Journal of Financial Regulation最新文献

英文中文

The Implementation of the BRRD in Italy and its First Test: Policy Implications BRRD在意大利的实施及其第一次测试:政策影响

IF 2.6 Q1 LAW

Journal of Financial Regulation

Pub Date : 2016-03-01 DOI: 10.1093/JFR/FJW005

Lorenzo Stanghellini

Eleven months after the deadline, in November 2015, Italy implemented the Bank Recovery and Resolution Directive. The detailed structure of the Directive drove most of the choices, but the Italian implementing acts are overall clearer than the Directive, especially in outlining the sequence of decisions that the competent authorities and the resolution authorities have to take with respect to a bank that is failing or likely to fail. Less than a week after their enactment, the new rules were applied to resolve four regional banks that until then had been under temporary administration. Although the resolution has been carried swiftly and in accordance with the principles of the Directive, this apparently minor case shows two lessons: that almost all banking crises will be handled with the new rules, liquidation being confined to micro-banks, and that the practical challenges of resolution actions are enormous.

截止日期11个月后，即2015年11月，意大利实施了《银行复苏与处置指令》。指令的详细结构驱动了大多数选择，但意大利的实施行为总体上比指令更清晰，特别是在概述主管当局和处置当局必须对即将倒闭或可能倒闭的银行采取的决定顺序方面。新规则颁布后不到一周，就被用于解决此前一直处于临时管理之下的四家地区性银行。尽管这项决议是根据《指令》的原则迅速执行的，但这个看似微不足道的案件显示了两个教训:几乎所有的银行危机都将按照新规则处理，清算仅限于微型银行，以及决议行动的实际挑战是巨大的。

引用次数: 7

Cotton rat immune responses to virus-like particles containing the pre-fusion form of respiratory syncytial virus fusion protein. 棉鼠对含有呼吸道合胞病毒融合蛋白前融合形式的病毒样颗粒的免疫反应。

IF 7.4 Q1 LAW

Journal of Financial Regulation

Pub Date : 2015-11-05 DOI: 10.1186/s12967-015-0705-8

Lori McGinnes Cullen, Jorge C G Blanco, Trudy G Morrison

Background: Virus-like particles (VLPs) based on Newcastle disease virus (NDV) core proteins, M and NP, and containing two chimera proteins, F/F and H/G, composed of the respiratory syncytial virus (RSV) fusion protein (F) and glycoprotein (G) ectodomains fused to the transmembrane and cytoplasmic domains of the NDV F and HN proteins, respectively, stimulate durable, protective anti-RSV neutralizing antibodies in mice. Furthermore, immunization of mice with a VLP containing a F/F chimera protein with modifications previously reported to stabilize the pre-fusion form of the RSV F protein resulted in significantly improved neutralizing antibody titers over VLPs containing the wild type F protein. The goal of this study was to determine if VLPs containing the pre-fusion form of the RSV F protein stimulated protective immune responses in cotton rats, a more RSV permissive animal model than mice.

Methods: Cotton rats were immunized intramuscularly with VLPs containing stabilized pre-fusion F/F chimera protein as well as the H/G chimera protein. The anti-RSV F and RSV G antibody responses were determined by ELISA. Neutralizing antibody titers in sera of immunized animals were determined in plaque reduction assays. Protection of the animals from RSV challenge was assessed. The safety of the VLP vaccine was determined by monitoring lung pathology upon RSV challenge of immunized animals.

Results: The Pre-F/F VLP induced neutralizing titers that were well above minimum levels previously proposed to be required for a successful vaccine and titers significantly higher than those stimulated by RSV infection. In addition, Pre-F/F VLP immunization stimulated higher IgG titers to the soluble pre-fusion F protein than RSV infection. Cotton rats immunized with Pre-F/F VLPs were protected from RSV challenge, and, importantly, the VLP immunization did not result in enhanced respiratory disease upon RSV challenge.

Conclusions: VLPs containing the pre-fusion RSV F protein have characteristics required for a safe, effective RSV vaccine.

