Guide The Structure and Regulation of Financial Markets

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When an operator is subject to at least some competitive pressures, regulators generally allow the operator pricing flexibility, ranging from deregulation to the opportunity to lower prices to long run marginal cost.

The Structure and Regulation of Financial Markets

Sometimes infrastructure regulators share responsibility for ensuring competitiveness of markets with a competition regulator that is concerned with all sectors, but there are also instances where the regulator plays the role of the competition regulator. The first function is to remedy anticompetitive conduct , such as collusion. In contrast, utility regulators generally address competitive issues ex ante, meaning that they act to prevent anticompetitive conduct.

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We use cookies to give you the best online experience. By using our website you agree to our use of cookies in accordance with our cookie policy. Learn more here. Close Me. Last Updated: 24 September Kavlak Law Firm. Any country that thinks that tinkering with the structure of agencies will, by itself, fix past shortcomings is doomed to relive its past crises" Carmichael, Footnotes 1. G30 structure financial supervision 2. JCFSB, above n 15, para Do you have a Question or Comment? Interested in the next Webinar on this Topic? Click here to register your Interest.

Email Firm. View Website. Events from this Firm. More from this Firm. More from this Author. With the appointment, function, obligations, and liability of Alternative Investment Fund AIF depositaries having undergone somewhat of an evolution in recent years. Every quarter our financial services regulatory team publishes the Financial Services Regulatory Timeline, a look ahead at key regulatory milestones Liquidity Risk Management.

Liquidity risk management in investment funds has come sharply into focus recently. ESMA consulted upon and released guidelines on the performance of liquidity stress tests in September and released their own Investment Immigration.


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Consumer Protection. Criminal Law. As a result, OFR and the Federal Reserve could miss opportunities to benefit from each other's work and may conduct unnecessarily duplicative analyses. Federal internal control standards call for the use of relevant, reliable, and timely information to achieve the entity's responsibilities. Without better access to existing systemic risk monitoring tools and other outputs, the committee may miss some risks or not identify them in a timely manner.

Although FSOC's mission is to respond to systemic risks, which may involve multiple entities, its recommendations are not binding and do not guarantee regulatory response. FSOC has authorities to designate certain entities or activities for enhanced supervision by a specific regulator, but these authorities may not allow FSOC to address certain broader risks that are not specific to a particular entity. For such risks, FSOC can recommend but not compel action. GAO's framework states that financial systems should include a mechanism for managing risks regardless of the source of the risks, and international best practices for systemic risk oversight state that macroprudential entities require authorities to foster the ability to act and ensure regulatory responses.


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  • Because of the limitations in FSOC's authorities, without congressional action FSOC may not have the tools it needs to carry out its mission to comprehensively respond to systemic risks, and it may be difficult to hold the council accountable for doing so. Note: This figure depicts the primary regulators in the U.

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    There are additional agencies involved in regulating the financial markets and there may be other possible regulatory connections than those depicted in this figure. GAO was asked to review the financial regulatory structure and any related impacts of fragmentation or overlap. This report examines the structure of the financial regulatory system and the effects of fragmentation and overlap on regulators' oversight activities.

    GAO reviewed relevant laws and agency documents on their oversight responsibilities; held discussion groups with former regulators, industry representatives, and experts; and interviewed agency officials.

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    Financial regulation

    Congress should consider whether changes to the financial regulatory structure are needed to reduce or better manage fragmentation and overlap. Congress should also consider whether legislative changes are needed to align FSOC's authorities with its mission to respond to systemic risks. GAO also recommends that OFR and the Federal Reserve 1 jointly articulate individual and common goals for their systemic risk monitoring activities and engage in collaborative practices to support those goals; and 2 regularly and fully incorporate their monitoring tools, assessments, or results of monitoring activities into Systemic Risk Committee deliberations.

    For more information, contact Lawrance Evans, Jr. Status : Open. Comments : At least two bills have been introduced in the th Congress that would change the financial regulatory structure, to some degree, to address fragmented and overlapping regulatory authorities among agencies, as GAO suggested in February Among other things, the Financial CHOICE Act of calls for the federal financial regulatory agencies to implement policies and procedures to minimize the duplication of effort with respect to enforcement actions.

    For example, it eliminates the authority of the Consumer Financial Protection Bureau to supervise and examine financial institutions and also eliminates the regulatory and enforcement authority of the agency with respect to unfair, deceptive, and abusive acts and practices by depository institutions. Such actions could help reduce fragmentation and overlap in the financial regulatory structure. The bill, to some extent, may help address fragmentation, overlap, and duplication in the financial regulatory structure.

    For example, the bill helps to address fragmentation in insurance oversight by finding that the federal agencies and office involved in insurance regulation should achieve consensus with state insurance regulators when they participate in negotiations on insurance issues before any international forum of financial regulators or supervisors, and create an advisory committee to discuss and report on insurance policy issues including international issues.

    GAO will continue to monitor the reform efforts to determine the extent to which they could help to address fragmentation and overlap between the federal financial regulatory agencies and reduce opportunities for inefficiencies in the regulatory process and inconsistencies in how regulators conduct oversight activities over similar types of institutions, products, and risks. Matter : Congress should consider whether additional changes to the financial regulatory structure are needed to reduce or better manage fragmentation and overlap in the oversight of financial institutions and activities to improve 1 the efficiency and effectiveness of oversight; 2 the consistency of consumer and investor protections; and 3 the consistency of financial oversight for similar institutions, products, risks, and services.

    For example, Congress could consider consolidating the number of federal agencies involved in overseeing the safety and soundness of depository institutions, combining the entities involved in overseeing the securities and derivatives markets, transferring the remaining prudential regulators' consumer protection authorities over large depository institutions to the Consumer Financial Protection Bureau, and the optimal role for the federal government in insurance regulation, among other considerations.

    Comments : While some legislative action has been taken that may alter FSOC's authorities, it is not clear that the legislation would address GAO's February suggestion. The bill would change FSOC's authorities by repealing its authorities to designate non-bank financial institutions and financial market utilities i. The bill may alter some of FSOC's authorities.

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    However, it is unclear if these acts would alter FSOC's mission to better align it with its authorities to respond to systemic risk or addresses a gap in systemic risk mitigation mechanisms. Without legislative changes that would align FSOC's authorities with its mission, FSOC may lack the tools it needs to comprehensively address systemic risks that may emerge and a gap will continue to exist in the mechanisms for mitigating systemic risks.