DisclosureLiquidity riskCredit risk In Januarythe Basel Committee on Banking Supervision set up a high-level Task Force on Sovereign Exposures to review the regulatory treatment of sovereign exposures and recommend potential policy options.
Set out below is the SRA's assessment of the other three elements of this framework, the: Core Outcomes The SRA believes that these outcomes succinctly describe what is required of a solicitor or legal Regulatory paper provider regulated by the SRA in order to meet the regulatory purpose.
These are effectively fixed for as long as the regulation of legal services is considered to be in the public interest and will apply regardless of the particular role played by solicitors or the entities or markets in which they operate.
Although these outcomes can be considered to be fixed i. It is in making decisions about the regulatory interventions that should be made that the SRA must have regard to the objectives and requirements in the next two sections of the regulatory framework.
Objectives in achieving the core outcomes These are objectives to which the SRA must have regard when considering any regulatory intervention. The SRA considers that there are two particular aspects of their operation to be considered.
So, for example, any regulatory requirements considered necessary to assure the delivery of "proper standards of work" would need to be judged against their impact on "competition", or "access to justice"; and these objectives can also operate directly in relation to the SRA's regulatory purpose, for example the objective of "protecting the interests of consumers".
The SRA is clear that the regulatory objectives do not translate directly into "objectives that the SRA must achieve". They are matters to which the SRA must have regard when discharging its regulatory functions.
That is a far more limited purpose. Given that, the SRA considers that regulatory intervention purely to further one or more of the regulatory objectives would need to be justified by a compelling case. For example, the SRA would be highly unlikely to introduce a free standing regulatory requirement directed at "increasing public understanding of the citizens' legal rights and duties".
The SRA considers that further clarity is also required in relation to "promote competition" objective. In the SRA's view its most significant challenge to promote competition is to review existing requirements and assess proposed new requirements in order to consider whether the broader regulatory benefits of such measures outweigh any adverse impact on competition.
To that extent, the SRA considers that significant activity is required to promote competition; but in the form of properly assessing and, where appropriate, reducing existing requirements and being appropriately measured in considering the need for any additional regulation.
The SRA does not intend to attempt to further define each of the regulatory objectives, but agrees with the LSB when it says that they 'mean what they mean' 2. Their core are the principles of better regulation and there is a strong correlation between these principles and the public interest assessment of process test referred to at paragraph 2.
In addition to the better regulation principles, the SRA takes best regulatory practice to include the requirement that the SRA is effective in delivering its remit and efficient in its use of resources.
The SRA considers that the principles that regulatory activities be "proportionate" and "targeted only at cases where action is needed" require active attention. As with the "competition" objective referred to above, not with a view to new regulatory interventions but in terms of examining existing requirements, many put in place before the Act and which have not previously been re-examined in the light of the Act's new framework for regulation.
Regulatory approach Within the context and framework set out, the SRA's overriding aim is to be an effective and efficient regulator.
Understanding and addressing equality issues in the design and delivery of our regulation will continue to be important for us. Particularly post the Act there has been a good deal of discussion about different approaches to regulation and regulatory techniques: That debate has been important in opening up thinking within the world of legal services regulation to a wider range of regulatory approaches than might have been considered or used in the, perhaps insular, world of legal services regulation prior to From 19/07/ to 26/09/ Consultation on Revised Guidelines on Periodic Reporting by CRAs: Credit Rating Agencies: ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex I.
Comments are most helpful if they. About MAS. The Monetary Authority of Singapore is the central bank of Singapore. Our mission is to promote sustained non-inflationary economic growth, and a sound and progressive financial centre.
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1 Working Paper on the Regulatory Treatment of Operational Risk The purpose of this paper prepared by the Risk Management Group of the Basel Committee.
This paper details how the regulatory process differs from other federal policymaking and establishes a framework for evidence-based regulation (EBR) to improve regulatory outcomes by planning for, collecting, and using evidence throughout the life a regulation.
What our approach will deliver. Summary in English and Welsh. Water our regulatory approach for water and wastewater services in England and Wales – overview.