The Law of Financial Services Groups

ISBN : 9780198844655

Charles H R Morris
464 Pages
171 x 246 mm
Pub date
Sep 2019
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  • Focuses on the application of laws and regulations to groups and explains the essential features of such laws
  • Draws together the relevant parts of company and insolvency law, and prudential, and resolution-focused regulation
  • Provides worked/practice-focused examples
  • Includes explanations of the UK ring-fencing rules, US and EU intermediate parent undertaking requirements, and the impact of Brexit and the EU banking reform/risk reduction package
  • Considers a wide range of groups comprising financial services firms including banks, unregulated commercial lenders, consumer credit lenders, insurers and insurance brokers, building societies, payment service providers, fund managers, predominantly non-financial services groups, and many others
  • Comprehensively annotated, with pin-pointed references to laws, regulations, and other primary sources

Most legal text books and practitioners' guides focus on the impact of financial services law and regulation as applicable to individual legal entities: the application of such law and regulation on a group basis is often a cursory afterthought, or neglected altogether. This book reverses the balance.
It is the first book to fully and systematically address how groups of businesses within the financial services sector are regulated. It starts with the company law and corporate insolvency law foundations and how they are established and formed into groups. It then builds up through prudential regulation and resolution-driven principles, focusing on how such regulations apply and operate at a consolidated group and sub-group level, to the structural responses from firms and counter-responses from legislators and regulators. 
This new work also considers the tensions that arise from the conflicts between authorities and legal systems on a cross-border basis, and between the formal legal system and the powers and agendas of the regulators. In its final section, the book applies the principles explored in previous sections to a wide range of transaction types.
The book covers intragroup transactions, and the role that regulation plays requiring and restricting the movement of financial resources around groups.
It is up-to-date as at April 2019, marking the culmination of over 10 years of intense regulatory change, addresses UK ring-fencing rules and EU and US intermediate parent undertaking requirements, and considers the impact of Brexit and the EU banking reform/risk reduction package.



PART I: Corporate Law Foundations
1: Corporate Groups
2: Company and Corporate Insolvency Law

PART II: Prudential Regulation
3: Introduction to Prudential Regulation
4: Group Prudential Regulation
5: CRD Prudential Requirements on a Group Basis
6: Solvency II Prudential Requirements on a Group Basis
7: Prudential Supervision of Financial Conglomerates
8: Other Forms of Group Prudential Supervision
9: The Prudential Supervision of Cross-border Groups

PART III: Resolution
10: Introduction to Resolution
11: Resolution and Groups
13: Cross-border Influences and Tensions on Resolution Groups

PART IV: Structural Regulation
14: Group Structure and Regulation
15: The UK Bank Ring-fencing Regime
16: Holding Companies and Intermediate Parents

17: Intragroup Transactions and other Interactions
18: Employees and Officers of a Group

Part VI: Practical Applications
19: Practical Applications

About the author: 

Charles H R Morris, Senior Associate, Clifford Chance

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