Academic literature on the topic 'Financial Services Law'
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Journal articles on the topic "Financial Services Law"
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Usher, J. A. "Financial Services in Eec Law." International and Comparative Law Quarterly 37, no. 1 (January 1988): 144–54. http://dx.doi.org/10.1093/iclqaj/37.1.144.
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Yeoh, Peter. "Teaching ethics in financial services law." Law Teacher 44, no. 1 (February 10, 2010): 59–74. http://dx.doi.org/10.1080/03069400903541351.
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Usher, John A. "Financial Services: Some Taxing Problems." Zeitschrift für europarechtliche Studien 4, no. 2 (2001): 243–61. http://dx.doi.org/10.5771/1435-439x-2001-2-243.
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McVea, Harry. "FINANCIAL SERVICES REGULATION UNDER THE FINANCIAL SERVICES AUTHORITY: A REASSERTION OF THE MARKET FAILURE THESIS?" Cambridge Law Journal 64, no. 2 (July 7, 2005): 413–48. http://dx.doi.org/10.1017/s0008197305006914.
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DESPITE the fact that the “nature, role and form” of financial market regulation has varied—sometimes significantly—from jurisdiction to jurisdiction, traditionally there has been a remarkable degree of unanimity about the need for comprehensive regulatory controls governing the operations of financial institutions and the financial markets more generally. In essence, this consensus derives from a conception of financial markets as being sufficiently distinct from other kinds of economic activity, such as manufacturing electrical goods, or the marketing of adventure holidays, to require extensive regulation and oversight. From a descriptive point of view, the inspiration for much of this regulation—at least in its statutory form—can very often be traced to various reactions to financial crises. In the US, for example, extensive Federal Securities legislation, which has been in place since the 1930s, was Congress’s response to bank runs and alleged financial abuses in the depression era.
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Chirico, Alessandra. "Outsourcing in the Financial Services Industry." European Business Law Review 21, Issue 1 (February 1, 2010): 89–100. http://dx.doi.org/10.54648/eulr2010007.
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This short article analyses supervisory authorities’ responses to what they see as the most important risks related to outsourcing by banks in their country and how these risks have been mitigated through prudential regulation. It appears that many supervisors are concerned about the fact that banks lose direct control over outsourced activities, and see potentially high operational risks (i.e., business continuity threat or operational failures). In second instance, supervisors appear to share concerns that banks may lose certain internal skills and that they become too dependent on a small number of outsourcing companies. Indeed, a high concentration in the market for outsourcing with only a few service providers may lead to an excessive dependence and high switching costs. The MiFID provisions on outsourcing are central under this respect.
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De Koker, Louis, Nicholas Morris, and Sue Jaffer. "Regulating Financial Services in an Era of Technological Disruption." Law in Context. A Socio-legal Journal 36, no. 2 (February 26, 2020): 1–24. http://dx.doi.org/10.26826/law-in-context.v36i2.98.
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Financial regulators are challenged to respond to the innovation opportunities presented by financial technology (fintech). Current rules are not necessarily sufficient or effective to adequately regulate new business models and new products relating to innovations such as crypto assets or digital financial services. Regulators that fail to respond in a timely manner may drive innovation offshore and deprive their markets and consumers of appropriate, new services. To respond to new financial innovation, regulators have been establishing innovation hubs and regulatory sandboxes. Innovation hubs enable them to engage innovators more effectively. Sandboxes allow the products to be tested in a controlled environment and enable to regulator to consider whether existing laws are appropriate to regulate such products and, of not, what measures may be required. Sandboxes are however resource intensive and they hold a number of risks. Financial regulators are, of course, not alone in having to address the regulatory challenges of innovation. This article therefore also considers other non-financial regulatory experiences of innovative products and services, namely automated vehicles; emissions trading in China; and Uber and its clones, to consider whether those experiences hold lessons for financial regulators.
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Geernaert, Amaury, and Ward Lietaert. "Case Law Note: The Volkswagen Financial Services Case." Intertax 47, Issue 4 (April 1, 2019): 414–15. http://dx.doi.org/10.54648/taxi2019040.
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MacNeil, Iain. "The Future for Financial Regulation: The Financial Services and Markets Bill." Modern Law Review 62, no. 5 (September 1999): 725–43. http://dx.doi.org/10.1111/1468-2230.00233.
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McMahon, Joe, and Niamh Moloney. "III. Financial Market Regulation in the Post-Financial Services Action Plan Era." International and Comparative Law Quarterly 55, no. 4 (October 2006): 982–92. http://dx.doi.org/10.1093/iclq/lei140.
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After a hectic period of law reform, which has also provoked major governance reforms in the form of significantly increased levels of transparency and market consultation and major institutional innovations (with allied accountability and governance risks), the 1999 Financial Services Action Plan (FSAP)1 has now been completed. It has radically transformed the regulatory landscape for financial services in the EC, and set a seal on the recharacterization of EC financial services law from a minimum harmonization-based market construction regime to a highly interventionist and increasingly sophisti-cated market regulation system. In particular, the coincidence of legislative reform under the FSAP with the development of a new institutional process for law-making, which has rapidly become embedded in the financial market architecture (the Lamfalussy process),2 produced a reform agenda of immense depth and range. The FSAP period has also seen the use and development of a wide range of regulatory tools in EC financial services policy in line with the growing sophistication of the regulatory regime. While disclosure has long been a key policy tool of EC financial services law, the FSAP saw a closer focus on conflict of interest management across the financial sector, on more interventionist controls such as transparency, suitability, and best execution requirements, and on calibrating regulation to different investor profiles and different market risks. This article considers a selection of key recent developments.
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Cherednychenko, Olha O. "Principles of European Law on Financial Service Contracts?" European Review of Private Law 16, Issue 3 (June 1, 2008): 443–68. http://dx.doi.org/10.54648/erpl2008037.
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Abstract: Financial services have become increasingly important in the EU. Such services are essential not only for the everyday life of EU citizens, but also for the EU economy at large. This fact explains the large number of EC specific regulatory measures taken in the area of financial services which directly or indirectly affect financial service contracts. In 2003, however, the Commission initiated an action of a more general character which may have important implications for the regulation of financial services in the EU: the drafting of a so–called ‘Common Frame of Reference’ (CFR). An academic draft CFR (DCFR) has recently been published. It includes inter alia a slightly modified version of the Principles of European Law on Service Contracts (PEL SC). The PEL SC contain general provisions applicable to all types of services and specific rules for six categories of services. Financial services, however, are explicitly excluded from the scope of application of the PEL SC. This contribution explores whether and to what extent a module on Principles of European Law on Financial Service Contracts (PEL FSC) can be embedded in the PEL SC and hence in the DCFR. The authors conclude that such a module would fit in the current system. In their view, the inclusion of the PEL FSC in the DCFR would make an important contribution to the creation of a coherent structure of rules on service contracts in general, and financial–service contracts in particular. The authors wish to thank Martine Boonk and Martin Siller for translating the abstract into French and German. Résumé: Les services financiers sont devenus de plus en plus importants dans l’UE. De tels services sont essentiels non seulement dans la vie quotidienne des citoyens européens, mais aussi pour l’économie de l’UE en générale. Pour cette raison, un grand nombre de réglementations sectorielles ont été prises par l’UE dans le domaine de services financiers. Cette réglementation spécifique affecte, directement ou indirectement, les contrats de service financier. En 2003, la Commission a lancé un plan d’action plus général, ce qui peut avoir des implications pour la régulation des services dans l’UE: le projet dit le ‘Cadre Commun de Référence’ (CCR). Récemment, le projet académique de CCR (PCCR) a été publié. Ce projet comprend, entre autres, une version quelque peu modifiée des Principles of European Law on Service Contracts – Contrats de Service – (PEL SC). Les PEL SC contiennent des dispositions générales qui s?appliquent à tous types de services, et aussi de la réglementation spécifique pour six catégories de services. Les services financiers sont néanmoins exclus de la portée des PEL SC. Cette contribution étudie jusqu’à quel point un module sur les Principles of European Law on Financial Service Contracts – Contrats de Service Financier – (PEL FSC) peut être incorporé dans les PEL SC, et peut, en conséquence, être inclus dans le PCCR. La conclusion des auteurs est qu’un tel modèle cadre bien avec le système actuel. Dans l’opinion des auteurs, l’inclusion des PEL FSC dans le PCCR peut faire une contribution importante à la création d’un ensemble cohérent de règles du droit des contrats en ce
Dissertations / Theses on the topic "Financial Services Law"
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Harper, Dana C. "Protecting financial services while ensuring regulatory compliance." Thesis, Utica College, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10252116.