背景：病毒样颗粒（VLPs）以新城疫病毒（NDV）核心蛋白M和NP为基础，并含有两种嵌合蛋白F/F和H/G，这两种嵌合蛋白由呼吸道合胞病毒（RSV）融合蛋白（F）和糖蛋白（G）外域组成，分别与NDV F蛋白和HN蛋白的跨膜结构域和胞质结构域融合。此外，用含有 F/F 嵌合体蛋白的 VLP 免疫小鼠，与含有野生型 F 蛋白的 VLP 相比，含有 F/F 嵌合体蛋白的 VLP 免疫小鼠的中和抗体滴度明显提高。本研究的目的是确定含有 RSV F 蛋白前融合形式的 VLPs 是否能刺激棉鼠（一种比小鼠更易感染 RSV 的动物模型）产生保护性免疫反应：方法：用含有稳定的前融合F/F嵌合体蛋白和H/G嵌合体蛋白的VLPs对棉鼠进行肌肉免疫。用 ELISA 法测定抗 RSV F 和 RSV G 的抗体反应。免疫动物血清中的中和抗体滴度是通过斑块还原试验测定的。评估了动物对 RSV 挑战的保护作用。通过监测免疫动物接受 RSV 挑战时的肺部病理变化，确定了 VLP 疫苗的安全性：结果：Pre-F/F VLP诱导的中和滴度远高于之前提出的成功疫苗所需的最低水平，而且滴度明显高于RSV感染所激发的滴度。此外，与 RSV 感染相比，Pre-F/F VLP 免疫可激发更高的可溶性前融合 F 蛋白 IgG 滴度。用前融合F/F VLP免疫棉鼠可免受RSV挑战，重要的是，VLP免疫不会导致RSV挑战时呼吸道疾病的加重：结论：含有前融合 RSV F 蛋白的 VLP 具有安全、有效的 RSV 疫苗所需的特征。

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引用次数: 0

Bank Regulation in Singapore 新加坡的银行监管

IF 2.6 Q1 LAW

Journal of Financial Regulation

Pub Date : 2015-08-01 DOI: 10.1093/JFR/FJV004

C. Hofmann

This article discusses the most important principles of one of the most relevant financial markets in the world—Singapore. While little affected by the Global Financial Crisis, Singapore is currently reforming the regulatory framework for banks operating in its territory, both nationally and foreign headquartered. This contribution starts by providing some brief information on the structure of the Singaporean banking sector and its regulator, the Monetary Authority of Singapore. The main discussion focuses on the principles of bank regulation, especially in comparison to the rules of the Third Basel Accord (Basel III). This part is followed by the principles that apply to banks in crises and Singapore's role in cooperation with regulators from other jurisdictions. This last section includes an analysis of Singapore's willingness to participate in transnational efforts that seek to address the challenges resulting from the activities of global systemically important banks.

本文讨论了世界上最相关的金融市场之一新加坡的最重要原则。虽然受全球金融危机影响不大，但新加坡目前正在改革在其境内经营的银行的监管框架，包括国内和外国总部。本文首先简要介绍了新加坡银行业及其监管机构——新加坡金融管理局(Monetary Authority of Singapore)的结构。主要讨论的重点是银行监管的原则，特别是与第三巴塞尔协议(巴塞尔协议III)的规则进行比较。这一部分之后是适用于危机中的银行的原则，以及新加坡在与其他司法管辖区监管机构合作中的作用。最后一部分包括对新加坡参与跨国努力的意愿的分析，这些努力寻求解决全球系统重要性银行活动所带来的挑战。

引用次数: 0

Cross-Border Application of OTC Derivatives Rules: Revisiting the Substituted Compliance Approach 场外衍生品规则的跨境应用:重新审视替代合规方法

IF 2.6 Q1 LAW

Journal of Financial Regulation

Pub Date : 2015-08-01 DOI: 10.1093/JFR/FJV006

A. Artamonov

The substituted compliance regulatory framework is currently being phased in for cross-border over-the-counter (OTC) derivatives transactions involving US and, in some instances, non-US dealers. Implementation of a substituted compliance regime revealed significant flaws in how regulators approached the extraterritorial application of their authority. This article revisits the approach to substituted compliance with OTC derivatives rules and suggests that a calibration of this approach, which would create a more flexible framework while not affecting allocation of systemic risk, is required.

替代的合规监管框架目前正在逐步适用于涉及美国(在某些情况下包括非美国交易商)的跨境场外衍生品交易。替代合规制度的实施暴露出监管机构在处理其权力的域外适用方面存在重大缺陷。本文重新审视了替代遵守场外衍生品规则的方法，并建议对这种方法进行校准，这将创建一个更灵活的框架，同时不影响系统风险的分配。

引用次数: 7

Virtual Currency Regulation in Singapore 新加坡的虚拟货币监管

IF 2.6 Q1 LAW

Journal of Financial Regulation

Pub Date : 2015-08-01 DOI: 10.1093/JFR/FJV001

Alexander F. H. Loke

Virtual currencies present many challenges for regulators, not least the concern that it might be the via media for money laundering and terrorist financing. Thus, even as liberal economies embrace the new medium for the transfer of value globally, they face, first, the challenge of designing safeguards against such risks without chilling its use for legitimate purposes and, second, the issue of whether virtual currency holders' interest are adequately protected. This article examines the policy concerns that regulators in Singapore face as they seek to navigate the challenge of encouraging virtual currencies while addressing the risks they present.

