HRN PRG - English Papers (Topic)最新文献

{"title":"Can the Twin Peaks Model of Financial Regulation Serve as a Model for Israel? ? האם מודל ה\"טווין פיקס\" לרגולציה פיננסית מתאים לישראל","authors":"Ruth Plato-shinar","doi":"10.1017/9781316890592.014","DOIUrl":"https://doi.org/10.1017/9781316890592.014","url":null,"abstract":"<p></p><p dir=\"ltr\"><b>English Abstract: </b>Financial supervision in Israel is predominantly sectoral, each financial sector having its own regulator. In addition, there are certain features of functional supervision, where certain products or services are subject to a specific regulator, no matter which financial institution provides them.</p><p dir=\"ltr\">Another regulatory model is the Twin Peaks model, under which one regulator is in charge of maintaining the stability of the banking system (\"prudential regulation\"), while a separate regulator is in charge of financial consumer protection. The Twin Peaks model exists in countries such as the UK, the Netherlands and Australia.</p><p dir=\"ltr\">The article examines whether, and to what extent, the Twin Peaks can serve as a model for Israel. It examines the outstanding features of the Twin Peaks model against the backdrop of Israel’s financial system, and the possible repercussions of changing the current architecture of financial regulation.</p><p dir=\"ltr\">Regulatory models that are characterised by fragmented agencies, such as both Twin Peaks and the sectoral model, create a vital need for an effective mechanism of inter-agency cooperation. The article examines the cooperation mechanisms that exist in various Twin Peaks jurisdictions, and their suitability for Israel. </p><p dir=\"ltr\">The article concludes by recommending maintaining, for the present, the regulatory status quo. However, it also suggests learning from the experiences of Twin Peaks countries in respect of inter-agency cooperation. <br><br></p><p dir=\"rtl\"><b>תקציר בעברית: </b>הרגולציה הפיננסית בישראל היא בעיקרה סקטוריאלית: לכל סקטור פיננסי רגולטור משלו. בנוסף, בתחומים מסויימים קיימת רגולציה פונקציונלית, מכוחה מוצרים או שירותים מסויימים כפופים לרגולטור מיוחד, ללא קשר לזהות הגוף הפיננסי שמספק אותם.</p><p dir=\"rtl\">מודל רגולטורי אחר הוא מודל ה\"טווין פיקס\" המורכב משני רגולטורים נפרדים: אחד אחראי על שמירת היציבות של המערכת הפיננסית והשני על הגנת הצרכן הפיננסי. מודל זה קיים במדינות דוגמת בריטניה, הולנד ואוסטרליה. המאמר הנדון בוחן האם מודל ה\"טווין פיקס\" מתאים לשוק הפיננסי הישראלי. הוא מנתח את המאפיינים העיקריים של מודל זה על רקע התנאים והמאפיינים הייחודיים של המערכת הפיננסית הישראלית, ואת ההשלכות האפשריות של אימוץ מודל זה בישראל.</p><p dir=\"rtl\">מודלים המאופיינים בריבוי רגולטורים, דוגמת המודל הסקטוריאלי או ה\"טווין פיקס\", מחייבים מנגנון יעיל של שיתוף פעולה בין הרגולטורים. המאמר בוחן את המנגנונים הקיימים במדינות השונות שאימצו את מודל ה\"טווין פיקס\" ואת התאמתם לישראל.</p><p dir=\"rtl\"> מסקנת המאמר היא שיש, לפחות לעת עתה, להשאיר את המבנה הרגולטורי הקיים בישראל. עם זאת, ניתן ללמוד מהניסיון של מדינות שאימצו את מודל ה\"טווין פיקס\" בכל הנוגע למנגנוני שיתוף הפעולה בין הרגולטורים הפיננסיים.<br></p>","PeriodicalId":422856,"journal":{"name":"HRN PRG - English Papers (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121808194","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}

{"title":"Systemic Forum Selection Ambiguity in Financial Regulation Enforcementעמימות סיסטמית בבחירת פורום אכיפה ברגולציה כלכלית","authors":"Eithan Y. Kidron","doi":"10.2139/ssrn.2795908","DOIUrl":"https://doi.org/10.2139/ssrn.2795908","url":null,"abstract":"The growing use of administrative proceedings in financial regulation, as an alternative to criminal enforcement, has raised concerns about forum selection ambiguity. These concerns led to challenges of forum selection ambiguity for under-criminalization, expropriation of defendants’ rights, and harm to the principle of legality. Contemporary literature identifies ambiguity in forum selection and describes it as a discretionary problem. Much of today’s literature therefore calls for clear forum selection guidelines. As a step towards addressing the ambiguity problem, the SEC recently issued guidance on its approach to forum selection in contested actions.This Article suggests that the SEC has taken a step in the wrong direction. Contrary to the current literature, I argue that forum selection ambiguity does not stem from the lack of clear policy guidelines, but rather from the legal theory behind them, which has created systemic ambiguity in punitive forum selection. Due to this ambiguity, not only can the regulated entity, on its part, not know in advance whether its conduct will be deemed criminal or administrative, but the regulator herself cannot justify her forum selection decision coherently.","PeriodicalId":422856,"journal":{"name":"HRN PRG - English Papers (Topic)","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130807228","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}

{"title":"Israel's Foreign Investment Protection Regime in View of Developments in Its Energy Sector משטר הגנת ההשקעות הזרות בישראל לאור התפתחויות בענף האנרגיה שלה","authors":"Arie Reich","doi":"10.2139/SSRN.2906274","DOIUrl":"https://doi.org/10.2139/SSRN.2906274","url":null,"abstract":"This paper discusses the foreign investment protection regime and policy of Israel, analyzes the central features of its bilateral investment treaties (BITs), and argues that time has come to use these treaties as a tool to attract foreign investment to the country, in particular in the energy sector. It shows that until now, BITs have been concluded mainly with developing and transition-economy countries and as a means to protect Israeli investors in those countries. This policy has been based on the perception that only developing countries with politically unstable regimes and corrupt or non-independent judiciaries need such treaties, while Israel can rely on its good reputation of being a democratic state, based on the rule of law, with a free-market economy and a well-reputed judiciary to attract FDI. The paper argues that not only is this viewpoint incompatible with current trends in International Investment Law where more and more BITs are concluded between developed countries, it must also be revised on the background of what has occurred in Israel over the last few years in the energy sector. The paper describes the long saga of the regulatory changes in relation to the natural gas sector, ever since huge offshore gas fields were discovered, including the Supreme Court’s rulings on the changes of the tax regime and on the stabilization clause, and analyses its impact on the investment climate. The paper presents original data on this impact and suggests policy recommendations based on the analysis of the situation.","PeriodicalId":422856,"journal":{"name":"HRN PRG - English Papers (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132712231","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}