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In the global economy, troubled with financial crime and well-funded terrorist operations, combating money laundering has become a priority for financial institutions (Brill, 2016). The 9/11 terrorist attacks have also increased the U.S. focus on terrorism and money laundering. The purpose of this research project was to examine the regulatory environment which monitors financial institutions and Nonbank Financial Institutions (NBFIs) to mitigate financial crimes, money laundering, and terrorist financing. Currently, there are statutory, regulatory, and supervisory gaps within the Office of Foreign Assets Control (OFAC). There are also vulnerabilities within the financial system that enable terrorist and other illicit financial networks to attempt to exploit those weaknesses. At the same time, the U.S. has enhanced its skills at identifying potential susceptibilities and applying the financial safeguards in place to mitigate the risk. Supervisory and regulatory bodies such as: Department of Homeland Security (DHS), Bank Secrecy Act (BSA), Office of the Comptroller of the Currency (OCC), Federal Bureau of Investigation (FBI), and others have been delegated to protect the U.S. financial industry from potential terrorist financing and money laundering (“What we,” 2016). The complex mechanics of money laundering requires financial service institutions to implement and maintain an AML program specifically designed to follow the flow of resources (“Certified Anti-money,” 2010).
Keywords: information sharing, regulations, penalties, safety, security, Professor Paul Pantani.
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Horgan, Sharon. "The impact of globalisation on Australian finance law and financial services law." Thesis, Horgan, Sharon (2012) The impact of globalisation on Australian finance law and financial services law. PhD thesis, Murdoch University, 2012. https://researchrepository.murdoch.edu.au/id/eprint/10691/.
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This thesis examines the impact of globalisation on areas of innovative legislative change, policy development and law reform in Australian finance law and financial services law. ‘Globalisation’ has had extensive influence on the law reform and regulation affecting companies and corporations, financial services, fundraising, managed investments, takeovers, finance, disclosure issues, the futures industry and the securities industry. Australian finance law and financial services law reform also impacts on the areas of trusts and equity, property law, secured transactions law, administrative law and takeover law.
Globalisation has been an influential factor since the 1990’s on Australian financial services and corporate law reform development in the context of the global financial system. The origin in the pre-globalisation era of the influence of globalisation on Australian domestic policy and law reform developments in finance law and financial services law is considered in this thesis. Since the 1990’s, a globalisation based focus arose from international banking and corporate developments, which resulted in extensive international statutory and policy changes. These changes have had considerable impact on Australian finance and financial services law reform and related areas of Australian law and policy.
In addition, the role of globalisation and electronic commerce on Australian finance law and financial services law is considered in this thesis. This thesis analyses the nature of globalisation theory and the process of globalisation, which is designed to ensure a free movement of capitalism so that banking and financial entities would be able to facilitate industry as well as electronic commerce transactions. This interweaving of globalisation and electronic commerce (as a mechanism in globalisation) in the free international movement of capital and labour is intended to bolster international banking systems, economies and industries. In practice, this close relationship between globalisation, electronic commerce and domestic law reform/policy development has caused problems in times of economic crisis since the Global Financial Crisis began in 2007.
The conclusions drawn in this thesis demonstrate the role that globalisation has had on the development of law and policy in Australia in finance law and financial services law.
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Gilligan, George Peter. "White collar criminology and the regulation of financial services sector." Thesis, University of Cambridge, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.308660.
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Lee, Ho-yan, and 李可欣. "Government regulation in the financial services sector: a comparative perspective." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1986. http://hub.hku.hk/bib/B31974806.
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Khakali, Linda Anyoso. "The role of financial regulators in the Kenyan economy." Thesis, Nelson Mandela Metropolitan University, 2013. http://hdl.handle.net/10948/11114.
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Financial regulation is a subject that is more often than not regarded as distant and yet another level of bureaucracy that has to be endured by both the public and private sectors. The significance of creating and maintaining an efficient and effective system to regulate financial markets, financial institutions and financial service providers is a salient feature in the development of a country’s economic health. The recent global economic crises of 2007/2008 and the economic hurdles accompanying those events are perhaps the most dramatic instances of how necessary the implementation of efficient and effective financial regulation is. The international financial system has experienced a retinue of changes in the last two decades. One of the main challenges of financial regulators has been to keep abreast of as well as adapt to these changes, which are of an international nature. In a majority of countries, the financial sector is one of the most intensely regulated and supervised industries. Over a period of time, it has become evident that regulatory arrangements have a formidable impact on: i. The size, structure and efficiency of a financial system; ii. The business operations of financial institutions and markets; iii. Competitive conditions both overall and between sub-sectors of the system. The impact of regulation can either be stagnant or progressive; this depends on how the objectives of regulation are defined and how efficiently regulatory arrangements are related to their objectives. The issue at hand is to engage regulatory institutions, structures and mechanisms for supervision and enforcement need to be implemented because they are pertinent to the formal regulatory requirements in the overall regulatory regime. Effective financial regulation would be unable to exert its objectives in the absence of efficient supervision and enforcement. In numerous countries the institutional structure of regulation has experienced change or is in the process of change. Different models of institutional structure are availed such as the single/consolidated model, the twin-peak model and the multiple regulator model. For example, the United Kingdom has embraced the single/consolidated regulator model while Australia has employed the twin-peak regulator model. Kenya operates on the multiple regulator model. This report addresses the role of financial regulators in the Kenyan economy. The objectives of the research are to: Provide comprehensive information about the theory and practice of financial regulation; Identify the financial regulators in Kenya and define their roles; Address the issue of multiple regulators and the duplicity of roles; Discuss international trends in regulation and examine different regulatory regimes; Consider the viability of a single/consolidated regulatory regime in Kenya; Suggest a possible future regulatory regime for Kenya and identify the key issues associated with such a regime; Suggest areas for further investigation and research.The approach of this report will constitute the following: Chapter 1 discusses the rationale for the research, objectives, scope and scale of the research, preliminary literature review and the research methods to be employed. Chapter 2 focuses on financial regulatory systems in general as well as an extensive analysis of financial regulators in Kenya. Chapter 3 combines the research methods employed and also contains a comparative analysis of the regulatory regime. Chapter 4 examines the findings of the research, the lessons learnt and the regulatory responses. Chapter 5 includes recommendations towards improvement of regulatory systems and an executive summary of outstanding policy issues and priorities in Kenyan financial regulation.
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Boyce, Toussant. "Dynamic financial regulation : automaticity and auto-regulation." Thesis, University of Cambridge, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.648541.
