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发表于 2010-6-17 12:02 PM
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回复 520# 老黄
英国版的sec 解散文章, 可能是我在ft上看到的这篇文章.
Osborne abolishes FSA and boosts Bank
By George Parker and Brooke Masters
Published: June 16 2010 20:55 | Last updated: June 16 2010 22:28
George Osborne moved to redress what he described as the spectacular regulatory failure of the City, announcing the abolition of the Financial Services Authority and a sweeping increase in the Bank of England’s powers.
Mervyn King, the Bank’s governor, will become one of the most powerful central bankers in the world, with a new remit to prevent the build-up of risk in the financial system in addition to his monetary policy role.
Mr King told a City audience at Mansion House on Wednesday night that his new role in enforcing financial stability was to “turn down the music when the dancing gets a little too wild”.
Mr Osborne confirmed his plan to split up the FSA – a creation of Gordon Brown in 1997 – which the chancellor largely blames for failing to spot the approaching financial hurricane and the weakness of banks like Northern Rock.
“The FSA became a narrow regulator, almost entirely focused on rules-based regulation,” Mr Osborne said in his first Mansion House address. “No one was controlling levels of debt and when the crunch came no one knew who was in charge.”
The FSA will lose much of its role to a new Consumer Protection and Markets Authority, charged with regulating the conduct of every bank and policing the City.
The rump of the organisation will be refocused as a prudential regulator – as yet unnamed – in charge of ensuring that individual banks, building societies and insurance companies are operating safely.
It will become a subsidiary of the Bank of England, feeding intelligence back to a new Financial Policy Committee, chaired by Mr King, which will be given unspecified tools to stop a dangerous build-up of credit or asset bubbles.
Hector Sants, the FSA’s chief executive who had previously announced his intention to quit, has agreed to stay on for a further three years after pleading from Mr Osborne over the past week.
There was loud applause when Mr Osborne announced Mr Sants had agreed to stay on.
“The chancellor sees it as a real coup,” said one aide to Mr Osborne. “Hector will ensure a smooth transition and he will hopefully allay concerns that there will be a big upheaval.”
Adair Turner, the FSA’s chairman, said he welcomed the changes. The Treasury said he was prepared to stay for “most” of the two years it will take to dismember the authority that he has attempted to rebuild since the financial crisis of 2007-8.
“I’m very happy with what we’re going to do now that we have the right leadership in place,” said Lord Turner. “I’ve always said I was agnostic on the form [of regulation]. I’ve been concerned about the transition.”
Mr Osborne insisted the reforms would end “uncertainty”, but some City figures believe the upheaval is highly undesirable and will not compensate for the fact that regulators had simply fallen down on the job.
Banks face further uncertainty after Mr Osborne confirmed that an independent commission, headed by Sir John Vickers, a former head of the Office of Fair Trading, would review the banking system, focusing on competition issues and the possible splitting of retail and investment banking operations. The commission is due to report by September 2011.
Other members of the commission were named last night as Martin Taylor, former chief executive of Barclays, Claire Spottiswoode, a former regulator, Bill Winters, the former co-head of investment banking at JPMorgan, and Martin Wolf, the Financial Times columnist.
Angela Knight, chief executive of the British Bankers Association, said the decision to split prudential from conduct regulation “is the way many other countries have gone . . . it seems a coherent plan.”
“Persuading Hector Sants to stay is a coup and will give confidence to the industry that someone who it thinks understands the issues will be involved in the future of regulation,” said Rob Moulton, partner at Nabarro.
But he added: “Putting markets alongside consumer protection feels like an afterthought. Surely a regulator that needs to face both consumer protection issues around suitability of advice, and complex market integrity issues around exchange trading, will not be sure where to focus first.”
Sidney Myers, partner at Berwin Leighton Paisner, said, “Our clients will be hoping that the transition to the new regulatory regime causes minimal disruption to their business at this critical phase of the recovery. “ |
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狗仔卡
发表于 2010-6-17 12:03 PM
