Claire Noone. Regulatory expert Claire Noone summarises insights that arose during a series of forums Nous Group recently hosted with senior Australian regulators. What does it mean to be an effective regulator that meets the needs of the government and the community?
A regulator will take the necessary action when it has an organisational culture that accepts the risk of failure and supportive management. Each of these principles is considered in greater detail below. Regulators must carefully manage community expectations Increasingly rapid industry change means regulators must monitor perceptions and appropriately tailor their activities.
Modern regulators need new skills and capabilities As new products and services are introduced, rapidly disrupting more previously stable markets; regulators require new skills and insights. Supporting staff to take risks and be prepared to fail is critical to successful regulation A regulator must be prepared to take a risk and mount a potentially unsuccessful challenge to advance its agenda.
Tags: regulation. Get the latest thinking from Nous direct to your inbox. I have read and understood the Nous Group Privacy Policy. Regulators have a crucial role to play in the economy and society. They ensure that clean water runs in our taps, the lights remain on, and that financial markets are sound. However, they can fail to deliver these public services if their activities are unduly influenced, whether by the regulated industry, government, politicians or outside interest groups.
Which regulator would you like to know about? Find them here. We use information others give us in our reviews. Please share your experience with us. This supervision enables banks to compete and provide efficient banking and financial services. Its mission statement verifies it is to "ensure that national banks and federal savings associations operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations.
Coverage extends to individual retirement accounts IRAs , but only the parts that fit the type of accounts listed previously. Joint accounts, revocable and irrevocable trust accounts, and employee benefit plans are covered, as are corporate, partnership, and unincorporated association accounts. FDIC insurance does not cover products such as mutual funds, annuities, life insurance policies, stocks, or bonds. The contents of safe-deposit boxes are also not included in FDIC coverage.
Cashier's checks and money orders issued by the failed bank remain fully covered by the FDIC. The OTS was similar to the OCC except that it regulated federal savings associations, also known as thrifts or savings and loans.
The Commodity Futures Trading Commission CFTC was created in as an independent authority to regulate commodity futures and options and other related derivatives markets and to provide for competitive and efficient market trading.
FINRA oversees all firms that are in the securities business with the public. It is also responsible for training financial services professionals, licensing and testing agents, and overseeing the mediation and arbitration processes for disputes between customers and brokers.
State bank regulators operate similarly to the OCC, but at the state level for state-chartered banks. State regulators monitor, review and oversee how the insurance industry conducts business in their states. Their duties include protecting consumers, conducting criminal investigations and enforcing legal actions. They also provide licensing and authority certificates, which require applicants to submit details of their operations.
For a directory of specific state agencies visit www. In New York, the DFS regulates both financial firms and insurers, while in other states separate regulators monitor each industry separately. They provide registrations for investment advisors who are not required to register with the SEC and enforce legal actions with those advisors. The SEC acts independently of the U.
Its regulatory coverage includes the U. It also regulates investment advisors who are not covered by the state regulatory agencies. The SEC consists of six divisions and 24 offices. The six divisions and their respective roles are:. The SEC is allowed to bring only civil actions, either in federal court or before an administrative judge. Criminal cases fall under the jurisdiction of law enforcement agencies within the Department of Justice; however, the SEC often works closely with such agencies to provide evidence and assist with court proceedings.
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