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Global Enforcement against the Financial Industry
Type
fundamental research project
Start Date
01 December 2018
Acronym
GEFI
Keywords
Enforcement
Financial Regulation
Banking
Finance
Financial Markets
Cross-Border
Misconduct
Sanctions
Regulatory agencies
Description
The goal of this research project is to empirically study enforcement as law-in-action and to address the following general research question both on a global and Swiss level: What are the key features and trends of enforcement against financial firms and their managers?
Adopting an empirical approach and focusing on a two-decade period (2000-2020), this project consists of two complementary work packages.
The first work package aims at unveiling the “big picture” of enforcement by the main counterpart of financial market participants: financial regulators. By means of an encompassing quantitative analysis, the project aims at covering the entire set of enforcement decisions from the most important financial regulators of the world (8 jurisdictions and 17 regulatory agencies). Statistical tools and text mining techniques will be deployed to uncover the main topics, actors and trends for thousands of cases across time, regulators and countries.
By contrast, the second work package privileges processes rather than outputs. In other words, this part of the project focuses more substantially on how enforcement against the financial industry unfolds and how the different actors involved (i.e., targets, regulators, criminal prosecutors, civil claimants) interact. This will be possible by narrowing a documentary analysis to a set of cross-border high profile cases (between 8 to 10) that attracted most of regulators’, practitioners’ and media attention. All enforcement actions in these high profile cases are subject to research regardless of which countries and of which authorities (criminal, supervisory, other) they originate from and which regulations and laws are enforced.
Adopting an empirical approach and focusing on a two-decade period (2000-2020), this project consists of two complementary work packages.
The first work package aims at unveiling the “big picture” of enforcement by the main counterpart of financial market participants: financial regulators. By means of an encompassing quantitative analysis, the project aims at covering the entire set of enforcement decisions from the most important financial regulators of the world (8 jurisdictions and 17 regulatory agencies). Statistical tools and text mining techniques will be deployed to uncover the main topics, actors and trends for thousands of cases across time, regulators and countries.
By contrast, the second work package privileges processes rather than outputs. In other words, this part of the project focuses more substantially on how enforcement against the financial industry unfolds and how the different actors involved (i.e., targets, regulators, criminal prosecutors, civil claimants) interact. This will be possible by narrowing a documentary analysis to a set of cross-border high profile cases (between 8 to 10) that attracted most of regulators’, practitioners’ and media attention. All enforcement actions in these high profile cases are subject to research regardless of which countries and of which authorities (criminal, supervisory, other) they originate from and which regulations and laws are enforced.
Leader contributor(s)
Partner(s)
Prof. Dr. Urs Zulauf, Center for Banking and Financial Law, University of Geneva
Funder(s)
Topic(s)
Enforcement
Financial Regulation
Regulatory agencies
Method(s)
Text mining
Quantitative Text Analysis
Case studies
Division(s)
Eprints ID
247668
2 results
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1 - 2 of 2
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PublicationFINMA’s Enforcement in CourtThis article presents an empirical and qualitative analysis of the judicial review of the Swiss Financial Markets Supervisory Authority’s (FINMA) enforcement of financial market laws by the Federal Administrative Court and the Federal Supreme Court. It is part of a broader research project on global enforcement against financial institutions and their managers and employees. Based on an overview of FINMA’s enforcement, the appeal rate against FINMA decisions and the success rate of such complaints is discussed. In addition, the article analyses key areas in which the courts have supported or set limits to FINMA practices. Statements on the right to a fair trial and the scope of FINMA’s discretion are the object of a special analysis. In an overall assessment, the authors come to the conclusion that, despite FINMA’s relatively high success rate in court, there is an effective judicial control over its enforcement.Type: journal articleJournal: Schweizerische Zeitschrift für Wirtschafts- und FinanzmarktrechtVolume: 19Issue: 2
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Publication
Scopus© Citations 2