The supervision of financial conglomerates: a study of the Swiss regulatory framework in light of international developments
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Hochschulschrift/Dissertation Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Zürich ; Basel ; Genf
Schulthess
2010
|
| Schriftenreihe: | Schweizer Schriften zum Finanzmarktrecht
96 |
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020703897&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Umfang: | XLIX, 380 S. graph. Darst. |
| ISBN: | 9783725560998 |
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| adam_text | IMAGE 1
TABLE OF CONTENTS
TABLE OF CONTENTS
ACKNOWLEDGEMENTS 111
SUMMARY OF CONTENTS V
TABLE OF CONTENTS VII
BIBLIOGRAPHY XV
ABBREVIATIONS XLV
INTRODUCTION 1
PARTI
TACKLING CONGLOMERATES 5
CHAPTER 1
THE PHENOMENON OF FINANCIAL CONGLOMERATION 7
§ 1. BACKGROUND 9
I. THE CONCEPT OF CONGLOMERATION 9
1. GENERIC DEFINITION 9
2. UNDERLYING FINANCIAL SYSTEM CONCEPTION 10
II. UNIVERSAL BANKING AND FUNCTIONAL BANKING REGIMES 11
III. THE PARENT CONCEPT OF ALLFINANZ 13
1. IDEA OF ALLFINANZ 13
2. BANCASSURANCE, ASSURBANQUE, AND ASSURFINANCE 14
§ 2. CONGLOMERATES AS GROUPS OF COMPANIES: CORPORATE STRUCTURE MODELS 16
I. A MATTER OF CHOICE 16
II. MODELS 17
1. INTEGRATED MODEL 17
2. PARENT-SUBSIDIARY MODEL 19
3. HOLDING COMPANY MODEL 21
4. HORIZONTAL GROUP MODEL 23
§ 3. DEVELOPMENT OF FINANCIAL CONGLOMERATION 25
I. MOTIVES 25
1. GENERAL BACKGROUND 25
2. ECONOMIC AND REGULATORY MOTIVATIONS 26
3. PRACTICAL INCENTIVES 27
II. TRENDS 27
1. FORCES TOWARDS CONGLOMERATION 27
2. CONGLOMERATION IN SWITZERLAND 29
3. CONGLOMERATION IN THE EUROPEAN UNION 31
A. M&A ACTIVITIES OF THE 1990S 31
B. CONGLOMERATES STRUCTURE 31
C. FACTS AND FIGURES 33
D. CONCERNS 35
III. FINANCIAL CONGLOMERATION AND FINANCIAL CRISES 35
1. IN GENERAL 35
2. IMPACT OF THE 2007-2008 FINANCIAL CRISIS 36
3. OUTLOOK 38
CHAPTER 2
SUPERVISORY ISSUES 41
§ 1. RATIONALE FOR REGULATING FINANCIAL CONGLOMERATES 43
I. ISSUE 43
II. POTENTIAL PROBLEMS 44
VII
IMAGE 2
TABLE OF CONTENTS
1. DOUBLE GEARING OR EXCESSIVE LEVERAGING 44
2. CONTAGION 44
3. LACK OF TRANSPARENCY 45
4. CONFLICTS OF INTEREST 46
5. SYSTEMIC RISKS 46
111. SECTOR-BASED DIFFERENCES AND COMMON CHARACTERISTICS 47
1. DIFFERENCES 47
A. BANKING AND SECURITIES DEALING 47
B. BANKING AND INSURANCE 48
2. COMMON CHARACTERISTICS 51
A. FITNESS AND PROPRIETY TESTS 51
B. RISK MANAGEMENT 52
3. ASSESSMENT 53
§ 2. SUPERVISORY ANSWERS 54
I. TYPES OF SUPERVISION 54
1. STAND-ALONE OR SOLO-BASIS SUPERVISION 54
2. SUPERVISION OF HOMOGENOUS FINANCIAL GROUPS 55
3. SUPERVISION OF FINANCIAL CONGLOMERATES 56
4. MIXED-ACTIVITIES GROUPS 56
