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