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

Edition: 1/2007
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: Monograph

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