II. BOUNDARIES TO FINANCIAL CONGLOMERATION 57
1. GENERALITIES 57
2. LIMITS IMPOSED IN THE BANKING SECTOR 58
A. SECONDARY BUSINESS ACTIVITIES 58
B. EQUITY HOLDINGS 59
C. TECHNICAL SKILLS AND APPROPRIATE ORGANISATION 60
3. LIMITS IMPOSED IN THE INSURANCE SECTOR 61
A. SECONDARY BUSINESS 61
B. EQUITY HOLDINGS 63
4. COMPARATIVE PERSPECTIVE: SITUATION IN THE EUROPEAN UNION 64
CHAPTER 3
DEFINING FINANCIAL GROUPS AND CONGLOMERATES 67
§ 1. BACKGROUND 69
§2. UNDERLYING NOTIONS 71
I. NOTION OF ENTERPRISE 71
II. NOTION OF GROUP IN FINANCIAL LAW 71
1. A DEFINITION ORIENTED TOWARDS ECONOMIC REALITY 71
2. ECONOMIC UNITY 73
A. MORE THAN HALF OF THE VOTING RIGHTS OR CAPITAL 73
B. CONTROLLING INFLUENCE AND CONTROL 74
3. OBLIGATION TO PROVIDE ASSISTANCE 78
A. A BANKING SPECIALITY? 78
B. LEGAL OBLIGATION TO PROVIDE ASSISTANCE 79
C. FACTUAL OBLIGATION TO PROVIDE ASSISTANCE 80
§ 3. FINANCIAL GROUP 82
I. DEFINITION 82
II. PRESENCE OF A BANK OR A SECURITIES DEALER 82
1. BANK 83
2. SECURITIES DEALER 85
III. PRIMARY ACTIVITY IN THE FINANCIAL SECTOR 87
1. FINANCIAL SECTOR 87
2. PRIMARY ACTIVITY 88
3. FINANCIAL COMPANIES 90
§ 4. FINANCIAL CONGLOMERATE 93
I. DEFINITION 93
II. SUPPLEMENTARY PRESENCE OF AN INSURANCE COMPANY 94
VIII
IMAGE 3
TABLE OF CONTENTS
111. CONSIDERABLE ECONOMIC IMPORTANCE 95
§ 5. INSURANCE GROUP 97
§ 6. INSURANCE CONGLOMERATE 98
PART II
SUPERVISORY FUNDAMENTALS 99
CHAPTER 4
INTERNATIONAL DEVELOPMENTS 101
§ 1. PRELIMINARY NOTE 103
§ 2. BASEL COMMITTEE ON BANKING SUPERVISION 104
I. GENERAL REMARKS 104
II. STANDARDS FOR EFFECTIVE CONSOLIDATED SUPERVISION 106
1. BASEL CONCORDAT OF 1975 106
2. BASEL CONCORDAT OF 1983 108
3. MINIMUM STANDARDS 110
4. BASEL CORE PRINCIPLES AND CORE METHODOLOGY 111
III. STANDARDS FOR SENSIBLE MINIMUM CAPITAL REQUIREMENTS 114
1. BASEL CAPITAL ACCORD OF 1988 114
2. BASEL II 116
A. CONTENTS 116
B. PURPOSE 118
C. SCOPE OF CONSOLIDATION 119
D. ADOPTION OF THE FRAMEWORK AT NATIONAL LEVEL 122
IV. STANDARDS FOR SUPERVISORY COOPERATION AND COORDINATION 122
1. IMPLICATIONS OF BASEL II 122
2. HIGH-LEVEL PRINCIPLES 123
3. OTHER CROSS-BORDER ASPECTS OF BASEL II 124
§ 3. TRIPARTITE GROUP & JOINT FORUM 125
I. TRIPARTITE GROUP OF BANKS, SECURITIES AND INSURANCE REGULATORS 125
II. JOINT FORUM 127
1. GENERAL REMARKS 127
2. JOINT FORUM REPORT 128
3. PAPERS ON INTRA-GROUP EXPOSURES AND RISK CONCENTRATION 133
4. OTHER PUBLICATIONS 134
§ 4. INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS 137
I. GENERALITIES 137
II. PRINCIPLES 138
1. NATURE AND PURPOSE 138
2. INSURANCE CONCORDAT, DECEMBER 1999 138
3. INSURANCE CORE PRINCIPLES AND METHODOLOGY, OCTOBER 2003 139 4.
PRINCIPLES ON CAPITAL ADEQUACY AND SOLVENCY, JANUARY 2002 140 5.
