The consolidation of regulatory agencies, elimination of the national thrift charter, and new oversight council to evaluate systemic risk; Comprehensive regulation of financial markets, including increased transparency of derivatives bringing them onto exchanges ; Consumer protection reforms including a new consumer protection agency and uniform standards for "plain vanilla" products as well as strengthened investor protection; Tools for financial crisis, including a "resolution regime" complementing the existing Federal Deposit Insurance Corporation FDIC authority to allow for orderly winding down of bankrupt firms, and including a proposal that the Federal Reserve the "Fed" receive authorization from the Treasury for extensions of credit in "unusual or exigent circumstances"; Various measures aimed at increasing international standards and cooperation including proposals related to improved accounting and tightened regulation of credit rating agencies. Barney FrankSen.
Set out below is the SRA's assessment of the other three elements of this framework, the: Core Outcomes The SRA believes that these outcomes succinctly describe what is required of a solicitor or legal services provider regulated by the SRA in order to meet the regulatory purpose.
These are effectively fixed for as long as the regulation of legal services is considered to be in the public interest and will apply regardless of the particular role played by solicitors or the entities or markets in which they operate.
Although these outcomes can be considered to be fixed i. It is in making decisions about the regulatory interventions that should be made that the SRA must have regard to the objectives and requirements in the next two sections of the regulatory framework.
Objectives in achieving the core outcomes These are objectives to which the SRA must have regard when considering any regulatory intervention. The SRA considers that there are two particular aspects of their operation to be considered.
So, for example, any regulatory requirements considered necessary to assure the delivery of "proper standards of work" would need to be judged against their impact on "competition", or "access to justice"; and these objectives can also operate directly in relation to the SRA's regulatory purpose, for example the objective of "protecting the interests of consumers".
The SRA is clear that the regulatory objectives do not translate directly into "objectives that the SRA must achieve". They are matters to which the SRA must have regard when discharging its regulatory functions.
That is a far more limited purpose. Given that, the SRA considers that regulatory intervention purely to further one or more of the regulatory objectives would need to be justified by a compelling case.
For example, the SRA would be highly unlikely to introduce a free standing regulatory requirement directed at "increasing public understanding of the citizens' legal rights and duties". The SRA considers that further clarity is also required in relation to "promote competition" objective.
In the SRA's view its most significant challenge to promote competition is to review existing requirements and assess proposed new requirements in order to consider whether the broader regulatory benefits of such measures outweigh any adverse impact on competition.
To that extent, the SRA considers that significant activity is required to promote competition; but in the form of properly assessing and, where appropriate, reducing existing requirements and being appropriately measured in considering the need for any additional regulation.
The SRA does not intend to attempt to further define each of the regulatory objectives, but agrees with the LSB when it says that they 'mean what they mean' 2. Their core are the principles of better regulation and there is a strong correlation between these principles and the public interest assessment of process test referred to at paragraph 2.
In addition to the better regulation principles, the SRA takes best regulatory practice to include the requirement that the SRA is effective in delivering its remit and efficient in its use of resources.
The SRA considers that the principles that regulatory activities be "proportionate" and "targeted only at cases where action is needed" require active attention.
As with the "competition" objective referred to above, not with a view to new regulatory interventions but in terms of examining existing requirements, many put in place before the Act and which have not previously been re-examined in the light of the Act's new framework for regulation.
Regulatory approach Within the context and framework set out, the SRA's overriding aim is to be an effective and efficient regulator. Understanding and addressing equality issues in the design and delivery of our regulation will continue to be important for us.
Particularly post the Act there has been a good deal of discussion about different approaches to regulation and regulatory techniques: That debate has been important in opening up thinking within the world of legal services regulation to a wider range of regulatory approaches than might have been considered or used in the, perhaps insular, world of legal services regulation prior to However, there is a risk that such debates can become sterile and it is critical that the pursuit of any one particular regulatory approach does not become an end in itself; obscuring the real purpose of regulation and what regulators must deliver in the public interest.
Given this, the SRA's approach will be one of relentless pragmatism. It will consider the whole range of possible approaches and interventions and use those most appropriate in the context of the framework set out above to achieve the regulatory purpose and the core outcomes.
Key factors relevant to the SRA forward programme This paper has already referred to the current and significant evolution in the market and the rapid changes in the political, economic, social and technological environment within which it operates and which, to some extent, are enabling the evolution of the market.
Section 3 of this paper sets out a framework that can be applied to the SRA's current regulatory approach and to the choices it makes about changes to that approach. This section identifies some of the factors requiring a re-assessment of the SRA's regulatory approach and the nature and balance of its regulatory interventions.
In the SRA's view they primarily flow from changes in the operation of the legal services market that have been enabled by the Legal Services Act and also by wider societal, economic and technological changes. The SRA's regulation must be fit to achieve the regulatory purpose and the core outcomes in the market as it is and as it will be: There are a number of factors the SRA considers important in shaping its forward programme.
Innovation and new models of delivery Prior tothe SRA overwhelmingly regulated solicitors and traditional solicitor firms, and solicitors either practised in those SRA regulated firms or as employed solicitors delivering services to their employers.
However, that is not the market the SRA is regulating now and the market will increasingly fragment.
Already the SRA regulates a range of entity types. Solicitors practise, and deliver services to the public, through a much wider range of entities; some regulated by other regulators and others not regulated at all.
Much of this change has been enabled by the Act but much has also been driven by innovation within the sector including, for example, increased use of new technology. Although significantly changed in with the implementation of the new Handbook, there remains a heavy emphasis within the SRA's regulatory arrangements on defining permitted business structures.
This approach has the tendency to constrain innovation and competition and also to reduce transparency where individual waivers against general prohibitions are granted. This is not a merely theoretical or emerging problem. For example the SRA's work on ensuring an appropriate regulatory regime for SRA regulated MDP ABS was significantly complicated by the current Handbook structure as was the analysis of the regulation of solicitors working within new licensed bodies regulated by other Approved Regulators.are survived by their descendants, plus the number of spouses and women referred to in paragraphs (a), (b) and (c) of section 2 (2) of the Reform of Customary Law of Succession and Regulation of Related.
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