虚拟货币给监管机构带来了许多挑战，尤其是担心它可能成为洗钱和恐怖主义融资的渠道。因此，即使自由经济体在全球范围内接受这种价值转移的新媒介，它们也面临着以下挑战:首先，如何设计防范此类风险的措施，同时又不阻碍其用于合法目的;其次，虚拟货币持有者的利益是否得到充分保护的问题。本文探讨了新加坡监管机构在寻求应对鼓励虚拟货币挑战的同时，应对其带来的风险时所面临的政策问题。

引用次数: 3

Substituted Compliance: The Emergence, Challenges, and Evolution of a New Regulatory Paradigm 替代合规:新监管范式的出现、挑战和演变

IF 2.6 Q1 LAW

Journal of Financial Regulation

Pub Date : 2015-08-01 DOI: 10.1093/JFR/FJV007

H. Jackson

Over the past few decades, the US Securities and Exchange Commission experimented with a number of different approaches to relaxing Securities and Exchange Commission (SEC) rules to facilitate entry of foreign firms into US capital markets. Initially, the SEC favoured an approach I denominate as modified national treatment, under which foreign firms were allowed exemption from a limited number of specific US requirements that were likely to conflict with, or be redundant with respect to, regulatory requirements in their home jurisdictions. In general, these exemptions were available regardless of the quality of home country oversight. Sometimes those exemptions were available only for transactions with large institutional investors located in the USA. Starting in 2007, the Commission began to comtemplate more far-reaching acceptance of foreign regulatory oversight, most prominently in an approach that came to be known as substituted compliance. A hallmark of substituted compliance was that it was to be selective, and thus available only to those jurisdictions that the Commission determined to be substantially comparable to US regulatory oversight. In the face of the Global Financial Crisis in 2008, the Commission backed away from its initial experiment with substituted compliance, but the exercise still offers an interesting content in which to consider the manner in which the Commission might have determined the comparability of foreign regulatory systems. This essay explores the various analytical options available for making such supervisory assessments. It then concludes with some preliminary thoughts on what might be called ‘second-generation’ substituted compliance, which the SEC and the Commodity Futures Trading Commission have begun to employ in the past few years to limit the extraterritorial application of certain provisions of the Dodd–Frank Act.

在过去的几十年里，美国证券交易委员会尝试了许多不同的方法来放松证券交易委员会(SEC)的规则，以促进外国公司进入美国资本市场。最初，美国证交会倾向于一种我称之为“修改国民待遇”(modified national treatment)的方法，在这种方法下，外国公司被允许免于遵守数量有限的美国特定要求，这些要求可能与它们本国司法管辖区的监管要求相冲突，或者是多余的。一般来说，无论母国监督的质量如何，都可以获得这些豁免。有时这些豁免只适用于与位于美国的大型机构投资者的交易。从2007年开始，欧盟委员会开始考虑更广泛地接受外国监管，最突出的是一种后来被称为“替代合规”的方法。替代合规的一个特点是，它是有选择性的，因此只适用于那些委员会认定与美国监管相当的司法管辖区。面对2008年的全球金融危机，欧盟委员会放弃了最初的替代合规实验，但这一实践仍然提供了一个有趣的内容，可以考虑欧盟委员会可能确定外国监管体系可比性的方式。本文探讨了可用于进行此类监督评估的各种分析选项。文章最后对所谓的“第二代”替代合规提出了一些初步看法。过去几年，SEC和商品期货交易委员会(Commodity Futures Trading Commission)已经开始采用这种做法，以限制《多德-弗兰克法案》(Dodd-Frank Act)某些条款的域外适用。

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引用次数: 7

Standing and judicial review in the new EU financial markets architecture 欧盟新金融市场架构中的地位和司法审查

IF 2.6 Q1 LAW

Journal of Financial Regulation

Pub Date : 2015-08-01 DOI: 10.1093/JFR/FJV002

A. Witte

The three European Supervisory Authorities (ESAs) have been entrusted with various tasks relating to the supervision over financial market sectors by competent authorities. These tasks are complemented by legally binding powers vis-a-vis competent authorities. In addition, the ESAs draft standards are to be adopted in the form of directly applicable regulations. This article examines how private undertakings may challenge ESA acts judicially and quasi-judicially. The outcome of the analysis is that Union law may offer ample opportunities for private parties to challenge ESA acts not addressed to them. This may come as a surprise given the traditionally restrictive interpretation of standing in Union law, but can be supported de lege lata even though the question has not yet been ruled upon authoritatively. The article also discusses the question of standing against supervisory decisions of the European Central Bank within the framework of the Single Supervisory Mechanism. The question is placed within the broader context of the EU’s self-imposed standards of rule of law, which require extensive powers of European institutions to be accompanied with sufficient opportunities for judicial review, not only to protect rights of market actors but also to promote the further development and harmonization of substantive EU law.

