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1 – 10 of over 34000Financial crises pose a challenge to the legal systems of the concerned countries and international organizations. The current crisis has exposed significant failures of regulation…
Abstract
Purpose
Financial crises pose a challenge to the legal systems of the concerned countries and international organizations. The current crisis has exposed significant failures of regulation and supervision, making the Financial Market Law a key topic on the political agenda. Thus, great changes and challenges are ahead of us. These were the focus of an interdisciplinary and comparative conference held at the University of Marburg. The paper deals with the individual presentations and carries out an overall analysis.
Design/methodology/approach
The paper covers the most important issues in financial regulation.
Findings
An extensive regulation is confronted with several obstacles; suitable approach could be the co-regulation; desirable aim is the instauration of the mechanism of capital markets. Those who gain the benefits in case of success should also bear the losses in case of failure instead of being rescued at taxpayers’ expense.
Originality/value
The difficulties arising from extensive regulation suggest a more liberal approach to financial regulation.
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A new financial regulator has been proposed for Ireland. There is little debate about the principle of a single financial regulator but considerable debate as to whether the…
Abstract
A new financial regulator has been proposed for Ireland. There is little debate about the principle of a single financial regulator but considerable debate as to whether the Central Bank should retain this role or whether a new body should be established. This paper considers this issue in the context of recent controversies relating to tax evasion through use of the banking system which have highlighted some of the difficulties arising from the role of the Central Bank as both a conduct of business regulator and prudential/systemic regulator. The paper concludes that in the context of Ireland's membership of the euro the main function of the financial regulator is to focus on conduct of business issues and this is most likely to be achieved within a new institution.
Patricia Fosh, Huw Morris, Roderick Martin, Paul Smith and Roger Undy
Since 1979, the Conservative government in the UK has introducedwide‐ranging and detailed regulations for the conduct of union internalaffairs; a number of other Western…
Abstract
Since 1979, the Conservative government in the UK has introduced wide‐ranging and detailed regulations for the conduct of union internal affairs; a number of other Western industrialized countries have not done so (or have not done so to the same extent) but have continued their tradition of relying on unions themselves to establish democratic procedures. Alternative views of the role of the state in industrial relations underlie these differences. A second, linked article, appearing in Employee Relations (Vol. 15 No. 4), examines state approaches to union autonomy in the context of attitudes towards other controls on union activities and attempts to explain the successive shifts in British policy in the UK since the 1960s.
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Abdulsalam Mas'ud, Rabiu Yusuf, Noraza Mat Udin and Redhwan Al-Dhamari
It is basically known that the oil and gas industry contributes to various forms of pollution through air, acid rain and water, as well as different kinds of illnesses in humans…
Abstract
Purpose
It is basically known that the oil and gas industry contributes to various forms of pollution through air, acid rain and water, as well as different kinds of illnesses in humans and aquatic animals. Eventually, this adversely contributes to climate change owing to increases in emission levels in various stages of oil and gas operations ranging from extraction, refining, transportation and even consumption. Therefore, the purpose of this paper is to produce a simplistic model for compliance with environmental taxes in the oil and gas industry as an effort to curtail such adversities. This attempt is expected to set a new pace for heated debates towards the production of a robust environmental tax compliance model through further research. Specifically, it has examined the effect of extensive regulation and use of power in ensuring compliance with environmental taxation via enforcement mechanisms.
Design/methodology/approach
The study used a quantitative research design through a positivist paradigm. The population of the study was 115 respondents who were identified as tax experts in three different stakeholder groups (regulators, operators and enforcers) in the Nigerian oil and gas industry. Out of this population, 103 served as the final sample of the study. The data collected from these tax experts were analyzed through partial least squares structural equation modelling.
Findings
The results revealed that both extensive regulation and the use of power have high likelihoods of enhancing compliance with environmental taxes through enforcement actions by the relevant authorities within the oil and gas industry.
Research limitations/implications
The results implied the need for policymakers to deploy these enforcement mechanisms to enhance compliance with environmental taxes in the oil and gas industry, which will eventually reduce the environmental menace and ensure cleaner production. The paper also has highlighted the need for future researchers to expand this discussion through an elaborative approach either through disaggregating the variables studied here or integrating voluntary compliance mechanics into the model for further understanding of the drivers of environmental tax compliance. It also implied the need to utilize larger sample in other oil producing countries to improve generalization of results.
Originality/value
The work could be the pioneer in proposing and validating the enforced environmental tax compliance model in the oil and gas industry.
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L.J. Willmer, L.J. Davies and L.J. Russell
May 25, 1966 Building — Safety regulations — “Edge of the roof” — Asbestos roof — Construction — Removal of badly laid sheet — Fall of workman through opening in roof — Whether…
Abstract
May 25, 1966 Building — Safety regulations — “Edge of the roof” — Asbestos roof — Construction — Removal of badly laid sheet — Fall of workman through opening in roof — Whether fall from edge — Applicability of regulation — Sub contractors' failure to comply with statutory requirements — Injury to sub contractor's employee — Liability of contractor — Employee's breach of regulations — Whether co‐extensive with employer's breach — Building (Safety, Health and Welfare) Regulations, 1948 (S.I. 1948 No. 1145), reg. 31(1).
Relying on research from social psychology and business ethics, this paper aims to argue that the current massive regulatory regime surrounding the attempts to curb what is…
Abstract
Purpose
Relying on research from social psychology and business ethics, this paper aims to argue that the current massive regulatory regime surrounding the attempts to curb what is perceived to be damaging conflicts of interests in the financial industry is based on misguided assumptions, and that the trend of increasingly detailed rule-making, supervision and sanctioning in this area might be counter-effective. This should cause financial services legislators and regulators to be cautious when proposing more detailed rules as solutions to perceived problems. The paper argues that disclosure is no remedy for a harmful conflict of interest, and that such an obligation can only be based on the client’s right to know about the conflict. This right, however, does not, in itself, justify all the extensive and detailed regulation in the area. The paper ends with a recommendation for more research into the moral reasoning ability of financial services professionals, as well as the interplay between judgment and rules in the finance industry.