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Eckert, Martin Georges. "The GATS : a 'glimmer of hope' for a multilateral liberalization of financial services markets." Thesis, McGill University, 1995. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=23956.
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In 1986, the inclusion of trade in services, including financial services, into the multilateral GATT Uruguay Round on trade liberalization stood for the official worldwide recognition of services as being internationally tradable and important for national economies. The establishment of a General Agreement on Trade in Services (GATS), as being an integral part of the new World Trade Organization (WTO), is the institutional manifestation of the increasing importance of the service industries in international trade.Within a variety of services, the financial services, such as banking, play a crucial role in national economies. A functioning banking system, providing the domestic industry with the necessary flow of capital, equals stability, credibility and international competitiveness for a national economy.
Liberalization of international trade in financial services may further increase economic efficiency and the welfare of the consumer, but today liberal trade in financial services is still faced with various barriers, especially in the highly sensitive banking system. Natural barriers to cross-border trade in banking services were overcome by the increased tradability of services through new information and communication technologies. The GATS stands for the multilateral approach to overcoming the regulatory barriers to international trade in services. The worldwide opening of domestic banking markets to foreign banks, namely the provision of the right of establishment, is the main topic of liberalization with respect to the banking sector.
Aside from obvious structural shortcomings of the GATS, this multilateral liberalization approach is increasingly challenged by regional approaches. namely free-trade areas and customs unions. Furthermore, in the banking sector, as a reaction to the huge amount of bank failures and national economic crises, liberalization itself is challenged by a global tendency rather to re-regulate and to harmonize existing regulations than to further liberalize.
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Weber, Christoph. "The evolving international regime of trade in financial services under the auspices of the GATT /." Thesis, McGill University, 1992. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=60696.
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This thesis is designed to verify the potential for an efficient multilateral agreement on trade in financial services.After reference to the prevalent types of regulatory barriers and protectionist behaviour, the study analyzes those trade concepts and principles that are of particular importance and relevance to the financial services sector.
A detailed comparison of national submissions for a draft agreement and schedules of market opening commitments from various developing and developed countries subsequently attempts to demonstrate the remaining discrepancy between controversial and often abstract attitudes.
Despite the undeniable influence of the individual level of development and competitiveness, the thesis concludes that the successful fate of the Uruguay Round negotiations on financial services depends primarily on the sincere willingness of all parties to reach a beneficial compromise.
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Black, Julia M. "Regulators as rule makers : the formation of the conduct of business rules under the Financial Services Act 1986." Thesis, University of Oxford, 1993. https://ora.ox.ac.uk/objects/uuid:3c47cbb3-3377-4f60-986b-98748eacdbf3.
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This thesis is a study of rule making by regulators operating under the Financial Services Act 1986. It examines the formation of one set of rules, the conduct of business rules, which regulate firms authorised under the Act to conduct investment business. The thesis focuses on rule making by the core regulators, the Securities and Investments Board and the self-regulatory agencies which authorise and regulate investment firms. The thesis considers firstly from a theoretical stance what rule making consists of, what issues fall to be decided when a rule is being formed, what the implications of different rule making decisions might be, and what factors would influence that decision. In order to discuss rules and rule making with some degree of analytical rigour, the thesis develops a framework for analysing rules which identifies four dimensions to rules, substance, status, character and structure. The thesis then studies the rule making of these agencies empirically in an attempt to develop a more sophisticated and conceptual understanding of this regulatory function. It first explores the reasons why the regulation was instituted, and why the institutional structure combining statutory and "self regulation was created. It then examines the formation of the initial rules and the reasons for the change to the new rule system which was introduced shortly after the initial rules were introduced. It analyses the formation and nature of the principles, core rules and self-regulatory rules made under the new powers. Finally it studies the formation of rules in particular substantive areas, the soft commissions rule and the rules regulating the retailing of some investment products. Throughout this study, the thesis examines the use which has been made of different types of rules within this system. It considers the different functions of the rules and identifies several factors which have influenced their formation. These include the substantive area in which the rules operate, the institutional framework and the dynamics of the relationship between the regulators, the political context, and the norms and perceptions of the regulators, regulated and the wider community. It also examines the manner in which rule makers have considered the implications of using rules of different types. These include the use of rule type to confer discretion or decisional jurisdiction between both the different regulators and the regulators and the regulated, to affect interpretation and compliance, and to achieve predictability and flexibility of the rule system. The thesis concludes that although rule making by regulatory agencies is a relatively unexplored aspect of their functions, its study can be profitable for both those interested in regulatory agencies in general, and in financial services regulation in particular.
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Lista, Andrea. "The application of Article 101 of the Treaty of Lisbon to forms of horizontal collaboration in the Financial Services Sector." Thesis, Queen Mary, University of London, 2011. http://qmro.qmul.ac.uk/xmlui/handle/123456789/8558.
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Since the dawn of the European Union, insurance and banking undertakings claimed to be subject to a special status vis-à-vis the application of EU competition law, due to the quasi social nature of the services they provide. Within the financial services industry, anti-trust concerns do arise in relation to mergers and acquisitions, possible abuses of dominant position and state aid; however Art. 101 TFEU and the regulation of forms of co-operation arguably represent the paramount and most intricate aspects of the application of the EU competition rules to the financial services sector. This is due to the fact that the insurance and banking industries historically have been characterised by intense forms of horizontal co-operation between undertakings deemed necessary for the correct functioning of the financial services industry. On a general level, any agreement establishing a homogeneous pricing structure vis-à-vis consumers represents a blatant violation of Art. 101 TFEU giving rise to serious anti-trust concerns. Nevertheless, as will be explored in this thesis, in the financial services sector the Commission has often allowed what the doctrine has correctly defined as “forms of horizontal agreements concerning a relevant cost element making up the final price vis-à-vis customers”1 through its decisions relating 1 See Faull & Nikpay, “The EC Law of Competition” OUP 2007, p. 636.to interbank fees in payment systems and through the enactment of a block exemption for the insurance industry. Art. 101 thus seems to manifest a common element for these two industries, presenting interesting and intricate teleological quandaries. This thesis endeavours to break the impasse down into questions to which an answer may be provided: Ought Art. 101 to apply to the financial services sector at all? If so, to what extent? Is there any justification for a block exemption in the insurance sector? Indeed, should the banking sector too benefit from a block exemption? This thesis endeavours to answer the above questions and thereby to contribute to the identification of an ideal regulatory framework for forms of horizontal co-operation in the financial services sector.
Books on the topic "Financial Services Law"
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Andenas, Mads. EC financial services law. Harlow: Addison Wesley Longman Higher Education, 1999.
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Financial services law guide. Haywards Heath, West Sussex: Bloomsbury Professional, 2014.
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Law relating to financial services. 7th ed. Hawkhurst, [Cranbrook], Kent: Global Professional Pub., 2009.
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Pitt, Harvey L. The law of financial services. Clifton, NJ: Prentice Hall Law & Business, 1988.
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Roberts, Graham. Law relating to financial services. 7th ed. Hawkhurst, [Cranbrook], Kent: Global Professional Pub., 2009.
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Baxt, Robert. Securities and financial services law. 6th ed. Chatswood, N.S.W: LexisNexis Butterworths, 2003.
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Roberts, Graham. Law relating to financial services. 5th ed. Canterbury: Chartered Institute of Bankers, 2003.
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Roberts, Graham. Law relating to financial services. 3rd ed. London: CIB Publishing, 1998.
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Baxt, Robert. Securities and financial services law. 8th ed. Chatswood, N.S.W: LexisNexis Butterworths, 2012.
