Differences

This shows you the differences between two versions of the page.

--- dido:public:ra:xapend:m_acts_laws [2022/04/01 18:26]
nick [Appendix M: Financial Laws, Regulations and Authorities]
+++ dido:public:ra:xapend:m_acts_laws [2022/05/11 16:01] (current)
nick
@@ Line 1: / Line 1: @@
 ====== Appendix M: Financial Laws, Regulations and Authorities =====
+[[dido:public:ra | Return to Reference Architecture (RA)]] or [[dido:public:ra:xapend | Return to Appendices]]
-The following Laws and Regulation governing privacy, Money Laudering, Terrorism and Financials apply in the U.S. and need to be part of any DIDO solution concerned with currency, money, financials, or cyrptocurrencies. Often these Laws and Regulations are considered as obsticles or barriers to innovation, but each law or regultion is developd in response to some situation that occured iin the past and to prevent a "modern" repeat of these situations, the laws and regulations should be upgraded, not ignored or overturned.
-Some of these Laws, Regulations and Authorities have general applicability to DIDOs when the data stored within the DIDO refers to [[dido:public:ra:xapend:xapend.a_glossary:p:pii]] and therefore subject to the tenents of privacy.
+The following Laws and Regulation governing Privacy, Money Laundering, Terrorism and Financials apply in the U.S. and need to be part of any DIDO solution concerned with currency, money, financials, or cryptocurrencies. Often these Laws and Regulations are considered as obstacles or barriers to innovation, but each law or regulation is developed in response to some situation that occurred in the past and to prevent a "modern" repeat of these situations, the laws and regulations should be upgraded, not ignored or overturned.
-Other Laws, Regulations and Authorities are relevant to DIDO when the DIDO is considered a [dido:public:ra:xapend:xapend.a_glossary:f:financial_instrument]] or a [[dido:public:ra:xapend:xapend.a_glossary:s:security_finance | Security]]. Certain [[dido:public:ra:xapend:xapend.a_glossary:c:cryptocurrency | Cryptocurrencies]] and [[dido:public:ra:xapend:xapend.a_glossary:i:ico | Initial Coin Offerings (ICOs)]] may be found to meet the definition of an "investment contract" under the [[dido:public:ra:xapend:xapend.a_glossary:h:howey_test]] which the U.S. Supreme Court ruling determined that an Investment Contract must:
+Some of these Laws, Regulations and Authorities have general applicability to DIDOs when the data stored within the DIDO refers to [[dido:public:ra:xapend:xapend.a_glossary:p:pii]] and therefore subject to the tenets of privacy. See [[dido:public:ra:xapend:xapend.a_glossary:r:right_to_privacy]].
+Some Laws, Regulations and Authorities are relevant to DIDO when the DIDO is considered a [dido:public:ra:xapend:xapend.a_glossary:f:financial_instrument]] or a [[dido:public:ra:xapend:xapend.a_glossary:s:security_finance | Security]]. Certain [[dido:public:ra:xapend:xapend.a_glossary:c:cryptocurrency | Cryptocurrencies]] and [[dido:public:ra:xapend:xapend.a_glossary:i:ico | Initial Coin Offerings (ICOs)]] may be found to meet the definition of an "investment contract" under the [[dido:public:ra:xapend:xapend.a_glossary:h:howey_test]] which the U.S. Supreme Court ruling determined that an Investment Contract must:
   - Have an investment of money
@@ Line 12: / Line 14: @@
   - Be derived from the efforts of others
+Some Laws, Regulations and Authorities attempt to prevent:
+  * [[dido:public:ra:xapend:xapend.a_glossary:h:human_trafficking]],
+  * [[dido:public:ra:xapend:xapend.a_glossary:d:drug_trafficking]],
+  * [[dido:public:ra:xapend:xapend.a_glossary:c:corruption]], or
+  * [[dido:public:ra:xapend:xapend.a_glossary:m:money_laundering]].
 ===== U.S. Federal Laws and Regulations =====
@@ Line 119: / Line 125: @@
 Table {{ref>usAuthorites}} provides a list of authorities within the U.S. having oversight over financial services. Some authorities listed are Agencies of the U.S. such as SEC,  or CFPB. Others are independent non-governmental organizations such as FINRA.
-  : **Note:** Many of the Authr=orities listd in {{ref>}} are derived fro the list provied in the following reference on [[https://en.wikipedia.org/wiki/Financial_regulation | Financial Regulation].
+  : **Note:** Many of the Authr=orities listd in {{ref>}} are derived fro the list provied in the following reference on [[https://en.wikipedia.org/wiki/Financial_regulation | Financial Regulation]].
 <table usAuthorites>
@@ Line 125: / Line 131: @@
 |< 100% 35% ->|
 ^   Authority   ^  Description  ^
+^ [[dido:public:ra:xapend:xapend.a_glossary:u:us_treasury | U.S. Treasury]]  | <WRAP>
+The **U.S. Treasury** is the government department responsible for issuing all Treasury bonds, notes, and bills.1 Among the government departments operating under the U.S. Treasury umbrella are the:
+  * Internal Revenue Service (IRS)
