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The Comparison Study Of Financial Supervision Finance Essay - Free Essay Example

From the early 2007, the financial crisis which was caused by the subprime crisis has spread to global and many of the economy through multiple channels, has caused a great impact and destruction in the international financial order. Since the crisis, governments take active measures to save, meanwhile, begin to reflection the cause of crisis. The international society generally recognized, lack of financial supervision is an important source of the crisis, under the circumstances when the risk preference of investors is increasing. The asset price bubbles which were brought by excessive inflation of real estate market increased market investors risk preference. At the same time, financial institution relaxed the management of credit risk under propel of interests. The great gap between supervision and speculation made regulators fail to find out when subprime loans circulated in the market by securitization, which finally caused the spread of the global financial crisis. After the crisis, U.S, EU and other main economies have actively introduced major financial supervision reform measures, the international community has accelerated the pace of regulatory cooperation at the same time. November 15th, 2008, the leaders of G20 group held a summit conference about financial market and world in Washington, U.S, this is the first time of G20 summit in history. In April and September of 2009, the second and third summit was held by the G20 leaders in London, UK and Pittsburgh, U.S, separately, some main issues like promote economic growth, against protectionism, the IMFs endowment and strength financial supervision were discussed during the conferences. In London Summit, leaders thought that is necessary to implementing regulation and supervision for all financial institutions, financial products and financial market which have systemic influences, the first put forward to let hedge funds in financial supervision. On September 25th, 2009, financial stability co uncil announced Overview of Progress in Implementing the London Summit Recommendations for Strengthening Financial Stability after the summit in Pittsburgh, introduced the measures and progress about implementing related suggestions of London summit and financial stability council. So far, a global financial regulatory reform tide was formed. On July 21st, 2010, President Barack Obama has signed into law the biggest overhaul of American financial regulation in decades. Thus, in less than two years after Lehman brothers bankruptcy and detonated the global financial crisis, this bill which named Dodd-Frank Wall Street Reform and Consumer Protection Act formally went into effect, the biggest reform of US financial regulation since the Great Depression was started. Federal Reserve chairman Ben Bernanke says, financial regulatory reform will strengthen supervision of enterprise which is big enough to pose risk to the financial system, prevent the crisis repeat, and keep the independen ce of The Fed in monetary policy. This international financial crisis has little impact of Chinas financial system, the main reason is insufficient of Chinas financial market development and innovation, which avoid the influence of external systemic risk. However, along with continuous development of the global economy integration process, accelerate open financial markets and the pace of financial innovation is the trend of the times, the connection of Chinas financial market and international financial market will increasingly close, the facing challenge and risk will more and more big. In the tide of international financial regulatory reform, China should base on the situation, actively learn from western developed countries financial regulatory reform experience, further perfect financial supervision. 2)outline In this paper, I would like to study about the financial supervision reform measures after the crisis comparatively, and find out what China can learn from them. In Chapter 1, I will introduce the background of financial regulatory reform after the crisis, the efforts of international society for perfecting the reform in financial supervision, and then the frame of this paper briefly. In Chapter 2, review some theoretical and empirical literature. I will define financial regulation and then begin with a brief history of financial regulation. After that, I will point out some major issues the regulation that still face. Such as financial supervision and the vacuum long-term existence, supervision philosophy have too much stress on microcosmic prudent supervision, coordination between national regulation and international supervision has problems, whether we should limit executive compensation in financial area, and so on. In the next Chapter, I will compare the reform measures of some main countries and areas (America, England, EU and Japan), to see what they have done to improve the financial supervision system, and find out common ground and differentia of these measures. In Chapter 4, I will first introduce the current situation of Chinas financial regulation system. Secondly, state briefly of problems that still exists, such as imperfect of legal system of financial regulation, poor coordination between financial institutions, regulators need to improve quality and social supervision environment needs further improvement . Finally, analysis reform direction and solutions of problems. In the last Chapter, I will conclude this paper and point out the insufficient parts of this paper, and how to improve it. II Literature Review III Analysis of financial supervision reform of US and UK 1)Major national financial supervision and change (A)American financial regulatory reform The U.S financial crisis was considered the most severe economic crisis since the 1930s depression. Throughout the crisis, the United States government and financial regulators has an unshakable responsibility to the ca use and spread of the crisis. Facing the criticism of the outside to the U.S financial supervision system, American financial supervision system reform as follows: On 17th, June, 2009, the Obama government official announced the comprehensive financial regulatory reform plan, will build security perimeter from supervision of financial institutions and financial market, the protection of consumer rights and interests, crisis management and international cooperation, Expect to restore confidence in the U.S financial system. After more than a year of work and two weeks of negotiations, lawmakers finished melding different versions of Wall Street reform. And the House passed the bill on 21st, July, 2010, which is a declaration that the financial supervision system reform finally decided. Heres a breakdown of key measure in the bill. New oversight power: Creates a new 10-member oversight council consisting of financial regulators to look out for major problems at financial firms and throughout the financial system. The Treasury Secretary gains a key role in enforcing tougher regulations on larger firms and watching for systemic risk. The council reserves the right to affirm that which financial institutions may impact on market system, thus put more strict regulatory requirements of these institutions in the capital and liquidity. Creating a consumer agency: Establishes an independent Consumer Financial Protection Bureau housed inside the Federal Reserve. Fees paid by bank fun the agency, which would set rules to