Home | Databases | WorldLII | Search | Feedback Edited Legal Collections Data

Miller, Geoffrey P. --- "Financial Private Regulation and Enforcement" [2012] ELECD 497; in Cafaggi, Fabrizio (ed), "Enforcement of Transnational Regulation" (Edward Elgar Publishing, 2012)

Book Title: Enforcement of Transnational Regulation

Editor(s): Cafaggi, Fabrizio

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781781003725

Section: Chapter 9

Section Title: Financial Private Regulation and Enforcement

Author(s): Miller, Geoffrey P.

Number of pages: 16

Extract:

9. Financial private regulation and
enforcement
Geoffrey P. Miller

The topic of financial private regulation and enforcement concerns the
activities of private firms in the financial sector which are involved in
cross-border activities ­ Citigroup, Bank of America, HSBC, UBS, JPMor-
gan Chase, RBS, BNP Paribas, Barclays, Morgan Stanley, Goldman Sachs,
Deutsche Bank, HBOS, Société Générale, Banco Santander, American
Express, Nomura, and so on. For convenience of reference, I will refer to
this type of organization as an `internationally active financial services
firm' (IAFSF). This chapter will categorize different types of private
regulation and enforcement applicable to IAFSFs and then offer some
tentative thoughts about the underlying forces that may determine the
phenomena under observation, with special reference to the HiiL Concept
Paper, `The Added Value of Private Regulation in an Internationalised
World? Towards a Model of the Legitimacy, Effectiveness, Enforcement
and Quality of Private Regulation'. The principal subject of investigation
will be the activities of IAFSFs under US law, but attention will be given to
international standards and regulations as well.


I. TYPES OF PRIVATE REGULATION AND
ENFORCEMENT

House Rules

All IAFSFs operate according to internal rules governing the day-to-day
administration of the company.
Rules of organization define the roles of offices and allocate responsibil-
ity for operations. All large IAFSFs, like almost all large firms in any
industry, take the form of complex corporate groups involving holding
companies, subsidiaries, and subsidiaries of subsidiaries. These networks

263
264 Enforcement of transnational regulation

are partially ...