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Horgan, Sharon. Horgan's law of financial services. Pyrmont, N.S.W: Thomson Legal & Regulatory Group, 2002.
Find full textBook chapters on the topic "Financial Services Law"
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Schurr, Francesco A., and Johannes Gasser. "Financial Services Law." In The Handbook of EEA Law, 659–85. Cham: Springer International Publishing, 2015. http://dx.doi.org/10.1007/978-3-319-24343-6_30.
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"Financial Services." In EC Consumer Law, 189–228. Routledge, 2017. http://dx.doi.org/10.4324/9781315257105-6.
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Jonathan, Russen, and Kingham Robin. "1 The UK Financial Regulators." In Financial Services Litigation. Oxford University Press, 2020. http://dx.doi.org/10.1093/law/9780198846512.003.0001.
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This introductory chapter traces the evolution of the UK financial regulatory system and provides an overview of the UK financial regulators. Following the introduction of the Financial Services Act 1986, the Securities and Investments Board (SIB) was established as the primary UK financial regulatory authority. However, a series of scandals shook the sector in the 1990s and brought public confidence in the SIB into question. The era of self-regulation was over. The SIB was renamed the Financial Services Authority (FSA) in 1997 and, in December 2001, the FSA received a host of new powers through the commencement of the Financial Services and Markets Act 2000 (FSMA). Subsequently, the Financial Services Act 2012 significantly amended the FSMA, abolishing the FSA and creating in its place two new regulators: the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). However, the FCA and the PRA are not the only UK financial regulators. Since 2001, the Financial Ombudsman Service (FOS) has acted as an adjudicator in disputes between financial services firms and UK consumers. Other regulators with discrete or overlapping areas of responsibility include the Competition and Markets Authority (CMA), the Payment Systems Regulator (PSR), and the Panel on Takeovers and Mergers.
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Jonathan, Russen, and Kingham Robin. "2 Regulation Through Authorisation and Approval." In Financial Services Litigation. Oxford University Press, 2020. http://dx.doi.org/10.1093/law/9780198846512.003.0002.
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This chapter addresses the manner in which the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) control those operating within the financial services market in fulfilment of the statutory objectives set out in the previous chapter, by ensuring that appropriate standards of conduct and behaviour are met. What might loosely be described as a system of ‘licensing’ by the FCA and PRA is implemented at two levels. There is first the need for any firm conducting a regulated activity to be authorised by the relevant regulator. In granting such permission, and in their regulation of a firm following authorisation, the regulators adopt a system of prudential supervision and conduct of business regulation. The second level of regulation comes through the requirement for approval of individual members of the senior management within the firm, carrying out so-called ‘controlled functions’, which involves consideration of the status of ‘senior managers’ under Part V of the Financial Services and Markets Act 2000 (FSMA).
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Jonathan, Russen, and Kingham Robin. "3 Investigations and Information Gathering." In Financial Services Litigation. Oxford University Press, 2020. http://dx.doi.org/10.1093/law/9780198846512.003.0003.
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This chapter discusses the extensive powers of investigation of the FCA and the PRA. The regulators’ powers to gather information and to investigate the affairs of regulated—and, in some cases, non-regulated—firms are found in Part 11 of the FSMA. They include a power to require the authorised person or appointed representative to produce documents, or to produce a report upon the business by a ‘skilled person’, as well as a power to appoint an investigator to investigate the affairs of such a person. In addition, the FCA has further powers to gather information and appoint investigators under Schedule 5 of the Consumer Rights Act 2015 (CRA). Aside from the statutory provisions in Part 11 of the FSMA, the most important text for firms and practitioners is the FCA’s Enforcement Guide (EG). EG provides both a helpful summary of the relevant law in this area, but also guidance on the FCA’s approach to investigations and to the factors which will influence FCA decision making. The PRA also has its own investigations guidance set out in its Policy Statement. The two regulators have also agreed to a Memorandum of Understanding that covers, among other things, coordination in the context of investigation and enforcement action.
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Jonathan, Russen, and Kingham Robin. "4 Criminal Prosecutions by Regulators—Procedural Considerations." In Financial Services Litigation. Oxford University Press, 2020. http://dx.doi.org/10.1093/law/9780198846512.003.0004.
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This chapter examines the role of the FCA and the PRA as prosecuting authorities and their right to bring criminal proceedings in pursuit of their regulatory objectives as enshrined in the Financial Services and Markets Act 2000 (FSMA). The FCA and the PRA are not the only agencies responsible for the prosecution of criminal offences in the financial services sector; the jurisdiction of the Serious Fraud Office (SFO) in particular often overlaps with that of the FCA and the two agencies can work in tandem. Meanwhile, although a discrete area of criminal practice, the regulators’ powers to administer a caution to an offender should not be overlooked—particularly in the context of ongoing investigations. Acceptance of a caution can provide an offender with a way of avoiding conviction and sanction whilst offering the prosecutor an ‘easy win’ without the need for costly court proceedings. The chapter then considers key procedural issues as well as the importance of evidence collection and deployment in financial services prosecutions.
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Jonathan, Russen, and Kingham Robin. "5 Criminal Prosecutions by Regulators—The Offences." In Financial Services Litigation. Oxford University Press, 2020. http://dx.doi.org/10.1093/law/9780198846512.003.0005.
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This chapter explores the main substantive financial services offences, their individual components and their distinguishing features. Specifically, it considers the criminal offences of insider dealing, making misleading statements or impressions (either in relation to benchmark arrangements or more generally), fraud, and money laundering. The commission of any one of these offences in England and Wales will risk prosecution by the appropriate regulator, the Secretary of State, or the Director of Public Prosecutions. However, there are a number of statutory defences that relate to each offence. The most commonly encountered specific defence is that of ‘due diligence’. The due diligence defence is formulated slightly differently between statutes, but generally it is a defence for the defendant to prove that he ‘took all reasonable precautions and exercised all due diligence to avoid commission of the offence by himself or by a person under his control’.
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Jonathan, Russen, and Kingham Robin. "6 Civil Enforcement by Regulators." In Financial Services Litigation. Oxford University Press, 2020. http://dx.doi.org/10.1093/law/9780198846512.003.0006.
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This chapter studies regulators’ extensive power of enforcement action. In broad summary, regulators may discipline authorised firms and approved persons through the imposition of financial penalties or through the issuance of ‘public censure’; and vary, cancel, or impose requirements upon a firm’s Part 4A permission to carry out a regulated activity. They may also prohibit an individual from being employed in connection with a regulated activity; require restitution of profits which have accrued to authorised persons contravening relevant requirements or persons engaged in market abuse, or of losses which have been suffered by others as a result of those breaches; and apply to court for injunctions and other orders against persons contravening relevant requirements or persons engaged in market abuse. Part 26 of the FSMA contains the procedural requirements that must be met before the relevant regulator may impose the sanctions and penalties. The chapter then considers the constitution and procedures of the Regulatory Decisions Committee, which has a central role in the regulatory function of the FCA.
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Jonathan, Russen, and Kingham Robin. "7 Civil Liability of Firms for Regulatory Breaches." In Financial Services Litigation. Oxford University Press, 2020. http://dx.doi.org/10.1093/law/9780198846512.003.0007.
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This chapter focuses on the potential exposure of authorised firms to civil liability for breach of FCA rules at the suit of aggrieved investors and customers. Recent years have seen a great increase in such litigation, often in the context of so-called ‘mis-selling’ claims—in reality, a descriptive term applied to a variety of cases in which a customer or investor claims that a financial product sold to him was misrepresented, was unsuitable for his purposes, or has subsequently dropped in value outside some reasonable range of expectations. The detailed and technical nature of the rules imposed by the FCA in its Handbook provides fertile ground for litigation. However, breach of statutory duty is only one of a number of potential avenues of attack open to an aggrieved customer or investor; such claims are also often brought in respect of negligence, misrepresentation, and breach of contract. The chapter then looks at the FCA’s Business Standards sourcebooks and provides an explanation of one of the potential consequences of certain regulatory breaches: the unenforceability of agreements.
