- Regulation of banks — Investment business
This chapter examines the case for cross-sectoral regulation of governance arrangements in financial institutions. Governance-related regulation of banks, investment firms, asset managers, and pension funds in Europe has taken the form of a rather intricate mix of sectoral and cross-sectoral approaches. The most comprehensive set of regulations is to be found in the CRD IV, the current version of the prudential Capital Requirements Directive, which applies in relation to banks as well as investment firms. Meanwhile, the relevant requirements for asset managers are to be found mainly in the revised regime for the regulation of Undertakings for Collective Investment in Transferable Securities (UCITS). Lastly, pension funds have been regulated separately within Europe, beginning with the first Directive on the activities and supervision of institutions for occupational retirement provision in 2003, now recast as Directive 2016/2341.
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