Developing Trade in Services

2019 ◽  
Vol 250 ◽  
pp. R30-R33
Author(s):  
Alexis P. Lautenberg
Keyword(s):  
Financial Services ◽  
Trade In Services ◽  
Executive Summary ◽  
Services Sector ◽  
Regulatory Standards ◽  
European Regulatory ◽  
The Status ◽  
The Government ◽  
The Uk ◽  
The Eu

Executive SummaryServices are simultaneously the most important sector of the UK economy and the sector facing the biggest challenge as a result of Brexit. The prospective departure from the European Single Market reduces the UK to the status of ‘3rd country’ in respect of services. Accessing the internal market will depend on both subjective and objective conditions that differ from sector to sector, requiring detailed and highly specific arrangements for such industries as aviation and financial services.In practice, the EU can be expected to use these circumstances to discourage the UK from significantly diverging from European regulatory norms, as a matter of policy. In view of the weakness of, and uncertainty surrounding, international moves to oversee, let alone to further liberalise, trade in services, Brexit will thus leave the UK's services sector – and especially financial services – uniquely isolated and exposed. The government will hence need to consider carefully the costs of decisions to diverge from EU regulatory standards, and should be giving great priority to establishing clear objectives for close cooperation between the UK and the EU policy makers and regulators.

London

2018 ◽  
Author(s):  
Richard Roberts
Keyword(s):  
New York ◽  
Financial Services ◽  
Financial Regulation ◽  
Global Financial Crisis ◽  
Services Sector ◽  
The Us ◽  
The Global Financial Crisis ◽  
The Uk ◽  
The Impact ◽  
The Eu

At the onset of the Global Financial Crisis in 2007 London was one of the two foremost global financial centres, along with New York. London experienced a 12 per cent fall in wholesale financial services jobs in 2008–9, but a recovery got underway in 2010 and London’s wholesale financial services sector staged a wavering advance. But now there were new challenges, in particular the avalanche of financial regulation coming from the UK, the EU, the US and the G20. Fintech engendered new uncertainties. The impact of Brexit was uncertain, but mostly expected to be negative, at least in the short-term. Furthermore, there was growing competition from Asian and other financial centres. Nevertheless, London remained pre-eminent as one of the two largest global concentrations of wholesale financial services activity and at the top of the Global Financial Centres Index.

Financial Services Litigation

2020 ◽  
Author(s):  
Russen QC HHJ Jonathan ◽  
Kingham Robin
Keyword(s):  
Judicial Review ◽  
Financial Services ◽  
Financial Regulation ◽  
Criminal Liability ◽  
Public Law ◽  
Individual Action ◽  
Regulatory Standards ◽  
The Uk ◽  
The Eu

The material covered in this book is both broad and highly focused. It is broad in that it covers matters of civil, criminal, administrative, and public law. It is highly focused in that it is intended to act as a practical handbook for litigators; detailed explanations are given of practice, procedure, evidence, and remedies at the expense of general commentary on the non-contentious aspects of financial regulation. The book begins with an overview of the UK financial regulators whilst paying particular attention to the relationships between them and the ways in which those interactions can pose problems for litigators and the firms they represent. It summarizes the authorisation process and its procedures, and considers the authorisation of EEA firms following Brexit with a focus on procedure and the steps necessary for EEA firms to retain their authorisation following the UK’s withdrawal from the EU. The book then deals with the increasingly important topic of investigations and information gathering. The heart of the book covers the various forums in which firms can be challenged for failing to adhere to regulatory standards. Criminal liability is covered in detail across two chapters, as is civil liability, which is followed by a review of individual action by investors and consumers. The book continues with redress, complaints, the Financial Ombudsman Service, and relevant procedure are analysed, with a final chapter providing an overview of the independent methods of challenging regulators, including judicial review and the Financial Services Complaints Commissioner.

