal and policy issues underpinning the development of, and the strengthening of the regulatory and institutional framework for unified financial services supervision. The study discusses developments in a number of jurisdictions, among them Australia, Canada, Estonia, Germany, Hungary, Ireland, Latvia, Malta, the Scandinavian countries, the United Kingdom, and the United States. Chapter 1 examines conceptual issues to be taken into account in designing a sound regulatory and institutional framework for financial services supervision. The chapter also provides a working definition of "regulation" and delves into the intricacies of designing the appropriate regulatory framework. Chapter 2 analyzes the concept of an independent financial services regulator, arguing that a unified regulator that is both independent and accountable would help promote the development of a sound financial sector. Chapter 3 discusses the concept of a unified regulator, examining the question of whether every country should adopt a model of unified financial services supervision. Chapter 4 provides country studies, addressing the efficacy of the framework for unified financial services supervision in Latvia, the United Kingdom, and the Scandinavian countries. Finally, Chapter 5 defines policy recommendations and possible constitutional, and legal challenges that might be encountered when a country is considering unifying its regulation of financial services.

Legal Aspects of Financial Services Regulation and the Concept of a Unified Regulator

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