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Legal Aspects of Financial Services Regulation and the Concept of a Unified Regulator

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  • Kenneth Kaoma Mwenda

Abstract

This study addresses the legal and policy issues underpinning the development of, and the strengthening of the regulatory and institutional framework for unified financial services supervision. The study discusses developments in a number of jurisdictions, among them Australia, Canada, Estonia, Germany, Hungary, Ireland, Latvia, Malta, the Scandinavian countries, the United Kingdom, and the United States. Chapter 1 examines conceptual issues to be taken into account in designing a sound regulatory and institutional framework for financial services supervision. The chapter also provides a working definition of "regulation" and delves into the intricacies of designing the appropriate regulatory framework. Chapter 2 analyzes the concept of an independent financial services regulator, arguing that a unified regulator that is both independent and accountable would help promote the development of a sound financial sector. Chapter 3 discusses the concept of a unified regulator, examining the question of whether every country should adopt a model of unified financial services supervision. Chapter 4 provides country studies, addressing the efficacy of the framework for unified financial services supervision in Latvia, the United Kingdom, and the Scandinavian countries. Finally, Chapter 5 defines policy recommendations and possible constitutional, and legal challenges that might be encountered when a country is considering unifying its regulation of financial services.

Suggested Citation

  • Kenneth Kaoma Mwenda, 2006. "Legal Aspects of Financial Services Regulation and the Concept of a Unified Regulator," World Bank Publications - Books, The World Bank Group, number 6952.
    • Handle: RePEc:wbk:wbpubs:6952
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    References listed on IDEAS

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    1. Svensson, Lars E. O., 1997. "Inflation forecast targeting: Implementing and monitoring inflation targets," European Economic Review, Elsevier, vol. 41(6), pages 1111-1146, June.
    2. Posen, Adam, 1998. "Central Bank Independence and Disinflationary Credibility: A Missing Link?," Oxford Economic Papers, Oxford University Press, vol. 50(3), pages 335-359, July.
    3. Mr. Marc G Quintyn & Mr. Michael W Taylor, 2004. "Should Financial Sector Regulators Be Independent?," IMF Economic Issues 2004/001, International Monetary Fund.
    4. Marc G Quintyn & Michael W Taylor, 2004. "Should Financial Sector Regulators Be Independent?," IMF Economic Issues 32, International Monetary Fund.
    5. Taylor, Michael & Fleming, Alex, 1999. "Integrated financial supervision : lessons of Northern European experience," Policy Research Working Paper Series 2223, The World Bank.
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    Cited by:

    1. Donato Masciandaro & Marc Quintyn, 2010. "Institutions Matter: Financial Supervision Architecture, Central Bank and Path-Dependence. General Trends and the South Eastern European Countries," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 8(1), pages 7-53.
    2. Masciandaro, Donato, 2009. "Politicians and financial supervision unification outside the central bank: Why do they do it?," Journal of Financial Stability, Elsevier, vol. 5(2), pages 124-146, June.
    3. Khorosheva Olena I., 2014. "Financial Economy and Financial System: Basis of Structural Interconnection," Business Inform, RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE), Kharkiv National University of Economics, issue 2, pages 336-341.
    4. Han Miao, 2017. "Twin Peaks Regulation After the Global Financial Crisis: A Reform Model for China?," Asian Journal of Law and Economics, De Gruyter, vol. 8(3), pages 1-30, December.

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