scholarly journals Home Country Control with Consent: A New Paradigm for Ensuring Trust and Cooperation in the Internal Market?

2013 ◽  
Vol 15 ◽  
pp. 467-501
Author(s):  
Pierre Schammo
Keyword(s):  
Decision Making ◽  
Financial Crisis ◽  
Home Country ◽  
Building Blocks ◽  
Internal Market ◽  
European Market ◽  
New Paradigm ◽  
Home State ◽  
National Competent Authorities ◽  
Market Infrastructure

Abstract Home country control has been a long-standing principle of supervisory governance in the internal market. However, in the wake of the financial crisis, the principle has come under stress. This chapter looks at ways to deal with home country control by putting forward for discussion a new paradigm which I will coin ‘home country control with consent’ (HCC-C). My aim is to examine the building blocks of HCC-C but also to reflect more generally on the merit of a (mostly horizontal) supervisory arrangement which allows other (host) actors to get involved in the decision making of a home state authority. To describe such involvement, I will use the term ‘interference’. The basic problematic that I seek to address is that of ensuring cooperation and trust between national competent authorities. To identify the building blocks of HCC-C, I will turn to the recently enacted European Market Infrastructure Regulation (EMIR) which provides a possible, even if embryonic, template for HCC-C.

scholarly journals Home Country Control with Consent: A New Paradigm for Ensuring Trust and Cooperation in the Internal Market?

2013 ◽  
Vol 15 ◽  
pp. 467-501 ◽  
Author(s):  
Pierre Schammo
Keyword(s):  
Decision Making ◽  
Financial Crisis ◽  
Home Country ◽  
Building Blocks ◽  
Internal Market ◽  
European Market ◽  
New Paradigm ◽  
Home State ◽  
National Competent Authorities ◽  
Market Infrastructure

AbstractHome country control has been a long-standing principle of supervisory governance in the internal market. However, in the wake of the financial crisis, the principle has come under stress. This chapter looks at ways to deal with home country control by putting forward for discussion a new paradigm which I will coin ‘home country control with consent’ (HCC-C). My aim is to examine the building blocks of HCC-C but also to reflect more generally on the merit of a (mostly horizontal) supervisory arrangement which allows other (host) actors to get involved in the decision making of a home state authority. To describe such involvement, I will use the term ‘interference’. The basic problematic that I seek to address is that of ensuring cooperation and trust between national competent authorities. To identify the building blocks of HCC-C, I will turn to the recently enacted European Market Infrastructure Regulation (EMIR) which provides a possible, even if embryonic, template for HCC-C.

A Stronger Role for the European Supervisory Authorities in the EU27

2018 ◽  
Author(s):  
Danny Busch
Keyword(s):  
Decision Making ◽  
European Union ◽  
European Market ◽  
Public Consultation ◽  
The European Union ◽  
European Approach ◽  
European Governance ◽  
Central Counterparties ◽  
Market Infrastructure

The chapter addresses two topics that are crucial to achieving more supervisory convergence in the European Union 27 (EU-27): (1) a more pan-European governance or decision-making structure of the European Supervisory Authorities (ESAs); and (2) more direct supervisory powers to the ESAs, particularly (but not exclusively) to the European Securities and Markets Authority (ESMA). These topics are analysed and discussed within the framework of the Commission's public consultation on the functioning of the ESAs; the Commission proposal of 29 June 2017 for a Regulation on a pan-European Personal Pension Product; the Commission's FinTech consultation of 23 March 2017; and the Commission proposal of 13 June 2017 to amend the European Market Infrastructure Regulation and the ESMA, which aims to introduce a more pan-European approach to central counterparties supervision.

