Some sections of society have expressed concerns that consumer debt has risen to a dangerous level. However, there is little evidence regarding how consumers themselves feel about debt. This paper reports up-to-date findings from the International Institute of Banking and Financial Services’...

Background to the European Commission consultation on the electronic money directive (2000/46/EC) with particular reference to the definition of ‘electronic money’, the impact on mobile telephone operators, different structures for payment of goods and services under schemes for the issue of...

Some sections of society have expressed concerns that consumer debt has risen to a dangerous level. However, there is little evidence regarding how consumers themselves feel about debt. This paper reports up‐to‐date findings from the International Institute of Banking and Financial...

This study examines whether a regulation on mandatory disclosure of financial forecasts since June 1991 and further sanction imposition since March 1998 contribute to lower IPO firms’ initial and aftermarket returns, and shorten honeymoon periods. The study is based on 423 IPO firms after the...

The use of public discipline by the FSA, usually accompanied by the imposition of a fine, has become familiar to readers of the financial press. To date the assumption has been that the use of publicity assists the FSA in achieving its objective of encouraging the development of a compliance...

The Lamfalussy process was implemented from early 2001, following the report of the Committee of Wise Men on the Regulation of European Securities Markets, chaired by Alexandre Lamfalussy. Four years on, this paper concludes that, while it is too early to assess progress in areas such as...

The paper is about HM Treasury’s consultation on the future of investment trusts regulation. The consultation follows the Treasury Select Committee’s recommendation in 2003 that investment trusts should be regulated by FSA following the collapse of a number of split capital investment...

This paper examines wealth effects and changes in the systematic risk associated with the return structure of the “three‐pillar” functional system in Greece, resulting from the introduction of the eight major European Union Banking Directives over the period 1990‐94. The findings...

The purpose of this paper is to provide banking regulators with another tool to crosscheck the appropriateness and consistency of levels of capital adequacy for banks. The process begins by examining banking systems and focuses on market risks and the systemic risks associated with growing...

This paper examines the implementation of best practices for fund directors as outlined by the Investment Company Institute (ICI) in the summer of 1999. Following a series of well publicised scandals across the financial services industry, the issue of corporate governance within mutual funds is...