The revision of the Investment Services Directive is one of the most significant proposals under the Financial Services Action Plan. Although not likely to be implemented until the end of 2006, it is hoped that many of the consequent changes to legislation and the FSA Rules will be in place...

The EU’s Financial Services Action Plan (FSAP) which seeks to harmonise financial services across Europe has the potential to bring great benefits to the investment community ‐ particularly the UK which already has a wealth of expertise. But in order for it to succeed the rule makers need to...

This paper considers the meaning of the term ‘compliant competent life assurance companies’, within the current regulatory regime. It defines the terms of competence and compliance in the context of the change of emphasis from individual to corporate compliance competence. It recognises the...

European securities exchanges including futures and options markets as well as cash equity exchanges are liquid, efficient and competitive, while making the most of technology’s vast possibilities. On the road to the integrated European securities market, they face different legislative and...

This paper examines the regulatory regime of the Financial Services Authority towards the credit union movement in Great Britain as contained in the Credit Union Sourcebook. The author discusses the merits of a strong regulatory regime towards credit unions within Great Britain and concludes...

While concentration measures are a good indicator of market structure, the link with competitiveness is more complex than often assumed. In particular, the modern theory of industrial organisation makes no clear statement regarding the impact of concentration on competition ‐ the focus of this...

The following extract is taken from a speech by Jaime Caruana, Governor of the Bank of Spain, as Chairman of the Basel Committee on Banking Supervision, given to the Institute of International Finance in Dubai on 21st September, 2003.

This paper is largely based on the European Court of Justice’s (ECJ’s) judgment of 26th June, 2003 in Case C‐422/01 Skandia and Ramtedt v Riksskatteverket (the judgment). The author was counsel for Skandia and Ramstedt in the ECJ. In the judgment the ECJ has maintained that national tax...

This paper examines post‐Enron developments in UK audit and corporate governance regulation. It considers the latest government‐initiated reviews into audit regulation, specifically those conducted by the Co‐ordinating Group on Audit and Accounting Issues and the DTI Review Team, and into...