Pub Date : 2019-02-14DOI: 10.1093/he/9780198784722.003.0007
I. Chiu, Joanna B. Wilson
This chapter explores the European banking supervision and regulatory architecture. The aim of the introduction of European policy and law in bank regulation is was to build a single market in financial services and to give effect to the freedom of movement of capital. In the midst of the global financial crisis in 2008, the European Commission established a high-level group of experts chaired by Jacques de Larosière to recommend a blueprint for financial supervision in the EU going forward. The de Larosière Report provided a comprehensive analysis of the weaknesses in the financial sector in the EU and recommended stronger regulatory governance in many areas. The chapter then considers the Banking Union, a policy that introduces a new supervisory architecture for euro-area banks.
本章探讨了欧洲银行监管和管理架构。在银行监管方面引入欧洲政策和法律的目的是建立一个单一的金融服务市场，并实现资本的自由流动。2008年全球金融危机期间，欧盟委员会(European Commission)成立了一个由雅克•德•拉罗西蒂雷(Jacques de larosi re)担任主席的高级别专家小组，为欧盟未来的金融监管蓝图提出建议。《de larosi re报告》全面分析了欧盟金融部门的弱点，并建议在许多领域加强监管治理。本章接着讨论了银行业联盟，这是一项为欧元区银行引入新的监管架构的政策。
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Pub Date : 2019-02-14DOI: 10.1093/he/9780198784722.003.0006
I. Chiu, Joanna B. Wilson
This chapter addresses the UK bank supervision and regulatory architecture. Although banking business has existed in England since the seventeenth century, banks enjoyed no formal system of regulation until the introduction of the Banking Act of 1979. Over the years, the scope and intensity of regulation increased. After the global financial crisis, further changes were made to bank regulation as well as the regulatory architecture in the UK for bank regulation. The regulatory architecture introduced in April 2013 is characterised as ‘twin peaks’, that is, having two main agencies that are responsible for different regulatory objectives. The Prudential Regulation Authority (PRA) is responsible for ‘prudential’ objectives—that is, the solvency and financial soundness of financial institutions—while the Financial Conduct Authority (FCA) is responsible for conduct of business and market regulation, including promoting competition. The PRA and FCA enjoy a wide berth of rule-making and enforcement powers.
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Pub Date : 2019-02-14DOI: 10.1093/HE/9780198784722.003.0003
I. Chiu, Joanna B. Wilson
This chapter examines payment methods, which refer to the mechanisms, procedures, and organisations that are used to enable parties to discharge their payment obligations. While there are a vast range of different payment mechanisms, the most common methods are cheques, payment cards, and the electronic transfer of funds. A cheque is a written order from an account holder instructing their bank to pay a specified sum of money to one or more named beneficiaries. Meanwhile, payment cards—small pieces of plastic that are used in financial transactions—have revolutionised the way that people pay for goods or services. Lastly, the transfer of funds refers to the movement of a credit balance from one account to another, which occurs by adjusting the balances of the respective party’s accounts. The chapter then looks at recent innovations in the payment services industry relating to open banking and third-party providers.
{"title":"3. Payment methods","authors":"I. Chiu, Joanna B. Wilson","doi":"10.1093/HE/9780198784722.003.0003","DOIUrl":"https://doi.org/10.1093/HE/9780198784722.003.0003","url":null,"abstract":"This chapter examines payment methods, which refer to the mechanisms, procedures, and organisations that are used to enable parties to discharge their payment obligations. While there are a vast range of different payment mechanisms, the most common methods are cheques, payment cards, and the electronic transfer of funds. A cheque is a written order from an account holder instructing their bank to pay a specified sum of money to one or more named beneficiaries. Meanwhile, payment cards—small pieces of plastic that are used in financial transactions—have revolutionised the way that people pay for goods or services. Lastly, the transfer of funds refers to the movement of a credit balance from one account to another, which occurs by adjusting the balances of the respective party’s accounts. The chapter then looks at recent innovations in the payment services industry relating to open banking and third-party providers.","PeriodicalId":143746,"journal":{"name":"Banking Law and Regulation","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114746135","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-14DOI: 10.1093/HE/9780198784722.003.0014
I. Chiu, Joanna B. Wilson
This concluding chapter studies the regulation compelling banks and financial institutions to play an active part in combatting financial crime. Regulation takes two approaches: one is to enforce anti-money laundering law through banks and financial situations; and the other approach is to enforce anti-money laundering law against them if they should be found to be complicit in transferring proceeds of crime. Under the first approach, regulation imposes duties on banks and financial institutions to act as gatekeepers to prevent money laundering from taking place and to identify such incidents so as to help regulators carry out enforcement. Under the second approach, banks and financial institutions may be punished for sometimes inadvertently becoming complicit in money laundering, and this provides a strong incentive for them to treat their gatekeeper roles seriously. The chapter then considers the regulatory duty of due diligence, financial intelligence reporting, and internal control and governance.
{"title":"14. Combatting financial crime","authors":"I. Chiu, Joanna B. Wilson","doi":"10.1093/HE/9780198784722.003.0014","DOIUrl":"https://doi.org/10.1093/HE/9780198784722.003.0014","url":null,"abstract":"This concluding chapter studies the regulation compelling banks and financial institutions to play an active part in combatting financial crime. Regulation takes two approaches: one is to enforce anti-money laundering law through banks and financial situations; and the other approach is to enforce anti-money laundering law against them if they should be found to be complicit in transferring proceeds of crime. Under the first approach, regulation imposes duties on banks and financial institutions to act as gatekeepers to prevent money laundering from taking place and to identify such incidents so as to help regulators carry out enforcement. Under the second approach, banks and financial institutions may be punished for sometimes inadvertently becoming complicit in money laundering, and this provides a strong incentive for them to treat their gatekeeper roles seriously. The chapter then considers the regulatory duty of due diligence, financial intelligence reporting, and internal control and governance.","PeriodicalId":143746,"journal":{"name":"Banking Law and Regulation","volume":"226 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116494259","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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