• Financial Services Authority Regulation and Risk-based Compliance (2nd rev. ed.)

      Bazley, Stuart; Haynes, Andrew (Tottel Publishing, 2006)
      Previously entitled "Risk-Based Compliance" this unique guide to the role of risk-based FSA regulation compliance in the financial services industry has been fully updated and comprehensively re-written. Focusing on the latest due diligence mechanisms, the guidance and information provided ensures financial services organisations can accurately and confidently comply with their legal responsibilities. This advice and information includes: operating a risk-based approach to regulation, FSA supervision of regulated firms, financial services and markets tribunals, the EU's Financial Services Action Plan, and the FSA Tribunal decisions. (Tottel Publishing)
    • Fixed and Floating Charges - A Revelation

      Walton, Peter; Gregory, Roger (Informa Legal Publishing (UK), 2001)
      Reasons for development of law on creation of floating charges, effect of early cases, bills of sale legislation, construction of floating charges, role of hypotheca and position and use of floating charges in commercial world today. (LegaL Journals Index)
    • International Response to the Money Laundering Threat

      Haynes, Andrew (City & Financial, 2003)
      A Practitioner's Guide to International Money Laundering Law and Regulation brings together a wealth of expertise to examine global regulatory developments. In over 25 chapters, it covers, amongst other areas; the US and UK response; "know your customer" issues; investigations; terrorist financing; and EU directives. In addition, the law and regulation in over 50 territories is also summarised.
    • Market abuse, an analysis of its nature and regulation

      Haynes, Andrew (Sweet and Maxwell Ltd., 2007)
      Examines the operation of market abuse law under legislation including the Financial Services and Markets Act 2000 and European Parliament and Council Directive 2003/6 (the Market Abuse Directive). Reviews the potential offences, the range of investments to which the regime applies, the reporting requirements and key features of the Financial Services Authority (FSA) regulations, including what constitutes insider dealing. Details the approach of the FSA conduct of business rules to issues such as investment research and conflicts of interest, and their application in enforcement actions.
    • Money laundering: from failure to absurdity

      Haynes, Andrew (Emerald Group Publishing Limited, 2008)
      Purpose – The purpose of this paper is to examine the UK law relating to money laundering in the aftermath of the three statutory instruments that came into effect in December 2007. In particular the suitability and impact of the law is considered. Design/methodology/approach – The method adopted is to analyse the current content of the law and consider whether the approach utilised in its drafting will result in the aims behind the law being achieved. Findings – The result of this analysis is to conclude that the law as drafted is not designed in a way that can be effectively applied and that in addition the entire approach is flawed. In particular there are five key areas where problems arise: there is a requirement to report suspicion or knowledge of criminal offences or proposed terrorist acts but not other proposed criminal offences; the requirement to report only relates to information that comes into the reporter’s possession in the course of their trade or profession; the 2007 Regulations create requirements that many of those on whom they are imposed will not be able to effectively apply; the new s.333A appears to limit the offence of tipping off to the regulated sector but will not work as drafted; and in addition there are clear human rights issues associated with the overall regime. Originality/value – This original and topical paper explains the law as it now exists and provides analysis of its impact and undoubted failings.
    • Shadow banking: The next financial crisis?

      Barnes, Matthew (Thomson Reuters - Sweet & Maxwell, 2021-03-31)
      Shadow banking plays an integral part in modern day banking and finance. However, shadow banking is not a modern concept, in fact, it has existed for many years when considering credit outside of banking institutions. Shadow banking was coined around the time of the global financial crisis 2007-2009, but the roots of such run far deeper than this time period. This paper will discuss credit outside of the traditional banking system, shadow banking and the global financial crisis focusing on securitisation, and prominently how shadow banking may be the catalyst for the next financial crisis with a focus on China where it appears rife.
    • The effective articulation of risk-based compliance in banks

