The Concept of Integrated Financial Supervision and Regulation of Financial Comglomerates in Germany and the United Kingdom

Tatyana Filipova

doi:10.5771/9783845200347

Summary

Die Zusammenlegung von Banken-, Versicherungs- und Wertpapieraufsicht zu einer Behörde liegt seit einigen Jahren international im Trend. Diese Studie untersucht aus rechtsvergleichender Perspektive, wie das Allfinanzaufsichtskonzept in Deutschland und Großbritannien implementiert wurde, und welche Auswirkungen dies auf die Beaufsichtigung von Finanzkonglomeraten hat.

Die Unterschiede zwischen Deutschland und Großbritannien bei der Regulierung von Finanzkonglomeraten werden anhand einer Reihe von historischen, wirtschaftlichen, kulturellen und politischen Faktoren erklärt. Darüber hinaus zeigt die Arbeit, dass eine integrierte Aufsichtsstruktur, die lediglich durch administrative Verschmelzung sektoraler Zuständigkeiten geschaffen wird, zu inkohärenten und belastenden Regeln führen kann, wenn dabei die verschiedenen Aufsichtsziele, -methoden und -regeln nicht harmonisiert werden. Daher ist eine solche Struktur unter Umständen nicht dazu geeignet, die potenziellen Vorteile der integrierten Finanzaufsicht nutzbar zu machen.

Die Arbeit richtet sich insbesondere an Wissenschaftler und Praktiker, die auf dem Gebiet der Finanzregulierung tätig sind.

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Bibliographic data

Copyright year: 2007
ISBN-Print: 978-3-8329-2512-3
ISBN-Online: 978-3-8452-0034-7
Publisher: Nomos, Baden-Baden
Series: Europäisches Wirtschaftsrecht
Volume: 48
Language: English
Pages: 204
Product type: Book Titles