curb unfair practices in consumer loans and credit cards. Regulating derivatives: Would force most derivatives to be bought and sold on clearinghouses and exchanges. Some derivatives, including those traded by agriculture companies and airlines to mitigate risk, would still be unregulated. Reining in risky bets: Limits the size and scope of banks investment activities. While the original proposal would have banned banks from owning hedge funds, the bill would allow banks to sink up to 3% of capital into hedge funds or private equity funds. Also prevents banks from trading derivatives, even for their clients accounts. Banks would be forced to spin off their swaps desks that make these trades. Dealing with too big to fail firms: Creates a new process for unwinding big financial firms that resembles the powers that the Federal Deposit Insurance Corp, has to shut failing banks. Firms that sell mortgage-backed securities must keep at least 5% of the credit risk, unless the underlying loans meet new standards that reduce risk. Banks would be taxed to pay for unwinding banks after a collapse. Checking on the Fed: Gives regulators strengthened power to break up financial companies that have grown too big, but only if the firms threaten to destabilize the financial system. Meanwhile, allows Congress to order the Government Accountability Office to review Fed activities, excluding monetary policy. Audits would be allowe d two years after the Fed makes emergency loans and gives financial help to ailing financial firms. Curbing executive pay: The bill would also impose new rules for how all publicly-traded companies, not just banks and other financial firms, pay top executives. The Fed will supervise pay for executives and ensure executive compensation system will not lead to excessive risk. The Fed will provide guidance rather than programmatic formulate specific rules. Once found in enterprise salary system for high-risk business, the Fed has rights to intervene and stop. (B) Britains financial regulation reform As one of global financial centers, Britain also receives an extremely serious impact in this crisis, therefore it is also one of the most active countries to promote financial supervision reform. After the crisis, Britains financial supervision system relatively minor adjustments, one reason is that Britains financial regulatory reforms have been quick to the United States and the European Union. In June, 2000, Britain has passed Financial Services and Markets Act 2000, complete financial supervision from the supervised respectively to the combination of supervision. The financial services authority (FSA) which is founded according to the law has been described as the worlds most powerful comprehensive financial regulators, Britain also become the model of international financial regulatory reform. However, Britains regulatory system still cant prevent crisis. In 2007, the Northern Rock, which is one of the five mortgages lending institutions, dragged by American subprime mortgages, down on the brink of bankruptcy. After injection by the bank of England, Britains financial officials said, would establish a new Financial Stability Committee (FSC), to keep the FSA as the only role of regulators in banking. At the same time, plan to grant central bank the legal liability of keeping stable in the turbulence of the market, in order to make timely response duri ng crisis. To maintain financial stability, on 8th July 2009, the HM Treasury (UK Treasury) published the White Paper titled Reforming Financial Markets, puts forward a series of reforms. First, maintain the Britains financial regulatory model Tripartite Authorities, which is consisted of the Financial Services Authority (FSA), the UK Treasury and the Bank of England (BOE), strengthen the FSAs governance arrangements and statutory framework. At the same time, introduce to create a new Council for Financial Stability (CFS), which will coordinate tripartite and intervene when in a significant risk. Second, formulate the British government entitle to nationalize deposit institutions when it appears risk which is serious harm of financial stability. Third, put forward four measures to prevent large financial institutions to appear risk, which are strengthened market discipline, enhanced prudential supervision, systemically significant financial institutions will be required to prepare detailed contingency plans for their own failure in advance and simplification of market infrastructure on securitization products and financial derivation. Forth, propose the principle of who make mistakes, who pay tax benefit, in order to protect the interests of taxpayers, resolve the cost problem of financial system risk. Meanwhile, expand the role for the Financial Service Compensation Scheme (FSCS). The White Paper envisages that it would be better to have some pre-funding. Fifth, the White Paper announces a range of measures designed to protect the interests of consumers and achieve a fair and competitive market for consumers. Finally, emphasize financial supervision of international cooperation. 2) Comparative analysis of major national financial regulatory reform Common ground Overview of these schemes, although the specific content and measures exist partly differences, which reflects different attitude and emphasis on various countries and reg ions in the reform of the financial supervision, but there are more similarities. For example, care about financial stability and systemic risk, enhance supervision coordination, protect consumers and investors, pay attention to international cooperation on supervision, etc, are all main content of reforms. Reform on recover regulatory lacunae In terms of institutions, all important systemic institutions will be brought into supervision. The financial crisis snagged the main defects of financial supervision system is systematic financial risks, outside financial derivatives, private equity funds and rating agencies out of regulation. Therefore, the key of financial reform bills is at this point. The United States, the European Union and the British reforms have expanded the scope and objects of supervision, brought all products which possible have systemic risks such as hedge funds, private equity fund, the fund of real estate and investment Banks into regulatory framework of financial stability, executed registration system to hedge funds and private equity fund, and required increasing openness and transparency of credit rating agencies. All reform bills offered fully free space to development of financial system on the basis of perfect financial supervision system. That is because under the atmosphere of financial globalization, there is increasingly fierce competition between national and regional financial markets. For a country or a region, if the financial system has been restricted, this will only drive its financial resources to areas where have more lax restrictions, thus impinge on financial competitiveness of this country or region. Reform on supervision coordination mechanism All planes strengthened supervision coordination through the establishment of institutionalized entities. In the financial crisis, whether the U.S, European Union which executed supervised respectively or Britain which implemented supervised, fail to survive. T herefore, the reform plans dont make evaluation and regulation for supervised and supervised respectively, but focus on establish coordination mechanism. At the EU-level, the three existing Committees of Supervisors would be replaced by three new