Banking acts lay down rules for banks which they have to observe when they are being established and when they are carrying on their business. These rules are designed to prevent unwelcome developments that might disrupt the smooth functioning of the banking system. Thus ensuring a strong and efficient banking system.
Authority by country
The following is a short listing of regulatory authorities in various jurisdictions, for a more complete listing, please see "list of financial regulatory authorities by country.
- "United States
- "U.S. Securities and Exchange Commission (SEC)
- "Financial Industry Regulatory Authority (FINRA)
- "Commodity Futures Trading Commission (CFTC)
- "Federal Reserve System ("Fed")
- "Federal Deposit Insurance Corporation (FDIC)
- "Office of the Comptroller of the Currency (OCC)
- "National Credit Union Administration (NCUA)
- "Office of Thrift Supervision (OTS) (dissolved in 2011)
- "Consumer Financial Protection Bureau (CFPB)
- "United Kingdom
- "Financial Services Agency (FSA), "Japan
- "Federal Financial Supervisory Authority (BaFin), "Germany
- "Autorité des marchés financiers (France) (AMF), "France
- "Monetary Authority of Singapore (MAS), "Singapore
- "Swiss Financial Market Supervisory Authority (FINMA), "Switzerland
- "People's Republic of China
In most cases, financial regulatory authorities regulate all financial activities. But in some cases, there are specific authorities to regulate each sector of the finance industry, mainly "banking, "securities, "insurance and "pensions markets, but in some cases also commodities, futures, forwards, etc. For example, in "Australia, the "Australian Prudential Regulation Authority (APRA) supervises banks and insurers, while the "Australian Securities and Investments Commission (ASIC) is responsible for enforcing financial services and corporations laws.
Sometimes more than one institution regulates and supervises the banking market, normally because, apart from regulatory authorities, central banks also regulate the banking industry. For example, in the USA banking is regulated by a lot of regulators, such as the "Federal Reserve System, the "Federal Deposit Insurance Corporation, the "Office of the Comptroller of the Currency, the "National Credit Union Administration, the "Office of Thrift Supervision, as well as regulators at the state level.
In the "European Union, the "European System of Financial Supervision consists of the "European Banking Authority (EBA), the "European Securities and Markets Authority (ESMA) and the "European Insurance and Occupational Pensions Authority (EIOPA) as well as the "European Systemic Risk Board. The "Eurozone countries are forming a "Single Supervisory Mechanism under the "European Central Bank as a prelude to "Banking union.
There are also associations of financial regulatory authorities. At the international level, there is the "International Organization of Securities Commissions (IOSCO), the "International Association of Insurance Supervisors, the "Basel Committee on Banking Supervision, the "Joint Forum, and the "Financial Stability Board, where national authorities set standards through consensus-based decision-making processes.
The structure of financial regulation has changed significantly in the past two decades,["when?] as the legal and geographic boundaries between markets in banking, securities, and insurance have become increasingly "blurred" and "globalized.["citation needed]
Regulatory reliance on credit rating agencies
Think-tanks such as the World Pensions Council (WPC) have argued that most European governments pushed dogmatically for the adoption of the "Basel II recommendations, adopted in 2005, transposed in "European Union law through the "Capital Requirements Directive (CRD), effective since 2008. In essence, they forced European banks, and, more importantly, the "European Central Bank itself e.g. when gauging the "solvency of EU-based financial institutions, to rely more than ever on the standardized assessments of "credit risk marketed by two private US agencies- Moody’s and S&P, thus using "public policy and ultimately taxpayers’ money to strengthen an anti-competitive duopolistic industry.
- "Bank regulation
- "Financial repression
- "Global financial system
- "Group of Thirty
- "Insurance law
- "International Organization of Securities Commissions
- "International Centre for Financial Regulation
- "LabEx ReFi - European Laboratory on Financial Regulation
- "Regulatory capture
- "Regulatory economics
- "Securities Commission
- "Regulation of commodity markets
- "Virtual currency law in the United States
- UK FSA statutory objectives
- What is Financial Regulation Trying to Achieve?, Riccardo De Caria, "SSRN
- Luxembourg CSSF structure and organisation
- German BAFin supervision organisation
- Suisse finma stock exchange supervision
- German BAFin stock exchange supervision
- Finland FSA supervion of listed companies
- Saudi Arabia market supervision
- Borsa Italiana listed stock supervision
- US SEC Division of Investment Management
- Reserve Bank of India, Department of Banking Supervision
- Luxembourg CSSF Supervision of Banks
- Works, Anchor Media. "This Time is Different - A Book by Carmen M. Reinhart and Kenneth S. Rogoff". reinhartandrogoff.com.
- "list of state banking authorities". State Banking Authorities. Consumer Action Website. Retrieved August 5, 2011.
- Prabhakar, Rahul (1 June 2013). "Varieties of Regulation: How States Pursue and Set International Financial Standards". Oxford University GEG. "SSRN .
- Ely, Bert (2008), "Financial Regulation", in "David R. Henderson (ed.), "Concise Encyclopedia of Economics (2nd ed.), Indianapolis: "Library of Economics and Liberty, "ISBN "978-0865976658, "OCLC 237794267
- "Reinhart, Carmen; "Rogoff, Rogoff (2009), This Time is Different: Eight Centuries of Financial Folly, Princeton U. Pr., "ISBN "978-0-691-15264-6
- Simpson, D., "Meeks, G., Klumpes, P., & Andrews, P. (2000). Some cost-benefit issues in financial regulation. London: Financial Services Authority.
- Securities Lawyer's Deskbook from the "University of Cincinnati College of Law
- FINRA Information
- The Compliance Exchange Jonathan Halsey's financial regulation research resource
- ICFR (The International Centre for Financial Regulation)
- Ana Carvajal, Jennifer Elliott: IMF Study Points to Gaps in Securities Market Regulation
- IOSCO: Objectives and Principles of Securities Regulation (PDF-Datei 67 Seiten)
- The Samuel & Ronnie Heyman Center on Corporate Governance The Samuel & Ronnie Heyman Center on Corporate Governance
- The Institute for Financial Market Regulation The Institute for Financial Market Regulation