Financial Sector Legal and Regulatory Toolkit

Table of Contents

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Purpose and Structure of the Toolkit

Part One: Introduction and Overview

Part Two: Preconditions and Infrastructure for Financial Sector Development

Part Three: Financial Regulation and Supervision

ADB's Intervention in the Financial Sector

Bibliography

Glossary and List of Abbreviations

Acknowledgements

Financial Sector Legal and Regulatory Toolkit

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Arner, Douglas, and Jan-Juy Lin, eds. 2003. Financial Regulation - A Guide to Structural Reform. Hongkong: Sweet and Maxwell.

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_____. 1998. Legal Foundations for Sound Finance. European Bank for Reconstruction and Development, Transition Report 1998. London: EBRD.

_____. 2006. Background Study: Property Rights, Collateral and Creditor Rights in East Asia. East Asia Financial Sector Flagship Study. Washington DC: World Bank.

Arner, Douglas. 2007. Financial Stability, Economic Growth, and the Role of Law. Cambridge: Cambridge University Press.

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_____. 2002. Emerging Market Economies and Government Promotion of Securitization. Duke Journal of Comparative and International Law 12:505-519.

_____. 2001. Globalisation of Financial Markets: An International Passport for Securities Offerings? International Lawyer 35:1543-1588.

Averch, Craig H. 2000. Bankruptcy Laws: What is Fair? Law in Transition (Spring 2000):26-33.

Bagehot, Walter. 1873. Lombard Street: A Description of the Money Market. John Wiley.

Barbour, David, et al. 1998. Asset Securitization in Emerging Market Economies: Fundamental Considerations. Essays in International Finance and Economics. L. 13:8-11.

Barth, James, et al. 2002. Bank Regulation and Supervision: What Works Best? National Bureau of Economic Research (NBER) Working Paper No. 9323.

Beck, Thorsten and Ross Levine. 2003. Legal Institutions and Financial Development. Policy Research Working Paper 3136. Washington, DC: The World Bank.

Beim, David and Charles Calomiris. 2001. Emerging Financial Markets. New York: McGraw-Hill.

Bekaert, Geert, et al. 2001. Does Financial Liberalisation Spur Growth? NBER Working Paper No. 8245.

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Byamugisha, Frank. 1999. The Effects of Land Registration on Financial Development and Economic Growth: A Theoretical and Conceptual Framework. World Bank Policy Research Working Paper 2240.

Cheffins, Brian. 2001. Does Law Matter? The Separation of Ownership and Control in the United Kingdom. ERSC Centre for Business Research, University of Cambridge, Working Paper No. 172.

Coase, Ronald. 1960. The Problem of Social Cost. Journal of Law & Economics. 3(1):1-44.

_____. 1937. The Nature of the Firm.

Coffee, John C. Jr. 2001. The Rise of Dispersed Ownership: The Roles of Law and the State in the Separation of Ownership and Control. Yale Law Journal 111:1-82.

Contact Group on the Legal and Institutional Underpinnings of the International Financial System. 2002. Insolvency Arrangements and Contract Enforceability.

Cooke, C. A. 1950. Corporation, Trust and Company: An Essay in Legal History. Manchester: Manchester University Press.

Dahan, Frederique. 2000. Secured Transactions Law in Western Advanced Economies: Exposing Myths. Law in Transition (Autumn 2000): 37-43.

Dale, Richard S. 1993. Deposit Insurance, Policy Clash over EC and US Reforms. In The Basic Elements of Bank Supervision, edited by Frederick C. Schadrack and Leon Korobow. New York: Federal Reserve Bank of New York.

Das, Udaibir, et al. 2004. Does Regulatory Governance Matter for Financial System Stability? An Empirical Analysis. IMF Working Paper WP/04/89.

_____. 2003. Insurance and Issues in Financial Soundness. IMF Working Paper WP/03/138.

Davis, E. Philip. 2001. Multiple Avenues of Intermediation, Corporate Finance and Financial Stability. IMF Working Paper WP/01/115.

de la Pena, N., H. Fleisig and P. Wellons. 2000. Secured Transactions Law Reform in Asia: Unleashing the Potential of Collateral. In Law and Policy Reform at the Asian Development Bank. Vol. 2. Manila: ADB.

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Demirgüç-Kunt, Asli, et al. 2004. Business Environment and the Incorporation Decision. World Bank Policy Research Working Paper 3317.

Demirgüç-Kunt, Asli and E. Kane. 2001. Deposit Insurance Around the Globe: Where Does It Work? Washington, DC.: World Bank and Boston College.

