Bridge over Troubled Water: The Revised Insolvency Regulation

The EU legislature has used the last two and a half years to negotiate a modernised framework for cross‐border insolvencies largely outside the spotlight of public debate. The revised Insolvency Regulation introduces new rules on secondary proceedings and innovative provisions on insolvency proceedings for groups of companies. Some parts of the final reform package were not originally envisaged by the European Commission, and it was the European Parliament and the Council that, in an unusual display of unity, agreed on more ambitious steps than the EU executive had proposed. However, not all that glitters is gold. The legislature missed the opportunity to clarify the concept of Centre of Main Interest, and it is still for the courts to establish international jurisdiction on the basis of rather vague criteria. It will soon be time to give life to the rules and ensure that cross‐border insolvencies are conducted more effectively than they are today. The new rules entered into force on 25 June 2015 and apply from 26 June 2017. Copyright © 2015 INSOL International and John Wiley & Sons, Ltd     

The Effect of Regulation on Insurance Pricing: The Case of Germany

This article analyzes the impact of policy form regulation on the unit price of insurance and determinants of premium changes using the 1994 deregulation of the German property–liability market as a natural experiment. Our result show that policy form regulation did not increase prices above competitive levels. Factors influencing premium changes are significantly different for the two time periods, pre‐ and post‐deregulation, indicating that regulation affects insurance pricing. Focusing on highly competitive lines after deregulation, we find a significant price decrease, and this decrease is offset by higher prices in the remaining other lines.     

The Perfect Storm: Hurricanes, Insurance, and Regulation

The intense hurricane seasons of 2004 and 2005 caused considerable instability in property insurance markets in coastal states with the greatest problems occurring in Florida and the Southeast. Insurers have substantially raised rates and decreased their exposures. While no severe hurricanes struck the United States in 2006 and 2007, market pressures remain strong given the high risk still facing coastal states. These developments generate considerable concern and controversy among various stakeholder groups. Government responses have varied. In Florida, political pressures prompted a wave of legislation and regulations to expand government underwriting and subsidization of hurricane risk and constrain insurers' rates and market adjustments. Other states' actions seem more moderate. In this context, it is important to understand how property insurance markets have been changing and governments have been responding to increased catastrophe risk. This article examines important market developments and evaluates associated government policies. We comment on how regulation is affecting the equilibration of insurance markets and offer opinions on policies that are helpful and harmful.     

注册会计师行业管制模式:理论分析

本文对注册会计师行业的自我管制、政府管制与独立管制等模式从与市场自由主义理念或政府干预主义理念相协调、形式上的独立性、实质上的独立性与公众利益保护、权威性与约束力等方面进行了理论上的比较分析 ,他们各有特点。仅从逻辑上选择 ,独立管制模式无疑是最优的。但理论逻辑上最优的机制也是由有限理性的人来执行的 ,需要充分考虑到这一点。各国注册会计师行业选择何种管制模式 ,取决于各国的历史、市场经济理念与具体社会经济环境 ,就此而言 ,这些管制模式之间没有高下之分。因此 ,选择哪种管制模式 ,其标准不在于哪种管制模式缺点最少或优点最多 ,而是在于它是否与本国国情相合 ,运行起来可以顺畅 ,降低管制成本 ,提高管制质量与效率 ,从而能最大程度地保护公众利益 ,促进注册会计师职业服务市场的持续健康发展。总体上看 ,世界各国注册会计师行业的管制模式必将朝着政府与市场力量相结合的方向变迁。     

Regulation: The market for corporate control and corporate governance

This study examines the effects of regulation and a contested market for corporate control on the internal mechanisms of corporate governance. The study focus is on two sectors, manufacturing and banking, due to their differences in the governance environment. In the United Kingdom for the sample period used in this study, manufacturing was characterized by a contested market for corporate control with little or no regulatory interference. In banking on the other hand, takeovers, hostile or otherwise, were absent and ownership changes and board appointments were supervised by the regulator—the Bank of England. The findings of the panel data estimates show that, unlike in the manufacturing sector, disciplinary top management turnover in banks was not related to share price performance. Outside directors were significantly less effective in disciplining top management in banks than in manufacturing firms.     

