Part III Financial Sectors and Activities, 20 Home Finance Transactions

2018 ◽  
Author(s):  
Walker George ◽  
Purves Robert ◽  
Blair Michael
Keyword(s):  
Financial Services ◽  
Regulatory Regime ◽  
Prudential Regulation ◽  
Mortgage Credit ◽  
Home Purchase ◽  
Mortgage Credit Directive ◽  
Building Societies

This chapter examines the regulatory regime for building societies in their capacity as lenders and for home finance transactions, which includes lending on mortgage secured on domestic property, home purchase business, and home reversion business. It begins with a discussion of the supervision and regulation of building societies before the Financial Services and Markets Act 2000 (FSMA) and under FSMA. It then considers some key developments relating to the regulation of mortgage and home finance business, including the European Commission's introduction of the Mortgage Credit Directive and the replacement of the Financial Services Authority by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The chapter also analyses the regulation of the consumer buy to let mortgage business, home reversion plans, home purchase plans, and regulated sale and rent back agreements before concluding with a review of the Prudential Sourcebook for Mortgage and Home Finance Firms and Insurance Intermediaries.

The Systemic Effects of Prudential Regulation Toughening:The Results of a Stress-test for Russian Banks

2012 ◽  
pp. 4-31 ◽  
Author(s):  
M. Mamonov ◽  
A. Pestova ◽  
O. Solntsev
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
Stress Test ◽  
Credit Market ◽  
Capital Adequacy ◽  
Government Support ◽  
Government Ownership ◽  
Prudential Regulation ◽  
The Government ◽  
The Stability

The stability of Russian banking sector is threatened by three negative tendencies - overheating of the credit market, significant decrease of banks capital adequacy ratios, and growing problems associated with banks lending to affiliated non-financial corporations. The co-existence of these processes reflects the crisis of the model of private investments in Russian banking sector, which was observed during the last 20 years. This paper analyzes the measures of the Bank of Russia undertaken to maintain the stability of the banking sector using the methodology of credit risk stress-testing. Based on this methodology we conclude that the Bank of Russias actions can prevent the overheating of the credit market, but they can also lead to undesirable effects: further expansion of the government ownership in Russian banking sector and substitution of domestic credit supply by cross-border corporate borrowings. The later weakens the competitive positions of Russian banks. We propose a set of measures to harmonize the prudential regulation of banks. Our suggestions rely on design and further implementation of the programs aimed at developing new markets for financial services provided by Russian banks to their corporate and retail customers. The estimated effects of proposed policy measures are both the increase in profitability and capitalization of Russian banks and the decrease of banks demand for government support.

Credit Intermediation under the 2014 European Mortgage Credit Directive: a Call for Targeted Rules on Intermediary Remuneration

2017 ◽  
Vol 13 (1) ◽  
pp. 1-37 ◽  
Author(s):  
Michiel De Muynck ◽  
Diederik Bruloot
Keyword(s):  
Consumer Protection ◽  
Information Disclosure ◽  
Regulatory Framework ◽  
Member States ◽  
Mortgage Credit ◽  
Starting Point ◽  
Policy Objectives ◽  
Mortgage Credit Directive ◽  
Disclosure Obligations ◽  
The Way

AbstractIn February 2014 the European legislator adopted a directive on credit agreements for consumers relating to residential immovable property, which had to be implemented by the member states by March 2016. This paper starts with some fundamentals on the policy objectives underlying this so-called „Mortgage Credit Directive” (MCD) and further provides an overview of the specific regulatory framework that has been developed for credit intermediaries. This serves as the starting point for an assessment of the level of consumer protection that has been established while regulating the activities of credit intermediaries. Particular risks for credit intermediaries’ clients stem from incentives caused by the way in which they are traditionally remunerated by consumers and/or creditors. Whereas information disclosure obligations included in the MCD are an insufficient means to mitigate some potentially harmful consequences of intermediary compensation, the authors argue for the introduction of targeted remuneration regulation.

5 The Regulatory Duties Arising from the Provision of Investment Advisory and Management Services

2018 ◽  
Author(s):  
Spangler Timothy
Keyword(s):  
Financial Services ◽  
Public Investment ◽  
Private Investment ◽  
The United States ◽  
Fiduciary Duty ◽  
Regulatory Regime ◽  
Investment Funds ◽  
Investment Advisers ◽  
The Uk ◽  
Management Services

This chapter examines the regulatory duties of investment managers arising from the provision of investment advisory and management services. Managers of private investment funds that are authorised or regulated as investment advisers or managers can owe regulatory duties arising under the Financial Services and Markets Act 2000 (FSMA) in the UK and the Investment Advisers Act of 1940 in the United States. The chapter begins with a discussion of the UK Financial Conduct Authority’s (FCA) regulation of the conduct of firms authorised under the FSMA, including collective investment schemes, public investment funds, and fiduciary duty in the financial services regulatory regime. It then considers the FCA’s regulatory response to private investment funds as well as the U.S. Securities and Exchange Commission’s compliance programme for investment advisers and managers primarily under the Advisers Act. It concludes with an analysis of financial services regulation of fiduciary duties.