Demirgüç-Kunt, Asli and Ross Levine, eds. 2001. Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development. Massachusetts: MIT.

Demirgüç-Kunt, Asli and Vojislav Maksimovic. 1998. Law, Finance, and Firm Growth. Journal of Finance 53:2107.

Djankov, Simeon, et al. 2003. The New Comparative Economics. NBER Working Paper No. 9608.

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Edison, Hali J., et al. 2002. Capital Account Liberalisation and Economic Performance: Survey and Synthesis. IMF Staff Papers 51(2):220-256.

Evans, Owen, et al. 2000. Macroprudential Indicators of Financial System Soundness. IMF Occasional Paper No. 192.

Fairgrieve, Duncan and Mads Andenas. Autumn 2000. Securing Progress in Collateral Law Reform: the EBRD's Regional Survey of Secured Transactions Laws. Law in Transition Autumn 2000: 28-36.

Galal, Ahmed and Omar Razzaz. 2001. Reforming Land and Real Estate Markets. Policy Research Working Paper 2616.

Giovanoli Mario and Gregor Heinrich, eds. 1999. International Bank Insolvencies: A Central Bank Perspective. The Netherlands and the United Kingdom: Kluwer Law International.

Glaeser, Edward and Andrei Shleifer. 2003. The Rise of the Regulatory State. Journal of Economic Literature. 42(2)401-425.

_____. 2002. Legal Origins. Quarterly Journal of Economics. 117(4):1193-1229.

Goldstein, Morris and Philip Turner. 1996. Banking Crises in Emerging Economies: Origins and Policy Options. BIS Economic Paper No. 46.

Goodhart, Charles, et al. 1998. Financial Regulation: Why, How and Where Now? Oxford: Routledge.

Goswami, Arjun and Hamid Sharif. 2000. Preface. In Law and Policy Reform at the Asian Development Bank. Vol. 2. Manila: ADB.

Gower, L.C.B. 1956. Some Contrasts Between British and American Corporation Law. Harvard Law Review. 69(8):1369-1402.

Hadjiemmanuil, C. 1996. Central Bankers' 'Club' Law and Transitional Economies: Banking Reform and the Reception of the Basle Standards of Prudential Supervision in Eastern Europe and the Former Soviet Union. In Emerging Financial Markets and the Role of International Financial Organizations, edited by J. Norton and M. Andenas. The Netherlands and the United Kingdom: Kluwer Law International.

Hague Conference on Private International Law. 2004. Convention on the Law Applicable to Certain Rights in respect of Securities held with an Intermediary.

Harris, Ron. 2000. Industrializing English Law: Entrepreneurship and Business Organization, 1720-1844. Cambridge: Cambridge University Press.

Harwood, Alison, ed. 2000. Building Local Bond Markets: An Asian Perspective. Washington, D.C.: International Finance Corporation.

Hill, Claire. 1999. Latin American Securitization: The Case of the Disappearing Political Risk. Virginia Journal of International Law 38 (Spring 1998):293.

_____. 1996. Securitization: A Low-Cost Sweetener for Lemons. Washington University Law Quarterly 74(4): 1061.

Honohan, Patrick. 2004. Financial Development, Growth and Poverty: How Close Are the Links? World Bank Policy Research Working Paper 3203.

Humphrey, David B., et al. 1996. The Evolution of Payments in Europe, Japan, and the United States. World Bank Policy Research Working Paper 1676.

Hurst, James Willard. 1970. The Legitimacy of the Business Corporation in the Law of the United States 1780-1970. Virginia: University Press of Virginia.

Impavido, Gregorio, et al. 2003. The Impact of Contractual Savings Institutions on Securities Markets. World Bank Policy Research Working Paper 2948.

_____. 2002. Contractual Savings, Capital Markets, and Firms' Financing Choices. In World Bank Economists' Forum. Vol. II, edited by Shantayanan Devarajan and F. Halsey Rogers. Washington, D.C.: World Bank.

Jaffe, Dwight and Bertrand Renaud. 1996. Strategies to Develop Mortgage Markets in Transition Economies. World Bank Policy Research Working Paper 1697.

Jones, Liz. 2001. European CMBS: All Talk and No Action. Journal of International Business and Law. 16:149.

Kaminsky, Graciela Laura and Sergio L. Schmukler. 2003. Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalisation. IMF Working Paper WP/03/34.

