V. Financial Disclosure, Liability of Supervisors, and Legal Risk in Financial Markets
Author:
International Monetary Fund
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Language:
English
Print Publication Date:
06 Nov 2008
Keywords:
SEM; central bank; certificate; fund; securities account; payment system; market stability; securities intermediary; TA activity; Securities; Hedge funds; Deposit insurance; Financial sector stability; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global; Europe; North America; Sub-Saharan Africa; Central Asia; Western Europe

Abstract

This chapter considers the possible legal protections that should be extended to financial supervisors.1 It begins with a discussion of why such protections are necessary, then describes how the Basel Core Principles and the IMF Transparency Code address the issue. It then examines two approaches that have been enacted into law, in New Zealand and Spain, respectively. Aspects of the role played by human rights legislation are also be examined, and suggested statutory objectives for use internationally are provided.

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Cover Current Developments in Monetary and Financial Law, Vol. 5
Current Developments in Monetary and Financial Law, Vol. 5
ISBN:
9781589067738
Publication Date:
06 Nov 2008
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781589067738.072
Pages:
668
Front Matter
I. Legal Developments in the IMF
II. Central Bank Law
III. Financial Stability : Overview
IV. Rationale for Regulation of Derivatives and Hedge Funds
VI. Anti-Money Laundering—Terrorist Financing and Financial Stability
VII. Governance, Deposit Insurance, and Market Discipline
VIII. Payments, Settlement, and Securities Infrastructure