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Jonathan, Russen, and Kingham Robin. "8 Redress." In Financial Services Litigation. Oxford University Press, 2020. http://dx.doi.org/10.1093/law/9780198846512.003.0008.
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This chapter explores alternative avenues that customers or investors may have for redress against firms. In the first instance, customers are expected to utilize firms’ internal complaints processes. If a customer is dissatisfied with the response he receives at the conclusion of the internal complaints process, the matter may be placed before the Financial Ombudsman Service (FOS). There are both advantages and disadvantages in pursuing a complaint to the FOS. The chapter then describes the Financial Services Compensation Scheme. The compensation scheme provides an important source of recovery for an ‘eligible claimant’ who has suffered loss through the act or omission of an authorised person who is unable to meet the resulting claim for compensation. The scheme therefore provides industry-funded insurance against the risk that a successful civil claim against an authorised person might otherwise prove to be worthless.
Conference papers on the topic "Financial Services Law"
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Hobe, Ly. "IMPACT OF REGULATIONS TO FINANCIAL SERVICES." In SGEM 2014 Scientific SubConference on POLITICAL SCIENCES, LAW, FINANCE, ECONOMICS AND TOURISM. Stef92 Technology, 2014. http://dx.doi.org/10.5593/sgemsocial2014/b22/s6.041.
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Muslimin, JM, Siti Farida, Maulidia Citra, and Mu’min Roup. "Islamic Law Perspective on Cybercrime in The Financial Services Industry." In Proceedings of the 4th International Colloquium on Interdisciplinary Islamic Studies in conjunction with the 1st International Conference on Education, Science, Technology, Indonesian and Islamic Studies, ICIIS and ICESTIIS 2021, 20-21 October 2021, Jambi, Indonesia. EAI, 2022. http://dx.doi.org/10.4108/eai.20-10-2021.2316344.
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Soloshkina, I. V. "FINANCIAL SERVICES IN UKRAINE: CONCEPT, ESSENSE AND CLASSIFICATION." In LEGAL SCIENCE, LEGISLATION AND LAW ENFORCEMENT PRACTICE: REGULARITIES AND DEVELOPMENT TRENDS. Baltija Publishing, 2020. http://dx.doi.org/10.30525/978-9934-588-92-1-70.
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Haase, Ethan E. "Regulatory and Financial Support Services in the Commercial Launch Services Market." In 54th International Astronautical Congress of the International Astronautical Federation, the International Academy of Astronautics, and the International Institute of Space Law. Reston, Virigina: American Institute of Aeronautics and Astronautics, 2003. http://dx.doi.org/10.2514/6.iac-03-v.2.01.
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Radović, Mirjana. "POSEBNA ZAŠTITA KORISNIKA FINANSIJSKIH USLUGA KOD UGOVARANjA NA DALjINU." In XV Majsko savetovanje: Sloboda pružanja usluga i pravna sigurnost. University of Kragujevac, Faculty of Law, 2019. http://dx.doi.org/10.46793/xvmajsko.813r.
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In this paper the author analyzes the new legal regime regarding the distance marketing of financial services, that was introduced into Serbian law by the Law on Protection of Financial Service Users in Case of Distance Marketing from 2018. Bearing in mind that this law was enacted under the direct influence of the Directive 2002/65/EC concerning the distance marketing of consumer financial services, the first part of the paper presents the development of regulation in this field at the EU level and in Serbia. The second part of the paper deals with determining the scope of new rules, through defining the meaning of financial services and distance contracts. Thereafter, the author explains what types of financial service users are specifically protected in case of distance marketing. The following part of the paper examines specific rights of financial service users in case of distance marketing, and in particular: the information right, the right of withdrawal and the right to cancel the contract. Finally, the last part of the paper explores the user’s position in a civil litigation procedure against the financial service provider, and regulatory response to this problem, which specifically regulates the burden of proof in such cases.
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Palmieri, Alessandro, and Blerina Nazeraj. "OPEN BANKING AND COMPETITION: AN INTRICATE RELATIONSHIP." In International Jean Monnet Module Conference of EU and Comparative Competition Law Issues "Competition Law (in Pandemic Times): Challenges and Reforms. Faculty of Law, Josip Juraj Strossmayer University of Osijek, 2021. http://dx.doi.org/10.25234/eclic/18822.
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Open banking – promoted in the European Union by the access to account rule contained in the Directive (EU) 2015/2366 on payment services in the internal market (PSD2) – is supposed to enhance consumer’s welfare and to foster competition. However, many observers are fearful about the negative effects of the entry into the market of the so-called BigTech giants. Unless incumbent banks are able to rise above the technological challenges, the risk is that, in the long run, BigTech firms could dominate the market, by virtue of their great ability to collect data on consumer preferences, and to process them with sophisticated tools, such as Artificial Intelligence and Machine Learning techniques; not to mention the possible benefits arising from the cross-subsidisation. This paper aims at analysing the controversial relationship between open banking and competition. In this framework, many aspects must be clarified, such as the definition of the relevant markets; the identification of the dominant entities; the relationship with the essential facility doctrine. The specific competition problems encountered in the financial sector need to be inscribed in the context of the more general debate around access to data in the digital sphere. The evolving scenario poses a serious challenge to regulators, calling them to strike the right balance between fostering innovation and preserving financial stability. The appraisal intends not only to cover EU law and policy, but also to make a comparison with other legal systems. In this respect, something noteworthy is taking place in the United States where, as of today, consumers’ access to financial data sharing has been largely dependent on private-sector efforts. Indeed, Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (passed in the aftermath of the financial crisis of 2008) provides that, subject to rules prescribed by the Bureau of Consumer Financial Protection (CFPB), a consumer financial services provider must make available to a consumer information, in its control or possession, concerning the consumer financial product or service that the consumer obtained from the provider. This provision, which dates back to 2010, has never been implemented. However, on 22 October 2020, the CFBP has announced its intention to regulate open banking, issuing an advanced notice of proposed rulemaking. In light of their investigation, the authors advocate the adaptation of the current strategies to the modified conditions and, in some instances, the creation of novel mechanisms, more suitable to face unprecedented threats.
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Yao, Fengge, and Fuxin Li. "Study on the Relationship between Rural Financial Services and Farmers' Income in Heilongjiang Province." In 2017 2nd International Conference on Politics, Economics and Law (ICPEL 2017). Paris, France: Atlantis Press, 2017. http://dx.doi.org/10.2991/icpel-17.2017.37.
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Olga, Rudakova, Amosova Nataliya, and Sokolinskaya Nataliya. "Accessibility of Financial Services for Customers with Disabilities in Russia: Challenges and Prospects." In Proceedings of the 4th International Conference on Economics, Management, Law and Education (EMLE 2018). Paris, France: Atlantis Press, 2018. http://dx.doi.org/10.2991/emle-18.2018.8.
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Timčić, Ana. "SLOBODA UGOVARANjA I NAKNADA ZA USLUGU OBRADE KREDITA U PRAVNOM PROMETU REPUBLIKE SRBIJE." In 14 Majsko savetovanje. University of Kragujevac, Faculty of Law, 2018. http://dx.doi.org/10.46793/xivmajsko.229t.
