Part IV Supervision and Enforcement, 19 Public Enforcement of MiFID II

2017 ◽  
Author(s):  
Gortsos Christos V
Keyword(s):  
Capital Markets ◽  
Financial Stability ◽  
Public Capital ◽  
Financial Supervision ◽  
Public Enforcement ◽  
Member States ◽  
Criminal Sanctions ◽  
Administrative Sanctions

This chapter systematically assesses the provisions of MiFID II (Articles 67-88) on supervision, enforcement, and cooperation by competent authorities. It addresses the role of Member States’ competent authorities within the MiFID II regime, with particular emphasis on the competent authorities’ supervisory powers, their power to impose administrative sanctions and measures, as well as criminal sanctions, and redress procedures. It considers cooperation arrangements between Member States’ competent authorities, the obligation to cooperate with the ESMA, and cooperation with third countries. Finally, these rules are briefly assessed on the basis of three elements pertaining to financial supervision, which, in the author’s view, are essential for the preservation of financial stability and the attainment of other goals underlying (public) capital markets law, and which are addressed by MiFID II’s provisions: micro-prudential supervisory effectiveness, the efficient and unobstructed exercise of competent authorities’ sanctioning powers, and the effectiveness of supervisory cooperation arrangements.

scholarly journals Implications of the Global Financial Crisis on the Banking Sector in Eastern Europe and Baltic States

2011 ◽  
Author(s):  
Eva Banincova
Keyword(s):  
Financial Crisis ◽  
Financial Stability ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Bank Lending ◽  
Financial Supervision ◽  
Baltic States ◽  
Member States ◽  
Eu Member States ◽  
New Eu Member States

In 2008-09 the banking sectors of four Central and East European States and three Baltic States have experienced a large-scale financial crisis in the EU for the first time since becoming foreign-owned. Amongst the new EU member states Baltic States and Hungary were the worst affected economies. The paper first explores why the extent of crisis varied among these seven states by distinguishing major differences in the pre-crisis bank lending practices which reflect different macroeconomic developments and exchange rate policies in these states. Based on the analysis of bank performance indicators since 2008 and my interviews with representatives of major banks active in the region, the important role of foreign banks in mitigating the risks of financial contagion is outlined. The implication from the crisis is examined mainly from the perspective of the financial supervision and regulation in the enlarged EU. By inspecting the concrete experience of financial supervision authorities in the Baltic States the paper shows why the host country supervisors were not able to curb excessive lending and risk-taking by large Scandinavian banks. Since it is expected that the new EU regulatory and supervisory framework will reinforce the financial stability in the case of large cross-border banking groups, the paper addresses the issues in the financial crisis prevention, management are resolution in the new EU member states which will improve based on the new EU regulatory and supervisory framework for credit institutions.

Part IV Market Institutions And International Capital Markets, 11 Stock Exchanges—An Endangered Species

2021 ◽  
Author(s):  
Jordan Cally
Keyword(s):  
Capital Markets ◽  
Public Interest ◽  
Financial Stability ◽  
Stock Exchanges ◽  
International Capital ◽  
Market Institutions ◽  
International Capital Markets ◽  
Dark Pools ◽  
The Waves

This chapter explores stock exchanges, which are the most visible and vocal among capital market institutions. Despite the waves of demutualization and consolidation, exchanges remain idiosyncratic institutions. Even where similar structural reorganizations have occurred, the underlying factors prompting such moves, and potentially the on-going operations of the exchanges, are often quite different. As capital markets grew in importance, the role of exchanges extended beyond that of a trading venue. The modern exchange also serves political masters, acting as a national symbol in some cases, and thus eliciting regulatory responses not based on market considerations alone. More importantly, exchanges are imbued, implicitly or explicitly, with a ‘public interest’ due to their impact on the related issues of economic growth, systemic financial stability, and investor protection. The chapter then considers high frequency trading, which drove institutional investors off the exchanges and into the ‘dark pools’, creating concerns over exchange liquidity, transparency, and price-discovery.

Greece 2010

2017 ◽  
Author(s):  
C. Randall Henning
Keyword(s):  
International Monetary Fund ◽  
Euro Area ◽  
Financial Stability ◽  
Institutional Framework ◽  
Member States ◽  
German Politics ◽  
Greek Crisis ◽  
The International Monetary Fund

The Greek crisis of 2010 was a formative episode, during which European governments chose the mix of institutions that would formulate the rescue program and the institutions established the modalities for cooperation. This chapter examines the onset of the crisis in Greece and the genesis of its financial rescue. Specifically, it addresses the opposition to including the International Monetary Fund in the institutional mix for the first Greek program and the reasons why euro-area member states eventually selected it. The chapter also examines some of the institutional alternatives to the troika that might have been chosen but were rejected, creation of financial facilities of the euro area (the European Financial Stabilisation Mechanism and temporary European Financial Stability Facility), and role of German politics and preferences in the development of the euro area’s institutional framework.