Kireyev, Alexei. 2002. Liberalisation of Trade in Financial Services and Financial Sector Stability (Analytical Approach). IMF Working Paper WP/02/138.

Klapper, Leora, et al. 2004. Business Environment and Firm Entry: Evidence from International Data. World Bank Policy Research Working Paper 3232.

Kopits, George and JD Craig. 1998. Transparency in Government Operations. IMF Occasional Paper 158.

Kumar, Krishna, et al. 1999. What Determines Firm Size? NBER Working Paper 7208.

La Porta, Rafael, et al. 2003. What Works in Securities Law?

_____. 2002. Investor Protection and Corporate Valuation. Journal of Finance 57(3):1147-1170.

_____. 1997. Legal Determinants of External Finance. Journal of Finance 52(3):1131-1150.

Lastra, Rosa Maria. 1999. Lender of Last Resort: An International Perspective. International and Comparative Law Quarterly. 48(2):340-361.

_____. 1996. Central Banking and Banking Regulation. London: Financial Markets Group.

Lejot, Paul, et al. 2006. Missing Links: Regional Reforms for Asian Debt Capital Markets. Asia Pacific Business Review. 12(3): 309-331.

Listfield, Robert and Fernando Montes-Negret. 1994. Modernising Payment Systems in Emerging Market Economies. World Bank Policy Research Working Paper 1336.

Love, Inessa and Nataliya Mylenko. 2003. Credit Reporting and Financing Constraints. World Bank Policy Research Working Paper 3142.

Macey, Jonathan and Hideki Kanda. 1990. The Stock Exchange as a Firm: The Emergence of Close Substitutes for the New York and Tokyo Stock Exchanges. Cornell Law Review. 76:1007.

Micklethwait, John and Adrian Wooldridge. 2003. The Company: A Short History of a Revolutionary Idea. New York: Modern Library.

Mishkin, Frederic. 2001. Financial Policies and Prevention of Financial Crises in Emerging Market Countries. NBER Working Paper No. 8087.

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Norton, Joseph Jude and Mads Andenas, eds. 1998. Emerging Financial Markets and Secured Transactions The Netherlands and the United Kingdom: Kluwer Law International.

Norton, Joseph Jude and Douglas Arner. 2001. Development of Capital Markets, Stock Exchanges and Securities Regulation in Transition Economies. In Transitional Economies: Banking, Finance, Institutions, edited by Yelena Kalyuzhnova and Michael Taylor. New York: St. Martin's Press.

Norton, Joseph Jude. 1999. International Financial Law: An Increasingly Important Component of "International Economic Law": A Tribute to Professor John H. Jackson. Michigan Journal of International Law 20:133.

_____. 1995. Developing International Bank Supervisory Standards. The Netherlands: Kluwer Academic Publishers.

Oliverio, Mary Ellen and Bernard Newman. 2000. Accounting in the Global Business Environment. CPA Journal 12:52.

Olson, Mancur. 2000. Power and Prosperity: Outgrowing Communist and Capitalist Dictatorships. Tennessee: Basic Books.

Pacter, Paul. 1998. International Accounting Standards: The World's Standards by 2002. CPA Journal.

Pistor, Katharina, et al. 2000. Law and Finance in Transition Economies. EBRD Working Paper No. 48.

Prentice, Robert. 2002. Whither Securities Regulation? Some Behavioral Observations Regarding Proposals for its Future. Duke Law Journal. 51:1397-1511.

Quintyn, Marc and Michael Taylor. 2002. Regulatory and Supervisory Independence and Financial Stability. IMF Working Paper WP/02/46.

Rajan, R. and L. Zingales. 1998. Financial Development and Growth. American Economic Review. 88(3):559-586.

Reside, Renato, et al., eds. 1999. Mortgage-Backed Securities Markets in Asia. Manila: ADB.

Schwarcz, Steven L. 1999. Towards a Centralized Perfection System for Cross-Border Receivables Financing. University of Pennsylvania Journal of International Economic Law. 20:455-476.

_____. 1994. The Alchemy of Asset Securitization. Stanford Journal of Law, Business and Finance. 1:133-154.

Seligman, Joel. 1995. The Transformation of Wall Street: A History of the Securities and Exchange Commission and Modern Corporate Finance. 2nd ed. United States: Aspen Publishers.

Simpson, John and Joachim Menze. 2000. Ten Years of Secured Transactions Reform. Law in Transition Autumn 2000:20-27.

Smith, Roy and Ingo Walter. 2003. Global Banking. USA: Oxford University Press.