European Supervisory Authorities, which will take on all the missions of the current Committees of Supervisors, but in addition have increased responsibilities, defined legal powers and greater authority. The United States proposed to set up Financial Services Oversight Council (FSOC) which is directed by the Treasury, filling the regulatory lacunae, coordinating dispute in policy implementation, determining the potential risks in financial institutions and marketing activities. The Britain decided to establish Financial Stability Committee (FSC), which is responsible in coordination for the financial risks and stability monitoring. Regulation on the systemic risk U.S trying to empower the Federal Reserve to monitor the larger, dee per relevance to commercial banks, investment banking-based financial holding companies, large insurance companies and all possible enterprises which possible threat to financial stability. Britain plans to set up FSC in the Bank of England while the EU established the European Systemic Risk Council (ESRC) as the macro-regulatory to control systemic risk. However, although the reform has emphasized the supervision of systemic risk, but whether the corresponding reform measures could achieve results is questionable. Crisis handling on regulatory authorities In this crisis, the countrys assistance for problem financial institutions were very inadequate, first because of misjudgment of the crisis process and seriousness, the second is due to the absence of effective crisis management mechanism in financial regulatory authorities. To address the above problems, an important part of the reform programs is to clear the authority and procedures of regulatory authorities in the crisis management. For example, the United States proposed to establish problem-solving mechanism of bank holding companies and non-bank financial institutions which were verge of bankruptcy, allow holding company to make an orderly bankruptcy resolution which may threaten the safety of the entire financial system if any of its bankruptcy, in order to avoid the disorderly liquidation and the government in the dilemma between rescue and financial collapse. Unlike the U.S, the UK has not developed a special bank insolvency law. To more effectively deal with failing banks, Banking Act 2009 established a comprehensive set of bank insolvency procedures and special handling mechanism. In this regard, the EU has done a great aspect of change. Protecting investor and consumers interests Investor and consumer protection is a major aspect which is promoted to improve by national reform. United States, has set up an independent consumer financial protection agencies, the United Kingdom also devotes a chapter to discuss support measures to protect consumers in the White Paper Reforming the financial market. The EU has also focused on financial regulatory reform program to strengthen consumer protection. An important issue exposed in the financial crisis is that complex owing to the modern financial products has made it is often difficult for microcosmic subject in market to understand its characteristics correctly and make the right assessment of the financial risk inside, thus cannot make judgments based on trading decisions, or even fall into the trap of fraud. Therefore, to protect investors and consumers right to know and the right to claim is in the common elements of the reform programs. Reform on salary system Too much emphasis on short-term performance and excessive risk preference of the incentive-restrictive mechanism is one of the causes of the crisis, compensation system becomes the common concern in the UK and the U.S reform programs. In Reform program proposed by the U.S, regulatory agencies will publish standards and guidelines to make the financial company executive compensation and shareholders long-term value more harmonious, at the same time, to prevent possible hazards in the salary system which may harm by regulators safety and stabilization. In addition, gives shareholders the right to a nonbinding proxy vote on corporate pay packages, and calls for greater independence of the Remuneration Committee. Britain has announced the Pay Code of Practice, the FSA is reviewing its use and reflect in the financial business case. The FSA will analysis the existing factors in compensation mechanism which may have threat to financial stability, report annually to the Ministry of Finance, the pay practices of financial firms and their impact on financial stability, and put forward plans on salary system reform. Promoting international coordination and cooperation in financial supervision Among the various financial re gulatory reform programs are put forward the necessary of strengthen coordination and cooperation of international financial regulation. In the process of financial globalization, the internationalization of financial activities and financial supervision localization constitute a basic contradiction, the occurrence and spread of this financial crisis is the response of this contradiction. In this case, no single country is capable of preventing and handling the crisis alone, so the countrys financial supervisory coordination and cooperation has become inevitable. The United States, for example, the specific measures in improving the international regulatory standards and promoting international cooperation achieve as many as 11. The British Reforming the Financial Market White Paper also proposed to strengthen construction of international financial regulatory framework with the core of Financial Stability Committee, identify and guard against potential financial risks around the wo rld more effectively. In the EUs reform program, the international coordination of financial supervision is most important. Differentiations At the same time, because financial development is very different in the United States and Europe, the reform programs were significantly different emphases. The United States is committed to institutional settings. United States, as the birthplace of the crisis, its reform program has a major adjustment for the current financial regulatory system. Including locate super regulator of the Federal Reserve, establish Financial Service Regulatory Committee, bring hedge funds, private equity funds, venture capital funds and so on into the regulatory system, strengthen the OTC financial derivative products trading supervision. However, the reform program of the U.S retains the basic double bull pattern. Britain attempts to repair the reforms. In contrast, the UK reform is weak, not have big adjustment on the Tripartite Authorities financi al regulatory model. The reform in the following three aspects: First, to increase the power of the UKs Financial Services Authority rules for monitoring; second is to establish the Financial Stability Committee; thirdly, greater emphasis reform on governance structure of financial sectors. We should say that U.S and British programs are re-defining on the countrys financial regulatory framework, regulatory elements and objects in varying degrees, emphasizing the establishment of two new regulatory bodies: one is a systematic risk management function of the body; another body is coordination regulation. Because of the particularity of the EU, the proposed pan-European financial supervision and the overall reform program may be restricted by the European Union Basic Law and member states law and sovereignty, so the EU program focuses on the strengthening supervision of credit rating agencies, international financial