On 9th July 2002, the Swiss Federal Banking Commission (SFBC) published for consultation a proposal for a new SFBC Money Laundering Regulation. The draft regulation proposes stricter rules for banks and securities dealers to prevent money laundering and financing of terrorism and details...

Regulation imposes both direct and indirect costs. Regulators have to be conscious of these costs and the finite resources available to them. The paper outlines the way in which the Financial Services Authority (FSA) has developed a system of financial supervision under which resources are...

A common perception is that, as investors in hedge funds are afforded a lesser level of legal and regulatory protections than investors in regulated products, there is a deficiency in the degree of transparency and disclosure afforded to them. This paper examines from a largely UK perspective...

Offshore financial centres (OFCs) have again come under the spotlight. They have been accused of aiding terrorists by laundering their financial resources, allowing the funding of terrorism to go undetected. Their role as tax havens have also been highlighted in the collapse of Enron, a company...

This paper is the second of two parts that set out to examine some of the current challenges in corporate governance and control. The first part looked at formal requirements and how they have been interpreted and implemented, deriving some pointers for the way forward. This part examines some...

This paper has the objective of reflecting on the role of non‐executive directors (NEDs) in the corporate governance process. The paper reviews the role of NEDs both from an academic perspective and from the perspective of the lead author’s practical experience of being (having been) a...

This study examines corporate equity initial public offerings (IPOs) underwritten by Section 20 subsidiaries of commercial banks relative to those underwritten by non‐Section 20 underwriters (investment houses). Consistent with a ‘net certification effect’ for banks, corporate equity IPOs...