PRINCIPLES ON GROUP-WIDE SUPERVISION, OCTOBER 2008 140
III. STANDARDS 142
1. NATURE AND PURPOSE 142
2. SUPERVISORY STANDARD ON GROUP COORDINATION, OCTOBER 2000 142 3.
SUPERVISORY STANDARD ON THE EXCHANGE OF INFORMATION, JANUARY 2002 143
IV. GUIDANCE PAPERS 144
V. OVERARCHING STANDARDS SETTING PAPERS 145
§5. INTERNATIONAL ORGANISATION OF SECURITIES COMMISSIONS 147
§ 6. SYNTHESIS 149
§7. DRAWING LESSONS FROM THE BANKING CRISIS 150
I. BACKGROUND 150
IX
IMAGE 4
TABLE OF CONTENTS
II. REGULATORY REVISIONS UNDER THE AUTHORITY OF THE G20 151
1. THE WASHINGTON SUMMIT OF NOVEMBER 2008 151
2. THE LONDON SUMMIT OF APRIL 2009 152
3. THE PITTSBURGH SUMMIT OF SEPTEMBER 2009 152
4. THE WORK OF THE FINANCIAL STABILITY FORUM 153
5. BCBS: REFORMING BASEL II AND BEYOND 156
6. THE 1AIS AND THE INSURANCE SECTOR 157
III. FURTHER STEPS AND CAVEAT 158
CHAPTER 5
FROM CONSOLIDATED SUPERVISION TO CONGLOMERATE-WIDE SUPERVISION 159 § 1.
CONCEPTS 161
I. CONSOLIDATION AND CONSOLIDATED SUPERVISION 161
U. GENERAL PRINCIPLES OF CONSOLIDATED SUPERVISION 162
1. ABSTRACT DEFINITION 162
2. CONTENTS OF CONSOLIDATED SUPERVISION 163
3. NOTION OF EFFECTIVE CONSOLIDATED SUPERVISION 164
III. CONSOLIDATION, CONSOLIDATED SUPERVISION AND GROUP-WIDE OR
CONGLOMERATE-WIDE SUPERVISION 165
§ 2. HISTORICAL BACKGROUND 16?
I. GENERALITIES 167
II. CONSOLIDATED SUPERVISION OF BANKING GROUPS 167
1. ACCOUNTING AND CAPITAL ADEQUACY 167
2. CONSOLIDATED RISK SUPERVISION 169
3. ECONOMIC UNITY 171
A. SUPERVISORY OBSERVATIONS 171
B. BANKING LAW 171
C. COMPANY LAW 172
D. DE FACTO OBLIGATION TO PROVIDE ASSISTANCE 173
4. SCOPE OF CONSOLIDATION UNDER THE LEGISLATION OF 1980 175
III. CONSOLIDATED SUPERVISION OF INSURANCE GROUPS 176
IV. TOWARDS CONGLOMERATE-WIDE SUPERVISION 178
1. CREDIT SUISSE HOLDING: THE RATIONALE FOR CONGLOMERATE-WIDE
SUPERVISION 178 A. BACKGROUND 178
B. SUPERVISORY INTERVENTION 179
C. IMPLICATIONS 179
2. CREDIT SUISSE GROUP: THE SOLO-PLUS SUPERVISION 180
3. ZURICH FINANCIAL SERVICES: A PILOT PROJECT FOR CONGLOMERATE-WIDE
SUPERVISION 182
§ 3. TOWARDS THE CURRENT REGULATORY FRAMEWORK 184
I. FORMER SUPERVISORY PRACTICE S SHORTCOMINGS 184
II. EUROPEAN UNION S ENDEAVOURS 186
III. SWISS REGULATORY DEVELOPMENTS 187
CHAPTER 6
SUPERVISORY SYSTEM FOR MONITORING GROUPS AND CONGLOMERATES 191 § 1.
