《The Regulation of Non-Bank Financial Institutions》

PART Ⅰ.Non-Bank Financial Institutions in the Financial Sector1

An Introduction to Non-Bank Financial Institutions1

Part I Table 1.Growth of Institutional Assets, 1950-94 （US$ billions）2

Part Ⅰ Table 2.Securities Outstanding in US Capital Markets, 1950-94（US$ billions）2

The Role of NBFIs in the Financial Sector3

Financial Market Boundaries5

An Overview of Regulatory Models: Developed Markets6

Part Ⅰ Table 3.An Overview of Key Elements of the US Financial System: Banks8

and Non-Banks8

Part Ⅰ Table 4.Principal Regulatory Agencies of the US Financial System8

Part Ⅰ Table 5.Pro№ile of US Regulatory System for Selected NBFIs9

An Overview of Regulatory Models: Emerging Markets10

Powers of Regulatory Authorities14

Role of Self-Regulation16

Role of Credit Rating Agencies17

PART Ⅱ.Regulation of NBFIs in the USA and Emerging Markets19

Regulation of Brokers and Dealers in Securities in the USA19

Regulation of Government Securities Dealers in the USA25

Government Securities Dealers in Emerging Markets30

Regulation of Investment Companies in the USA31

Emerging Markets’ Experience with Investment Companies and Funds38

Regulation of Pension Funds in the USA40

Emerging Markets’ Experience with Pension Fund Regulation43

Regulation of Bank Trusts44

Part Ⅲ.Regulation of Non-Bank Financial Institutions in the European Union49

Overview of the European Union Regulatory System49

Non-Bank Financial Institutions’ Links to Banks50

Requirement for Supervisable Group Structure51

Suitability Requirement for Large Shareholders51

Restrictions on Large Exposures52

Restrictions on Holdings in Non-Financial Enterprises52

Holdings in Other Financial Institutions53

Requirement for Supervision on a Consolidated Basis54

Capital Adequacy Requirement55

Non-Deposit Taking Credit Institutions55

Investment Companies56

Mutual Funds57

The Depository58

Investment Policies58

Provisions on Other Activities59

Information Requirements59

Supervision60

Securities Intermediaries61

Scope of Business and Authorization61

Suitability of Large Shareholders62

Prudential Rules62

Rules of Conduct63

Audit Trail Requirement and Price Information Provision64

Supervision and Enforcement Authority64

Minimum Capital and Capital Adequacy Requirement65

Pension Funds66

Regulatory and Supervisory Issues67

Supervision70

The European Union Approach to Regulation and Supervision72

Tables in Text2

Part Ⅰ Table 1.Growth of Institutional Assets, 1950-942

Part Ⅰ Table 2.Securities Outstanding in US Capital Markets, 1950-942

Part Ⅰ Table 3.An Overview of Key Elements of the US Financial System: Banks and Non-Banks8

Part Ⅰ Table 4.Principal Regulatory Agencies of the US Financial System8

Part Ⅰ Table 5.Pro№ile of US Regulatory System for Selected NBFIs9