institutions and investment funds. IV Relevance to China Si tuation of Chinas financial regulation On December 1st, 1948, the Peoples Bank of China (PBC) was established and began to exercise the functions of financial supervision. But Chinas real financial regulation began from 1984, when PBC began to exercise the functions as the central bank. Chinas financial regulators adopted a separate operation, separate supervision system, the functions of monetary control exercised by the Peoples Bank, the Banking Regulatory Commission, Securities Regulatory Commission, Insurance Regulatory Commission work together to exercise institutions regulatory functions. Insurance Regulatory Commission Insurance Industry Securities Regulatory Commission Securities Industry Central Bank General banking supervision The regulatory agencies not only response divisionally but also cooperate closely to compose a national financial supervision organization system. The biggest advantage for regulatory system which matches decentralized mana gement model is helpful to improve the level of supervision as well as institutional control efficiency, with advantages of highly specialized and careful division. But this kind of system (separate operation, separate supervision) is no longer suited to the realities of the international financial globalization. In nowadays, since an increasingly globalized financial markets and complex financial innovations, the boundaries between traditional and financial markets have weakened, cross-market financial products become increasingly common, cross-sectors coordination and cooperation of supervision is increasingly important. Chinas cross-shareholdings among financial institutions; securities companies, fund management companies to enter the interbank market; deposit insurance, stock mortgage business and other business development; big push of commercial bank intermediary business, all show Mixed trend in China has become increasingly apparent. In 2007, China began to steadily adva nce an integrated operation in the financial industry, carried out a comprehensive financial service innovation pilot in Hunan Province. In September in the same year, the Chinese inter-bank market dealers Association was formed, it will manage the inter-bank market discipline, while maintaining the normal inter-bank market competition in order to promote the healthy development of the market. Since 2007, the PBC continued to improve and stabilize level of monitoring the financial risk and assessment, steady progress in construction of financial supervision and coordination mechanisms. After the financial crisis, Bank of China set up an emergency working group of international financial crisis in time, to closely monitor the development trend of the crisis and domestic financial risks that may occur, and actively develop response plans, timely disposal of unexpected risk. In 2009, the PBC strengthened the international exchange and cooperation of financial stability, and actively participate in international financial regulatory reform, not only actively participate in researching and formulating international banking supervision rules, but also in the same year in June, joined the Financial Stability Council (FSC), in August, officially launched the Chinese Financial Sector Assessment Program (FSAP) work. Imperfection of Chinas financial regulatory system Compared with Western countries, Chinas financial supervision is still very short time. Chinas current system of separate supervision model has had great results, but the regulatory system has also exposed many shortcomings. Imperfect of the legal system of financial supervision First, the existing legal system of financial supervision is not complete, systematic is not strong. Chinas current legal system of financial supervision primarily composed by the Peoples Bank Law, Commercial Bank Law, Insurance Law, Securities Law, Banking Regulatory Law, Foreign Financial Institution Regulations and other laws ,regulations and departmental rules. On one hand, in the existing legal system, lack of legal mechanism design of emergency treatment for the financial crisis, the deposit insurance system is a blank area of legal regulation. On the other hand, in a number of normative legal documents which form the existing legal system of financial supervision, proportion of departmental rules is too large, meanwhile lack of authority to implement. At the same time, the convergence between the regulatory legal documents is not strong, even exists the phenomenon of duplication or conflict among some documents. These are bound to affect enhancement of the efficiency of financial supervision and financial regulation acts credibility. Second, the legal regulatory mechanism is not perfect; operability of legal norms is not strong. In Chinas existing legal system of financial supervision, market access, market inspectors, market exit, prudence demands have been covered so basically, but mo st are simple principle provisions, lack of relevant implementation details and practical is not strong, but also simplify the regulatory content, lags behind the status of the financial industry. With continuous advance of financial innovation, China still lack of corresponding legal regulation of some new financial services and products, market exit in the financial institutions also lack of legal norms. The lack of legal design for emergency legal mechanisms of the financial crisis, the legal regulation of credit institutions, the financial markets with industry self-regulatory mechanism, highlights imperfect of Chinas financial laws and regulatory mechanisms. Unestablished coordination mechanism of financial supervision On June 28th, 2004, China Banking Regulatory Commission, Securities Regulatory Commission, China Insurance Regulatory Commission officially announced the Memorandum of financial regulatory cooperation and division for three financial regulatory bodies. Sinc e then, the Joint regulatory Conference Mechanism has become a major regulatory coordination mechanism; One Bank and Three Commissions may carry out communication and consultation according to the needs of their duties. But such communication and consultation are equal voluntary, without any binding force, resulting in the effect of a weak joint. In the case of current Chinese coordination mechanisms of financial regulators has not yet fully effective established, financial regulators need to strengthen synergies, coexistence of separate industry monitoring and multi supervise often lead to financial regulation vacuum and is difficult to avoid repetition, in particular in the Financial Mixed environment. Meanwhile, the machinery of separation of supervision and long supervision has a certain degree of control role for Chinese financial industrys Mixed and the international operation of financial market, not only easy to build up homogeneous risk, and is not conducive to encourage financial innovation, stimulate power and demand for financial innovation. At the same time, when functional loss the guardian of property rights in the financial sector, domestic financial institutions self-regulatory role is relatively weak, self-discipline, self-development and self-risk internal control mechanism is difficult to create. The risk regulatory requirements of financial regulatory authorities havent transferred into risk management needs for financial institution themselves, so that financial regulators take too much responsibility, enhanced financial supervision costs, reduced the efficiency of