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Financial Regulation
Financial regulation is a broad set of policies that apply to the financial sector in most jurisdictions, justified by two main features of finance: systemic risk, which implies that the failure of financial firms involves public interest considerations; and information asymmetry, which justifies curbs on freedom of contract in selected areas of financial services, particularly those that involve retail clients and/or principal–agent problems. An integral part of financial regulation is the supervision of designated financial firms and markets by specialized authorities such as securities commissions and bank supervision, bank supervisors. In some jurisdictions, certain aspects of financial supervision are delegated to self-regulatory organizations. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices and case law. History In the early modern period, the Dutch were the pioneers in finan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Systemic Risk
In finance, systemic risk is the risk of collapse of an entire financial system or entire market, as opposed to the risk associated with any one individual entity, group or component of a system, that can be contained therein without harming the entire system.Banking and currency crises and systemic risk George G. Kaufman (World Bank), Internet Archive It can be defined as "financial ''system'' instability, potentially catastrophic, caused or exacerbated by idiosyncratic events or conditions in financial intermediaries". It refers to the risks imposed by ''interlinkages'' and ''interdependencies'' in a system or market, where the failure of a single entity or cluster of entities can cause a casca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Repression
Financial repression comprises "policies that result in savers earning returns below the rate of inflation" to allow banks to "provide cheap loans to companies and governments, reducing the burden of repayments." It can be particularly effective at liquidating government debt denominated in domestic currency. It can also lead to large expansions in debt "to levels evoking comparisons with the excesses that generated Japan’s lost decade and the 1997 Asian financial crisis." The term was introduced in 1973 by Stanford economists Edward S. Shaw and Ronald I. McKinnon to "disparage growth-inhibiting policies in emerging markets." Mechanism Financial repression may consist of any of the following, alone or in combination.: #Explicit or indirect capping of interest rates, such as on government debt and deposit rates (e.g., Regulation Q). #Government ownership or control of domestic banks and financial institutions with barriers that limit other institutions from entering the m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Congressional Research Service
The Congressional Research Service (CRS) is a public policy research institute of the United States Congress. Operating within the Library of Congress, it works primarily and directly for members of Congress and their committees and staff on a confidential, nonpartisan basis. CRS is sometimes known as Congress' think tank due to its broad mandate of providing research and analysis on all matters relevant to national policymaking. CRS has roughly 600 employees, who have a wide variety of expertise and disciplines, including lawyers, economists, historians, political scientists, reference librarians, and scientists. In the 2023 fiscal year, it was appropriated a budget of roughly $133.6 million by Congress. Modeled after the Wisconsin Legislative Reference Bureau, CRS was founded during the height of the Progressive Era as part of a broader effort to professionalize the government by providing independent research and information to public officials. Its work was initially ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Virtual Currency Law In The United States
United States virtual currency law is financial regulation as applied to transactions in virtual currency in the U.S. The Commodity Futures Trading Commission has regulated and may continue to regulate virtual currencies as commodities. The Securities and Exchange Commission also requires registration of any virtual currency traded in the U.S. if it is classified as a ''security'' and of any trading platform that meets its definition of an exchange. The regulatory structure also includes tax regulations and FINCEN transparency regulations between financial exchanges and the individuals and corporations with whom they conduct business. The regulatory and market environment The Internal Revenue Service (IRS) describes Virtual Currencies (VCs) as "a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value nddoes not have legal tender status in any jurisdiction."Internal Revenue Service, Notice 2014-21IRS Virtual Currency Gui ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Securities Commission
A securities commission, securities regulator or capital market authority is a government department or agency responsible for financial regulation of securities products within a particular country. Its powers and responsibilities vary greatly from country to country, but generally cover the setting of rules as well as enforcing them for financial intermediaries and stock exchanges. History As long as there have been securities there have been regulations. However, in the early days this consisted primarily of self-regulated groups or societies. External government regulation has primarily been driven by financial crises or scandals. As early as the 13th century the king Edward I of England decreed that brokers should be licensed after he was forced to go to local money brokers that give much less favorable terms then his Italian brokers after the start of the Anglo-French war. In 1720 the British Parliament passed the Bubble Act which had specific regulations for securit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regulatory Economics
Regulatory economics is the application of law by government or regulatory agencies for various economics-related purposes, including remedying market failure, protecting the environment and economic management. Regulation Regulation is generally defined as legislation imposed by a government on individuals and private sector firms in order to regulate and modify economic behaviors. Conflict can occur between public services and commercial procedures (e.g. maximizing profit), the interests of the people using these services (see market failure), and also the interests of those not directly involved in transactions ( externalities). Most governments, therefore, have some form of control or regulation to manage these possible conflicts. The ideal goal of economic regulation is to ensure the delivery of a safe and appropriate service, while not discouraging the effective functioning and development of businesses. For example, in most countries, regulation controls the sale and co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regulatory Capture