Product Intervention Measures in the European System of Financial Supervision

2019 ◽  
Vol 1 (98) ◽  
pp. 42-54
Author(s):  
Beata Mrozowska - Bartkiewicz
Keyword(s):  
European Union ◽  
Financial Institutions ◽  
Financial Stability ◽  
Financial Sector ◽  
Financial Supervision ◽  
The European Union ◽  
Member States ◽  
Intervention Measures ◽  
European System ◽  
Binary Options

The European System of Financial Supervision (ESFS) sets a framework of financial supervision in the European Union. Its main objective is to ensure that the rules applicable to the financial sector are properly implemented in all the Member States to preserve the financial stability of the financial sector, promote trust and guarantee consumer protection. The new powers refer to investment-related products, offered by both financial institutions and insurance undertakings. Each European supervisory authority is endowed with the power to apply supervisory measures, including the product intervention, which means the power to issue a decision binding in the European Union to temporarily prohibit the provision of certain financial products, conducting some activities or practices which threaten the proper operation and integrity of financial markets or the stability of the financial system in the European Union. In 2018 the product intervention measures were adopted by ESMA for the first time in two decisions, namely on the prohibition of the provision, distribution and sale of binary options to retail clients and on the restriction of the provision, distribution or sale of contracts for differences (CFDs) to retail clients. These precedent decisions will set the new directions for the EU supervision of financial institutions, mainly because of the issuing authority, which is not national, but European, and whose decisions are automatically applied in the territories of the Member States.

Content Analysis (Analisis Isi) terhadap Peraturan Daerah Bernuansa Syariat Islam di Kabupaten Banyumas

2019 ◽  
Vol 1 (2) ◽  
pp. 121
Author(s):  
Dody Nur Andriyan
Keyword(s):  
Disease Management ◽  
Public Interest ◽  
Islamic Law ◽  
Alcoholic Beverages ◽  
Public Issues ◽  
Criminal Sanctions ◽  
Qualitative Descriptive ◽  
Administrative Sanctions ◽  
And Control ◽  
The Relationship

Regional Regulation (Perda) which regulates public issues such as prostitution, alcoholic beverages, gambling, and the relationship between men and women turns out to be identified as a Regional Regulation with nuances of Islamic law. in Banyumas Regency there is a Regional Regulation which if used by the identification of Arfiansyah above, it can be referred to as a Regional Regulation with nuances of Islamic law. The regulation is: Banyumas District Regulation Number 15 of 2014 concerning Control, Supervision and Control of Circulation of Alcoholic Beverages and Regional Regulations of Banyumas Regency Number 16 of 2015 concerning Community Disease Management. This research has two formulations of the first problem related to the results of the content of the analysis on the Perda that are nuanced by Islamic law in Banyumas Regency. Both of the results of the analysis content on the Regional Regulations that are nuanced by Islamic law in Banyumas Regency are not contrary to Law-Invitation Number 12 of 2011? This research is a qualitative-descriptive study. The research method used is normative juridical. The main source of data is the Banyumas District Regulation Number 15 of 2014 concerning Control, Supervision and Control of Circulation of Alcoholic Beverages and Regional Regulations of Banyumas Regency Number 16 of 2015 concerning Community Disease Management. Interviews were also conducted with resource persons. Furthermore, the results of the analysis were carried out. Regional Regulation No. 15 of 2014 is actually a Regional Regulation that has a broad purpose of public interest, for the nation and state. So that the claim that Perda No 15 of 2014 as a Regional Regulation with nuances of Islamic law is not true. Regional Regulation No. 16 of 2015 is actually a Regional Regulation that has a broad purpose of public interest, for the nation and state. So that the claim that Perda No 16 of 2015 as a Regional Regulation with nuances of Islamic law is not true. Both of these Perda (Perda No 15 of 2014 and Perda No. 16 of 2015) are not in conflict with Law No. 12 of 2011 concerning the Establishment of Legislation. Both in terms of content, principles, goals, arrangements, administrative sanctions and criminal sanctions. Formally and procedurally the two Perda are in accordance with Law Number 12 of 2011

On the Major Differences between the Banking Systems of the EAEU States

2020 ◽  
Vol 26 (4) ◽  
pp. 397-406
Author(s):  
T. E. Chekanova
Keyword(s):  
Financial Stability ◽  
Systems Approach ◽  
Negative Impact ◽  
Banking Regulation ◽  
Member States ◽  
Banking Systems ◽  
Significant Negative Impact ◽  
The Difference ◽  
The Government ◽  
Major Factors