Design/methodology/approach
The paper relies on research within behavioural moral psychology, and applies it to business ethics with the aim of discussing the impact of regulation on moral reasoning within the finance industry.
Findings
Regulation might lead to a decrease in moral reasoning, which is the premise of proper handling of conflicts of interest. Additionally, disclosure of unavoidable conflicts of interest might even strengthen the negative consequences of such conflicts.
Research limitations/implications
More research should be conducted within the financial services sector about the effect of regulation on individual judgment.
Practical implications
The paper proposes that care should be exercised when proposing increased and complex regulation to avoid unintended and adverse consequences for the financial services industry.
Originality/value
The paper synthesises existing research within different fields – such as moral psychology and analytic business ethics – and applies it to financial regulation.
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The purpose of this paper is to answer a specific research question: How have EU and US regulators translated the idea of central clearing into law?
Abstract
Purpose
The purpose of this paper is to answer a specific research question: How have EU and US regulators translated the idea of central clearing into law?
Design/methodology/approach
A meticulous legal research is carried out. First, the pre‐crisis regulatory regime for credit default swap (CDS) is reviewed, from a securities law angle as well as from a comparative Euro‐American perspective. Next, the regulatory processes leading to the adoption of the central clearing regulations are discussed. Thereafter, a material comparative analysis is made of the provisions related to central clearing in the EU and US regulatory initiatives. Finally, the paper is concluded with an evaluation of both legislations in the light of all previous analyses.
Findings
The research first shows that central clearing regulations rely on a series of presumptions, both concerning the gravity of counterparty risk threats and the necessity of central clearing. Additionally, the EU and US clearing regulations are similar with regard to the broad innovations they introduce, i.e. the mandatory central clearing of a variety of over‐the‐counter derivatives and counterparty risk management requirements for central clearing institutions and for non‐cleared swaps. However, the specific content of the provisions often differs. Furthermore, both legislations are limited to enouncing broad principles. This is also the case for the crucial provisions related to counterparty risk management. Therefore, these provisions in se do not guarantee the proper regulation of counterparty risk management practices. Consequently, much is to be expected from the implementing measures adopted by regulatory institutions.
Originality/value
The paper provides an overview of those provisions in the European and US regulations that specifically concern central clearing for CDS. It is one of the first papers which does this in a very well‐structured and clearly written manner. Also it is one of the first to provide a clear comparison between the provisions in the EU and the US regulations.
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Charles Lockhart, Kristin Klopfenstein, Jean Giles-Sims and Cathan Coghlan
Federal and state governments collaborate on state Medicaid nursing facility long-term care (SMNF-LTC) programs. These programs are increasingly expensive as the baby-boomers…
Abstract
Purpose
Federal and state governments collaborate on state Medicaid nursing facility long-term care (SMNF-LTC) programs. These programs are increasingly expensive as the baby-boomers retire. Yet serious resident outcome problems continue in spite of the Centers for Medicare and Medicaid Services’ (CMS) extensive process-focused regulatory efforts. This study identifies a promising and simpler auxiliary path for improving resident outcomes.
Methodology/approach
Drawing on a longitudinal (1997–2005), 48-state data set and panel-corrected, time-series regression, we compare the effects on resident outcomes of CMS process-focused surveys and four minimally regulated program structural features on which the states vary considerably.
Findings
We find that each of these four structural features exerts a greater effect on resident outcomes than process quality.
Research limitations/implications
We suggest augmenting current process-focused regulation with a less arduous approach of more extensive regulation of these program features.
Originality/values of chapter
To date SMNF-LTC program regulation has focused largely on member facility processes. While regulating processes is appropriate, we show that regulating program structural features directly, an arguably easier task, might well produce considerable improvement in the quality of resident outcomes.
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Noor Muafiza Masdar and Rohaida Basiruddin
Corporate social responsibilities (CSRs) with social, economic, and environmental elements become of high demand in the private, public, as well as third-world sectors or…
Abstract
Corporate social responsibilities (CSRs) with social, economic, and environmental elements become of high demand in the private, public, as well as third-world sectors or so-called non-governmental organizations (NGOs). These sectors have their own identity in carrying out the CSR projects. However, the CSR initiatives to be implemented by the NGOs promised challenges due to the NGOs' identity in justifying human rights that remains dissimilar with corporation or fund provider's identity to maximize the profit with less concern on the humanitarian issues leading to tension for both parties to have CSR project alliances. NGOs face extreme difficulty to raise funds from the private sector due to their ideology in influencing the social movements that might harm society. Also, the fund raised by the NGOs for CSR projects are somehow misused by this party for its own self-interests and leads to an accountability issue. An NGO is seen as a key player in CSR projects but still there is an issue of legitimacy and mistrust amongst stakeholder groups. Underlying to these issues, this study aims to explore the challenges faced by NGOs in regards to the CSR initiatives that have been announced by the United Nations Global Compact (UNGC) to be used widely and harmoniously by all sectors of the world and its future directions to successfully implement CSR in its own style of leadership. Therefore, the involvement of NGOs in CSR initiatives can be effectively employed with government intervention on economics development programmes in alleviating poverty which becomes a central issue highlighted in many countries nowadays. Extensive rules and regulations from the government towards NGOs are embedded within the CSR project developments of NGOs and are necessary in reducing the discrepancies in the roles that NGOs play.
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