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Topic: Financial supervision

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	Bank article - Bank financial institution financial banking license financial supervision - What-Means.com (Site not responding. Last check: 2007-11-06)
		The evolution of banking dates back to the earliest writing, and continues in the present where a bank is a financial institution that provides banking and other financial services.
		Banking licenses are granted by financial supervision authorities and provide rights to conduct the most fundamental banking services such as accepting deposits and making loans.
		There are also financial institutions that provide certain banking services without meeting the legal definition of a bank, a so called non-bank.
	www.what-means.com /encyclopedia/Banking (1489 words)

	FRBSF: Economic Letter - Financial Crises and Bank Supervision: New Directions for Japan? (12/13/97)
		Financial disclosure and accounting rules also were changed to allow stock losses to be deferred and to delay the effect of real estate price declines on banks' reported assets, among other things.
		The MOF has stressed that in completing financial reform, the soundness of the financial system must be assured by the speedy disposal of nonperforming assets of financial institutions and by the introduction of new procedures to identify and manage problem institutions.
		In particular, the report proposes more appropriate and timely allowances for loan losses and write-offs which are to be reflected in financial statements, clearer rules on banks' own assessments of asset quality, and more intensive external auditing of the accuracy of financial statements.
	www.frbsf.org /econrsrch/wklyltr/el97-37.html (1961 words)

	[No title]
		Two general types of financial regulation and supervision are usually identified: a) prudential regulation, which focuses on the solvency, safety and soundness of financial institutions, and b) conduct of business regulation, which focuses on how financial firms conduct business with their customers.
		In that regard, the general case for prudential regulation and supervision of financial firms is that consumers are not in a position to effectively judge the safety and soundness of financial firms.
		The diverse nature of the activities developed by financial conglomerates requires that the risk of the group be assessed on a consolidated basis and that its supervision be free of gaps.
	www.iadb.org /SDS/doc/IFM-Demaestri-Guerrero-E.doc (12579 words)

	ECB: Public hearing on "After Enron: financial supervision in Europe" at theCommittee on Economic and ...
		The ECOFIN Council, with the assistance of the Economic and Financial Committee and the European Commission, is currently reviewing the structures for co operation at the EU level in the fields of financial regulation, supervision and stability.
		The pursuit of new arrangements for financial regulation, supervision and stability is further complicated by the different national answers to the first two dimensions of the debate, which translate into different preferences as to the structures for co-operation at the EU level.
		Central banks are also contributing to banking regulation and supervision with research assessing the impact of the new proposed framework on macroeconomic fluctuations and the availability of credit to small and medium-sized enterprises, two issues that are at the core of the present debate.
	www.ecb.int /press/key/date/2002/html/sp020710.en.html (2537 words)

	Finance & Development, December 1999 - Financial Markets - Integrated Financial Supervision: Lessons of ...
		A final argument in favor of integrated supervision is that it is well adapted to financial sectors undergoing rapid change and innovation—for example, as a result of recent financial liberalization.
		The Financial Supervision Agency is administratively connected to the central bank, sharing its support infrastructure—including data collection, administrative support, and human resource functions—and actively cooperating with it to provide professional expertise on financial market stability issues and to supervise payment and settlement systems.
		In a financial sector that is dominated by banks and allows little scope for capital markets or a highly integrated financial sector, there is also a strong case for adopting an integrated approach, because a small nonbank financial sector is unlikely to be able to sustain separate and effective regulatory agencies.
	www.imf.org /external/pubs/ft/fandd/1999/12/taylor.htm (2749 words)

	FRBSF: Economic Letter - Financial Modernization and Regulation (12/31/1999)
		In this framework, financial services are supplied jointly by financial institutions and their regulators, where customer choice for financial services focuses not only on the supplier of financial products but also on the cost and quality of supervisory and safety net services provided by the regulator.
		In particular, the traditional approach of supervision and regulation may be very costly and ineffective, especially for large, internationally active institutions that have complex financial instruments and substantial cross-border transactions.
		Financial modernization poses challenges to policymakers when striking a balance among an array of public policy goals, from encouraging sound micro foundations in banking to managing systemic risk in the global financial market.
	www.frbsf.org /econrsrch/wklyltr/wklyltr99/el99-38.html (1952 words)