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Freedom of contracting assumes the economic and social equity of the contracting parties. Since absolute equality does not exist and most contracts of modern legal transactions are concluded on the basis of the general conditions of business of one of the contracting parties and/or as an adhesion agreement, "intervention" of the legislator is necessary in order to provide adequate legal protection for economically inequitable entities. The above stated aim is most often sought by the legislator to achieve by adopting imperative legal regulations which precisely limit the autonomy of the will of the contracting parties. Accordingly, the author deals with the interpretation of the reaching and meaning of the imperative legal regulations contained in the Law on Obligations, the Banking Law, the Law on the Protection of Financial Services Users and by-laws that limit the freedom to contract a loan processing fee. The subject matter of the analysis in the work was also the nullity of the provision that provides for the collection of a loan processing fee in a percentage of the total amount of the loan, which is containnged in the loan agreements concluded in accordance with the Law on Protection of Financial Services Users.
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Sadigov, Rahim. "CONCEPTUAL BASES OF STRATEGIC HUMAN RESOURCE MANAGEMENT." In THE LAW AND THE BUSINESS IN THE CONTEMPORARY SOCIETY 2020. University publishing house "Science and Economics", University of Economics - Varna, 2020. http://dx.doi.org/10.36997/lbcs2020.62.
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The main purpose of the research paper is to study the strategic management of human resources in industrial enterprises, career development and stimulation in the activity. Labor resources are active elements in the production of goods, the creation of material wealth and the provision of services to society. Human resources are important ones in all areas of the national economy. Human resources act as a creative component in the organization and management using their mental, spiritual and psychological capabilities. Human resources study and analyze technical, technological possibilities and financial sources, make management decisions as a leading resource in any organization. Research methodology is related in personnel policy and the comprehensive study of strategic human resource management. Human resource management in industrial enterprises is the main subsystem management system. This issue affects on the development of the enterprise, increasing the quality of products, economic efficiency and profits. The importance of the research paper - is to apply the results in the management of industrial enterprises. Human resource management contributes to sustainable operation in enterprises and organizations. The scientific novelty of the research is the definition of a successful personnel policy in the enterprise. Thus, the article identifies strategic goals in human resource management, and develops a corporate concept in this area. The article discusses the application of new technologies for career development. The application of innovations and methods in the implementation of management functions is the basis for motivating the workforce in an organization. All functions and management methods are applied in the process of strategic management of human resources. Management methods are social in nature, as well as ensure the direct development of employees, labor resources and actively influence on the outcome. Management methods lead to the expansion of financial and economic activities of the enterprise, the development of economic activities, the growth of labor resources. Management methods allow to increase competitiveness, as well as to attract partners, suppliers, customers and others. In this regard, our research can be commended in terms of the application of innovation in management.
Reports on the topic "Financial Services Law"
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Arias, Karla, Segundo Camino-Mogro, Mariana Weiss, David Matías, Yuri Daltro, Franco Carvajal, and Michelle Carvalho Metanias Hallack. Measuring the Efficiency in Energy Distribution Firms in LAC: A Service Provision and Financial Performance Approach. Inter-American Development Bank, December 2022. http://dx.doi.org/10.18235/0004547.
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This study identifies and analyzes the evolution of efficiency in providing services and in the financial performance of the LAC electricity distribution companies between 2014-2020. In addition, it examines firms characteristics that might be related to efficiencies, such as quality of service, corporate governance, firm size, and ownership. This paper uses a twostep procedure. First, it considers the efficiency levels and the total factor productivity (TFP) changes using the Malmquist index and breaks down the total change by relying on a nonparametric data envelopment analysis (DEA) approach. The second stage focuses on the drivers of efficiency obtained in the first stage using the Tobit technique. The main results suggest that there is no significant improvement in the levels of efficiency in the period analyzed in the energy distribution firms in LAC. When analyzing the heterogeneity of a company's efficiency, the evidence shows a relation between companies efficiency and the quality perceived by users, higher efficiency is related to better-perceived quality. Besides, companies characteristics, such as firm size, corporate governance, and ownership, are related to the heterogeneity of efficiency.
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Munoz, Laura, Giulia Mascagni, Wilson Prichard, and Fabrizio Santoro. Should Governments Tax Digital Financial Services? A Research Agenda to Understand Sector-Specific Taxes on DFS. Institute of Development Studies (IDS), February 2022. http://dx.doi.org/10.19088/ictd.2022.002.
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Digital financial services (DFS) have rapidly expanded across Africa and other low-income countries. At the same time, low-income countries face strong pressures to increase domestic resource mobilisation, and major challenges in taxing the digital economy. A growing number are therefore advancing or considering new taxes on DFS. These have generated much debate and there are significant disagreements over the rationale for the taxes and their likely impacts. This paper examines three key questions that could help governments and other stakeholders to better understand the rationale for, and impacts of, different decisions around taxing DFS – and to arrive at policies that best meet competing needs. First, what is the rationale for imposing specific taxes on money transfers or mobile money in particular? Second, and most importantly, what is the likely impact of DFS taxes? Third, how do the policy processes through which taxes on DFS and money transfers are introduced function in practice? The paper looks at the core principles of good taxation and presents the existing debate around whether taxes on DFS observe them. It explains why understanding the landscape of financial services is essential to designing suitable tax policies and lays out a framework for developing the necessary analysis of the impacts of taxes on DFS. It also highlights the importance of better understanding the processes that give rise to these taxes.
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TANG, Denise Tse-Shang, Stefanie TENG, Celine TAN, Bonnie LAM, and Christina YUAN. Building inclusive workplaces for lesbians and bisexual women in Hong Kong’s financial services industry. Centre for Cultural Research and Development, Lingnan University, April 2021. http://dx.doi.org/10.14793/ccrd2021001.
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Workplace inclusion is a core component of corporate social responsibility (CSR) in Hong Kong. Workplace inclusion points to the need for employers to recognize diversity among employees, to acknowledge their contributions to the work environment and to raise professional standards for the work force. Diversity within a workplace indicates inclusion of persons with different backgrounds as in racial, ethnic, sex, health status, sexual orientation and gender identity. Women are already less represented at senior levels across various business sectors in Hong Kong. Lesbians and bisexual women face a double glass ceiling in the workplace as a result of both their gender and sexual orientation. Funded by Lingnan University’s Innovation and Impact Fund, and in partnership with Interbank Forum and Lesbians in Finance, Prof. Denise Tse-Shang Tang conducted an online survey and two focus groups targeting lesbians and bisexual women working in Hong Kong’s financial and banking industry. The aim of the study is to examine the specific challenges and barriers faced by lesbians and bisexual women in Hong Kong’s financial services industry. We found that only 37% of survey respondents were out at work, with 23% partially out to close colleagues. In other words, there are still key concerns with being out at work. On the issue of a glass ceiling for LGBT+ corporate employees, 18% of the survey respondents agreed and 47% somewhat agreed that such a ceiling exists. When asked whether it is harder for lesbians and bisexual women to come out in the workplace than it is for gay men, 32% agreed and 46% somewhat agreed. 27% agreed and 39% somewhat agreed with the statement that it is difficult for lesbians and bisexual women to climb up the corporate ladder. Other findings pointed to the low visibility of lesbians and bisexual women in corporate settings, lack of mentorship, increased levels of stress and anxiety, and the fear of being judged as both a woman and a lesbian. Masculine-presenting employees face significantly more scrutiny than cisgender female employees. Therefore, even though discussion on diversity and inclusion has been on the agenda for better corporate work environment in Hong Kong, there still remain gaps in raising awareness of lesbian and bisexual women’s issues.