+  * U.S. Mint, the Bureau of the Fiscal Service
+  * Alcohol and Tobacco Tax and Trade Bureau
+</WRAP> |
 ^ [[dido:public:ra:xapend:xapend.a_glossary:s:sec | U.S. Securities and Exchange Commission (SEC)]]          | <WRAP>
 The SEC is the U.S. government agency in charge of the nation's [[dido:public:ra:xapend:xapend.a_glossary:s:security_finance | securities]] industry. It monitors transactions, as well as the activities of financial professionals. Its mission is to promote fairness, integrity and transparency; prevent fraud and other deceptive acts; and ensure orderly and efficient markets.
@@ Line 154: / Line 167: @@
 </table>
+===== non-U.S. Government Oversight Authorities =====
+[[dido:public:ra:xapend:m_acts_laws | Return to Top]]
+<table nonUsAuthorites>
+<caption>Non-U.S. Government Authorities with financial oversight</caption>
+|< 100% 15% 35% ->|
+^     Country    ^     Authority         ^  Description  |
+^ United Kingdom ^ [[dido:public:ra:xapend:xapend.a_glossary:b:boe | Bank of England (BoE)]] | <WRAP>
+The **BoE** is the central bank for the United Kingdom. It acts as the government's bank and the lender of last resort. The BoE issues currency and, most importantly, oversees monetary policy.
+</WRAP>|
+^                ^ [[dido:public:ra:xapend:xapend.a_glossary:p:pra | Prudential Regulation Authority (PRA)]] | <WRAP>
+The **PRA** is a part of the Bank of England and responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. It sets standards and supervises financial institutions at the level of the individual firm.
+</WRAP>|
+^                ^ [[dido:public:ra:xapend:xapend.a_glossary:f:fca | Financial Conduct Authority (FCA)]] | <WRAP>
+The **FCA** works alongside the [[dido:public:ra:xapend:xapend.a_glossary:p:pra | Prudential Regulation Authority (PRA)]]  in regulating the financial services industry in the UK and is responsible for the prudential regulation of those financial services firms not supervised by the PRA such as asset managers and independent financial advisers. The FCA has //"rule-making, investigative and enforcement powers"// to regulate the financial services industry.
+</WRAP>|
+^ Japan          ^ [[dido:public:ra:xapend:xapend.a_glossary:f:fsa | Financial Services Agency (FSA)]] | <WRAP>
+The **FSA** is the chief regulator of Japan’s financial services industry, responsible for maintaining its stability and integrity, and is mandated to oversee the banking, insurance and securities and exchange industries. It’s also charged with protecting market participants from fraud and money laundering.
+</WRAP>|
+^ Germany        ^ [[dido:public:ra:xapend:xapend.a_glossary:b:bafin | Federal Financial Supervisory Authority (BaFin)]] | <WRAP>
+**BaFin** integrates the regulatory functions of those agencies with authority over Germany’s banks, financial services companies, insurance companies, stock exchanges, and other obligated institutions. An important part of BaFin’s role as regulator is to identify and eliminate financial crime – a function which includes promoting anti-money laundering in Germany, and counterterrorist financing.
+</WRAP>|
+^ France         ^ [[dido:public:ra:xapend:xapend.a_glossary:a:amf | Autorité des marchés financiers (AMF)]] | <WRAP>
+**AMF** is an independent body that supervises financial companies operating in France with three core responsibilities:
+  - safeguard investments
+  - increase transparency in financial instruments
+  - financial markets running smoothly
+It is also charged with keeping the nation’s markets and financial services industry free of fraud and money laundering.
+Additionally, France’s AMF a rules-setter and is responsible for implementing the EU’s 2018 [[dido:public:ra:xapend:xapend.a_glossary:m:mifid_ii | Markets in Financial Instruments Directive II (MiFID II)]] directive as well as its own General Regulation.
+</WRAP>|
+^ Singapore      ^ [[dido:public:ra:xapend:xapend.a_glossary:m:mas | Monetary Authority of Singapore (MAS)]] | <WRAP>
+The **MAS** is empowered by the Monetary Authority of Singapore Act to set regulations and supervise the city’s banking, capital markets, insurance and payments sectors. The organization enforces its regulations and government laws through legally binding instructions called Directions. They may take the form of Directives, which are issued to specific entities or individuals, and Notices, which cover a class of asset, institution or person, such as loans or loan issuers.
+</WRAP>|
+^ Switzerland    ^ [[dido:public:ra:xapend:xapend.a_glossary:f:finma | Financial Market Supervisory Authority (FINMA)]] | <WRAP>
+**FINMA** is Switzerland’s independent financial-markets regulator. Its mandate is to supervise banks, insurance companies, financial institutions, collective investment schemes, and their asset managers and fund management companies. It also regulates insurance intermediaries. It is charged with protecting creditors, investors and policyholders. FINMA is responsible for ensuring that Switzerland’s financial markets function effectively.
