Legal Administration of Financial Services in Common Law Jurisdictions

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Economists have been quick to discuss issues related to unified financial services supervision but not much has been written by legal scholars. This volume provides fresh and original contributions to the debate on unified financial services supervision, highlighting different models of unified regulators in several countries, and that different types of financial services and products continue to spring up in the financial sector of many countries is indicative of the changing landscape of the financial services industry globally. In particular, frameworks governing institutions and structures responsible for the supervision of such core areas of financial services as public distribution of securities, insurance, pension funds, and banking are examined.


“It is a truism that any sound marketplace is that in which both the consumer and the vendor feel they have benefited from their interaction ... Shoppers usually demand security for their goods, service or investment, whereas suppliers often plead for the removal of red tape to improve their business activities in a much more effective, efficient and rewarding framework. Without a doubt, market economies are confronted with the principal dispute about the ongoing incongruity of security versus development. This discourse should be seen in this context ...– (from the Foreword) Professor Wolfgang Chr. Fischer, James Cook University, Australia

“This book is an outstanding piece of research and contribution to the state of knowledge on unified financial services supervision. Using Zambia as the main example and with references to international practices, Dr. Mwenda ably demonstrates how a unified system of supervision might make financial sector supervision more efficient and effective. The choice of Zambia as a primary focus of the book is not merely fortuitous. It is a country that the author is intimately familiar with, has extensively studied, and whose financial supervision problems are symptomatic of much of the developing world ... The book is particularly useful because the author weaves a colorful tapestry of law, policy, and economic considerations that should appeal to anyone interested in development and the financial services sector.” – Victor Mosoti, Legal Officer, Development Law Service, FAO, Rome, Italy

“Dr. Mwenda has written an excellent treatment of the legal aspects of unified financial services regulation. Focusing on Zambia, and drawing on lessons of experience from several jurisdictions in Europe and elsewhere, Dr. Mwenda’s book is informed by both primary and secondary sources of data. Written in a clear and thoughtful manner, this is a must-read book for everyone interested in understand cutting-edge ideas in financial services regulation ...” – Professor Evance Kalula, University of Cape Town

Table of Contents

Foreword by Wolfgang Chr. Fischer
1. Concept of Unified Financial Services Supervision
2. Legal Aspects of Securities Regulation
3. The Regulatory and Institutional Framework for the Supervision of Insurance Business and Pension Funds
4. The Regulatory and Institutional Framework for Banking and Non-Banking Financial Services Supervision
5. Secondary Regulators in the Financial Services Industry

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