Fundamentals of Public International Financial Law

Prof. Dr. Christos Gortsos

doi:10.5771/9783845236391

Summary

Diese in drei Kapiteln aufgegliederte Studie zielt auf die Einführung des Lesers in das internationale öffentliche Finanzrecht, wobei der Schwerpunkt auf dem internationalen öffentlichen Bankrecht liegt, das einen seiner Zweige darstellt.

Das erste Kapitel gewährt eine Einführung in die Funktionen und Infrastrukturen des Finanzsystems, als Grundlage für das internationale öffentliche Finanzrecht, und enthält auch eine Analyse der Ziele der Regulierung des Finanzsystems.

Das zweite Kapitel enthält:

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Bibliographic data

Copyright year: 2012
Publication date: 08.11.2012
ISBN-Print: 978-3-8329-7180-9
ISBN-Online: 978-3-8452-3639-1
Publisher: Nomos, Baden-Baden
Series: Schriften des Europa-Instituts der Universität des Saarlandes - Rechtswissenschaft
Volume: 89
Language: English
Pages: 315
Product type: Book Titles

Titelei No access Pages 2 - 6
Foreword No access Pages 7 - 8
Table of Contents No access Pages 9 - 22
TABLES INCLUDED IN THE TEXT No access Pages 23 - 24
INTRODUCTION No access Pages 25 - 28
1. 1. 1. Introduction No access
    2. 1. Introductory remarks No access
      2. The concepts of financial markets and capital markets No access
        Markets for debt instruments and equities No access
        Markets for derivative financial instruments No access
        Categories of financial firms No access
      3. The rationale for developing financial intermediation No access
        Banking intermediation No access
        Intermediation through non-bank companies providing credit No access
        Intermediation by insurance undertakings and pension funds No access
    3. 1. Introductory remarks No access
      2. Payment instruments No access
      3. Payment order-based fund transfer services No access
  2. 1. Introductory remarks No access
    2. 1. Payment systems No access
        Clearing and settlement systems No access
      2. Payment systems No access
        Clearing and settlement systems No access
    3. Securities clearing and settlement systems No access
  3. 1. Introductory remarks – classification approaches No access
    2. 1. Services provided in the context of direct financing: investment services and collective portfolio management No access
      2. Introductory remarks No access
        Services provided by banks in the context of indirect financing (financial intermediation) No access
        Other services provided by banks No access
    3. 1. Introductory remarks No access
      2. Services relating to the issuance and acceptance of payment instruments No access
      3. Payment order-based fund transfer services No access
    4. Services provided in the context of the operation of the financial system infrastructures No access
  4. Excursus: Groups of financial firms No access Pages 57 - 59
2. 1. 1. General overview No access
    2. Regulatory intervention in economically less-developed and developing states No access
    3. 1. Introductory remarks No access
      2. Ensuring the stability of the financial system No access
      3. The content of the objective No access
        Policy instruments No access
      4. The content of the objective No access
        Policy instruments No access
      5. Safeguarding the efficiency of payment and settlement systems No access
      6. The content of the objective No access
        Policy instruments No access
      7. Combating the use of the financial system for the commitment of economic crimes No access
  2. 1. 1. Introduction No access
      2. Introductory remarks No access
        Credit risk No access
        Liquidity risk No access
        Income risk No access
        Position risk No access
        Foreign exchange risk No access
        Risk arising from open positions in commodities No access
        Operational risk No access
      3. Introductory remarks No access
        Introduction No access
        The non-fundamental theory No access
        The fundamental theory No access
        Introduction No access
        Information asymmetries in banking No access
        Structural vulnerability of banks to liquidity risk No access
        Channels for risk transmission among banks No access
    2. 1. Introductory remarks No access
      2. Authorisation requirements No access
      3. Content No access
        Policy instruments No access
        General remarks No access
        Institutional aspects No access
      4. Content No access
        Introductory remarks No access
        Macro-prudential regulations to address the systemic risk’s time dimension No access
        Macro-prudential regulations to address the systemic risk’s cross-sectional dimension No access
      5. Reorganisation, resolution and winding-up of troubled banks No access
      6. Contributions of deposit guarantee systems No access
        Exposure to moral hazard in terms of portfolio riskiness No access
        Exposure to moral hazard in terms of capital adequacy No access
        Differential treatment of banks deemed ‘too big (to be left) to fail’ No access
      7. Last-resort lending No access
1. 1. 1. Definition No access
    2. 1. Delimitation vis-à-vis public international monetary law No access
      2. Other delimitations No access
    3. 1. Introduction No access
      2. Public international banking law No access
      3. Public international capital markets law No access
      4. Public international insurance law No access
      5. Public international financial conglomerates law No access
      6. Public international payment and settlement systems law No access
      7. Public international financial services consumer law No access
      8. Public international law on combating the use of the financial system for the commitment of economic crimes No access
