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Financial regulation in the UK and Australia

2019-10-31 来源: 51Due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- Financial regulation in the UK and Australia,供大家参考学习,这篇论文讨论了英国和澳大利亚的金融监管制度。在澳大利亚的金融监管框架中,由金融监管理事会负责监管整个金融体系。其中澳大利亚审慎监管局与澳大利亚证券和投资委员会是主要的金融监管机构。前者承担审慎监管职能,负责维护金融体系的稳健;后者承担行为监管职能,负责保护消费者的权益。2008年国际金融危机以前,英国采取的是三头金融监管体制。后来英国颁布了新《金融服务法案》,规定自20134月起正式施行准双峰金融监管体制。根据该法案,撤销了金融服务管理局,其相关职能转移给新成立的金融政策委员会、审慎监管局和金融行为监管局这三家独立机构。

Financial regulation,金融监管制度,assignment代写,paper代写,美国作业代写

The twin peaks theory originated in England. But it was pioneered in Australia. At that time, the development of Australian financial industry required corresponding reform of the financial supervision system, so a "classic double-peak" supervision model perfectly matched with the double-peak theory was formed. After the financial crisis in 2008, the original three-head financial supervision system in Britain failed to effectively perform its regulatory functions, so the UK re-established the "quasi-bimodal" supervision model.

Double-peak regulation was first proposed by the British economist Michael Taylor in 1995. According to his theory, the goal of financial regulation should be "bimodal". With the objective of preventing risks and maintaining financial stability, the financial stability board was set up to exercise prudent supervision. With the goal of promoting market norms, preventing speculation and protecting the rights and interests of consumers, the commission for consumer protection of financial products was established to exercise behavioral supervision. So bimodal regulation is also called target regulation.

Under Australia's financial regulatory framework, the council of financial supervisors oversees the entire financial system. The financial supervisory council comprises the reserve bank of Australia, the federal Treasury of Australia, the Australian prudential regulation authority and the Australian securities and investment commission. Among them, the Australian prudential regulatory authority and the Australian securities and investment commission are the main financial regulators. The former undertakes the function of prudent supervision and is responsible for maintaining the stability of the financial system. The latter undertakes the function of behavior supervision and is responsible for protecting the rights and interests of consumers. Because the institutional setting and power allocation mode of this regulatory framework completely fit the bimodal theory, Australia's financial regulatory framework is called "classic bimodal".

Before the 2008 international financial crisis, the UK adopted a three-headed financial supervision system. Specifically, the UK Treasury is responsible for the development of financial regulatory framework and related legislation, the bank of England is responsible for the development of monetary policy, and the financial services authority is responsible for the unified supervision of the financial system, all three of which jointly maintain the stability of the financial system.

During the international financial crisis in 2008, the three-head financial supervision system failed to effectively perform its regulatory functions, revealing the lack of macro-prudential supervision perspective and effective regulatory tools, the inability to effectively and orderly liquidate bankrupt Banks, and the lack of effective coordination between regulators and central Banks, which were widely questioned and criticized by the society. In response, the UK government has embarked on an overhaul of the financial regulatory system.

In December 2012, the UK promulgated the new financial services act, which stipulates that the quasi-bimodal financial supervision system shall be formally implemented from April 2013. Under the act, the financial services authority was abolished and its functions transferred to three independent agencies, the newly created financial policy committee, the prudential regulation authority and the financial conduct authority. The financial policy committee and the prudential supervision authority are responsible for prudential supervision, while the financial conduct authority is responsible for behavioral supervision. It is worth noting that under the new British regulatory model, macroprudential regulation and microprudential regulation are clearly distinguished. In other words, a financial policy committee is set up under the bank of England to be responsible for macroprudential regulation, and a prudential regulatory authority is set up as a subsidiary of the bank of England to be responsible for microprudential regulation.

