London’s success in attracting financial transactions and securities offerings from U.S. markets has sparked interest in the Financial Services Authority (FSA), the coordinating body for financial services regulation in the United Kingdom. The U.S. regulatory system for financial services is highly decentralized—even fragmented—while the UK’s system is strongly centralized. U.S. regulatory institutions have been created on an ad hoc basis over many years, while the FSA was created relatively recently for the specific purpose of achieving coordination of regulation among banks, securities firms, and insurance companies—three formerly separate industries that are increasingly being seen as one.
How are the regulatory objectives of the two systems different? How are they similar? How are regulatory priorities determined, and how are decisions made by the FSA? Is London’s recent success in attracting financial transactions attributable to the FSA’s regulatory approach? Does the size of the regulated market affect what structure is suitable? These and other questions will be the subject of this conference.
This is the second event in a series of conferences on the regulation of banks, securities firms, and insurance companies.
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