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Policy Dialogue on Corporate Governance in China

Policy Dialogue on Corporate Governance in China. Regulatory Enforcement, the UK Experience Daniel Thornton Law Policy & International Co-operation Enforcement Division Financial Services Authority. Accountability of the FSA. Statutory immunity Board appointed by HM Treasury

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Policy Dialogue on Corporate Governance in China

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  1. Policy Dialogue on Corporate Governance in China Regulatory Enforcement, the UK Experience Daniel Thornton Law Policy & International Co-operation Enforcement Division Financial Services Authority

  2. Accountability of the FSA • Statutory immunity • Board appointed by HM Treasury • Non executive directors • Statutory consultation on rules and policy • Practitioner and consumer panels • Treasury Select Committee in Parliament • Complaints Commissioner

  3. Decision making process for enforcement cases Staff decision to impose sanction RDC decides whether to issue warning notice Firm/individual makes representations to RDC RDC decides whether to issue decision notice Firm/individual may refer to Tribunal Tribunal decision may be appealed to the courts on point of law

  4. Division of responsibility with Exchanges and other regulatory bodies • 8 Recognised exchanges • Commercial as well as regulatory functions • Market abuse: FSA powers against any person • Exchanges' powers against members only • Operating arrangements with Exchanges • FSA is UK Listing Authority • FSA Enforcement experience with breaches of the Listing Rules

  5. Other regulatory bodies • DTI: directors disqualification • FRRP: breach of Companies Act accounting requirements • SFO: investigate and prosecute serious fraud • Police • Overseas regulators

  6. Effective sanctions and incentives • For regulated firms, obligation to co-operate and self-report • Importance of co-operation in the disciplinary process • The role of publicity • Settlement

  7. END

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