	[No title]
		Another is that special rules for the supervision of financial conglomerates should only be applied where the regulatory problems cannot be effectively tackled through supervision of the individual regulated entities.
		The framework distinguishes between financial groups, which are primarily financial services conglomerates, and mixed-activity groups, of which the parent is a commercial or industrial firm, but which includes one or more subsidiary banks or investment firms.
		For banks and investment firms within either financial or mixed-activity groups, supervisors are to have the capacity to refuse or withdraw authorization in cases where the group structure precludes effective supervision, and member governments are to ensure that enforcement provisions may be imposed on financial holding companies and mixed-activity holding companies, or their effective managers.
	www1.worldbank.org /finance/PUBS/SCOT1/scot101g.htm (1079 words)

	Cayman Net News: Setting the record straight over financial supervision
		This is not mentioned to pass the buck but merely to demonstrate that the regulation of the financial services industry in the Cayman Islands, as in other financial centres, is an international effort requiring the co-operation and assistance of regulators globally.
		No regulator wishes to see its licensees encounter financial difficulty, however, in truth, it is the responsibility of the directors and managers of financial institutions to ensure their entities do not reach this position.
		Drawing a parallel of these figures to the number of financial institutions registered or licensed with the Authority, the number of cases in which such action is required is less than one-quarter of one percent.
	www.caymannetnews.com /2003/11/21/letter1.shtml (1289 words)

	Gramm-Leach-Bliley and the Changing Nature of Financial Service Supervision - News & Conferences, Federal Reserve Bank ...
		Others may be pursuing financial holding company status because you have been heavily involved in selling insurance in the past and now want to underwrite policies as well.
		Last year, a Chicago Fed supervision and regulation employee was singled out in the Fed system for outstanding achievement, not for his work examining a particular bank, but for his ability to spread the word about best practices.
		It reflects this public concern by requiring all financial service providers to disclose their privacy policies, by preventing banks from disclosing account numbers to third-party marketers, and by giving customers the ability to "opt-out" of any information sharing agreement between a financial service provider and a third party.
	www.chicagofed.org /news_and_conferences/speeches/2000_04_20.cfm (2755 words)

	Law August 27, 1992 Supervision of Financial Institutions
		Financial Institutions means banks and companies which conduct the financial activities as: commercial, agricultural, industrial, savings, investment and development banks, credit finance companies, and finance services companies.
		A Financial Institution license shall be valid only for the legal person to whom it was granted and may not he transferred or assigned to any other legal person (including another Financial Institution) without the prior written approval of the National Bank of Cambodia.
		The Functions of the Financial Institution shall he defined in their Articles of Association which shall be approved by the National Bank of Cambodia.
	cambodialaw.ifrance.com /bank/bk003g.htm (681 words)

	E LAW \| Unified Financial Services Supervision in Latvia, the United Kingdom and Scandinavian Countries - Text
		There is a question, for instance, as to whether countries facing major imminent challenges in their financial sector-those perhaps facing insolvencies among major banks-should be contemplating wholesale reorganization of the regulatory function which might deflect attention away from the problems at hand.
		Today, the Financial Services Authority is expected to carryout prudential financial supervision in accordance with a number of EU directives in the area of financial services, all of which have been implemented in the UK.
		Although unified financial services supervision has been adopted differently in many countries, its application has varied from country to country and there is no single right way of introducing or implementing unified models of financial services supervision.
	www.murdoch.edu.au /elaw/issues/v10n1/mwenda101_text.html (7855 words)

	2223. Integrated Financial Supervision: Lessons from Northern European Experience
		In the past, financial supervision tended to be organized around specialist agencies for the banking, securities, and insurance sectors.
		Clearly, for a small transition or developing economy, or an economy with a small financial sector, the economies of scale from establishing an integrated agency outweigh the costs of moving to such a model.
		This paper — a product of the Private and Financial Sectors Development Unit, Europe and Central Asia Region — is part of a larger effort in the region to assist transition economies in strengthening the legal and regulatory framework for their financial sectors.
	wbln0018.worldbank.org /Research/workpapers.nsf/73be5d3a01757bc7852566db005f7760/5f52ea1e6cf0a3518525682c005bdf1e?OpenDocument (416 words)