A Crisis of Governance? — From Lamfalussy to de Larosière or Bridging the Gap between Law and New Governance in the EU Financial Services Sector

2011 ◽  
Vol 2 (3) ◽  
pp. 322-339 ◽  
Author(s):  
Despina Chatzimanoli
Keyword(s):  
Financial Services ◽  
Financial Regulation ◽  
Legal Framework ◽  
Institution Building ◽  
New Governance ◽  
Institutional Reforms ◽  
Services Sector ◽  
Governance Practices ◽  
The Status ◽  
The Eu

Modern financial law historically emerged as a patchwork of regulatory reactions to a series of financial crises. It continued to develop in sync with the ebb and flow of regulatory cycles that oscillated between periods of calm, conducive to a deregulatory frenzy, and periods of crises followed by re-regulatory fervour. Reform initiatives spurring in reaction to crises also comprise procedural/institutional reforms (i.e. those relating to the “who” and “how” of regulation, as opposed to the “what”). The latest financial crisis is no exception to this rule. This article focuses on the EU institutional reforms, which arguably represent a more radical departure from the status quo (in comparison to domestic or international initiatives) in that they involve an instance of “proper” institution-building with implications across different levels of governance. This reform is examined first against the backdrop of the existing EU agencies' legal framework and is found to constitute an important milestone in the crystallization of this framework. A closer look is then taken at the new European Supervisory Authorities' role in EU rulemaking, and to their relationship with the European Commission. Subsequently, the paper takes a further step back and offers some thoughts about the continuously mutating relationship between law and new governance practices, as illustrated in the context of EU financial regulation.

The emerging geography of European financial centres: Fragmentation in the European Union and concentration in the UK?

2020 ◽  
pp. 096977642097581
Author(s):  
Martin Heneghan ◽  
Sarah Hall
Keyword(s):  
Social Sciences ◽  
European Union ◽  
Financial Services ◽  
The European Union ◽  
Services Sector ◽  
Financial Centre ◽  
Financial Services Sector ◽  
Cross Border ◽  
The Uk ◽  
The Eu

The United Kingdom’s (UK) withdrawal from the European Union (EU) will reshape the geography of European finance. From January 2021, the UK will no longer be able to sell financial services cross-border into the EU’s Single Market as it has done as a Member State. Through what are called passporting rights, these financial services exports from London to the EU have been central to London’s competitiveness as an international financial centre and the wider importance of financial services in the UK’s political economy. They have also provided a range of financial services to businesses and individuals in Europe. In this commentary, we examine the implications of Brexit for the financial services sector and for conceptual understandings of finance in economic geography and cognate social sciences. We argue that at the European scale, Brexit is giving rise to growing fragmentation of financial services to a range of European financial centres. Meanwhile, within the UK, finance is likely to become more concentrated in London as renewed processes of spatial concentration that have characterised previous economic shocks develop. Our analysis shows that that in order to understand these seemingly diverging geographies it is necessary to understand financial services as both economic and political practices.

1 Background, EU and Global Influences

2016 ◽  
Author(s):  
Morris Simon
Keyword(s):  
Financial Crisis ◽  
Financial Services ◽  
Regulatory Reform ◽  
Prudential Regulation ◽  
Financial Services Regulation ◽  
European Regulatory ◽  
History Of ◽  
The Government ◽  
Set Up ◽  
The Uk

This chapter traces the recent history of the UK system of financial services regulation. It begins by providing some context to the Gower Report of 1984, before detailing the changes that the resulting Financial Services Act (FSA) 1986 introduced (principally the establishment of self-regulating organisations (SROs)). The success of Labour’s replacement of the SROs with the Financial Services Authority (FSA) in 2000 (under the Financial Services and Markets Act (FSMA) 2000) is assessed in light of the financial crisis of 2007–2009. The key causes of the crash, and the actions of the Government and the FSA during it, are analysed. It explains the restructuring of the regulatory set-up (with the introduction of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)) following the crash. The influence of recent European regulatory reform on the UK is also considered.