金融管制的过程

管制与监管 中国没有成熟与发达的分权体制,权力制衡学说与原则一度受到严厉的批判,监督权力的思想体系和规范体系都非常落后.在立法机关遵循"议行合一"的列宁主义的专政原则,在行政机关由于受到"专政"原则和"官本位"积习的长期作用,也演化为"议行合一"的模式.计划经济所奉行的集权管理更加强了这种根深蒂固的思想传统和制度体系.这样集中管制与监管的经济管理权力的结果就是难以区分管制与监管,并使之成为不必要,久而久之,区分管制与监管发展成为今天难以突破的理念问题和认知障碍.     

入世与银行监管创新--访中国人民银行银行管理司司长王华庆

履行承诺 <银行家>:王司长,请你介绍一下入世一年以来外资银行在中国的发展状况. 王华庆:加入世界贸易组织(以下简称"世贸")对银行业的影响很大,因为中国政府承诺的开放程度是比较高的.     

The Future of Securities Regulation

The U.S. system of securities law was designed more than 70 years ago to regain investors' trust after a major financial crisis. Today we face a similar problem. But while in the 1930s the prevailing perception was that investors had been defrauded by offerings of dubious quality securities, in the new millennium, investors' perception is that they have been defrauded by managers who are not accountable to anyone. For this reason, I propose a series of reforms that center around corporate governance, while shifting the focus from the protection of unsophisticated investors in the purchasing of new securities issues to the investment in mutual funds, pension funds, and other forms of asset management.     

The Pharmaceutical Price Regulation Scheme

The UK government conditions the pharmaceutical environment with a combination of micro and macro policies and pressures. Drug profits have been controlled since 1969 but it was only in May 1996 that the first report on these regulations were made available by government. The pharmaceutical price regulation scheme (PPRS) is obviously complex, synthesising price cap and profit regulation for example, but what makes matters more difficult is that the regulation has serious problems. The paper identifies and discusses the problems with PPRS regulation. The problems are: a lack of impact analysis; a lack of accountability; no agreement on what is meant by 'reasonable profits'; problems in apportioning R&D costs to UK sales; disincentives for international trade; whether the drug companies' accounts submitted to government are true and fair; and whether or not the regulation is legal according to EU law. By identifying and discussing these problems this paper aims to open the debate and provide an opportunity for improvements in the regulations.     

宏观调控700天的艰难历程

2004年10月28日中国人民银行决定上调金融机构存、贷款基准利率、在中国乃至全球市场迅速激起了轩然大波。 10月29日,加息成为头条新闻。股市跳空低开,债市放量下挫。中国的咳嗽还使世界得了感冒,香港股市     

The Cost of Duplicative Regulation: Evidence From Risk Retention Groups

A vast majority of insurers are regulated by each state in which they conduct business; however, a small subset of specialized firms, risk retention groups (RRGs), are largely exempt from most aspects of duplicative regulation no matter how many states they operate. This article analyzes the differences between RRGs and standard insurers specializing in commercial liability insurance to determine the cost of duplicative regulation. The costs associated with multi‐state regulation are significantly higher than those for single‐entity regulation. These high regulatory compliance costs reduce the technical efficiency of firms, deter firms from operating in additional states, and increase the price of insurance.     

西方国家私人股权投资基金的监管及其对我国的启示

西方国家对私募融资的私人股权投资基金主要通过证券私募豁免注册制度和合格投资者管理制度进行管理,一般不进行严格监管.我国目前对不同类型的私人股权投资基金采取不同的监管标准,而且未建立私募融资与合格投资者管理制度.为此,我国应加快建立证券私募融资制度和合格投资者管理制度,统一对不同类型私人股权投资基金的监管标准,在维持私人股权投资基金业较为宽松监管环境的同时,加强对部分潜在风险的监测.