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Steinberg, Marc, et al, 1999. The Development of Internationally Acceptable Accounting Standards: A Universal Language for Finance in the 21st Century? Securities Regulation Law Journal 27:324.

Taylor, John L. and Françoise April. 1997. Fostering Investment Law in Transitional Economies: A Case for Refocusing Institutional Reform. Parker School Journal of East European Law 4(1):1-52.

Thieffry, Gilles and Jonathan Walsh. 1997. Securitization: The New Opportunities Offered by Economic and Monetary Union. Journal of International Business and Law. 12(12):463.

Valckx, Nico. 2002. WTO Financial Services Commitments: Determinants and Impact on Financial Stability. IMF Working Paper WP/02/214.

Vittas, Dimitri. 2002. Policies to Promote Saving for Retirement: A Synthetic Overview. World Bank Policy Research Paper 2801. Washington, D.C.

_____. 1999. Pension Reform and Financial Markets. Harvard Institute for International Development Discussion Paper 697.

Yergin, Daniel and Joseph Stanislaw. 1998. The Commanding Heights: The Battle Between Government and the Marketplace that is Remaking the Modern World. New York: Simon and Schuster.

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Other Resources

Basel Committee Documents

Basel Committee. 2006. Core Principles Methodology. Basel.

_____. 2006. International Convergence of Capital Measurement and Capital Standards: A Revised Framework - Comprehensive Version. Basel.

_____. 1997. Compendium of Documents Produced by the Basel Committee on Banking Supervision. Basel.

_____. 1992. Minimum Standards for the Supervision of International Banking Groups and their Cross-Border Establishments. Basel.

Joint Forum on Financial Conglomerates. 1999. Supervision of Financial Conglomerates. Basel.

_____. 1999. Intra-Group Transactions and Exposures Principles. Basel.

_____. 1999. Risk Concentrations Principles. Basel.

Basel Committee and International Organization of Securities Commissions (IOSCO) Technical Committee. 1999. Recommendations for Public Disclosure of Trading and Derivatives Activities of Banks and Securities Firms. Basel.

Basel Committee and Offshore Group of Banking Supervisors. 1996. The Supervision of Cross-Border Banking. Basel.

Basel Committee on Banking Supervision. 1997. Core Principles for Effective Banking Supervision. Basel.

_____. 1990. Information Flows Between Banking Supervisory Authorities (Supplement to the Concordat). Basel.

CGFS Documents

Committee on the Global Financial System (CGFS). 1999. How Should We Design Deep and Liquid Markets? The Case of Government Securities. Basel.

CPSS Documents

Committee on Payment and Settlement Systems (CPSS). 2001. Core Principles for Systemically Important Payment Systems. Basel.

_____. 1998. OTC Derivatives: Settlement Procedures and Counterparty Risk Management. Basel.

_____. 1997. Clearing Arrangements for Exchange-Traded Derivatives. Basel.

_____. 1997. Real-Time Gross Settlement Systems. Basel.

_____. 1996. Settlement Risk in Foreign Exchange Transactions. Basel.

_____. 1992. Delivery Versus Payment in Securities Settlement Systems. Basel.

_____. 1990. Report of the Committee on Interbank Netting Schemes of the Central Banks of the Group of Ten Countries. Basel.

CPSS and International Organization of Securities Commissions (IOSCO) Technical Committee. 2001. Recommendations for Securities Settlement Systems. Basel.

EBRD Documents

European Bank for Reconstruction and Development (EBRD). 1997. Sound Business Standards and Corporate Practices: A Set of Guidelines. London.

_____. 1994. Model Law on Secured Transactions. London.

FSF Documents

Financial Stability Forum (FSF). 2006. International Standards and Codes to Strengthen Financial Systems. Basel.

_____. Working Group on Deposit Insurance. 2001. Guidance for Developing Effective Deposit Insurance Systems: Background Documents. Basel.

IAIS Documents

International Association of Insurance Supervisors (IAIS). 2003. Insurance Core Principles and Methodology. Basel.

_____. 2002. Supervisory Standard on the Evaluation of the Reinsurance Cover of Primary Insurers and the Security of their Reinsurers. Basel.

_____. 1999. Supervisory Standard on Asset Management by Insurance Companies. Basel.

_____. 1998. Supervisory Standard on Derivatives. Basel.

IFAC Documents

International Federation of Accountants (IFAC). 1998. Bound Volume: International Standards on Auditing - Codified. New York.

