Prelims

Half Title Page

Insights on Financial Services Regulation

Title Page

Insights on Financial Services Regulation

John A. Consiglio

University of Malta, Malta

United Kingdom – North America – Japan – India – Malaysia – China

Copyright Page

Emerald Publishing Limited

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First edition 2020

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British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-1-83982-067-0 (Print)

ISBN: 978-1-83982-066-3 (Online)

ISBN: 978-1-83982-068-7 (Epub)

Dedication

To Rose, Ivan and Helga

Dedication

Lord, please always help me to handle my neighbours' monies like sacred vessels.

(from The Catholic Bank Official's Creed, Malta Catholic Action).

List of Figures

List of Abbreviations

ABS

Asset backed securities

ADR

Alternative dispute resolution

AIG

American International Group

ALM

Asset/Liability Management

AMF

Autorité des marches financiers (France)

APRA

Australian Prudential Regulation Authority

ASF

Portuguese insurance regulator

ASIC

Australian Securities and Investments Commission

ATM

Automated teller machine

BAFIN

Federal Financial Supervisory Authority

BBA

British Bankers' Association

BCBS

Basel Committee on Banking Supervision

BCFP

Bureau of Consumer Financial Protection

BFM

Bank financial management

BIS

Bank for International Settlements

BOE

Bank of England

BOP

Balance of payments

CAA

Commissariat Aux Assurances (Luxembourg)

CBR

Central Bank of Russia

CBRC

China Banking Regulating Commission

CEBS

Committee of European Banking Supervisors

CEECs

Central and Eastern European Countries

CESR

Centre for Economic and Social Research

CFPB

Consumers Financial Protection Bureau

CFTC

Commodity Futures Trading Commission

CGAP

Corporate Governance Action Plan

CIRC

China Insurance Regulatory Commission

CISF

Commission de surveillance du secteur financier (Luxembourg)

CMVM

Securities Market Commission (Portugal)

CONSOB

Commissione Nazionale per le Societa e le Borse (CONSOB)

CRD

Capital Requirements Directive

CRR

Capital Requirements Regulations

CSR

Corporate social responsibility

CSRC

China Securities Regulatyory Commission

DD

Due diligence

DG

Directorate Generale' (EU)

DGS

Direction General de Seguros (DGS)

DLT

Distributed Ledger Technology

EBA

European Banking Authority

EBU

European Banking Union

EC

European Commission

ECB

European Central Bank

ECTS

European Credits Transfer System

ECU

European Currency Unit

EIOPA

European Insurance and Occupational Pensions Authority

EJS

European Justice Scoreboards

ESMA

European Securities and Markets Authority

ESRB

European Systemic Risk Board

EU

European Union

FCA

Financial Conduct Authority

FDIC

Federal Deposits Insurance Corporation

Fed

Federal Reserve System

FEMA

Faculty of Economics, Management & Accountancy (UoM)

FFEC

Federal Financial Examination Council

FFM

Five-factor model

Finansinspektionem

Financial supervisory authority (Sweden)

Finanstitsynet

Financial supervisory authority (Norway)

Finanstitsynet

Financial supervisory authority (Denmark)

FINCEN

Financial Crimes Enforcement Network

FINMA

Swiss Financial Market Supervisory Authority

FINRA

Financial Industry Regulatory Authority

FINTECH

Financial technology

FIRM

Financial institutions risk management

FMA

Financial Markets Authority (New Zealand)

FMC

Forward Markets Commission (India)

FNFC

First National Financial Corporation

FRS

Federal Reserve System

FRTB

Fundamental Review of the Trading Book

FS

Financial Services

FSA

Financial Services Agency (Japan)

FSB

Financial Stability Board

FSF

Financial Stability Forum

FSLIC

Federal Savings and Loan Insurance Corporation

FSMA

Financial Services and Markets Act (2000, UK)

FSMA

Financial Services and Markets Authority (Belgium)

FSOC

Financial Stability Oversight Council

FTC

Federal Trade Commission

GAO

General Accountant's Office

GARP

Global Association of Risk Professionals

GDP

Gross domestic product

GDPR

General Data Protection Regulation

G20

Group of Twenty (nations)

HMSO

Her Majesty's Stationery Office

IA

Impact Assessment

IAASs

International Accounting/Auditing Standards

IBCFP

Independent Bureau of Consumer Financial Protection

ICOs

Initial coin offerings

ICSID

International Centre for the Settlement of Investment Disputes

ICTs

Information and communication technologies

IFAS

International financial auditing standards

IFRS

International financial reporting standards

IFSMs

Institutional financial services markets

IIAs

International investment agreements

IIN

Interbank Information Network

IMF

International Monetary Fund

IOSCO

International Organisation of Securities Commissions

IRDA

Insurance Regulatory and Development Authority of India

ISVAP

Institute for the Supervision of Insurance (Italy)

LEI

Legal entity identifier

LIBOR

London interbank offered rate.

MARs

Market Abuse Regulations

MCAST

Malta College of Arts, Science and Technology

MIFID

Markets in Financial Instruments Directives

MISTs

Market integrity sensitivity tests

NBB

National Bank of Belgium (NBB)

NCUA

National Credit Union Administration

NIFA

New International Financial Architecture

NYSDFS

New York State Department of Financial Services

OCC

Office of the Controller of the Currency

OCRA

Office of Credit Rating Agencies

OECD

Organisation for Economic Cooperation and Development

OFR

Office of Financial Research

ONI

Office of National Insurance

OTC

Over-the-counter

OTS

Office of Thrift Supervision

PFRDA

Pension Fund Regulatory and Development Authority (India)

PRA

Prudential Regulation Authority

RBI

Reserve Bank of India

RegTech

Regulation of technology

S & L

Savings and Loans

SEBI

Securities and Exchange Board of India

SEC

Securities and Exchange Commission

SFSC

Senate (House) Financial Services Commission

SIMEX

Singapore monetary exchange

SMA

Standard Measurement Approach

SRM

Single resolution mechanism

SWIFT

Secure Worldwide International Fund Transfers

TFMRD

Transatlantic Financial Markets Regulatory Dialogue

UCITS

Undertakings for Collective Investments in Transferable Securities

UoM

University of Malta

US

United States (of America)

WHO

World Health Organization

WTO

World Trade Organization

Acknowledgements

Many people have helped me along the route towards finalizing this work. I wish to thank all those who came up with suggestions and recollections of their experiences in regulation life and incidents, especially those who helped with my last chapter herein. I thank Prof. Frank Bezzina from the Faculty of Economics, Management and Accountancy of the University of Malta for believing in the project, and Ms Alberta Pia Micallef for her priceless editing help. I also wish to thank fellow teachers of the subject, especially Dr Christopher Buttigieg from the Malta Financial Services Authority, and other fellow regulators who have given me many ideas on this most important discipline.