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Santoro, Fabrizio, Laura Munoz, Wilson Prichard, and Giulia Mascagi. Digital Financial Services and Digital IDs: What Potential do They Have for Better Taxation in Africa? Institute of Development Studies (IDS), February 2022. http://dx.doi.org/10.19088/ictd.2022.003.
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New digital technologies are now being widely used in Africa and lower-income countries (LICs). This has had an impact on tax administration, which has been increasingly digitised. Specifically Digital Financial Services (DFS) and digital IDs can improve tax administration. They have the potential to identify taxpayers more easily, communicate with them better, enforce and monitor compliance, and reduce compliance costs. While the potential is clear, existing literature indicates some of the barriers. Take-up of digital technology is still low due to barriers. Also, when taking up the technology, taxpayers often tend to adopt various measures to minimise tax payments. Within tax administrations there are challenges to accessibility and use of quality data. Mistakes can be made when launching digitisation, and there are regulatory and political barriers for effective use of digital technology. Given this context, this paper summarises key questions that are relevant for research and policy development to make more effective use of digital technology in tax administration in Africa and LICs.
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Lewis, Dustin, and Naz Modirzadeh. Taking into Account the Potential Effects of Counterterrorism Measures on Humanitarian and Medical Activities: Elements of an Analytical Framework for States Grounded in Respect for International Law. Harvard Law School Program on International Law and Armed Conflict, May 2021. http://dx.doi.org/10.54813/qbot8406.
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For at least a decade, States, humanitarian bodies, and civil-society actors have raised concerns about how certain counterterrorism measures can prevent or impede humanitarian and medical activities in armed conflicts. In 2019, the issue drew the attention of the world’s preeminent body charged with maintaining or restoring international peace and security: the United Nations Security Council. In two resolutions — Resolution 2462 (2019) and Resolution 2482 (2019) — adopted that year, the Security Council urged States to take into account the potential effects of certain counterterrorism measures on exclusively humanitarian activities, including medical activities, that are carried out by impartial humanitarian actors in a manner consistent with international humanitarian law (IHL). By implicitly recognizing that measures adopted to achieve one policy objective (countering terrorism) can impair or prevent another policy objective (safeguarding humanitarian and medical activities), the Security Council elevated taking into account the potential effects of certain counterterrorism measures on exclusively humanitarian activities to an issue implicating international peace and security. In this legal briefing, we aim to support the development of an analytical framework through which a State may seek to devise and administer a system to take into account the potential effects of counterterrorism measures on humanitarian and medical activities. Our primary intended audience includes the people involved in creating or administering a “take into account” system and in developing relevant laws and policies. Our analysis zooms in on Resolution 2462 (2019) and Resolution 2482 (2019) and focuses on grounding the framework in respect for international law, notably the U.N. Charter and IHL. In section 1, we introduce the impetus, objectives, and structure of the briefing. In our view, a thorough legal analysis of the relevant resolutions in their wider context is a crucial element to laying the conditions conducive to the development and administration of an effective “take into account” system. Further, the stakes and timeliness of the issue, the Security Council’s implicit recognition of a potential tension between measures adopted to achieve different policy objectives, and the relatively scant salient direct practice and scholarship on elements pertinent to “take into account” systems also compelled us to engage in original legal analysis, with a focus on public international law and IHL. In section 2, as a primer for readers unfamiliar with the core issues, we briefly outline humanitarian and medical activities and counterterrorism measures. Then we highlight a range of possible effects of the latter on the former. Concerning armed conflict, humanitarian activities aim primarily to provide relief to and protection for people affected by the conflict whose needs are unmet, whereas medical activities aim primarily to provide care for wounded and sick persons, including the enemy. Meanwhile, for at least several decades, States have sought to prevent and suppress acts of terrorism and punish those who commit, attempt to commit, or otherwise support acts of terrorism. Under the rubric of countering terrorism, States have taken an increasingly broad and diverse array of actions at the global, regional, and national levels. A growing body of qualitative and quantitative evidence documents how certain measures designed and applied to counter terrorism can impede or prevent humanitarian and medical activities in armed conflicts. In a nutshell, counterterrorism measures may lead to diminished or complete lack of access by humanitarian and medical actors to the persons affected by an armed conflict that is also characterized as a counterterrorism context, or those measures may adversely affect the scope, amount, or quality of humanitarian and medical services provided to such persons. The diverse array of detrimental effects of certain counterterrorism measures on humanitarian and medical activities may be grouped into several cross-cutting categories, including operational, financial, security, legal, and reputational effects. In section 3, we explain some of the key legal aspects of humanitarian and medical activities and counterterrorism measures. States have developed IHL as the primary body of international law applicable to acts and omissions connected with an armed conflict. IHL lays down several rights and obligations relating to a broad spectrum of humanitarian and medical activities pertaining to armed conflicts. A violation of an applicable IHL provision related to humanitarian or medical activities may engage the international legal responsibility of a State or an individual. Meanwhile, at the international level, there is no single, comprehensive body of counterterrorism laws. However, States have developed a collection of treaties to pursue specific anti-terrorism objectives. Further, for its part, the Security Council has assumed an increasingly prominent role in countering terrorism, including by adopting decisions that U.N. Member States must accept and carry out under the U.N. Charter. Some counterterrorism measures are designed and applied in a manner that implicitly or expressly “carves out” particular safeguards — typically in the form of limited exceptions or exemptions — for certain humanitarian or medical activities or actors. Yet most counterterrorism measures do not include such safeguards. In section 4, which constitutes the bulk of our original legal analysis, we closely evaluate the two resolutions in which the Security Council urged States to take into account the effects of (certain) counterterrorism measures on humanitarian and medical activities. We set the stage by summarizing some aspects of the legal relations between Security Council acts and IHL provisions pertaining to humanitarian and medical activities. We then analyze the status, consequences, and content of several substantive elements of the resolutions and what they may entail for States seeking to counter terrorism and safeguard humanitarian and medical activities. Among the elements that we evaluate are: the Security Council’s new notion of a prohibited financial “benefit” for terrorists as it may relate to humanitarian and medical activities; the Council’s demand that States comply with IHL obligations while countering terrorism; and the constituent parts of the Council’s notion of a “take into account” system. In section 5, we set out some potential elements of an analytical framework through which a State may seek to develop and administer its “take into account” system in line with Resolution 2462 (2019) and Resolution 2482 (2019). In terms of its object and purpose, a “take into account” system may aim to secure respect for international law, notably the U.N. Charter and IHL pertaining to humanitarian and medical activities. In addition, the system may seek to safeguard humanitarian and medical activities in armed conflicts that also qualify as counterterrorism contexts. We also identify two sets of preconditions arguably necessary for a State to anticipate and address relevant potential effects through the development and execution of its “take into account” system. Finally, we suggest three sets of attributes that a “take into account” system may need to embody to achieve its aims: utilizing a State-wide approach, focusing on potential effects, and including default principles and rules to help guide implementation. In section 6, we briefly conclude. In our view, jointly pursuing the policy objectives of countering terrorism and safeguarding humanitarian and medical activities presents several opportunities, challenges, and complexities. International law does not necessarily provide ready-made answers to all of the difficult questions in this area. Yet devising and executing a “take into account” system provides a State significant opportunities to safeguard humanitarian and medical activities and counter terrorism while securing greater respect for international law.
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Iffat, Idris. Anti-corruption Measures in Post-conflict Reconstruction. Institute of Development Studies, June 2022. http://dx.doi.org/10.19088/k4d.2022.082.