financial supervision. Regulators quality need to be improved The overall quality of financial supervision team determines the effect of monitoring. When some professionals in the financial industry with not high moral quality, Chinas financial sector has also very serious shortage of talent. Currently to see the quality of Chinas monitoring team, the lack of expert ise, knowledge narrow, lack of comprehensive analytical skills are common problems. This effect strength and depth of monitoring in varying degrees, while make it more difficult to carry out the coordination between departments. One reason is that financial practitioners follow-up education and training have fallen behind, and secondly, lack of accreditation. Third, China has a huge loss of excellent staff. Social regulatory environment need to be ameliorated The current financial operations have penetrated into all aspects of social and economic life. In China, there are many problems in strengthening the social environment of financial regulation; regulatory coverage and the efficiency of supervision have been restricted. Chinas accounting firm and the audit firms professional skills rarely up to the requirement of supervision, there are serious deficiencies in the system, and social control seriously lags behind. The general public has not strong financial awareness; credit rating agencies have no authorities at all; information disclosure system still in its infancy; depositors only concerned about level of interest rates, do not ask good or bad of financial institutions credit; financial institutions interested in short-term speculative interests, even malicious management, all of these greatly increased the risk of financial institutions and the overall risk of Chinas financial system. Learn from major countries experience of financial supervision reform, improve Chinas financial regulatory system In the post-crisis era, when develop a market economy with Chinese characteristics, we cannot blindly copy other countries financial regulatory reform model, but should be combined with Chinas actual situation, improve the regulatory model to approach in line with Chinas national conditions. Attention to financial stability, strengthen the macro-prudential supervision The financial crisis is outbreak of total cumulative problems over the past years, which are cumulated in the process of rapid development of financial market and financial innovation, re-awakened the regulatory authorities to prevent systemic risk, to maintain overall financial stability. From long-term development of Chinas financial industry, on one hand, we need to closely follow up the research on macro-prudential supervision of the latest, on the other hand, should actively organize to research and establish macro-prudential regulatory system which conforms to our countrys market environment. First, should establish a clear framework for macro-prudential decision-making. Prudent macroeconomic policies should not only based on self-regulatory requirements, but also need a stable and corresponding laws and regulations based structure. Therefore, China should establish legal system to appropriate macro-prudential supervision, in order to monitor have legal support. At the same time, via abolish, modify, supplement and develop and other means, in a tim ely manner to complete and reconstruct the existing financial regulatory laws, rules and regulations. In addition, to ensure the quality of supervision, the regulators should develop regulatory objectives more clearly. Although many related indicators and guidelines yet mature in researching, for the time being difficult to quantify, but in the short term could consider the first use of qualitative and directional goals. Second, establish information sharing mechanism between Peoples Bank and financial supervision agencies. In 2009, for the effective prevention of systemic financial risks, and bring prudent management of macroeconomic into the countrys macro control and financial stability policy tools, the PBC has taken a series of measures. However, in practice, Macro-prudential regulation not only need micro-prudential data but also need more other data as the legal basis. Only macro-control departments fully coordinate and communicate with other agencies and departments, data and information sharing and utilization can be ensured. Thus, similar with other information-sharing mechanism of financial supervision, a shared database for appropriate macro-prudential supervision should be established. By transforming the existing structure of financial statistical database and statistical network, set up a financial information system which is unified, independent, automatic generation of statistical indicators and financial supervision indicators, to form a unified, centralized and efficient financial information sources, to achieve sharing of information resources. At the same time, to establish information sharing responsibility restraint system. Mainly definitude information sharing principles, standards, content and shall bear legal responsibility between PBC and financial supervisory authorities with regulations, to protect the quality of macro-prudential information sharing. Improve financial supervision and coordination mechanism, actively promoting full control, enhance awareness of regulatory costs The professional division of labor in financial regulatory system will inevitably bring the appropriate coordination problem. Proceeding from the reality in China, government may consider following the model of the U.S Federal Financial Institutions Examinations Council (FFIEC), to build a permanent financial coordination committee to coordinate the Peoples Bank, the Securities Regulatory Commission and China Insurance Regulatory Commissions work, and integrate these regulatory agencies, re-deployment of resources. Monitoring philosophy of Comprehensive coverage is the general trend of development of financial regulation. One of the main goals of U.S financial regulatory reform program is to eliminate vacuum and blind spots of regulation, to achieve the monitoring philosophy of full coverage. Chinas financial market development is the result of administrative decentralization, namely, the formation of financial markets, the emergence of financial products and services, the establishment and operation of financial institutions are in the control range of regulatory bodies. Therefore, we can say that Chinas financial regulatory system has been adhering to a concept of comprehensive coverage, and has achieved good results in maintaining financial market stability, Chinas doesnt sound financial system has withstood the test in the Asian financial crisis and the financial crisis. Therefore, we must not only continue to uphold the regulatory concept of full coverage, also should put into practice in order to effectively guarantee the implementation and commitment of this idea. Construct Chinas financial regulatory system, the level of supervision needs to be emphasized, according to the needs of financial development and the risk levels of financial markets, institutions and products, control measures must be taken by different intensity, to improve multi-level, multi-mechanism, comprehensive regulatory s ystem. In addition, we must strengthen the cost consciousness of financial supervision. Not only take into account the increasing direct cost of new regulatory agencies and the necessary costs of take measures of financial regulation, should also consider that these measures may lead to market