The presented study examines the problems of integration of the national banking systems of the member states of the Eurasian Economic Union (EAEU).Aim. The study aims to examine the major differences in various aspects of functioning of banking systems in the EAEU member states in terms of their impact on integration processes.Tasks. The author identifies the most prominent features of the banking systems of the EAEU states; reveals the depth of the existing differences through a comparative analysis of various indicators of national banking systems; outlines ways of overcoming integration problems associated with differences in the banking sectors of the Union states.Methods. This study is based on universal general scientific methods and elements of comparative, functional, and economic analysis within the framework of a systems approach. The author uses regulatory documents and banking reports of the EAEU states, statistical and analytical materials of the Eurasian Economic Commission (EEC), and data of Moody’s international rating agency.Results. The study identifies a number of aspects that contain the major differences in the functioning of banking systems in the EAEU member states; highlights the disproportions in the scale, level of development, financial stability, and risks of the banking spheres of the Union states; comparatively analyzes the proportion of banking and non-banking structures in the system and the share of the government and non-resident companies in the capital of banks; marks the difference in the pricing of banking services; determines differences in the existing approaches to banking regulation and the established standards; analyzes the major differences in the legislative acts of the central banks and governments of the EAEU member states and in the terms and definitions used. According to the results of the study, the major factors hindering the development of integration processes between the banking systems of the EAEU states are identified.Conclusions. The existing differences between the banking systems of the EAEU countries are diverse and multifaceted. The author states that the aspects addressed in this study have a significant negative impact on the further development of integration processes, describing the major directions and actions of the member states aimed at minimizing the exiting differences, which are required to facilitate the convergence of the states and the transition towards a common financial market.

The role of standardization as a key Tool of Quality Economics in the development of integration of the Eurasian Economic Union

2019 ◽  
pp. 14-19
Author(s):  
V. V. Okrepilov ◽  
A. G. Gridasov
Keyword(s):  
Economic Integration ◽  
Legal Framework ◽  
Regulatory Framework ◽  
International Standards ◽  
Member States ◽  
Scientific Methods ◽  
Goods And Services ◽  
Eurasian Economic Union ◽  
Economic Union

The presented study examines the experience of forming a regulatory framework for the integration of the Eurasian Economic Union (EAEU) member states through the example of standardization as one of the key tools of quality economics.Aim. The study analyzes the major solutions of the EAEU authorities and member countries aimed at increasing the role of standardization in the economic integration of the Union over five years of its existence.Tasks. The authors identify efficient methods for developing standardization for the integration of the EAEU states as well as the most problematic aspects in this field that need to be taken into account in the qualitative strengthening of the Union’s economy.Methods. This study uses general scientific methods of cognition to examine the activities of the EAEU authorities and member states aimed at creating a system for the economic integration of the Union during a period of its transition from separate national markets towards a single (common) market.Results. Over five years of operation in the field of stadardization, the Eurasian Economic Union has created the necessary organizational and legal framework to ensure the successful development of integration processes. The national legislation on standardization has been modernized with allowance for the harmonization of these laws. In the next five-six years, the development of international standards for 40 technical regulations is expected to be completed, which would create a regulatory framework for unhindered interaction between all participants of the single (common) EAEU market. Conclusions. The analysis of activities in the field of standardization reveals a sufficiently thought-out and coordinated policy of the EAEU states in creating the necessary conditions for overcoming legal and administrative barriers in the movement of goods and services within the common economic space of the EAEU.

PENGARUH KOMPETENSI, INDEPENDENSI DAN AKUNTABILITAS TERHADAP KUALITAS AUDIT APARAT INSPEKTORAT DALAM PENGAWASAN KEUANGAN DAERAH

2019 ◽  
Vol 3 (02) ◽  
pp. 414
Author(s):  
SULFIANTY SULFIANTY
Keyword(s):  
Sampling Method ◽  
Audit Quality ◽  
Sample Selection ◽  
Selection Method ◽  
Civil Servants ◽  
Financial Supervision ◽  
Internal Auditors

The role of internal auditors is needed to encourage the realization of good and clean governance. This study aims to determine the effect of competence, independence and accountability on inspectorate audit quality in regional financial supervision. Population in this study are all civil servants Inspectorate of Pohuwat Regency. The sample selection method in this study is the saturated or census sampling method. The results of this study indicate that independence and accountability have an influence on audit quality both partially and simultaneously.   Peranan auditor internal sangat diperlukan untuk mendorong terwujudnya tata pemerintahan yang baik dan bersih. Penelitian ini bertujuan untuk mengetahuipengaruh kompetensi, independensi dan akuntabilitas terhadap kualitas audit inspektorat dalam pengawasan keuangan daerah.Populasi dalam penelitian ini adalah seluruh PNS Inspektorat Kabupaten Pohuwato.Metode pemilihan sampel dalam penelitian ini adalah metode sampling jenuh atau sensus.Hasil penelitian ini menunjukkan bahwa kompetensi, independensi dan akuntabilitas memiliki pengaruh terhadap kualitas audit baik secara parsial maupun secara simultan.

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