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Transparency and Accountability in the European Financial Sector: The Markets in Financial Instruments Directive (MiFID) and Beyond
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
2017 (English)In: Bank Regulation: Effects on Strategy, Financial Accounting and Management Control / [ed] Anna-Karin Stockenstrand and Fredrik Nilsson, Routledge, 2017, 1, p. 104-129Chapter in book (Refereed)
Abstract [en]

This chapter structures the background of inquiry into transparency and accountability in the financial sector is substantiated through an explanation of the interdisciplinary links between banking regulation and practice. In terms of regulatory focus, market efficiency and prudence are two important concerns in the context of financial markets and participants. Regarding market efficiency, market liquidity and information availability are important issues for regulators to consider. In the context of financial markets, transparency may provide the individual merit of promoting market efficiency under certain conditions, although it is generally better understood as a tool for accountability. EU policymakers had long considered how best to enhance market efficiency, and in 1993, they formally adopted the Investment Services Directive of 1993. During the 1980s, regulators were also focused on capital adequacy and the organizational resilience of banks. An important area where regulatory focus on transparency and accountability has risen is the area of internal control and governance within financial institutions.

Place, publisher, year, edition, pages
Routledge, 2017, 1. p. 104-129
Series
Routledge Studies in Accounting ; 19
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-380093ISBN: 978-1-315-56389-3 (electronic)ISBN: 978-1-138-68050-0 (print)OAI: oai:DiVA.org:uu-380093DiVA, id: diva2:1298573
Available from: 2019-03-24 Created: 2019-03-24 Last updated: 2020-02-15Bibliographically approved
In thesis
1. Monsoon Paper Dragons: Transparency, Accountability, Risk, and Compliance in Banking Regulation and Practice
Open this publication in new window or tab >>Monsoon Paper Dragons: Transparency, Accountability, Risk, and Compliance in Banking Regulation and Practice
2020 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

This dissertation explores the overall research question of how transparency- and accountability-driven post-crisis financial regulations within the European Union (EU) have influenced risk control and compliance in banks. The dissertation consists of five substantive chapters: an introductory synthesis; a published law journal article; two published book chapters, one of which is an extensive literature review; and one working paper that has previously been presented at multiple international conferences and is currently under review with a European journal in the field of accounting. In answering the call of the main research question, the dissertation adopts an interdisciplinary analytical framework that combines perspectives from law and the social sciences in the context of empirical material from Scandinavia and the EU. The analysis within the four individual papers and the introductory synthesis chapter follow a qualitative research design. They provide several complementary theoretical and empirical contributions to current research, the most important of which are summarized as follows: Theoretically, an adapted framework that harnesses theories of regulation, institutional theory, principal–agent theory, and legal positivism is used to analyze and explain practice and regulatory developments in the Swedish and international banking sector over a pre- and post- 2008 financial crisis period. Additionally, the concepts of transparency and accountability are explored over a similar period in the context of the regulation-practice nexus of banking in Sweden and the EU. Empirically, this work contributes to current understandings and analysis of specific EU and Swedish regulatory instruments, as well as their impact at the firm and intra-firm level. Moreover, the identified conceptual framework of transparency and accountability is applied at the level of markets and regulations, as well as at the intra-firm level by tracing the influence of post-crisis EU regulation on the risk-control and compliance function within a large listed bank in Sweden that has a strong European presence. Collectively, this analysis offers relevant insights into the tensions between the aims and understandings encompassed within prudential regulation on one hand and organizational understandings and approaches towards risk control and compliance on the other hand. Identifying that there are few, if any, studies that address the interplay between regulatory developments and their impact on the internal processes, management, and control of banks, this dissertation offers an analysis of how transparency and accountability can surface and be operationalized within the regulation-practice nexus of banking. Specifically, it illustrates how regulatory impact can be traced further along the dimensions of transparency and accountability at the inter- and intra-firm levels, as well as at the level of financial markets and regulatory instruments in banking.

Place, publisher, year, edition, pages
Uppsala: Department of Business Studies, 2020. p. 176
Series
Doctoral thesis / Företagsekonomiska institutionen, Uppsala universitet, ISSN 1103-8454 ; 201
Keywords
Accountability, Banking, Compliance, Financial Regulation, Risk Control, Transparency
National Category
Economics and Business
Research subject
Business Studies
Identifiers
urn:nbn:se:uu:diva-404238 (URN)978-91-506-2807-4 (ISBN)
Public defence
2020-04-02, Lecture Hall 2, Ekonomikum, Kyrkogårdsgatan 10, Uppsala, 13:15 (English)
Opponent
Supervisors
Available from: 2020-03-11 Created: 2020-02-15 Last updated: 2020-03-17

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Kashyap, Shruti

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