losses, which is an opportunity cost when government regulators replace market regulation. (C) Improve supervision of financial innovation The outbreak of the financial crisis shows that financial innovation has its own flaws, if the regulatory system cannot keep up the pace of financial innovation, are prone to financial risks. But in China, the financial derivatives market and the whole financial market are underdeveloped; Chinas financial regulators restrict right on financial innovation too hard. Although avoid a similar high-risk in U.S financial markets, but also seriously constrained the ability of financial market innovation and hinder its further development. This phenomenon causes inadequate supply of financial products and services, which cannot meet the needs of real economy and financial consumers and investors. At the same time, in the context of financial globalization, over the control is easy to undermine competitiveness and attractiveness of the financial system in homeland, leading to an outflow of financial resources. Reform and innovation in Chinas financial supervision is just the beginning of the stage, to meet the needs of the establishment of an open economy, to ensure the security and stability of financial markets, implement a full range of monitoring has become a priority. Combine the specific situation in our country, absorb and learn experiences and lessons from foreign financial regulatory reforms, at the same time, speed up the pace of financial innovation under the premise of risk control. Meanwhile, strictly regulate on the financial derivatives market, implement information disclosure, and maintain the transparency of financ ial innovations, in order to promote financial innovation and the coordinated development of financial supervision. As raise the capital adequacy ratio, effective control non-rational expansion of innovation product scale, increasing the transparency of financial innovation, fully revealing the structure and risk of derivatives, protecting interests of investors, maintaining the market correctly. (D)One gold of supervision is protect consumers Consumers growing purchasing power of financial products and sustained, diversified financial consumer demands is the inexhaustible motive force to promote the financial volume expansion and optimization of financial structure. Comprehensive consumer protecting measures are a common feature of well-developed financial system, and an important factor which constitutes the international competitiveness of financial system. If the financial supervision only concern the interests demand of financial institutions at the expense of the effe ctive protecting of consumer interests, would dampen consumer enthusiasm which will cause financial sector development loss the extensive public basis and social support. In Chinas financial transactions, the improper financial behavior of damaging consumers interests is not uncommon. False propaganda in marketing process of insurance products and various financial planning products is a very typical example. So, to make China do something in the international financial markets competition, we must exercise strict supervision on consumer financial products and services market, to promote these products transparent, fail, reasonable and make consumers get adequate information of financial products and services. Also, should promptly investigate all kinds of illegal activities which damage the financial interests of consumers, so that maximize protection of the interests of financial consumers. (E) Improve professional quality of financial regulators; create a social environment fo r financial supervision With the acceleration of financial globalization, the role of financial regulators even more obvious, but at present a problem in China is the quality of monitoring is not so high. To establish a high-quality monitoring team rapidly and improve the financial regulatory system is equally important. First of all, change the regulatory philosophy, speed up the formation of ideas of risk monitoring location. Secondly, improve the training system, adopt various forms like be taken abroad to study in regulatory agencies, operate in regulated institutions and systematic training, in order to comprehensive improve all aspects of regulators thus as modern international financial knowledge, law, computer and network technology, foreign language and professional skills. Third, we must increase the training dynamics of basic supervision team, and attention to the role of grassroots monitoring team. Finally, should establish a scientific employing mechanism and evaluat ion mechanism. To improve the efficiency and quality of financial supervision, strengthen financial institutions transparency of fund application, financial management, business development and credit rating, etc, we should strengthen social supervision of financial institutions. Create a social environment of financial supervision, we should focus on strengthen the financial awareness and market rule education of members in market, improve the social credit system, standardize information disclosure mechanism, increase market hardware management; regulate and bound agency behavior of financial intermediaries, gradually establish and improve accounting system and credit rating system, express its financial supervisory role; strengthen national financial statistics, financial audit and disciplinary inspection and supervision functions of financial institutions, innovate supervisory mechanism, implement financial regulation fairly and efficiently to ensure financial security. At th e same time, also through the power of the media, by strengthening publicity of financial regulatory knowledge and risk prevention awareness, to form a smooth and effective social control. (F) Strengthen international cooperation in financial supervision Financial globalization is also the globalization of financial risks, continued volatility in international financial markets will affect peoples expectations of domestic financial market, increasing the risk of domestic financial market. Chinas financial institutions and regulators should be careful to prevent international financial risks, strengthen supervision of cross-border capital flows, and propel financial liberalization in steady and orderly manner. In order to prevent and resolve international financial risks, we need to strengthen international cooperation in financial supervision. At present, China has joined the International Monetary Fund (IMF), World Bank, International Securities Commission and other intern ational financial organizations, and signed a financial memorandum of understanding with many countries and regions, has laid a good foundation to strengthen international cooperation in financial supervision. We should make better use of financial supervision and cooperation mechanisms, gain information to understand the policies or even requirements and joint active with certain specific targets. In addition, from the occurrence of the financial crisis, the crisis is not limited to a corner, but often a whole. When a financial group is affected, below the various branches and subsidiaries cannot possess. Thus, need to strengthen cross-border coordination and supervision, not only to regulate of the financial branch or subsidiaries of multinational corporations in China, but also through international cooperation in monitoring the companys parent company or group as whole. V Conclusion

An Information Security Metrics Program Compliance With...