Although the British financial regulatory reform in 2012 also applied the concept of bimodal regulation, the institutional setting and power allocation mode of its regulatory framework were different from the classic bimodal regulation mode in Australia, so the British financial regulatory framework was called "internal bimodal" or "quasi-bimodal".

The twin peaks theory originated in Britain, but it was first put into practice in Australia in 1998. Such reform is due to the need for regulatory reform caused by the development of the financial industry. The twin peaks regulatory model was established on April 1, 2013, and the reason for such reform was the pressure of the 2008 financial crisis.

In Australia, the primary regulatory responsibility for the financial system is assumed by the Australian prudential regulatory authority and the Australian securities and investments commission. The Australian prudential regulatory authority implements prudential regulation to prevent risks and maintain the stability of the financial system; The Australian securities and investments commission regulates market conduct and protects consumer interests through conduct regulation. The right and responsibility Settings of these two institutions completely agree with the concept of bimodal regulation, so the Australian financial regulation model is considered as the classic bimodal model.

In the UK, according to the financial services act enacted in 2012, the bank of England has set up a financial policy committee, which is responsible for formulating macro-prudential policies, identifying, monitoring and eliminating systemic risks, and has the authority to guide and recommend the prudential regulatory authority and the financial conduct authority. The prudential supervision authority, a subsidiary of the bank of England, was set up to deal with deposit-taking institutions, insurance companies and systemically important investment institutions

Prudent regulation; the financial conduct authority was established to oversee conduct and to exercise prudential supervision over financial institutions outside the pra's purview. Since the FPC is an internal committee of the bank of England, it is clear that the twin peaks of British financial regulation, the prudential regulation authority and the financial conduct authority, operate under the guidance and advice of the bank of England, which ranks them below the bank of England. Therefore, compared with Australia, the UK's financial regulatory framework is known as the internal bimodal or quasi-bimodal model.

Australia's twin prime institutions, the Australian prudential regulatory authority and the Australian securities and investments commission, are legally independent and have no affiliation with one another or with other major financial regulators. Therefore, the Australian twin peaks institution and the reserve bank of Australia are parallel and equal financial supervision institutions. The reserve bank of Australia has no right to interfere with the twin peaks institution to perform its financial supervision functions. It can be seen that Australia's bimodal institutions are relatively independent.

One of Britain's twin institutions, the prudential supervision authority, is a subsidiary of the bank of England. It is not only under the direct control and supervision of its parent company, the bank of England, but also under the guidance and recommendations of a new financial policy committee set up within the bank of England. The financial conduct authority, the second of Britain's twin institutions, is legally independent of the bank of England, but also subject to the guidance and recommendations of an additional financial policy committee within the bank of England. It can be seen that British bimodal institutions are closely linked with the national central bank, and are supervised and guided by the bank of England in the process of fulfilling financial supervision responsibilities, with a lower level than the bank of England. It can be seen that the independence of British bimodal institutions is less than that of Australian bimodal institutions.

Australia's central bank, the reserve bank of Australia, started out as a powerful institution, but the creation of the prudential supervision authority split its regulatory powers, creating a bimodal parallel to the central bank. The rba does not have the power to interfere with bimodal institutions in performing their financial regulatory functions because they are of the same rank and parallel.

Since its establishment in 1694, the bank of England, the central bank of England, has expanded its authority and gradually become a stabilizer of the financial system, which is one of the core regulatory forces. In the new regulatory framework, the prudential supervision authority and the financial conduct authority, which are respectively responsible for the two major objectives of financial supervision, are inseparable from the supervision and supervision of the central bank when fulfilling their regulatory responsibilities, which are lower than the bank of England.

By comparing the bimodal regulation model of Britain and Australia, we can find that the bimodal regulation theory presents differently in different countries. Each country should make appropriate institutional arrangements according to its own specific situation. Therefore, when China considers to adopt shuangfeng model in the future, it should also give full consideration to the relationship between shuangfeng institutions and the People's Bank of China, and carry out regulatory institution setting reform in line with China's actual situation.

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