三个欧洲监管机构(esa)被主管当局委托承担与监管金融市场部门有关的各种任务。这些任务还辅之以对主管当局具有法律约束力的权力。此外，欧空局的标准草案将以直接适用的条例的形式加以采用。本文探讨了私营企业如何以司法和准司法的方式挑战欧空局的行为。分析的结果是，欧盟法律可能为私人当事方提供充足的机会来挑战欧空局没有针对他们的行为。考虑到传统上对联邦法律中地位的限制性解释，这可能会让人感到意外，但即使这个问题尚未得到权威裁决，也可以在法律上得到支持。本文还讨论了在单一监管机制框架内反对欧洲央行监管决定的问题。这个问题是在欧盟自我强加的法治标准的更广泛背景下提出的，这要求欧洲机构的广泛权力必须伴随着足够的司法审查机会，这不仅是为了保护市场参与者的权利，也是为了促进欧盟实体法的进一步发展和协调。

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引用次数: 5

The Roadmap Approach to Regulating Digital Financial Services 监管数字金融服务的路线图

IF 2.6 Q1 LAW

Journal of Financial Regulation

Pub Date : 2015-08-01 DOI: 10.1093/jfr/fjv008

J. Greenacre

Mobile phones are spreading rapidly throughout developing countries. Banks and other firms are increasingly using mobile phones and other non-traditional banking infrastructure, such as phone companies and retail shops, to provide financial services to large, low-income populations in these countries. This article provides a framework for regulating such services.

移动电话在发展中国家迅速普及。银行和其他公司越来越多地使用移动电话和其他非传统银行基础设施，如电话公司和零售商店，向这些国家的大量低收入人口提供金融服务。本文提供了一个规范此类服务的框架。

引用次数: 1

New National Solutions for Bank Failures: Game-changing in the UK, Germany and the Netherlands? 针对银行倒闭的新国家解决方案:英国、德国和荷兰改变游戏规则?

IF 2.6 Q1 LAW

Journal of Financial Regulation

Pub Date : 2015-08-01 DOI: 10.1093/JFR/FJV009

M. Haentjens, L.G.A. Janssen

This article discusses the special bank insolvency laws that have been enacted in the UK, Germany and the Netherlands since the onset of the global financial crisis. By 1 January 2015, the national regimes had to be adjusted to new European bank insolvency rules. Yet we believe these common European rules will fail to eliminate some significant differences between national bank insolvency regimes. Moreover, the new European rules will not prevent governments from resolving big banks along territorial lines if not by nationalization.

本文讨论了自全球金融危机爆发以来，英国、德国和荷兰颁布的特殊银行破产法。到2015年1月1日，国家制度必须根据新的欧洲银行破产规则进行调整。然而，我们认为，这些欧洲共同规则将无法消除各国银行破产制度之间的一些重大差异。此外，如果不是通过国有化，新的欧洲规则将不会阻止各国政府按地域划分大银行。

引用次数: 15

Why Operational Risk Modelling Creates Inverse Incentives 为什么操作风险模型会产生反向激励

IF 2.6 Q1 LAW

Journal of Financial Regulation

Pub Date : 2015-08-01 DOI: 10.1093/JFR/FJV005

R. Doff

Operational risk modelling has become commonplace in large international banks and is gaining popularity in the insurance industry as well. This is partly due to financial regulation (Basel II, Solvency II). This article argues that operational risk modelling is fundamentally flawed, despite efforts to resolve the scarce data in the tail of the probability distributions. Potential solutions are special statistical techniques or shared (external) data initiatives. While capital regulation might be one perspective, internal capital modelling efforts are also flawed because of the main principles of the RAROC methodology. Rather than handling the issue of data scarcity, institutions and regulators should better focus on operational risk management and avoid large losses. Capital regulation for operational risk should be further simplified.

操作风险建模在大型国际银行中已经司空见惯，在保险业也越来越受欢迎。这部分是由于金融监管(巴塞尔协议II，偿付能力II)。本文认为，尽管努力解决概率分布尾部的稀缺数据，但操作风险模型从根本上是有缺陷的。潜在的解决方案是特殊的统计技术或共享(外部)数据计划。虽然资本监管可能是一个角度，但由于RAROC方法的主要原则，内部资本建模工作也存在缺陷。机构和监管机构应该更好地关注操作风险管理，避免巨额损失，而不是处理数据稀缺问题。进一步简化操作风险资本监管。

引用次数: 2

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全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

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Journal of Financial Regulation

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