  2. 1. 1. The environment until 1971 No access
      2. The three periods for the formation of public international financial law No access
    2. 1. The change in the terms of operation of the post-war system No access
        The increased importance of risk exposure in the financial system No access
        The emergence of ‘systemic crises’ with international dimensions No access
        National initiatives to redesign financial systems No access
      2. Institutional developments in the field of public international financial law No access
    3. 1. General overview No access
      2. Institutional developments in the field of public international financial law No access
    4. 1. The recent (2007-2009) international financial crisis No access
      2. Institutional developments in the field of public international financial law No access
    5. An assessment No access
  3. 1. Introduction No access
    2. 1. Introductory remarks No access
      2. The G10 No access
      3. The G7 No access
      4. The G20 No access
    3. 1. Legal characteristics No access
        Criteria of classification No access
        The legal nature of international financial standards No access
      2. Introductory remarks No access
        The World Trade Organisation No access
        The Organisation for Economic Co-operation and Development No access
        The Bank for International Settlements No access
    4. 1. Establishment and membership No access
        Tasks No access
      2. Seat and membership No access
        Objectives and tasks No access
        Introductory remarks No access
        The Plenary No access
        The Steering Committee No access
    5. 1. Tasks and powers of the IMF No access
      2. Introductory remarks No access
        Methodological tools No access
      3. The evaluation procedure No access
      4. The reports of the IMF and the World Bank No access
      5. Recent developments No access
2. 1. 1. 1. The Basel Committee on Banking Supervision No access
      2. Establishment, seat and membership No access
        Objective No access
        1.2.3 Governance No access
    2. 1. Establishment, seat and membership No access
        Objectives No access
        Governance No access
      2. Establishment, seat and membership No access
        Objective No access
      3. Establishment, seat and membership No access
        Objectives No access
    3. 1. Establishment, seat and membership No access
      2. Objectives No access
      3. Governance No access
    4. 1. Establishment, seat and membership No access
      2. Objectives No access
      3. Governance No access
    5. 1. Establishment, seat and membership No access
      2. Objective No access
      3. Governance No access
    6. 1. Establishment, seat and membership No access
      2. Objective No access
      3. Governance No access
    7. 1. Establishment, seat and membership No access
      2. Objectives No access
      3. Governance No access
  2. 1. 1. Establishment and seat No access
      2. Initial membership No access
        Expansion of membership in 2009 No access
        National central banks No access
        National administrative (supervisory and regulatory) authorities No access
      3. Legal nature of the Basel Committee No access
        Legal nature and impact of the rules of Basel Committee No access
    2. 1. Introductory remarks No access
      2. Recourse of banking supervisory authorities to international cooperation No access
        Exchange of views among members No access
        Cross-border supervisory issues No access
        Standard-setting on issues of banking regulation No access
        Core minimum regulatory and supervisory practices No access
        Reorganisation, resolution and winding-up of international banks No access
        Deposit guarantee systems No access
        Subject-area outside the reach of the Basel Committee No access
        The reports of the Basel Committee No access
        Promotion of the creation of an informal world forum of banking supervisors No access
      3. Competitive equality between international banks No access
        Competitive equality between international banks and international investment firms No access
        Introductory remarks No access
        Bank accounting No access
        Combating the use of the financial system for the commitment of economic crimes No access
    3. 1. Introductory remarks No access
      2. The Standards Implementation Group No access
      3. The Policy Development Group No access
      4. The Accounting Task Force No access
      5. The Basel Consultative Group No access
1. 1. 1. 1. General remarks No access
      2. Comprehensive view No access
        Global systemically important banks (G-SIBs): Evaluation methodology and loss-absorption requirements No access
        Resolution of systemically important banks No access
    2. 1. Overall examination No access
      2. Code of Good Practices on Transparency in Monetary and Financial Policies No access
        Code of Good Practices on Fiscal Transparency No access
        Special Data Dissemination Standard and General Data Dissemination System No access
      3. Principles for Effective Insolvency and Creditor Rights Systems No access
        Principles of corporate governance No access
        International Financial Reporting Standards (IFRS) No access
        International Standards on Auditing (ISA) No access
        Principles for financial market infrastructures No access
        Forty (40) Recommendations and nine (9) Special Recommendations on Money Laundering and Terrorist Financing No access
        Core Principles for Effective Deposit Insurance Systems No access
      4. Core Principles for Effective Banking Supervision No access
        Objectives and Principles of Securities Regulation No access
        Insurance Core Principles No access