      Haynes, Andrew (Palgrave Macmillan, 2005)
      The concept of compliance has developed over recent years. Gone are the days when satisfactory compliance in a bank consisted of making sure that a set of rules provided by a regulator had been met and each could be 'ticked off' and that appropriate returns had been sent in. Now the accepted approach is one of ascertaining the risks facing the institution and adopting appropriate measures to manage them. Regulatory guidelines are a tool to this end. A good example of this are the FSA rules in relation to financial regulation which, through their aims, their content, their guidance notes and their structure, clearly determine exactly this approach. However, while dealing with compliance in this way forces the bank to engage in a more careful and precise analysis of the risks facing it, problems can arise. The aim of this paper is to analyse how a bank can best succeed while approaching compliance as a risk-based issue. This is done while bearing in mind the various internal departments and external agencies that can impact on, or be impacted on by the procedures adopted. The paper considers the role of the regulator, compliance risk analysis itself and the relationship between the compliance department, other departments and external agents. It then goes on to consider the factors affecting risk, how compliance systems can best be built and shaped and how they can best be enforced. Finally, it considers the key issues that can be synthesised from this.
    • The Law and Practice of International Banking, 2nd edition

      Penn, Graham; Haynes, Andrew (Sweet & Maxwell Ltd., 2009)
      The new edition of Law and Practice of International Banking is fully updated and revised to include new areas such as securitisation and regulatory aspects of derivatives, in addition to providing an authoritative guide to the latest developments in this rapidly evolving area of law. The complex underlying principles of the subject, along with emerging issues of major importance, will be fully covered, with the authors adopting a highly practical approach throughout. CONTENTS: * Governing the law * Jurisdiction * Sovereign risk * Term loans * Primary and secondary syndication * Events of default * Swaps * Standby and commercial letters of credit * Security * Guarantees * Exchange controls * Withholding taxes * Securitisation * Eurobonds * Capital adequacy * Taxation issues
    • The Legal Implications of Off Balance Sheet Financing: A Comparative Analysis of UK and US Positions

      Yeoh, Poh Seng (Peter) (University of Wolverhampton, 2007)
      Off balance sheet financing (OBF) is either not visible or only partially visible in financial reporting for a number of reasons. It has attracted controversy in the light of its employment in a number of major corporate scandals. Previous investigations dominated by short works and consultancy papers have focused mainly on the financial aspects of OBF. This academic cross-country research on the use of OBF in the UK and US capital markets was undertaken to extend the published analyses to include a legal perspective by studying its legal implications for directors, financial advisers, auditors and financial regulators. The study’s legal focus prompted relying primarily on the doctrinal approach, which was in turn completed by the use of a modified case study in order to help address the how and why issues of the research phenomenon. The study found that OBF instruments are double-edge financial instruments with good and bad consequences. When corporations used OBF for liquidity enhancement or to realise financial savings, they result in positive outcomes. In contrast, when used for aggressive window-dressing or in the manipulation of financial reporting for fraudulent ends, OBF mechanisms generated serious legal liabilities for directors, auditors, and financial advisers in terms of compensation suits or even criminal sanctions. Financial regulators were nonetheless found to be less likely to face legal consequences as a result of current judicial attitudes on the tort of public misfeasance. However, the extensive applications of OBF in conjunction with other forms of creative accounting have resulted in various regulatory responses. On a comparative note, litigation and enforcement actions were found to be relatively more extensive in the US because of the higher incidence of large corporate frauds and the work of regulatory champions especially in New York using deferred prosecution agreements.
    • The Wolfsberg Principles - self imposed codes of practice.

      Haynes, Andrew (Sweet & Maxwell Ltd., 2005)
      Comments on the Wolfsberg Principles on the suppression of terrorist financing. Discusses client acceptance, client identification, due diligence, the acceptance of numbered or alternate name accounts, risks associated with offshore jurisdictions, responsibility for oversight, situations requiring extra due diligence, the updating of client files, the identification of suspicious or unusual activities, monitoring programmes, the requirement for written control policies, reporting, training records, the role of financial institutions in the fight against terrorism, the importance of adherence to existing know your customer policies, high risk sectors and cooperation.