Part III Financial Sectors and Activities, 17 Insurance Regulation

2018 ◽  
Author(s):  
Walker George ◽  
Purves Robert ◽  
Blair Michael
Keyword(s):  
Financial Services ◽  
Third Parties ◽  
Regulatory Regime ◽  
Eu Law ◽  
Compensation Scheme ◽  
Insurance Regulation ◽  
Eu Legislation ◽  
Regulatory Approach ◽  
European Union Legislation ◽  
The Uk

This chapter examines the statutory regime for the regulation of insurers as well as intermediaries and brokers dealing with insurance products. It first provides an overview of terminology and categorisation of insurance under European Union legislation and UK regulation before discussing the evolution of the regulatory approach to insurers. It then considers EU law and UK law on insurance and reinsurance, along with the relevant provisions of the Financial Services and Markets Act 2000, Contracts (Rights of Third Parties) Act 1999, and other applicable legislation. It also analyses insurance regulation under the Financial Ombudsman Service and the Financial Services Compensation Scheme. Finally, it assesses the influence of EU legislation on the structure and much of the detail of the UK regulatory regime for insurance.

Part I Regulatory Structure, 2 Statutory Framework for UK Financial Services Regulation

2018 ◽  
Author(s):  
Walker George ◽  
Purves Robert ◽  
Blair Michael
Keyword(s):  
Financial Services ◽  
Regulatory Structure ◽  
Prudential Regulation ◽  
Financial Services Regulation ◽  
Bank Of England ◽  
Break Up ◽  
The Uk ◽  
Regulatory Reforms

This chapter examines the statutory framework for financial services regulation in the UK. The regulatory reforms that culminated in the break-up of the Financial Services Authority (FSA) and the return of regulatory responsibilities to the Bank of England have complicated but in many ways reinforced the original vision of a consolidated statutory framework for all financial services regulation under the Financial Services and Markets Act 2000 (FSMA). The FSMA is undoubtedly more complicated because of the need to accommodate collaboration between the Financial Conduct Authority (FCA) and the Bank of England acting as Prudential Regulation Authority (PRA). The chapter provides an overview of the structure and statutory framework of the FSMA as well as the functions of the FCA and the PRA. It also considers the scope of financial services regulation under the FSMA and the confidentiality of information obtained by the FCA and the PRA in the discharge of their functions.

Recent key Bitcoin and virtual currency regulatory and law enforcement developments

2015 ◽  
Vol 16 (1) ◽  
pp. 13-18 ◽  
Author(s):  
Evan L. Greebel ◽  
Kathleen Moriarty ◽  
Claudia Callaway ◽  
Gregory Xethalis
Keyword(s):  
New York ◽  
Law Enforcement ◽  
Financial Services ◽  
New York State ◽  
Securities And Exchange Commission ◽  
Regulatory Regime ◽  
York State Department ◽  
Virtual Currency ◽  
Content Type ◽  
Commodity Futures Trading Commission

Purpose – To explain and draw conclusions from six recent bitcoin and virtual currency regulatory and law enforcement developments. Design/methodology/approach – Discusses and draws conclusions from six recent, important developments: two administrative rulings from the Financial Crimes Enforcement Network (FinCEN), recent remarks by New York State Department of Financial Services Superintendent Benjamin Lawsky, remarks by Mark Wetjen of the Commodity Futures Trading Commission (CFTC), a recent Securities and Exchange Commission (SEC) informational sweep of crowdsales of crypto-equity, and the US Department of Justice proceedings against Trendon Shavers. Findings – Rather than trying to stifle or control virtual currencies, US governmental entities recognize the long-term value of virtual currencies and are trying to create a regulatory regime to foster growth and development, and an atmosphere where institutional and retail investors are protected. Originality/value – Provides an overview of the key United States regulatory issues facing companies engaged in Bitcoin-related businesses.

scholarly journals The Existence of Regulatory Sandbox to Encourage the Growth of Financial Technology in Indonesia

FIAT JUSTISIA ◽  
2019 ◽  
Vol 13 (3) ◽  
pp. 271 ◽  
Author(s):  
Recca Ayu Hapsari ◽  
Maroni Maroni ◽  
Indah Satria ◽  
Nenni Dwi Ariyani
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Point Of View ◽  
Regulatory Regime ◽  
Services Sector ◽  
Financial Innovations ◽  
Financial Services Sector ◽  
Board Of Governors ◽  
Financial Technology ◽  
Testing Room

Bank Indonesia created an appropriate regulatory regime to drive the pace of innovation carried out by Financial Technology Providers while still applying the principles of consumer protection, risk management and prudence. One of the efforts made by Bank Indonesia was by issuing provisions concerning a regulatory sandbox for Financial Technology Providers along with their products, services, technology and/or business models in a Board of Governors Member Regulation No 19/14/PADG/2017 on the Limited Technology Testing Room (Regulatory Sandbox) Financial Technology. Meanwhile, the Financial Services Authority also issued regulation regarding the Regulatory Sandbox for Financial Technology Organizers in Financial Services Authority Regulation No. 13 / POJK.02/2018 on the Digital Financial Innovations in the Financial Services Sector. The main point of view to be analysed is the existence of regulatory sandbox approach held by Bank Indonesia and the Financial Services Authority as an effort to encourage the growth of Financial Technology in Indonesia.

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