Titelei/Inhaltsverzeichnis No access Pages 2 - 12 Tatyana Filipova
List of often used Acronyms and Abbreviations No access Pages 13 - 14 Tatyana Filipova
Table of Cases No access Pages 15 - 16 Tatyana Filipova
Table of Legislation No access Pages 17 - 20 Tatyana Filipova
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1. 1. Aims and Methodology No access Pages 21 - 31 Tatyana Filipova
  2. Significance No access Pages 31 - 32 Tatyana Filipova
  3. Structure of the Enquiry No access Pages 32 - 33 Tatyana Filipova
  4. Note on Terminology No access Pages 33 - 34 Tatyana Filipova
1. 1. Definition No access Pages 35 - 38 Tatyana Filipova
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    1. Developments in the financial markets in the 1980s and 1990s No access Tatyana Filipova
    2. Benefits associated with financial conglomerates No access Tatyana Filipova
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      1. Co-operation – Distribution and marketing agreements No access Tatyana Filipova
      2. Strategic participation – Distribution and marketing alliances No access Tatyana Filipova
      3. Holding No access Tatyana Filipova
    2. Structure according to the dominating financial sector No access Tatyana Filipova
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    1. Markets in EU Member States No access Tatyana Filipova
    2. Markets of countries outside the EU No access Tatyana Filipova
  5. Conclusions No access Pages 50 - 51 Tatyana Filipova
2. 1. Danger of influence exercised to the detriment of a prudent business activity of a financial company No access Pages 51 - 53 Tatyana Filipova
  2. Contagion – Domino and spill-over effects No access Pages 53 - 55 Tatyana Filipova
  3. Multiple gearing of capital No access Pages 55 - 57 Tatyana Filipova
  4. Supervisory arbitrage No access Pages 57 - 57 Tatyana Filipova
  5. Transparency of the legal and managerial structure No access Pages 57 - 59 Tatyana Filipova
  6. Insufficient co-operation between sectoral regulators No access Pages 59 - 60 Tatyana Filipova
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    1. Facilitation of cross-sectoral supervision No access Tatyana Filipova
    2. Minimisation of the burden of supervision No access Tatyana Filipova
    3. Competitive neutrality and prevention of regulatory arbitrage No access Tatyana Filipova
    4. Regulatory efficiency No access Tatyana Filipova
    5. Increased professionalisation of staff No access Tatyana Filipova
    6. Improved accountability No access Tatyana Filipova
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      1. Banking regulation No access Tatyana Filipova
      2. Securities regulation No access Tatyana Filipova
      3. Insurance regulation No access Tatyana Filipova
    2. Unclear objectives No access Tatyana Filipova
    3. Diseconomies of scale No access Tatyana Filipova
    4. Limited synergies No access Tatyana Filipova
4. The Relationship between Financial Regulation and Competitiveness No access Pages 70 - 72 Tatyana Filipova
1. 1. Constitutional basis and structure of financial supervision No access Pages 73 - 78 Tatyana Filipova
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      1. History of insurance regulation No access Tatyana Filipova
      2. History of bank regulation No access Tatyana Filipova
      3. History of securities regulation No access Tatyana Filipova
      4. From sectoral to integrated financial supervision – Gesetz über die integrierte Finanzaufsicht No access Tatyana Filipova
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      1. History of insurance regulation No access Tatyana Filipova
      2. History of banking regulation No access Tatyana Filipova
      3. History of securities regulation No access Tatyana Filipova
      4. From sectoral to integrated financial supervision – Financial Services and Markets Act No access Tatyana Filipova
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    1. German law No access Tatyana Filipova
    2. British law No access Tatyana Filipova
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      1. Objectives of banking regulation No access Tatyana Filipova
      2. Objectives of insurance regulation No access Tatyana Filipova
      3. Objectives of the securities regulation No access Tatyana Filipova
    2. British law No access Tatyana Filipova
    3. Comparison No access Tatyana Filipova
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      1. Federal Financial Supervisory Authority – BaFin No access Tatyana Filipova
      2. German Central Bank – Deutsche Bundesbank No access Tatyana Filipova
      3. Relationship between BaFin and the Deutsche Bundesbank No access Tatyana Filipova
    2. British law No access Tatyana Filipova
    3. Comparison No access Tatyana Filipova
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      1. Directorate banking supervision No access Tatyana Filipova
      2. Directorate insurance supervision No access Tatyana Filipova
      3. Directorate Securities Supervision and Assets Management No access Tatyana Filipova
      4. Cross-sectoral departments No access Tatyana Filipova
    2. British law No access Tatyana Filipova
    3. Comparison No access Tatyana Filipova
  7. Conclusions No access Pages 106 - 110 Tatyana Filipova
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    1. Principle of specialisation of insurance undertakings – Prohibition of entertainment of banking and insurance business in a single entity No access Tatyana Filipova
    2. European regulatory policy pertaining to affiliations between banks and insurance undertakings No access Tatyana Filipova
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        Groups based on affiliation contracts No access Tatyana Filipova
        Situations of dependence outside a contract-based group (de facto groups) No access Tatyana Filipova
      2. British law No access Tatyana Filipova
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        Under the banking law No access Tatyana Filipova
        Under the insurance law No access Tatyana Filipova
      2. British law No access Tatyana Filipova
      3. Comparison No access Tatyana Filipova
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        Under the banking and insurance statutory law No access Tatyana Filipova
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        Normative basis for supervisory control over group of companies No access Tatyana Filipova
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        Insurance company as a dominant undertaking No access Tatyana Filipova
        Insurance company as a subordinated undertaking No access Tatyana Filipova
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        Insurance undertaking as a dominant company No access Tatyana Filipova
        Insurance undertaking as a subordinated company No access Tatyana Filipova
      2. British law No access Tatyana Filipova
      3. Comparison No access Tatyana Filipova
  3. Conclusion No access Pages 140 - 142 Tatyana Filipova
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      1. Minimum amount of equity No access Tatyana Filipova
      2. Solvency requirements No access Tatyana Filipova
      3. Components forming the solvency funds No access Tatyana Filipova
      4. Limits on exposures and investments No access Tatyana Filipova
      5. Group supervision No access Tatyana Filipova
      6. Extra instruments that guarantee the solvency, stability, and confidence in the financial system No access Tatyana Filipova
      7. Conclusion No access Tatyana Filipova
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      1. General approach to supervision No access Tatyana Filipova
      2. Capital adequacy principles No access Tatyana Filipova
      3. Fit and proper principles No access Tatyana Filipova
      4. Supervisory information sharing and coordination No access Tatyana Filipova
      5. Intragroup transactions and risk concentrations No access Tatyana Filipova
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      1. Capital adequacy No access Tatyana Filipova
      2. Risk concentrations and intragroup transactions No access Tatyana Filipova
      3. Internal control mechanisms and risk management No access Tatyana Filipova
      4. Management qualification No access Tatyana Filipova
      5. Coordinator and information sharing No access Tatyana Filipova
    4. Assessment and conclusion No access Tatyana Filipova
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      1. Basel II and Solvency II No access Tatyana Filipova
      2. Lamfalussy approach No access Tatyana Filipova
      3. Conclusion No access Tatyana Filipova
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    1. German Law No access Tatyana Filipova
    2. British law No access Tatyana Filipova
    3. Comparison and assessment No access Tatyana Filipova
  3. Conclusion No access Pages 172 - 174 Tatyana Filipova
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1. Key Results No access Tatyana Filipova
Annex I: Structure of the FSA Handbook No access Pages 181 - 184 Tatyana Filipova
Annex II: Most Important EU Legislative Developments in the Financial Services Sector No access Pages 185 - 190 Tatyana Filipova
Selected Bibliography No access Pages 191 - 204 Tatyana Filipova