9 Post-Crisis Regulatory Responses

2020 ◽  
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
European Market ◽  
Private Law ◽  
Financial Instruments ◽  
Information Requirements ◽  
Investment Funds ◽  
Regulatory Law ◽  
Market Infrastructure ◽  
The Eu

This chapter looks at those rules of regulatory law that have been promulgated since - and largely because of - the 2008 global financial crisis, and which concern collateral transactions. It first examines the European Market Infrastructure Regulation (EMIR). This regulation, of which US law has a similar counterpart in the Dodd-Frank Act, has led to a massive increase in need of financial collateral. However, both legislative instruments do not seem to have direct consequences under private law. In contrast, the EU Markets in Financial Instruments Directive II and the Securities Finance Transactions Regulation of 2015 have imposed restrictions on entering into collateral transactions and contain several information requirements. These instruments may lead to consequences under private law, but not necessarily. This is different for recent EU and US rules concerning investment funds. Here, the private law consequences are obvious - and mostly unwarranted.

scholarly journals Risk Management and the European Market Infrastructure Regulation (EMIR)

2013 ◽  
Vol 21 (Special-Issue) ◽  
pp. 150-154
Author(s):  
Diana Stiller ◽  
Christian Dammert ◽  
Peter Joehnk
Keyword(s):  
Risk Management ◽  
Financial Crisis ◽  
European Market ◽  
Otc Derivatives ◽  
Industrial Companies ◽  
Market Infrastructure

Abstract The European Market Infrastructure Regulation (EMIR) is a new act to controle the trade with OTC derivatives as a result of the financial crisis in 2007. The articel describes the main categories of these regulation and clarifies the question, whether these regulation is relevant for industrial companies or not.

On the formation of a New Paradigm of fiscal Policy

2013 ◽  
pp. 152-158 ◽  
Author(s):  
V. Senchagov
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Domestic Demand ◽  
Real Economy ◽  
New Paradigm ◽  
Monetary Aggregate ◽  
The Past ◽  
The Global Financial Crisis

Due to Russia’s exit from the global financial crisis, the fiscal policy of withdrawing windfall spending has exhausted its potential. It is important to refocus public finance to the real economy and the expansion of domestic demand. For this goal there is sufficient, but not realized financial potential. The increase in fiscal spending in these areas is unlikely to lead to higher inflation, given its actual trend in the past decade relative to M2 monetary aggregate, but will directly affect the investment component of many underdeveloped sectors, as well as the volume of domestic production and consumer demand.

HEALTH TECHNOLOGY ASSESSMENT AND PERSONALIZED MEDICINE: ARE ECONOMIC EVALUATION GUIDELINES SUFFICIENT TO SUPPORT DECISION MAKING?

2014 ◽  
Vol 30 (2) ◽  
pp. 179-187 ◽  
Author(s):  
Don Husereau ◽  
Deborah A. Marshall ◽  
Adrian R. Levy ◽  
Stuart Peacock ◽  
Jeffrey S. Hoch
Keyword(s):  
Decision Making ◽  
Economic Evaluation ◽  
Personalized Medicine ◽  
Health Technology Assessment ◽  
Technology Assessment ◽  
Health Technology ◽  
Population Based ◽  
New Paradigm ◽  
Current Guidance ◽  
Support Decision Making

Background: Many jurisdictions delivering health care, including Canada, have developed guidance for conducting economic evaluation, often in the service of larger health technology assessment (HTA) and reimbursement processes. Like any health intervention, personalized medical (PM) interventions have costs and consequences that must be considered by reimbursement authorities with limited resources. However, current approaches to economic evaluation to support decision making have been largely developed from population-based approaches to therapy—that is, evaluating the costs and consequences of single interventions across single populations. This raises the issue as to whether these methods, as they are or more refined, are adequate to address more targeted approaches to therapy, or whether a new paradigm for assessing value in PM is required.Objectives: We describe specific issues relevant to the economic evaluation of diagnostics-based PM and assess whether current guidance for economic evaluation is sufficient to support decision making for PM interventions.Methods: Issues were identified through literature review and informal interviews with national and international experts (n = 10) in these analyses. This article elaborates on findings and discussion at a workshop held in Ottawa, Canada, in January 2012.Results: Specific issues related to better guiding economic evaluation of personalized medicine interventions include: how study questions are developed, populations are characterized, comparators are defined, effectiveness is evaluated, outcomes are valued and how resources are measured. Diagnostics-based PM also highlights the need for analyses outside of economic evaluation to support decision making.Conclusions: The consensus of this group of experts is that the economic evaluation of diagnostics-based PM may not require a new paradigm. However, greater complexity means that existing approaches and tools may require improvement to undertake these more analyses.

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