Direct lending by funds: a comparison of the key EU jurisdictions

2017 ◽  
Vol 18 (4) ◽  
pp. 59-66
Author(s):  
Thomas Smith ◽  
Patricia Volhard ◽  
Alan Davies ◽  
Pierre Maugüé ◽  
Marco Paruzzolo
Keyword(s):  
Financial Services ◽  
Market Access ◽  
Regulatory Regime ◽  
Key Factors ◽  
Content Type ◽  
European Regulatory ◽  
European Regulations ◽  
Direct Lending ◽  
The Uk ◽  
The Eu

Purpose To compare the key EU regimes regulating direct lending by private funds. Design/methodology/approach Provides a summary of the key factors to be examined when looking at the provision of direct loans by private funds in the key jurisdictions, followed by a summary of existing pan-European regulations, followed by a focus regulations in on the UK, Germany, France and Italy. Findings The liberalisation of the national regimes for loan origination by funds in many European Union jurisdictions is a welcome development for both credit fund sponsors wishing to access investment opportunities in these jurisdictions and the borrowers unable to secure adequate financing from traditional sources such as banks. At the same time, the creation of a pan-European regulatory regime, with a passport for lending activities, would further facilitate market access by loan originating funds, as long as such regime does not impose onerous burdens or unnecessary restrictions on the funds and their managers. Practical implications The article gives an insight on the relative opportunities for direct lending funds in the EU, and how best to structure to take advantage of them. Originality/value Practical guidance from experienced financial services lawyers

scholarly journals Demonetisation Impact over Banking Loans & Advances: A Case Study

2019 ◽  
Vol 7 (4) ◽  
pp. 51-64
Author(s):  
Narsaiah Neralla
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
Study Data ◽  
Ecosystem Dynamics ◽  
Banking Services ◽  
Legal Tender ◽  
The Status ◽  
The Government ◽  
Case Study Data

The demonetisation footstep by the Government of India twisted complicated influences in the economy. Complete sectors of the economy had faced and produced mixed sensation results over the decision of demonetisation. India’s financial services struggled with demonetisation; on the other hand demonetisation affects utmost over the banking sector because it is substantial influenced services to transform money circulation in an Indian economy. Eradicating components of currency notes from circulation in an economy is demonetisation. It is as the processes of components of money are denied the status of legal tender. Consequently, ceased currency notes will not be account as valid currency in an economy. The term ‘demonetization’ is an instrument to shrink Inflation, Black Money, Corruption and terror funding, this step discourages a cash dependent economy in India. Government of India drive towards demonetisation has given a strong push to the popularity of digital banking and made helps with the alternative arrangements of e-banking and e –wallet to trade and commerce. Exploring the demonetisation emergence in an economy and impact on banking services ecosystem dynamics, this study take an abductive approach anchored in over 4 years of case study data regarding. The present study foremost intention is to be analysing the demonetisation impact over banking loans and advances. In this regard the present study is to be examining the pre demonetisation and post demonetisation period.

scholarly journals PERAN OTORITAS JASA KEUANGAN TERHADAP PENGAWASAN LEMBAGA KEUANGAN DI INDONESIA

2019 ◽  
Vol 1 (02) ◽  
pp. 177-188
Author(s):  
Annisa Arifka Sari
Keyword(s):  
Capital Market ◽  
Financial Services ◽  
Financial Service ◽  
Legal Basis ◽  
Legal Research ◽  
Services Sector ◽  
Financial Services Sector ◽  
Stable Manner ◽  
The Government

