FSA: The Turner Review – A regulatory response to the global banking crisis. Type: Document; Web address: pdf. aThe Turner Review: A Regulatory Response to the Global Banking Crisis«( March ) accessed 3 January. Ferrarini g. and guidici p., ‘Financial scandals and the role of private banking crisis’ (March ), Fudenberg D., .
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The Turner review : a regulatory response to the global banking crisis :: Georgetown Law Library
A regulatory response to the global banking crisis” 18th March the “Turner Review” which set out in-depth analyses of the causes of the financial crisis and identified a number of key areas requiring regulatory reform.
Some reforms have already been implemented, notably the special resolution regime and new bank insolvency procedures under the Banking Actwhich empower the “Tripartite Authorities,” consisting of the Financial Services Authority “FSA”the UK Treasury and the Bank of England “BOE”to deal with failing banks more effectively. Building on the recommendations of the Turner Review, the White Paper proposes extensive reforms to UK banking regulation in order to strengthen the UK banking and financial sector and to enable it to better withstand future financial shocks.
Specifically, the White Paper proposes the following key reforms to be implemented by new legislation:. In addition to the ‘firm policy proposals,’ the White Fss suggests a number of other potential reforms for wider discussion and public consultation, prior to formulating firm policy proposals. Those other reforms cover the following areas:.
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The FSA should be given powers to regulate “systemically significant” financial institutions more strictly and require more stringent capital and liquidity requirements.
Such firms will be required to prepare detailed contingency plans for their own failure. Reforms are proposed in such areas as i barriers to entry and encouraging new entrants to the retail banking market, ii access to simple, transparent products and improvements in mortgage insurance, iii FSCS governance and accountability and iv strengthening crisis management and depositor protection across the EU.
Building society governance should be improved, as well as the disclosure provided by industrial and provident societies to their members. Market participants are invited to provide their comments and feedback on the White Paper by 30th Septemberfollowing which the Govt.
Initial reaction to the White Paper has been somewhat muted. Although it contains a number of specific proposals as set out above, many important issues remain subject to discussion.
This is understandable in areas such as bank capital requirements which will need to be aligned to changes to the Basel II framework and the EU Capital Requirements Directive. A number of the issues raised in the Turner Review therefore remain unresolved and will continue to be debated through, and in many cases probably beyond, the Othef Paper consultation process.
The Turner review : a regulatory response to the global banking crisis
Mr Green focuses primarily on structured credit and structured products transactions. He represents investment banks, issuersinvestors and other turner_revidw of financial services in relation to public offerings and private placements of debt instruments.
Mr Green has advised in relation to the unwinding and restructuring of a number of such transactions. Mr Green’s experience includes advising in relation to collaterialised debt obligations both true sale and synthetic structuresother securitisation transactions, asset backed commercial paper programmes for European and U.
He has acted for arrangers, lead managers, portfolio managers, issuers and investors, advising on both the legal and regulatory aspects of such transactions. He has also acted for other service providers, including trustees. Jeremy Jennings-Mares, Partner, jjenningsmares mofo.
FSA: The Turner Review: A regulatory response to the global banking crisis (March 2009)
Jeremy Jennings-Mares is a partner in the firm’s Capital Market practice. He joined the firm as a partner inafter serving as a partner with Freshfields Bruckhaus Deringer from to March Jennings-Mares glv in Freshfields’ offices in Bangkok, Thailand and Singapore for several years, focusing there on debt capital markets, structured finance, derivatives and banking and secured lending transactions and insolvency work.
Jeremy’s practice specializes in structured products and derivatives, including: The firm is distinguished by its unsurpassed expertise in finance, life sciences, and technology, its legendary litigation skills, and an unrivaled reach across the Pacific Rim, particularly in Japan and China.
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