Complexity's Embrace by Oonagh E. Fitzgerald

Author:Oonagh E. Fitzgerald
Language: eng
Format: epub
Publisher: MQUP

1Banking supervision accords are issued by the BCBS, a body made up of representatives of central banks and regulatory authorities of Group of Twenty (G20) countries (and other countries with major financial services centres such as Hong Kong, Luxembourg and Singapore). The committee is not underpinned by an international treaty and, although it is highly respected, it has no powers of enforcement. The European Union and the represented states among its members, including the United Kingdom, are highly supportive and follow its recommendations, including under the Bank Resolution and Recovery Directive (BRRD) discussed below.

2The FSB is a body supported by the G20 states that plays an important part in coordinating at an international level the work of national financial authorities and international standard-setting bodies and promoting the implementation of effective policies in the interests of global financial stability. The FSB may also issue non-binding recommendations. It is currently chaired by Mark Carney, governor of the Bank of England.

3General Agreement on Trade in Services, 15 April 1994, 1869 UNTS 183, 33 ILM 1167 (entered into force 1 January 1995) [GATS].

4Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms, [2014] OJ, L 173 [BRRD].

5This is achieved by the Banking Act 2009, as amended, and legislation under two statutory instruments under the European Communities Act 1972 and some rules of the Prudential Regulation Authority (PRA), which is controlled by the Bank of England.

6Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions, [2001] OJ, L 125, commonly known as CIWUD; Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance, [2009] OJ, L 335, Title IV [Solvency II]. The latter directive lays down a general framework for the regulation of insurance companies, including insolvency processes, while CIWUD is concerned only with the winding up of credit institutions, as other aspects of regulation are being dealt with in other EU laws.

7Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings, [2015] OJ, L 141 (the recast EIR from 26 June 2017), replacing Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings, [2000] OJ, L 160.

8Agreement on the European Economic Area, 2 May 1992, [1994] OJ, L 1 (entered into force 1 January 1994). Chapter 3 removes restrictions on the supply of services and chapter 4 removes restrictions on the movement of capital.

9See Insolvency Act 1986 (UK) as supplemented by the Cross-Border Insolvency Regulations 2006, SI 2006/1030, Schedule 1 at para 2 (g)–(l).

10FSB, Key Attributes of Effective Resolution Regimes for Financial Institutions (15 October 2014), online: <www.fsb.org/what-we-do/policy-development/effective-resolution-regimes-and-policies/key-attributes-of-effective-resolution-regimes-for-financial-institutions/>.

11Ibid at para 7.5.

12Ibid at para 7.6.

13See Matthias Lehmann, “BRRD, the SRM-Regulation and Private International Law: How to Make Cross-Border Resolution Effective” (Paper delivered at the European Banking Institute’s inaugural workshop, Frankfurt, Germany, 27-28 January 2016) for a wide-ranging review of the issues.

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