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英国论文网-Integrated, Consolidated or Specialized Financial Mark

Integrated, Consolidated or Specialized Financial Markets Supervisors: Is there an Optimal Solution?

整合,合并或专业金融市场主管:有一个最优的解决方案吗?
Insurance & Pension Funds Supervisory Commission,

The article discusses the issue of the financial market supervision in its institutional context and explores its various dimensions. Its intention is to review the origins and directions ofinstitutional restructuring of the supervision taking place in the last 15 years and to discussits opportunities and threats. The actual debate is preceded by an analysis of recentfinancial market trends as well as regulatory and supervisory developments. The message ofthe article is that there are no ideal supervisory models and each jurisdiction has to find itsown way. In doing so, it should always care for the preservation of the most criticalproperties of the supervisory system: its independence, accountability, transparency,integrity and market responsiveness.
Keywords: supervision; consolidated supervision; insurance regulation; supervisory process;supervisory models
Introduction
The dramatic growth in the importance of the financial markets over the last decadesfor the economic well-being of nations has generated rapidly an increasing body ofliterature on various aspects of regulation and supervision. This literature covers suchissues as scope and size of regulation and supervision; its benefits and costs; therespective roles of regulation and self-regulation; aims and tools of regulatory andsupervisory activities; the components of regulatory and supervisory layout; theinterplay between regulation and supervision; and cross-border regulatory and
supervisory cooperation and the like.Most recently, particular attention has been given to the institutional aspects of
financial regulation and supervision. This reflects recent changes taking place inseveral countries in the institutional set-up of financial markets regulation and
supervision and the need for the clarification of its drivers as well as its consequences.
In particular, the convergence of specialized sectoral supervisors in banking, insuranceand securities into more or less integrated regulatory and supervisory agencies hasbeen by and large put through as political rather than economic or managerial
projects.
* The paper is an outcome of a lecture presented at the 22nd Progress International Seminar, held on 30–31st
March, 2006, in Geneva.
The Geneva Papers, 2007, 32, (151–162)
r 2007 The International Association for the Study of Insurance Economics 1018-5895/07 $30.00
www.palgrave-journals.com/gpp
Increased emphasis in the current debate is given to the question of the possible



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