  2. 1. 1. Introductory remarks No access
      2. Extension of regulation and oversight to all systemically important financial institutions, instruments and markets No access
        Improvement of accounting standards No access
        Oversight of credit rating agencies No access
        Standardisation of credit derivatives markets No access
        Enhancement of micro- and macro-prudential banking regulation No access
        Micro-prudential supervision of international financial firms and other issues pertaining to international financial cooperation No access
        Macro-prudential oversight of the financial system No access
        Compensation systems No access
        Tax havens and non-cooperative states No access
      3. Implementation of the decisions taken No access
    2. 1. Introductory remarks No access
      2. Strengthening banks’ prudential regulatory system No access
        Reforming compensation practices to support financial stability No access
        Improving over-the-counter derivatives markets No access
        Addressing cross-border resolutions and systemically important financial institutions No access
        Adjusting accounting standards No access
        Addressing non-cooperative states and combating economic crime in the financial system No access
        The financial system’s contribution toward paying for any burdens associated with governmental interventions to repair the banking system’s stability No access
    3. The G20 Seoul Summit No access
    4. The G20 Cannes Summit No access
  3. Current supervisory and regulatory developments at international level: the Progress Report of the Financial Stability Board No access Pages 226 - 238
2. 1. 1. 1. The original Basel Concordat (1975) No access
      2. The revised Basel Concordat (1983) No access
      3. The “Information flows between banking supervisory authorities” report (1990) No access
        The “Minimum standards for the supervision of international banking groups and their cross-border establishments” report (1992) No access
        “The Supervision of Cross-border Banking” report (1996) No access
    2. 1. Prudential supervision of international banks’ foreign branches No access
      2. Division of responsibilities No access
        In detail: the principle of exercising supervision on a consolidated basis No access
      3. Prudential supervision of banking joint ventures No access
    3. 1. Overall examination of recommendations No access
        Conditions for authorisation of foreign establishments of international banks No access
        Parent supervisory authorities No access
        Host supervisory authorities No access
        Removal of secrecy constraints No access
        The role of external auditors No access
      2. The four minimum standards of supervision No access
        Obligations of host supervisory authorities No access
      3. The 1996 report No access
  2. 1. 1. The Basel Committee reports constituting the sources of ‘Basel III’ No access
      2. Introductory remarks No access
        Initial provisions No access
        Amendment to the Basel Capital Accord (1996) No access
        ‘Basel II’ No access
        The causes of the recent international financial crisis and the rationale behind the 2010 reform No access
        The impact of the crisis and the Basel Committee’s reaction No access
    2. 1. Portfolio for calculation No access
        The original provisions No access
        The provisions of the New Accord No access
        Level of capital requirement No access
        Portfolio for calculation No access
        Position risk No access
        Foreign exchange risk No access
        Risk from open positions in commodities No access
        Position risk No access
        Foreign exchange risk No access
        Risk from open positions in commodities No access
        Capital requirements for operational risk No access
      2. The main definition of own funds No access
        The alternative definition of own funds No access
      3. The provisions of Pillar II No access
        The provisions of Pillar III No access
    3. 1. Systematic classification No access
        Rules on banks’ minimum regulatory capital No access
        Essential provisions No access
        Implementation schedule No access
        Leverage ratio No access
        Content of the ratio No access
        Implementation schedule No access
        Liquidity ratios No access
        Introductory remarks No access
        Liquidity coverage ratio No access
        Net stable funding ratio No access
        Tools for the supervisor’s monitoring of liquidity risk No access
        Implementation schedule No access
        Introductory remarks No access
        Capital conservation buffer No access
        Content of the capital conservation buffer No access
        Implementation schedule No access
        Countercyclical buffer No access
        Content of the buffer No access
        Implementation schedule No access
    4. 1. Introductory remarks No access
        Common equity Tier 1 capital No access
        Additional Tier 1 capital No access
        The rules on Tier 2 capital No access
        Specific provisions No access
      2. New quantitative limits No access
      3. Implementation schedule No access
    5. 1. Introductory remarks No access
      2. Benefits and costs from the phasing-in of the new rules No access
      3. Risks from implementation of the new rules No access
      4. The problem of competitive equality No access
3. 1. 1. Introductory remarks No access
    2. The true meaning of ‘financial system deregulation’ No access
    3. The gaps and ineffectiveness of the existing framework No access
  2. The future of public international financial law No access Pages 286 - 290
SECONDARY SOURCES No access Pages 291 - 314
INTERNET ADDRESSES No access Pages 315 - 315