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Financial Conglomerates and the Chinese Wall : Regulating Conflicts of Interest - Harry McVea

Financial Conglomerates and the Chinese Wall

Regulating Conflicts of Interest

Hardcover

Published: 5th August 1993
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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.

`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

Table of Casesp. xi
Table of Statutesp. xvii
Abbreviationsp. xxiii
Introductionp. 1
Big Bang and Conflicts of Interest and Dutyp. 18
Insider Dealing: The Nature of the Problemp. 41
Regulatory Approaches to Insider Dealing in the UK and the USAp. 63
The Chinese Wallp. 122
The Chinese Wall at General Lawp. 135
Legislative and Regulatory Approval of Chinese Walls in the USA and the UKp. 171
The Chinese Wall: A Policy Analysisp. 201
Summary and Conclusionp. 235
Appendices
Schedule 8: Principles Applicable to Designated Agency's Legislative Provisionsp. 255
Merrill Lynch's Statement of Policyp. 257
Bibliographyp. 259
Indexp. 271
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780198257134
ISBN-10: 0198257139
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 302
Published: 5th August 1993
Publisher: Oxford University Press
Country of Publication: GB
Dimensions (cm): 24.2 x 16.2  x 2.2
Weight (kg): 0.64