Strategies of Financial Regulation
Divergent Approaches in Conduct of Business Regulation of Mis-Selling in the UK and South Korea
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Beschreibung
This book explores financial regulation, particularly regulation on misselling of over-the-counter derivatives, which has been a pressing issue in many jurisdictions since the 1990s. To do so it applies the accumulated theories of comparative law and regulations to conduct of business regulation to analyze the causes of regulatory failure and to suggest measures for improvement. Despite regular misselling disputes in over-the-counter-derivative transactions, there is a significant lack of comparative law research on financial regulation and almost none focusing on conduct of business regulation. This process also allows the validity of existing regulatory theories to be tested.The book makes a significant contribution to the academic literature in jurisdictions where the failure of the conduct of business regulations and the causes have not been sufficiently been analyzed.
Junghoon Kim has been the Senior Examiner, for the Financial Supervisory Service (FSS) Korea (a governmental organization that supervises and examines financial institutions, regulates the capital market and protects financial consumers and investors) since 2007. From 2002 to 2006, he was a manager at KPMG (Global Accounting & Advisory Firm) and was involved in Basel II implementation projects in major Korean commercial banks.
This book analyses different strategies and their results in implementing financial regulation in terms of rule-making, public enforcement and private enforcement. The analysis is based on a comparative study of conduct of business regulation on mis-selling of financial instruments in the UK and South Korea. It extends into liquidity regulation in the banking sector and credit rating agency regulation. The book concludes that in rule-making, purposive rules are more effective for achieving regulatory goals with minimal undesirable results, but a rule-making system with purposive rules can only work on a foundation of trust among rule-makers, enforcers and the regulates, that with respect to public enforcement, the enforcement strategies should combine the compliance-oriented and deterrence-oriented approaches and be continuously adjusted based on close monitoring of the regulatory outcomes and that in private enforcement, regulation should be instituted as the minimum requirement in private law.
Applies the accumulated theories of comparative law and regulations to conduct of business regulation Analyzes the causes of regulatory failures and suggests measures for improvement Makes a significant contribution to academic literature in the field
Autor*in
Junghoon Kim
Themen in »Strategies of Financial Regulation«
Financial Regulation Conduct of Business Regulation Mis-selling Over-the-Counter Derivatives Financial Consumer Protection Over-the-Counter Derivatives Comparative Study on Financial Regulation investments and securities