+</WRAP>|
+^ People's Republic of China ^ [[dido:public:ra:xapend:xapend.a_glossary:c:cbrc | China Banking Regulatory Commission (CBRC)]] | <WRAP>
+The **CBRC** is authorized by the State Council to regulate the banking sector of the PRC except the territories of Hong Kong and Macau, both of which are special administrative regions.
+</WRAP>|
+^                ^ [[dido:public:ra:xapend:xapend.a_glossary:c:circ | China Insurance Regulatory Commission (CIRC)]] | <WRAP>
+CIRC used to regulate the Chinese insurance products and services market and maintain legal and stable operations of insurance industry. In 2018, it was merged with the banking regulator China Banking Regulatory Commission (CBRC) to create  the China Banking and Insurance Regulatory Commission (CBIRC).
+</WRAP>|
+^                ^ [[dido:public:ra:xapend:xapend.a_glossary:c:csrc | China Securities Regulatory Commission (CSRC)]] | <WRAP>
+The **CSRC** is the national regulatory body that oversees the securities and futures industry of the country. The CSRC is the functional equivalent of the [[dido:public:ra:xapend:xapend.a_glossary:s:sec | Securities and Exchange Commission (SEC)]] of the U.S., charged with maintaining orderly and fair markets.
+</WRAP>|
+^ India          ^ [[dido:public:ra:xapend:xapend.a_glossary:r:rbi | Reserve Bank of India (RBI)]] | <WRAP>
+The **RBI** is the central bank of India, whose primary function is to manage and govern the financial system of the country, and it regulates the issue and supply of the Indian rupee. Additionally, it looks after the central government’s money and is the of the //bankers’ bank// and regulates the banking sector. The RBI is an important in India’s development by supporting the government in its developmental projects and policies.
+</WRAP> |
+^                ^ [[dido:public:ra:xapend:xapend.a_glossary:s:sebi | Securities and Exchange Board of India (SEBI)]] | <WRAP>
+The **SEBI** is the most important regulator of securities markets in India and is the counterpart of the [[dido:public:ra:xapend:xapend.a_glossary:s:sec | Securities and Exchange Commission (SEC)]] in the U.S. The stated objective of the SEBI is //"to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto."//
+</WRAP>|
+^                ^ [[dido:public:ra:xapend:xapend.a_glossary:i:ibbi | Insolvency and Bankruptcy Board of India (IBBI)]] | <WRAP>
+**IBBI** is a key pillar of the ecosystem responsible for implementation of the Code that consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders.
+</WRAP>|
+^                ^ [[dido:public:ra:xapend:xapend.a_glossary:i:irdai | Insurance Regulatory and Development Authority of India (IRDAI)]] | <WRAP>
+The **IRDAI** having overall supervision and development of the Insurance sector in India. The key objectives of the IRDAI includes the promotion of competition to enhance customer satisfaction through increased consumer choice and fair premiums, and ensuring the financial security of the Insurance market. Additionally, the IRDAI to frames regulations laying down the regulatory framework for supervision of the entities operating in the sector. </WRAP>|
+^                ^ [[dido:public:ra:xapend:xapend.a_glossary:p:pfrda | Pension Fund Regulatory and Development Authority (PFRDA) ]]| <WRAP>
+**PFRDA** regulates National Pension System (NPS), subscribed by employees of Government of India, Indian State Governments and by employees of private institutions, organizations, and unorganized sectors. PFRDA ensures the orderly growth and development of pension market.
+</WRAP>|
+^ International  ^ [[dido:public:ra:xapend:xapend.a_glossary:f:fatf | Financial Action Task Force (FATF)]] | <WRAP>
+The **FATF** is an intergovernmental organization develops standards around [[dido:public:ra:xapend:xapend.a_glossary:a:aml| Anti Money Laundering (AML)]] to promotes policies and standards to combat financial crime of money laundering and terrorism funding. Additionally, FATF produces two lists of uncooperative jurisdictions in efforts against money laundering (and terrorism financing).
+</WRAP>|
+^ International  ^ [[dido:public:ra:xapend:xapend.a_glossary:m:mifid_ii | Markets in Financial Instruments Directive II (MiFID II)]] | <WRAP>
+The EU's **MiFID II** is a 2018 update to the original [[dido:public:ra:xapend:xapend.a_glossary:m:mifid]] and is a legislative framework instituted by the European Union (EU) to regulate financial markets in the bloc and improve protections for investors. Its aim is to standardize practices across the EU and restore confidence in the industry
+</WRAP> |
+</table>
 /**=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-

DIDO Wiki

User Tools

Site Tools

Differences

Page Tools