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Financial Conglomerates and the Chinese Wall

Regulating Conflicts of Interest

By: Harry McVea

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Hardcover | 5 August 1993

At a Glance

Hardcover
304 Pages

Dimensions(cm)
24.2 x 16.2 x 2.2

Hardcover

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The growth of financial conglomerates, offering a range of services hitherto unprecedented, has caused problems for regulators. While conglomerates bring with them many economic benefits (diversification of risk, economies of scope, etc), they also impose costs (systemic risk and conflict of interest abuses). This book explores ways in which regulators can ensure that the regulation imposed is sufficiently strong to eradicate these abuses, but at the same time sufficiently flexible to allow the benefits of conglomeration to be secured. The Chinese WallDSa regulatory mechanism aimed at stemming the flow of information from one department in a firm to another, and reconciling conflicts of interest more generallyDSis singled out for special treatment. The legal position of the device, which has become all the more important in the wake of the recent Law Commission inquiry into the relationship between the Financial Services Act 1986 (and the rules made under it) and the general law, is considered in detail. The author argues that an effective Chinese Wall will, in most cases, be legally sufficient to absolve a firm from potential liability at general law, but that there are situations where Chinese Walls are not satisfactory. Here the conglomerate will have to suffer the commercial disadvantages of being a fiduciary by adopting a different, albeit more restrictive, regulatory option.

Industry Reviews

`The book is a detailed and valuable description of a new and rapidly evolving field.' The Economic Journal `Timely ... a very thoughtful and coherently argued contribution to regulating conflicts of interest and duty in financial markets. ' Times Higher Education Supplement `Liberally laced with references to UK, US and EC legislation and case law, it offers practical advice, as well as legal authority. ' Business Age `The author cannot, of course, solve this fundamental problem, but his book provides a lucid and detailed analysis of the main issues, and will be required reading in compliance departments. ' International Corporate Law `a timely subject for scholarly analysis. The book will be of interest to American corporate and banking law professors ' Bimonthly Review of Law Books `The book is a detailed and valuable description of a new and rapidly evolving field. ' Cliff Pratten, The Economic Journal, Vol. 105, No. 428, January 1995

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You Can Find This Book In

Non-Fiction Accounting & Finance Finance Investment & Securities Corporate Finance Law Laws of Specific Jurisdictions Company Law Business Law Constitutional & Administrative Law International Law Science

Biology, Life Sciences Molecular Biology

Table of Cases	p. xi
Table of Statutes	p. xvii
Abbreviations	p. xxiii
Introduction	p. 1
Big Bang and Conflicts of Interest and Duty	p. 18
Insider Dealing: The Nature of the Problem	p. 41
Regulatory Approaches to Insider Dealing in the UK and the USA	p. 63
The Chinese Wall	p. 122
The Chinese Wall at General Law	p. 135
Legislative and Regulatory Approval of Chinese Walls in the USA and the UK	p. 171
The Chinese Wall: A Policy Analysis	p. 201
Summary and Conclusion	p. 235
Appendices
Schedule 8: Principles Applicable to Designated Agency's Legislative Provisions	p. 255
Merrill Lynch's Statement of Policy	p. 257
Bibliography	p. 259
Index	p. 271
Table of Contents provided by Syndetics. All Rights Reserved.

Financial Conglomerates and the Chinese Wall

Regulating Conflicts of Interest

At a Glance

Hardcover

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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