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Robert Finney, head of financial regulation at Denton Wilde Sapte spoke on BBC TV and Radio and said: "Many will have been hoping for much more flesh on the bones of these proposals: they will be only partially satisfied. The package is more of a discussion than a blueprint for action. Lord Turner promised "revolution not evolution" and the Review certainly reflects that - the FSA is seeking to reinvent itself for a new financial environment. The Review proposes extreme change but that should not mean that all changes are extreme. There is a risk real risk that regulation swings from "light touch" to "heavy handed", and wreaks more damage on the financial sector. But financial regulation has become more politicised: the FSA has expressly accepted the risk of inhibiting economic prosperity and stifling innovation". For example, the Review:
Stops short of specific recommendations limiting mortgage lending and some of the more complex products such as credit default swaps that Turner has criticised elsewhere;
Merely outlines at a high level possible mechanisms to achieve macro-prudential supervision - the FSA favours a joint FSA/Bank of England decision-making body; and
Is light in addressing Turner's much quoted "duck factor" he seems to accept that the offshore nature of many hedge funds and SIVs allows only indirect prudential regulation unless and until international agreement is reached, even though many of the fund managers and their banks, brokers and custodians are onshore.
Particular points of interest: Emphasis on greater transparency (information and disclosure by financial institutions) - eg. through more detailed information in banks published accounts, clearer explanation of deposit insurance to consumers;
The FSA welcomes the new European financial regulatory and supervisory structure proposed by the de Larosiere Group, even though that would reduce the FSA's powers in certain respects;
There is little discussion of the so-called 'twin peaks' approach of assigning prudential and conduct regulation to different regulators, an idea revived in last week's Sassoon Report for the Conservative Party: but Turner extols the virtue of one regulator covering the whole range of financial institutions.
The Review repeats and develops a number of themes on which the FSA has led comment, such as: the need for national regulators to have power to limit the activities of branches of foreign banks, even within Europe; and
the limited effectiveness of Colleges of Supervisors overseeing the supervison of international banks, without a stronger international legal framework.
The 100+ page wide-ranging Review is supported by a much longer Discussion Paper focussed particularly on commercial and investment banking, and FSA's new supervisory approach:
The Review and DP do not propose a formal and absolute separation of commercial and investment banking, but prudential and other rules will in practice encourage separation of 'utility' and investment banking and severely constrain proprietary trading by retail banks - we foresee some disagreement between the FSA and the Bank of England here.
FSA supervision is turning to focus on business models, strategies and risk and outcomes, rather than internal systems and processes within institutions: this is a brave move and an enormous challenge; it requires major cultural change, influx of expertise and skills, and much more information from the regulated community.
The financial markets and regulation group at Denton Wilde Sapte LLP is well-placed to comment on these developments. The group focuses on all aspects of financial regulation for retail and wholesale businesses in the banking, investment and insurance fields. Particular specialisms include consumer credit , investment funds, futures, market infrastructure and derivatives, especially energy and other commodity derivatives It advised over 30 clients on MiFID projects, and acted for Nasdaq-OMX on the establishment of a pan-European equities exchange. Clients speaking to the Chambers UK Guide to the Legal Profession say well-reputed Robert Finney is "hugely knowledgeable" As head of the firm's financial markets and regulation group, he advises clients on a broad range of financial regulatory and compliance issues. Partners Chris Borg, Rosali Pretorius and Brett Hillis are also highly recommended.
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