Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices and case law.
The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic action that together facilitate international flows of financial capital for purposes of investment and trade financing. Since emerging in the late 19th century during the first modern wave of economic globalization, its evolution is marked by the establishment of central banks, multilateral treaties, and intergovernmental organizations aimed at improving the transparency, regulation, and effectiveness of international markets. In the late 1800s, world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of World War I, trade contracted as foreign exchange markets became paralyzed by money market illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933, worsening the effects of the global Great Depression until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the international monetary system after World War II improved exchange rate stability, fostering record growth in global finance.
Charles Albert Eric Goodhart, is a British economist. His career can be divided into two sections: his term with the Bank of England and its associated public policy; and his academic work with the London School of Economics. Charles Goodhart's work focuses on central bank governance practices and monetary frameworks. He also conducted academic research into foreign exchange markets. He is best known as the founder of Goodhart's Law, which states: "When a measure becomes a target, it ceases to be a good measure."
A financial centre or financial hub is a location with a concentration of participants in banking, asset management, insurance or financial markets with venues and supporting services for these activities to take place. Participants can include financial intermediaries, institutional investors, and issuers. Trading activity can take place on venues such as exchanges and involve clearing houses, although many transactions take place over-the-counter (OTC), that is directly between participants. Financial centres usually host companies that offer a wide range of financial services, for example relating to mergers and acquisitions, public offerings, or corporate actions; or which participate in other areas of finance, such as private equity, hedge funds, and reinsurance. Ancillary financial services include rating agencies, as well as provision of related professional services, particularly legal advice and accounting services.
Hal S. Scott is the Director of the Committee on Capital Markets Regulation, Co-Chair of the Council on Global Financial Regulation, an independent director of Lazard, Ltd., a member of the Bretton Woods Committee. He is a past President of the International Academy of Consumer and Commercial Law and a past Governor of the American Stock Exchange (2002–2005).
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom which operates independently of the UK Government and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom.
Ross Levine is an American economist who currently holds the Willis H. Booth Chair in Banking and Finance at the University of California at Berkeley. He is also a senior fellow at the Milken Institute, a member of the Council on Foreign Relations, and an advisor to the World Economic Forum. As of 2018, he is the 12th most cited economist in the world.
King & Wood Mallesons (KWM) is the largest global law firm in Asia. It has 30 offices and more than 3,500 legal professionals in Europe, North America, Asia and the Middle East. Its predecessor firms include SJ Berwin of the United Kingdom's "Silver Circle", Mallesons Stephen Jaques, one of the "Big Six" leading Australian law firms, and King & Wood, one of the "Red Circle".
Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are regarded as the "ABCD" of fintech. The use of smartphones for mobile banking, investing, borrowing services, and cryptocurrency are examples of technologies designed to make financial services more accessible to the general public. Fintech companies consist of both startups and established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies.
Richard Dale is an economist, lawyer and historian who has been credited with anticipating the financial crisis of 2007–2008.
Ant Group, formerly known as Ant Financial, is an affiliate company of the Chinese conglomerate Alibaba Group. The group owns the world's largest mobile (digital) payment platform Alipay, which serves over 1.3 billion users and 80 million merchants, with total payment volume (TPV) reaching CN¥118 trillion in June 2020. It is the second largest financial services corporation in the world, behind Visa. In March 2019, The Wall Street Journal reported that Ant's flagship Tianhong Yu'e Bao money-market fund was the largest in the world, with over 588 million users, or more than a third of China's population, contributing cash to it.
Edward J. Kane was an American economist and writer. He was a long-time student of incentive conflict in financial regulation and in crisis-management policies. His writing contends that too-big-to-fail policies are rooted in the cultural norms of major central banks around the world.
Financial technology is an industry composed of companies that use technology to offer financial services. These companies operate in insurance, asset management and payment, and numerous other industries. FinTech has emerged as a relatively new industry in India in past few years. The Indian market has witnessed massive investments in various sectors adopting FinTech, which has been driven partly by the robust and effective government reforms that are pushing the country towards a digital economy. It has also been aided by the growing internet and smartphone penetration, leading to the adoption of digital technologies and rise of FinTech in the country
Regulatory technology, Abrv: RegTech, is the use of information technology to enhance regulatory and compliance processes. RegTech is most usefully applied to heavily regulated industries and activities such as financial services, gaming, healthcare, pharmaceutical, energy and aviation. RegTech puts a particular emphasis on regulatory monitoring, reporting and compliance and aims to enhance transparency as well as consistency and to standardize regulatory processes, to remove ambiguity from regulations and provide higher quality outcomes at a lower cost.
Christopher Hui Ching-yu is a Hong Kong politician and government official. Since 2020, he has been Secretary for Financial Services and the Treasury.
Emilios Avgouleas is a Greek professor and researcher specialising in international financial markets and blockchain technology. He holds the chair in international banking law and finance at the University of Edinburgh. He is a member of the stakeholder group of the European Banking Authority.
Douglas W. Arner is a Kerry Holdings Professor at the University of Hong Kong (HKU).
Asian Institute of International Financial Law (AIIFL) is a Think-Tank attached to the Faculty of Law, The University of Hong Kong(HKU).
FinTech Association of Sri Lanka (FASL) is an independent, not-for-profit, and cross-industry organisation representing Sri Lankan and global FinTech community to support the development, innovation and investment in the FinTech sector.