	Economic Policy Coordination And Financial Supervision in the EMU
		A trend in Europe towards the separation of supervision and lender-of-last-resort responsibilities is to be observed.
		A mega-authority is coherent with the trend to financial conglomerates.
		In his conclusion, Mr Lannoo was unfavourable towards the centralisation of supervision, but in favour of coordination across the various supervisory agencies as well as with the ECB and the national central banks, at the national and European levels.
	www.cepii.fr /anglaisgraph/workpap/summaries/1999/wp99-04.htm (665 words)

	Financial Supervision Commission
		The Financial Supervision Commission (FSC) is an independent statutory body responsible for the licensing and supervision in the Isle of Man of banks, building societies, investment business, collective investment schemes and corporate and trust service providers.
		Established in 1983, the remit given to the Commission by Tynwald is to "take such steps as appear to it to be necessary or expedient for the effective supervision of the private financial and commercial sector in the Island", with the exception of the insurance industry which is supervised by the Insurance and Pensions Authority.
		In supervising licenceholders the Commission analyses the ongoing business, examines how it is directed and controlled and monitors compliance with the regulations.
	www.ey.com /GLOBAL/content.nsf/Isle_of_Man/FSC (379 words)

	Cayman Islands Chamber of Commerce: Financial Services: Supervision and Regulation (Site not responding. Last check: 2007-11-06)
		The Investment Services Supervision is responsible for the supervision and regulation of mutual funds and mutual fund administrators.
		One of the primary aims of the division is to expand the intelligence-gathering capability of the Authority and improve the general supervisory capabilities of the Authority.
		The division is responsible for the supervision, regulation and guidance of all company managers and trust companies that do not have a banking licence or banking affiliation.
	www.caymanchamber.ky /financial/regulation.htm (1301 words)

	Supervision of Financial Conglomerates (Basel Committee Publications No. 47)
		The Joint Forum prepared a number of papers dealing with these matters which were released by the Basle Committee, IOSCO and the IAIS for consultation with industry and the supervisory community on a global basis from mid-February 1998 to 31 July 1998.
		It is noted that the Joint Forum's focus has been, primarily, on diversified financial firms with complex organisational and management structures whose large scale activities cross national borders and sectoral boundaries.
		The Fit and Proper Principles paper provides guidance to ensure that supervisors of entities within a financial conglomerate are able to exercise their responsibilities to assess whether those entities are soundly and prudently managed.
	www.bis.org /publ/bcbs47.htm (1035 words)

	Financial supervision - Encyclopedia.WorldSearch (Site not responding. Last check: 2007-11-06)
		The objective is to uphold existing regulations for the financial sector and ultimately to maintain stability of financial markets.
		Australian Securities and Investments Commission (ASIC) is responsible for enforcing financial services and corporations laws.
		Handbook of Central Banking And Financial Authorities in Europe: New Architectures in the Supervision of Financial Markets
	encyclopedia.worldsearch.com /financial_supervision.htm (205 words)

	Future financial supervision
		Finansinspektionen should increase its supervision of the smaller actors, rather than, as suggested by the enquiry, be discharged of the responsibility for the registration and supervision of such companies
		Aktiespararna suggests therefore that consumer protection and supervision of this be made the object of a government enquiry in its own right, which should study the need for consumer protection, supervision, resources and the scope for imposing sanctions, and also investigate the division of responsibility among the various authorities.
		In this respect, the activities that have been developed by the Financial Services Authority in the UK, with supervision, analysis, information and education should, in Aktiespararna’s view, be able to provide a good role model.
	www.aktiespararna.se /english/press_releases/future_financial_supervision.asp (751 words)

