Search Results for « Financial Services Act 2012 »

The Financial Services Act 2012 received Royal Assent on December 19, 2012 and many of its provisions came into force on January 24, 2013.1 The Act marks an extensive restructuring of the United Kingdom’s financial regulation regime by transferring the prudential regulation responsibilities of the FSA to a new Prudential Regulation Authority operating as a subsidiary of the Bank of England, and renaming the FSA as the Financial Conduct Authority ("FCA"). In addition, the Act introduces a Financial Policy Committee of the Bank of England and amends the corporate governance of the Bank to strengthen scrutiny and accountability. This article aims to summarise the most crucial reforms introduced by the new Act, to explain how the new structure is expected to work and to assess the new regime on the basis of past experience from the United Kingdom and internationally. The second part of the article offers a brief background to the Act. The third part analyses the changes introduced by the Act with respect to the structure, responsibilities and governance of the regulatory authorities. The fourth part concludes by offering a critical evaluation of the reform.

Abstract After the 2007/2008 financial crisis, the UK government decided that a change in regulation was required to amend the poor control of financial markets. The Financial Services Act 2012 was developed as a result in order to give more control and authority to the regulators of financial markets. Thus, the Financial Conduct Authority (FCA) succeeded the Financial Services Authority (FSA). An area requiring an improvement in regulation was insider trading. Our study examines the effectiveness of the FCA in its duty of regulating insider trading through utilising the event study methodology to assess abnormal returns in the run‐up to the first announcement of mergers. Samples of abnormal returns are examined on periods, under regulation either by the FSA or by the FCA. Practically, stock price data on the London Stock Exchange from 2008 to 2012 and from 2015 to 2019 are investigated. The results from this study determine that abnormal returns are reduced after the implementation of the Financial Services Act 2012; prices are also found to be noisier in the period before the 2012 Act. Insignificant abnormal returns are found in the run‐up to the first announcement of mergers in the 2015–2019 period. This concludes that the FCA is efficient in regulating insider trading.

Although the National Health Service (NHS) is regarded as a national treasure, it is no longer immune from the colossal financial pressures brought about by global recession. Economic sustainability has largely driven the reform process leading to the Health and Social Care Act (HSCA) 2012, however; other considerations have also played a role in the journey to turn the health and social care service into an institution which is fit for the 21st-century needs. This article examines the impact of the HSCA 2012 on those made vulnerable through mental ill health. It then considers three issues: First, whether parity between mental and physical health can have life beyond political rhetoric; second, what impact driving up efficiency within the NHS will have upon mental health patients; and finally, the extent to which the personalisation agenda can be meaningfully applied within the mental health context.

of England and the Financial Conduct Authority (FCA).An analysis of the Financial Services Act 2012 can be found in A Kokkinis, 'The Financial Services Act 2012: The recent overhaul of the United Kingdom's financial regulatory structure' (2013) 24(9) ICCLR 325.See also P Rawlings, 'Bank reform in the UK: Part II -Return to the Dark Ages?' (2011) 8 ICR 55. 5 See in particular PRA Handbook, SYSC 19A.3.12-3.49.6 See Parliamentary Commission on Banking Standards, Changing Banking for Good (2013-14, HL 27-II, HC 175-II) Chs 6-7.7 See Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006

This paper analyses the regulation of market abuse under the Financial Markets Act 19 of 2012 in order to investigate the adequacy of such regulation as regards to the combating of market-abuse practices in South Africa. To this end, the paper provides an overview analysis of the market abuse (insider trading and market manipulation) offences as well as the penalties and other anti-market abuse-enforcement approaches that are employed under the Financial Markets Act 19 of 2012 in a bid to provide a revamped and adequate anti-market abuse regulatory and -enforcement framework in South Africa. Moreover, where possible, the paper also provides a comparative analysis of these offences, penalties and other anti-market abuse-enforcement approaches and those that were provided under the Securities Services Act 36 of 2004. This is done to examine whether the anti-market abuse regulatory and -enforcement framework that was re-introduced under the Financial Markets Act 19 of 2012 has now adequately resolved the flaws and gaps that were associated with a similar framework under the former Act.

Summary The Health and Social Care Act 2012 brings in profound changes to the organisation of healthcare in England. These changes are briefly described and their implications for mental health services are explored. They occur as the National Health Service (NHS) and social care are experiencing significant financial cuts, the payment by results regime is being introduced for mental health and the NHS is pursuing the personalisation agenda. Psychiatrists have an opportunity to influence the commissioning of mental health services if they understand the organisational changes and work within the new commissioning structures.

The research aims to fill the gap in the current academic literature regarding the appearance of innovation-focused financial technology (fintech) companies. The analysis provides a conceptual overview of the key value drivers behind fintechs, including the utilization of resource-based theories, business models, human-centered design and open innovation. The article introduces how fintechs can serve as an enabler of innovation in the incumbent financial sector and can have positive effects on the triple-bottom-line by solving the problems of people who live at the bottom-of-the-pyramid.