Financial Regulation in the UK and Ireland
There has been considerable changes in the regulation of financial markets in the UK and other countries. Why is this? Financial markets tend to be more highly regulated than other markets. Explain why.
In May 1997, the British Chancellor of the Exchequer made the decision to move the responsibility of supervision of financial institutions into the hands of a new regulatory authority, the Financial Services Authority (FSA). This new authority replaced the Securities and Investments Board and took over responsibility for the supervision of banks, listed money market institutions and clearing houses from the Bank of England. (Blake, 1999).
Overall responsibility for regulation of financial markets lies with HM Treasury and is then divided up between the Bank of England and the FSA. Now, the Bank of England’s remit is the operation of monetary policy and ensuring the stability of the financial system. The FSA has five primary functions: Authorisation of market participants; Prudential supervision of banks, insurance companies, securities firms and fund managers, and regulation of their conduct of business; Investigation, enforcement and discipline; Regulation of investment exchanges and clearing houses; Regulation of collective investment schemes. The change has been a move away from largely self-regulation to a combination of self-regulation and government interventionist regulation. Before 1997 the UK relied ‘primarily on private regulation (by the stock exchange and, to an increasing extent, by the institutes of chartered accountants).’ (Benston, 1985). The regulation of the financial system in the UK however is not as explicit as the system in the US where the Securities and Exchange Commission holds some of the most extensive regulations, which are viewed by some as being excessive.
"The more complex and formal US rules and procedures do not permit as much flexibility and speed" (Benston, 1995). So the UK’s new system is a compromise between the best of self regulation and statutory regulation to ensure the financial markets work in an efficient and orderly manner. The FSA reinforces the orderly operation of the UK markets. For example, when a firm wishes to list on the London Stock Exchange (LSE), they must satisfy requirements of the previously self-regulatory LSE as well as ...
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...es it has come in the form of strict regulation, for others in relatively flexible regulation. The challenges now come from the increasing need for harmonisation of regulations in the EU and also the need to react to the effect that technology can have on financial markets, something that many current financial regulatory systems have yet to tackle.
Works Cited:
Benston, G.J. ‘Towards a Cost/Benefit analysis of the SEC: Have the British a Better Way?, Midland Corporate Finance Journal, 1985.
Blake, D. ‘Financial Market Analysis.’ Wiley, 1999
Goodhart et al. ‘Financial Regulation Why, How and Where Now?’, Routledge, 1998.
Labate, J. ‘Senate Banking chief Phil Gramm orders overhaul of legislation’ Financial Times, Dec 27 2000.
Leader, ‘Neuer Markt’ Financial Times, Jan 3 2001
London Stock Exchange, ‘Admission and Disclosure Standards’ May 2000.
Quinn, T.P. ‘The Economics of Financial Regulation: A Survey.’, Central Bank of Ireland. 1992
Stewart, J. ‘The Changing Nature of Financial Regulation in Ireland’ , Journal of Financial Services Research , 1996.
Stewart, J. ‘The Effects of BIS Capital Adequacy Ratios on Bank financing, Irish Accounting Review,
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