In politics, regulatory capture (also called agency capture) is a form of corruption of authority that occurs when a political entity, policymaker, or regulator is co-opted to serve the commercial, ideological, or political interests of a minor constituency, such as a particular geographic area, industry, profession, or ideological group. When regulatory capture occurs, a special interest is prioritized over the general interests of the public, leading to a net loss for society. The theory of '' client politics'' is related to that of rent-seeking and political failure; client politics "occurs when most or all of the benefits of a program go to some single, reasonably small interest (e.g., industry, profession, or locality) but most or all of the costs will be borne by a large number of people (for example, all taxpayers)". Theory For public choice theorists, regulatory capture occurs because groups or individuals with high-stakes interests in the outcome of policy or reg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microprudential Regulation
Banking regulation and supervision refers to a form of financial regulation which subjects banks to certain requirements, restrictions and guidelines, enforced by a financial regulatory authority generally referred to as banking supervisor, with semantic variations across jurisdictions. By and large, banking regulation and supervision aims at ensuring that banks are safe and sound and at fostering market transparency between banks and the individuals and corporations with whom they conduct business. Its main component is prudential regulation and supervision whose aim is to ensure that banks are viable and resilient ("safe and sound") so as to reduce the likelihood and impact of bank failures that may trigger systemic risk. Prudential regulation and supervision requires banks to control risks and hold adequate capital as defined by capital requirements, liquidity requirements, the imposition of concentration risk (or large exposures) limits, and related reporting and public disc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macroprudential Regulation
Macroprudential regulation is the approach to financial regulation that aims to mitigate risk to the financial system as a whole (or "systemic risk"). After the 2008 financial crisis, there has been a growing consensus among policymakers and economic researchers about the need to re-orient the regulatory framework towards a macroprudential perspective. History As documented by Clement (2010), the term "macroprudential" was first used in the late 1970s in unpublished documents of the Cooke Committee (the precursor of the Basel Committee on Banking Supervision) and the Bank of England. But only in the early 2000s—after two decades of recurrent financial crises in industrial and, most often, emerging market countries—did the macroprudential approach to the regulatory and supervisory framework become increasingly promoted, especially by authorities of the Bank for International Settlements. A wider agreement on its relevance was reached after the 2008 financial crisis. Object ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
LabEx ReFi - European Laboratory On Financial Regulation
Since the financial crisis, regulation of financial activities is at the center of economic and political events. The crisis has indeed led regulators but also the academic world to ask new questions about the effectiveness of regulation policies. To answer these questions, the French laboratory of excellence on financial regulation (Labex ReFi) was established at the initiative of the Conservatoire national des arts et métiers (CNAM), the Ecole Nationale d'Administration (ENA) and Pantheon-Sorbonne University and ESCP Europe (project leader) in the framework of the “Grand Emprunt”. Financed over 10 years, Labex ReFi will be evaluated by the National Research Agency (ANR). Purpose Governance LABEX ReFi is organized around a Scientific Council under the leadership of Prof. Christian de Boissieu, a Strategic Orientation Committee, chaired by Mr. Augustin de Romanet de Beaune, composed of regulators and professionals, as well as academic personalities and an Executive Commit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Centre For Financial Regulation
The International Centre for Financial Regulation (ICFR) (2009–12) was a UK-based non-partisan organisation focused entirely on financial regulation that operated between 2009 and 2012. History IFCR was the product of a collaboration between a number if international financial services institutions and the UK Government. The ICFR wanted to provide research, events and training on financial regulation whilst also acting as a catalyst for dialogue, thought leadership and scholarship in this critical area. The ICFR’s stated focus was to "shape regulatory thinking that not only addresses – but also anticipates – the evolution of financial markets at a global level, to bring consistency and cooperation between global regulators and policy makers through pro-active discussions, working groups and long-term research." The Centre also meant to support practical training initiatives on best practice and the latest regulatory changes both in developed and emerging markets. It was put ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Organization Of Securities Commissions
International is an adjective (also used as a noun) meaning "between nations". International may also refer to: Music Albums * ''International'' (Kevin Michael album), 2011 * ''International'' (New Order album), 2002 * ''International'' (The Three Degrees album), 1975 *''International'', 2018 album by L'Algérino Songs * The Internationale, the left-wing anthem * "International" (Chase & Status song), 2014 * "International", by Adventures in Stereo from ''Monomania'', 2000 * "International", by Brass Construction from ''Renegades'', 1984 * "International", by Thomas Leer from ''The Scale of Ten'', 1985 * "International", by Kevin Michael from ''International'' (Kevin Michael album), 2011 * "International", by McGuinness Flint from ''McGuinness Flint'', 1970 * "International", by Orchestral Manoeuvres in the Dark from '' Dazzle Ships'', 1983 * "International (Serious)", by Estelle from '' All of Me'', 2012 Politics * Internationalism (politics) * Political international, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