There are three primary goals for an information security metrics program: compliance with legal requirements; reduce risk by adding new or improving existing capabilities; improve efficiency or reduce cost. In order to achieve any of these goals it is extremely important to gather the appropriate data and formulate useful metrics. The need for useful security metrics cannot be overstated, but there can be confusion about what a metric is, and difficulty determining what a useful metric is. As a business USAA has a duty to protect and improve shareholder investments, and of course must comply with all applicable laws and regulations. There are a variety of laws and regulations that dictate security requirements for financial institutions.†¦show more content†¦These federal and state laws impact financial organizations in a few different ways but generally revolve around three functions: confidentiality; integrity; and compliance through audits. FACTA includes requirements fo r protection of consumer data including social security numbers, and credit card information. It also contains provisions for data integrity with consumer reports and disputes. SOX requires publicly traded organizations to conduct annual assessments of their audit controls to the government. Additionally they must be audited by an external third party. SOX is designed to protect investors from fraudulent financial reporting from the organization. GLB requires financial institutions to protect the privacy and integrity of their customers information. Additionally, the companies must implement fraud protection programs to prevent unauthorized disclosure of customer information. Regulation E has rules and restrictions for electronic funds transfers, and creates requirements for information disclosures, and records retention. FRCP outlines requirements for the collection, retention, and production of data that could be required for discovery for a civil lawsuit. A common thread for all of these federal laws is the need for information confidentiality and integrity, and the ability to effectively audit the systems for compliance of these

Segregation, By Luis J. Rodriguez - 1423 Words

Alvarez, Marlene May 13, 2015 Eng 101 Final Draft Modernly Segregated Upon thinking about segregation, Jim Crow laws come to mind. It is commonly mistaken that it is abolished, but there are ways that segregation continues to exist. It continues to exist in L.A, just not in the way of laws segregating them, it exists through marginalization. African Americans and Latinos are pushed into certain areas to live amongst each other while Anglos stay among specific areas, as well. There are several factors that contribute to this form of segregation such as: the amount of damaged properties, isolation of the underclass, poverty rising in these areas, the conditions of the city, the lack of retail stores, and employment. Always Running, a memoir by Luis J. Rodriguez, shows different aspects of marginalization through the school s Luis attended, the jobs he sustained, and the neighborhoods he resided . No one should feel as if they are underclass or that they cannot achieve what a superior race can achieve. These segregated views must end. African Americans and Latinos hold it against themselves that they cannot achieve the same thing that Anglos can achieve. It is based on the communities they live on. The youth of the community is mostly impacted. They absorb all aspects of their life as a waste, for example, they go home to find one or their parents unemployed or struggling to get by. They go to school to find that they have teachers that are notShow MoreRelatedSummary Of There Running, La Vida Loca By Luis J. Rodriguez Essay1709 Words   |  7 Pagesnothing and those in the middle. In Always Running, La Vida Loca: Gang Days in L.A. by Luis J. Rodriguez, we hear from an outcast of society, a young man so far removed from the opportunity this country promises. Rodriguez spent his formative years living a life of crime, drugs, and sex, completely on the margins of society, not out of choice but out of necessity to survive, being left with limited options. Rodriguez is the tale of many other young Mexican American boys in the U.S.A. Torn betweenRead MoreLos Angeles And Chicago Angeles3155 Words   |  13 PagesGang Days in L.A. by Luis J. Rodriguez, a former Los Angeles gang member, he eloquently describes his accounts of gang violence based on his own personal experiences. Loyalty is a very important value in the gang culture and Rodriguez illustrates this when he recalls what his friend Miguel Robles said, â€Å"We all taking a pledge, a pledge to be for each other. To stand up for the clica. Thee Impersonations will never let you down. Don’t ever let The Impersonations down† (Rodriguez 41). In order to combatRead MoreRacial Segregation Of Chicago And Explosive Gang Related Crime1671 Words   |  7 Pagesevery ‘transitional’ neighborhood, the ‘succession’ of African Americans out of their areas of ‘first settlement’ was systematically blocked† (Hagedorn 197). By doing the aforementioned the white gang’s behaviors have contributed to the racial segregation of Chicago and the explosive gang related crime in the present day south side of Chicago. Just like African Americans formed gangs to protect themselves against Chicago s white gangs, the Latin Kings formed in Chicago with the same intent. In

Wuthering Heights Victim vs. Victimizer - 1247 Words