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Corruption risks in post-conflict reconstruction are high, notably due to the typically large influx of international aid coupled with weak/illegitimate governments and low state capacity. Combatting corruption in post-conflict settings is vital in the short- and medium-term to promote development and growth, and in the long-term to prevent renewed conflict. Anti-corruption efforts can focus on strengthening the rule of law; public financial management; civil service reform to promote meritocratic hiring, proper training and proper remuneration; promoting transparency and accountability – on the part of both donors as well as recipient governments; and promoting external accountability mechanisms of the media and civil society.
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Motaze, NV, and Charles Shey Wiysonge. Do social and community-based health insurance schemes have an impact on the poor and the informal sector in low- and middle-income countries? SUPPORT, 2017. http://dx.doi.org/10.30846/1704123.
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People with low incomes often have poor access to health services and limited ability to pay for medical care. For such individuals and households, substantial out-of-pocket healthcare expenditure may have catastrophic financial consequences and worsen poverty. Health insurance schemes are intended to reduce the burden of health costs on individuals and households.
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Mader, Philip, Maren Duvendack, Adrienne Lees, Aurelie Larquemin, and Keir Macdonald. Enablers, Barriers and Impacts of Digital Financial Services: Insights from an Evidence Gap Map and Implications for Taxation. Institute of Development Studies, June 2022. http://dx.doi.org/10.19088/ictd.2022.008.
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Digital financial services (DFS) have expanded rapidly over the last decade, particularly in sub-Saharan Africa. They have been accompanied by claims that they can alleviate poverty, empower women, help businesses grow, and improve macroeconomic outcomes and government effectiveness. As they have become more widespread, some controversy has arisen as governments have identified DFS revenues and profits as potential sources of tax revenue. Evidence-based policy in relation to taxing DFS requires an understanding of the enablers and barriers (preconditions) of DFS, as well as the impacts of DFS. This report aims to present insights from an Evidence Gap Map (EGM) on the enablers and barriers, and subsequent impacts, of DFS, including any research related to taxation. An EGM serves to clearly identify the gaps in the evidence base in a visually intuitive way, allowing researchers to address these gaps. This can help to shape future research agendas. Our EGM draws on elements from the systematic review methodology. We develop a transparent set of inclusion criteria and comprehensive search strategy to identify relevant studies, and assess the confidence we can place in their causal findings. An extensive search initially identified 389 studies, 205 of which met the inclusion criteria and were assessed based on criteria of cogency, transparency and credibility. We categorised 40 studies as high confidence, 97 as medium confidence, and 68 as low confidence. We find that the evidence base is still relatively thin, but growing rapidly. The high-confidence evidence base is dominated by quantitative approaches, especially experimental study designs. The geographical focus of many studies is East Africa. The dominant DFS intervention studied is mobile money. The majority of studies focus on DFS usage for payments and transfers; fewer studies focus on savings, very few on credit, and none on insurance. The strongest evidence base on enablers and barriers relates to how user attributes and industry structure affect DFS. Little is known about how policy and politics, including taxation, and macroeconomic and social factors, affect DFS. The evidence base on impacts is strongest at the individual and household level, and partly covers the business level. The impact of DFS on the macroeconomy, and the meso level of industry and government, is very limited. We find no high-confidence evidence on the role of taxation. We need more higher quality evidence on a variety of topics. This should particularly look at enablers, constraints and impacts, including the role of taxation, beyond the individual and household level. Research going forward should cover more geographic areas and a wider range of purposes DFS can serve (use cases), including savings, and particularly credit. More methodological variety should be encouraged – experiments can be useful, but are not the best method for all research questions.
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Khan, Mahreen. Public Financial Management and Transitioning out of Aid. Institute of Development Studies, September 2022. http://dx.doi.org/10.19088/k4d.2022.145.
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This rapid review found an absence of literature focused specifically on measuring the impact of PFM and governance systems in countries that have transitioned from aid, by moving up the income ladder. However, there are a few academic publications and a limited number of studies by multilateral, such as the World Bank, that examine the role of PFM and governance systems in countries that are transitioning or have moved away from aid. However, the importance of public financial management (PFM) and governance systems in development is well established and seen as a pre-requisite for economic growth. To effectively transition from aid, most low-income countries (LICs) need to upgrade their PFM and governance systems to meet the different scale, resources, accountability mechanisms, and capacity-building requirements of a middle-income country (MIC). The absence of the above empirical evidence may be due to the complexity of measuring the impact of PFM reforms as the results are non-linear, difficult to isolate from other policies to establish causality, and manifest in a longer time frame. However, through comparative country studies, the consequences of deficient PFM and governance have been well documented. So impaired budgetary planning, implementation, and reporting, limited fiscal transparency, weak accountability mechanisms, resource leakage, and inefficient service delivery are well recognised as detrimental to economic growth and development. The literature on transitioning countries focuses predominantly on the impact of aid withdrawal on the social sector, where comparative qualitative data is easier to obtain and the effects are usually more immediate, visible, and may even extend to global health outcomes, such as in AIDS prevention programmes. Thus, tracking the progress of donor-assisted social sector programmes is relatively easier than for PFM and governance reforms. The literature is more abundant on the overall lessons of transitions from aid both for country governments and donors. The key lessons underscore the importance of PFM and governance systems and mechanisms to a successful transition up the income ladder: Planning for transition should be strategic, detailed and specifically geared to mitigate against risks, explicitly assessing the best mix of finance options to mitigate the impact of aid reduction/withdrawal on national budgets. The plan must be led by a working group or ministry and have timelines and milestones; Where PFM and governance is weak transition preparation should include strengthening PFM especially economic and fiscal legislation, administration, and implementation; Stakeholders such as donor partners (DPs) and NGOs should participate in the planning process with clear, open, and ongoing communication channels; Political and economic assessments in the planning and mid-term phases as well as long-term monitoring and evaluation should be instituted; Build financial, technical, and management capacity throughout the plan implementation This helpdesk report draws on academic, policy, and grey sources from the previous seven years rather than the usual K4D five-year window, to account for the two-year disruption of COVID-19. As cross-country studies on PFM and governance are scarce, a few older studies are also referenced to ensure a comprehensive response to the query. The report focuses on low-income countries transitioning from aid due to a change in status to lower-middle-income countries.
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Robson, Jennifer. The Canada Learning Bond, financial capability and tax-filing: Results from an online survey of low and modest income parents. SEED Winnipeg/Carleton University Arthur Kroeger College of Public Affairs, March 2022. http://dx.doi.org/10.22215/clb20220301.
Full textAbstract:
Previous research has identified several likely causes of eligible non-participation in the Canada Learning Bond (CLB), including awareness, financial exclusion, and administrative barriers. This study expands on that research, with a particular focus on the role of tax-filing as an administrative obstacle to accessing the CLB. I present results from an online survey of low and modest income parents (n=466) conducted in 2021. We find that, even among parents reporting they have received the CLB (46%), a majority (51%) report low confidence in their familiarity with the program, and more than one in six (17%) are unaware of the need to file tax returns to maintain eligibility for annual CLB payments. Self-reported regular tax-filing is associated with a 59% increase in the probability of accessing the CLB, even when controlling for a range of parental characteristics. This study confirms previous work by Harding and colleagues (2019) that non-filing may explain some share of eligible non-participation in education savings incentives. Tax-filing services may be an important pathway to improve CLB access. Low and modest income parents show substantial diversity in their preferred filing methods and outreach efforts cannot be concentrated in only one avenue if they are to be successful. The study also tests a small ‘nudge’ to address gaps in awareness and finds that information-only approaches to outreach are likely to have limited success, even with motivated populations.