Penelitian ini bertujuan untuk menjelaskan peran Otoritas Jasa Keuangan sebagai lembaga independen dalam melakukan pengawasan terhadap lembaga jasa keuangan di Indonesia serta kewenangan Otoritas Jasa Keuangan yang diatur dalam Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan. Metode yang digunakan dalam penelitian ini adalah penelitian hukum normatif. Dari hasil penelitian dijelaskan bahwa Otoritas Jasa Keuangan adalah lembaga yang independen dan bebas dari campur tangan pihak lain, yang mempunyai fungsi, tugas, dan wewenang pengaturan, pengawasan, pemeriksaan, dan penyidikan terhadap lembaga jasa keuangan seperti perbankan. Dasar hukum dibentuknya Otoritas Jasa Keuangan adalah Undang-Undang Nomor 21 Tahun 2011. Secara kelembagaan, Otoritas Jasa Keuangan berada di luar pemerintah, yang dimaknai bahwa Otoritas Jasa Keuangan tidak menjadi bagian dari kekuasaan pemerintah. Otoritas Jasa Keuangan dibentuk dengan tujuan agar keseluruhan kegiatan di dalam sektor jasa keuangan terselenggara secara teratur, adil, transparan, dan akuntabel; mampu mewujudkan sistem keuangan yang tumbuh secara berkelanjutan dan stabil; serta mampu melindungi kepentingan konsumen dan masyarakat. Otoritas Jasa Keuangan bertugas tidak hanya mengatur dan mengawasi perbankan saja, tetapi juga mencakup pasar modal, perasuransian, dana pensiun, lembaga pembiayaan, serta lembaga jasa keuangan lainnya.    THE ROLE OF FINANCIAL SERVICES AUTHORITY ON SUPERVISION OF FINANCIAL INSTITUTIONS IN INDONESIA This research aims to explain the role of the Financial Services Authority as an independent institution in supervising financial service institutions in Indonesia as well as the authority of the Financial Services Authority as regulated in Law Number 21 of 2011 concerning the Financial Services Authority. The method used in this research is normative legal research. From the research results, it is explained that the Financial Services Authority is an independent institution and free from interference from other parties, which has the function, task and authority to regulate, supervise, examine and investigate financial service institutions such as banks. The legal basis for the establishment of the Financial Services Authority is Law Number 21 of 2011. Institutionally, the Financial Services Authority is outside the government, which means that the Financial Services Authority is not part of the government's power. The Financial Services Authority was formed with the aim that all activities in the financial services sector are carried out in an orderly, fair, transparent and accountable manner; able to realize a financial system that grows in a sustainable and stable manner; and able to protect the interests of consumers and society. The Financial Services Authority is tasked with not only regulating and supervising banking, but also covering the capital market, insurance, pension funds, financing institutions, and other financial service institutions.    

scholarly journals Features of transformation of legal entities in the conditions of Brexit

2021 ◽  
pp. 531-538
Author(s):  
Olha Ovechkina
Keyword(s):  
United Kingdom ◽  
The State ◽  
Member States ◽  
Eu Member States ◽  
The United Kingdom ◽  
The Status ◽  
The Uk ◽  
Actual Location ◽  
The Eu ◽  
Legal Entities

In connection with the decision to withdraw the UK from the EU a number of companies will need to take into account that from 1 January 2021 EU law will no longer apply to the United Kingdom and will become a "third country" for EU Member States, unless the provisions of bilateral agreements or multilateral trade agreements. This means that the four European freedoms (movement of goods, services, labor and capital) will no longer apply to UK companies to the same extent as they did during the UK's EU membership. The purpose of the article is to study, first of all, the peculiarities of the influence of Great Britain's withdrawal from the European Union on the legal regulation of the status of European legal entities. Brexit results in the inability to register European companies and European economic interest groups in the UK. Such companies already registered before 01.01.2021 have the opportunity to move their place of registration to an EU Member State. These provisions are defined in Regulations 2018 (2018/1298) and Regulations 2018 (2018/1299).British companies with branches in EU Member States will now be subject to the rules applicable to third-country companies, which provide additional information on their activities. In the EU, many countries apply the criterion of actual location, which causes, among other things, the problem of non-recognition of legal entities established in the country where the criterion of incorporation is used (including the United Kingdom), at the same time as the governing bodies of such legal entities the state where the settlement criterion is applied. Therefore, to reduce the likelihood of possible non-recognition of British companies, given the location of the board of such a legal entity in the state where the residency criterion applies, it seems appropriate to consider reincarnation at the actual location of such a company. Reducing the risks of these negative consequences in connection with Brexit on cross-border activities of legal entities is possible by concluding interstate bilateral and multilateral agreements that would contain unified rules on conflict of law regulation of the status of legal entities.

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