Victim vs. Victimizer Readers often pity literary characters who play the role of a victim. In Wuthering Heights by Emily Bronte, Heathcliff: an outsider brought into the wealthy Earnshaw family, Hindley: the eldest Earnshaw child with a strong dislike for Heathcliff, and Hareton: the orphaned child Heathcliff takes in to raise, are victims, yet they evolve to perpetuate the abuse they suffered. Being able to be or become a victim or victimizer show the complexity of these characters. Emily Bronte manipulates readers to pity Heathcliff, Hindley, and Hareton, in spite of the hideous pain they inflict on others. John Hagan states, â€Å"Wuthering Heights is such a remarkable work partly because it persuades us to forcibly pity victims and†¦show more content†¦Heathcliff a man? If so, is he mad? And if not, is he a devil?† (Bronte 106). Isabella questions Heathcliff’s humanity, revealing that Heathcliff uses his pain to fuel the harm he inflicts on others. Hareton Earnshaw, a victim of Hindley, Heathcliff, and Cathy, stands up for himself, shocking the reader’s perception of his character. Hareton is a victim of his father’s alcohol abuse and gambling addiction. These addictions are a result of Frances’ death and the reader becomes sympathetic towards Hindley; however, Hareton is the innocent victim affected by the lack of care from his father. Hareton is a toddler when Hindley holds him over the railing of a staircase, threatening his life. Once Hindley dies, Heathcliff takes on the responsibility to care for young Hareton. He does not know that he is being used as part of Heathcliff’s plan to get revenge on Hindley for abusing him as a child. Heathcliff wishes to keep Hareton ignorant and uneducated in an effort to degrade him. When describing Hareton, Nelly, the house servant, says, â€Å"He appeared to have bent his malevolence on making him a brute: he was never taught to read or write; never rebuked for any bad habit which did not annoy his keeper; never led a single step towards virtue, or guarded by a single precept against vice† (Bronte 152). Hareton is a victim to society because he is kept an uncivilized and ignorant young man. The reader feels sympathetic towards him because he is made to be an inferior

The Purpose of Thornbury Castle Essay - 1766 Words

The Purpose of Thornbury Castle Thornbury castle Since Thornbury castle started being built in 1511 it has been in the centre of a debate with historians whether it is a castle built for defence or a luxurious palace for show. When I went to Thornbury castle you can see lots of different features that would confuse you in deciding what Thornbury castle was built for. There are lots of different features showing both. This picture shows some arrow slits. As you walk around the castle you see things like arrow slits and gun loops in the walls showing they were probably built in case of an attack. Around the outer and inner gateway walls there are portcullis grooves which were†¦show more content†¦These two sources show that there was meant to have been a moat, this is also a way of protecting castles from attack. The deep moat would have strengthened the defences of the gunports and the massive portcullis. When I visited Thornbury Castle their was an old ruined part this is meant to be the army barracks for the purpose of retaining men, on the ground floor it was meant to be stables and on the floors above reached by wooden staircases, were living quarters for the hired army its hard to say how many men Buckingham would have had it might have been hundreds or possibly a thousand, with which Buckingham intended to assert his independence and viewed of fortifying himself against the king. Under Henry the VIII no-one was meant to own their own army but why was Edward Stafford building room for so many people? Then in the outer court there is a wide open space which may have been meant to for a training ground for his army. These pictures show the old soldiers barracks. These are the things which make Thornbury castle look like it was built for defence:-  · Arrow stilts  · Gun loops  · Portcullis grooves  · crenellations  · machicolations  · army barracks  · moat  · massive court yard Thornbury castle was no rugged castle; rather, a development of the highly decorative defensible palace. There was no

The Color Purple By Alice Walker - 1474 Words

In the early 1900’s society s attitudes toward women were not always positive ones. Women often faced sexism, discrimination, racism, and abuse which is demonstrated throughout the book, The Color Purple by Alice Walker. When these prevailing attitudes came face to face with the diverse personalities of the women in this book they not only affected each other but their society as a whole. These attitudes included, but were not limited to, disrespect, jealousy, selfishness,infidelity, and abuse. These women were forced to survive their own struggles in their own way, and whether they chose to do it alone or together they did survive. Although they may have been weakened at times these women had unbreakable spirits that by the end were†¦show more content†¦This helps illustrate the blatant personality differences between Celie and Sofia (Harpo’s wife). Sofia was conscious of her worth and never for one second doubted it. She was a powerful woman both mentally a nd physically. 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This distinction in character personalities did not go unnoticed. â€Å" ‘You told Harpo to beat me,’ she said. ‘No I didn’t’, I said. ‘Don’t lie’, she said. ‘I didn’t mean it,’ I said. ‘Then what you say it for?’ she ast. She standing there looking me straight in the eye. She look tired and her jaws full of air. ‘I say it cause I’m a fool, I say. I say it cause I’mShow MoreRelatedThe Color Purple By Alice Walker1355 Words   |  6 PagesDecember, 2015 Just A Single Purple Wildflower In A Field Of Weeds Alice walker once said, â€Å"No person is your friend (or kin) who demands your silence, or denies your right to grow and be perceived as fully blossomed as you were intended. Or who belittles in any fashion the gifts you labor so to bring into the world.† The color purple has timelessly been used to convey pictures of power and ambition, it is also associated with the feeling of independence. 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