_____. 1979. Preface to International Auditing Guidelines of the International Federation of Accountants. New York.

IFAC and International Auditing Practices Committee (IAPC). 1998. Exposure Draft: Reporting on the Credibility of Information. New York.

IMF Documents

International Monetary Fund (IMF) and World Bank. 2005. Financial Sector Assessment Program - Review, Lessons, and Issues Going Forward. Washington, D.C.

IMF. 2007. Code of Good Practices on Fiscal Transparency. Washington, D.C.

IMF, World Bank and CPSS. Undated. Guidance Note for Assessing Observance of Core Principles for Systemically Important Payment Systems. Washington, D.C.

IMF Legal Department. 1999. Orderly and Effective Insolvency Procedures: Key Issues. Washington, D.C.

_____. 2005. Sixth Review of the Fund's Data Standards Initiatives. Washington, D.C.

_____. 2003. Analytical Tools of the FSAP. Washington, D.C.

_____. 2003. Assessing and Promoting Fiscal Transparency: A Report on Progress. Washington, D.C.

_____. 2003. Fifth Review of the Fund's Data Standards Initiatives. Washington, D.C.

_____. 2003. Financial Sector Assessment Program - Review, Lessons, and Issues Going Forward. Washington, D.C.

_____. 2003. The Fund's Experience with the Data Module ROSCs. SM/03/86 Supp.3. Washington, D.C.

_____. 2003. The General Data Dissemination System. Washington, D.C.

_____. 2001. IMF Manual on Government Finance Statistics. Washington, D.C.

_____. 2001. Financial Soundness Indicators: Policy Paper. Washington, D.C.

_____. 2001. Revised Code of Good Practices on Fiscal Transparency. Washington, D.C.

_____. 2000. IMF Manual of Monetary and Financial Statistics Manual. 5th ed. Washington, D.C.

_____. 2000. Supporting Document to the Code of Good Practices on Transparency in Monetary and Financial Policies. Washington, D.C.

_____. 1999. Code of Good Practices on Transparency in Monetary and Financial Policies. Washington, D.C.

_____. 1999. Communiqué of the Interim Committee of the Board of Governors of the International Monetary Fund. Washington, D.C.

_____. 1993. IMF Balance of Payments Manual. Washington, D.C.

IOSCO Documents

International Organization of Securities Commissions (IOSCO). 2004. Code of Conduct Fundamentals for Credit Rating Agencies. Spain.

_____. 2003. Methodology For Assessing Implementation Of The IOSCO Objectives And Principles Of Securities Regulation. Spain.

_____. 2003. Objectives and Principles of Securities Regulation. Spain.

_____. 2003. Statement of Principles regarding the Activities of Credit Rating Agencies. Spain.

_____. 2001. Recommendations for Securities Settlement Systems. Spain.

_____. 1998. The Application of the Tokyo Communiqué to Exchange-Traded Financial Derivatives Contracts. Spain.

_____. 1998. Guidance on Information Sharing. Spain.

_____. 1998. International Disclosure Standards for Crossborder Offerings and Initial Listings by Foreign Issuers. Spain.

_____. 1998. Methodologies for Determining Minimum Capital Standards for Internationally Active Securities Firms which Permit the Use of Models under Prescribed Conditions. Spain.

_____. 1998. Risk Management and Control Guidance for Securities Firms and Their Supervisors. Spain.

_____. 1998. Securities Activity on the Internet. Spain.

_____. 1997. Principles for the Supervision of Operators of Collective Investment Schemes. Spain.

_____. 1997. Report of the Emerging Markets Committee, Towards a Legal Framework for Clearing and Settlement in Emerging Markets. Spain.

_____. 1997. Report on the Self-Evaluation Conducted by IOSCO Members Pursuant to the 1994 IOSCO Resolution on "Commitment to Basic IOSCO Principles of High Regulatory Standards and Mutual Cooperation and Assistance. Spain.

_____. 1996. Report on Cooperation Between Market Authorities and Default Procedures. Spain.

_____. 1996. Client Asset Protection. Spain.

_____. 1994. Report on Investment Management Principles for the Regulation of Collective Investment Schemes and Explanatory Memorandum. Spain.

_____. 1992. Coordination between Cash and Derivatives Markets: Contract Design of Derivative Products on Stock Indices and Measures to Minimize Market Disruption. Spain.

_____. 1991. Principles of Memoranda of Understanding (MoU). Spain.

IOSCO Technical Committee. 1994. Operational and Financial Risk Management Control Mechanisms for Over-the-Counter Derivatives Activities of Regulated Securities Firms. Spain.

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