	Supervision of Financial Institutions
		The Supervision and Regulation ("SandR") Department of the Federal Reserve Bank of Cleveland provides high-quality supervision and regulation services to ensure the safe and sound operation of Fourth District financial institutions.
		The primary focus of Value-Added Banking Supervision is to be responsive to the needs and concerns of the banking community and to educate bankers about the regulatory environment in which they operate.
		State member banks and financial and bank holding companies whose assets aggregate less than $10 billion are supervised in portfolios by banking supervisors based in either Cleveland, Cincinnati, or Pittsburgh.
	www.clevelandfed.org /bsr (676 words)

	Swiss Federal Department of Finance FDF > Records > Media > Integrated financial market supervision
		FINMA would be endowed with supervisory instruments extending across areas of specialisation and would endeavour to strengthen the reputation of the Swiss financial centre and the stability of the Swiss financial system.
		The overall supervision by the Federal Assembly must in any case ensure that the independence of FINMA is respected.
		The institutions supervised by FINMA are under an obligation to mandate an auditing company to audit compliance with all supervisory provisions, according to the so-called indirect (dual) supervisory system.
	www.efd.admin.ch /e/dok/medien/rohstoff/2003/07/zbvertrag.htm (1680 words)

	South Africa: Financial regulation and supervision (Site not responding. Last check: 2007-11-06)
		The existing financial regulatory structure for the regulation of the financial system, financial intermediaries and advisers is shown in Diagram 1.
		The Financial Services Board (FSB), established as a statutory body by the Financial Services Board Act, 97 of 1990, is financed by the financial services industry itself, with no contribution from government.
		The FSB is also responsible for the financial supervision of the Road Accident Fund.
	www.finforum.co.za /regulate/regstruc.htm (981 words)

	Financial Supervision - isleofman.com (Site not responding. Last check: 2007-11-06)
		With the rapid growth of the Isle of Man as an international finance centre came the need to strengthen the island’s image and reputation, with such activities being properly supervised and effectively regulated.
		This task falls to the Financial Supervision Commission (FSC), and the Insurance and Pensions Authority (IPA).
		This subsequently led to the island becoming the first territory to be designated by the UK Government under its Financial Services Act, thus confirming the island’s pre-eminent status amongst international financial centres.
	www.isleofman.com /finance/why_iom/economy/fin_sup.htm (552 words)

	Supervision and Regulation of Network Banks (Site not responding. Last check: 2007-11-06)
		This paper considers the supervision and regulation of banks providing financial services on public computer networks for the mass retail market, i.e., deposit taking and lending of money on retail and small- and medium-size company markets.
		While the small setup costs and the cross-border provision of financial services would spur competition, it is the Internet's borderless nature that could pose a major challenge for the regulation and supervision of financial intermediaries.
		The irrelevance of physical location is based on the fact that marginal costs of providing financial services on a public computer network are not related to a customer's location; more importantly, a customer's marginal costs for obtaining financial services are independent of the bank's location.
	www.firstmonday.dk /issues/issue2_8/berentsen (4250 words)

	Caribbean Net News: Financial services supervision in St Vincent restructured
		This new development in St Vincent's financial services sector was announced at a launching ceremony held on Mustique under the theme "Exploring the New Financial Environment".
		Deputy Governor of the Eastern Caribbean Central Bank, Errol Allen, in his introductory remarks called on stakeholders in the international financial services sector in St Vincent to prepare themselves to respond to future challenges if the sector is to remain a viable entity in the country.
		Gonsalves outlined that the efforts by Government to restructure the sector over the past two and a half years was a long and hard struggle, which included the enactment of a series of legislative reform initiatives to govern the regulated sector.
	www.caribbeannetnews.com /2003/11/04/ifsa.htm (299 words)

	Data & Research - Report Details
		Summary: Despite the intense debate on the advantages and disadvantages of adopting integrated supervision that has taken place in recent years, little is known about the experiences of countries that have adopted it and the obstacles and challenges they have faced to implement it.
		After a brief review of the literature on integrated supervision, the authors examine four topics: 1) The reasons cited by this group of countries for establishing an integrated supervisory agency.
		Another finding is that in most countries progress toward the harmonization of prudential regulation and supervision across financial intermediaries remains limited.
	econ.worldbank.org /view.php?type=5&id=28404 (500 words)

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