REGULATORY FRAMEWORK 193
I. OVERVIEW 193
1. CONCEPT 193
2. BANKING LAW 193
A. BANKING ACT 193
B. BANKING ORDINANCE 194
C. BANKING-RELATED CIRCULARS AND GUIDELINES 195
3. INSURANCE LAW 195
A. INSURANCE SUPERVISION ACT 195
B. INSURANCE SUPERVISION ORDINANCE 196
IMAGE 5
TABLE OF CONTENTS
C. INSURANCE-RELATED CIRCULARS AND GUIDELINES 4. SECURITIES LAW II.
REGULATORY AIMS 1. PRIMARY AIMS
2. SECONDARY AIMS 3. SCHEMATIC VIEW § 2. SCOPE OF SUPERVISION OF GROUPS
AND CONGLOMERATES I. MATERIAL SCOPE
1. APPROACH 2. PERSONAL SCOPE A. PRINCIPLE B. IMPLEMENTATION 3.
RESPONSIBLE ENTITY II. CONTENTS OF SUPERVISION 111. TEMPORAL SCOPE
1. ENTRY INTO FORCE 2. ENTRY POINTS IV. GEOGRAPHICAL SCOPE 1. PRINCIPLE
2. IMPLEMENTATION 3. SHARING OF POWERS § 3. EXERCISE OF GROUP AND
CONGLOMERATE SUPERVISION 1. BACKGROUND 11. SUPERVISORY DISCRETION
1. PRINCIPLE 2. IMPLEMENTATION A. METHODOLOGY B. PRINCIPLE OF
PROPORTIONALITY
C. PROHIBITION OF ARBITRARINESS III. ADEQUATE CONSOLIDATED SUPERVISION
IV. PLACEMENT OF A GROUP OR CONGLOMERATE UNDER SWISS LEAD SUPERVISION
196 197 197 197 198
199 200 200 200
200 200 202 205 206 207 207 207 209 209 210 212 213
213 213 213 214 214 215 216 217 219
PART III
MATERIAL REQUIREMENTS CHAPTER 7
QUANTITATIVE REQUIREMENTS § 1. PRELIMINARY REMARKS § 2. CONSOLIDATED
FINANCIAL STATEMENTS I. OBLIGATION TO PREPARE CONSOLIDATED FINANCIAL
STATEMENTS
1. IN BANKING LAW A. PRINCIPLE B. EXEMPTIONS C. CONSOLIDATION METHODS 2.
IN INSURANCE LAW 11. INTERNATIONAL DEVELOPMENTS § 3. CAPITAL ADEQUACY
1. ISSUE 1. BASICS A. ROLE OF CAPITAL B. LEGAL BASIS II. BANKING LAW S
CAPITAL ADEQUACY SYSTEM VERSUS INSURANCE LAW S SOLVENCY
SYSTEM 1. BANKING CAPITAL REQUIREMENTS
223
225 227 228 228
228 228 229 231 232 233 236
236 236 236 237
239 240
XI
IMAGE 6
TABLE OF CONTENTS
A. SYSTEM 2 40
B. CONSOLIDATED CAPITAL ADEQUACY REQUIREMENTS 241
2. INSURANCE SOLVENCY MARGIN SYSTEM 243
A. SYSTEM 2 43
B. CONSOLIDATED SOLVENCY REQUIREMENTS 244
3. DEALING WITH CONGLOMERATES 245
A. CONCERN 245
B. ROADMAP 246
HI. INTERNATIONAL RECOMMENDATIONS 2 48 248
248 249 249 250
251 251 251 251
252 253 253 253
254 255 255 255
258 259 263 263
264 268 269 274
274 276 276 279
280 281 282 283
285 286 287 288
288 288 289 290
290 290 291
293 295 295 295
XII
IV.
V.
§4. I.
II. 111.
1.
2.
3.
JOINT FORUM A. BUILDING-BLOCK PRUDENTIAL APPROACH B. RISK-BASED
AGGREGATION METHOD C. RISK-BASED DEDUCTION METHOD
D. TOTAL-DEDUCTION METHOD BASEL II A. GENERAL REMARKS B. TREATMENT OF
INVESTMENTS IN FINANCIAL ENTITIES
C. TREATMENT OF INVESTMENTS IN INSURANCE UNDERTAKINGS D. TREATMENT OF
INVESTMENTS IN COMMERCIAL COMPANIES EUROPEAN UNION A. ACCOUNTING
CONSOLIDATION METHOD
B. DEDUCTION AND AGGREGATION METHOD C. BOOK VALUE / REQUIREMENT
DEDUCTION METHOD REGULATORY ANSWER FOR INSURANCE CONGLOMERATES 1.
2.
3.
SOLVENCY I: BUILDING-BLOCK PRUDENTIAL APPROACH A. PRINCIPLE B. AVAILABLE
SOLVENCY MARGIN C. REQUIRED SOLVENCY MARGIN
SWISS SOLVENCY TEST A. PRINCIPLE B. INTERNAL MODELS C. SOLVENCY
REQUIREMENTS
CONTROL AND REPORTING ON SOLVENCY REGULATORY ANSWER FOR FINANCIAL
CONGLOMERATES 1. 2.
3.
4.
5.
APPROACH CONSOLIDATION OF FINANCIAL ENTITIES A. SCOPE OF CONSOLIDATION
B. CONSOLIDATION METHOD
C. EXEMPTIONS TAKING INSURANCE ENTITIES INTO ACCOUNT A. TOTAL
DEDUCTION METHOD B. CONGLOMERATE-WIDE COMPLEMENTARY APPROACHES
DEDUCTIONS AT THE LEVEL OF THE PARENT ENTITY A. INTERESTS IN FINANCIAL
OR REAL ESTATE COMPANIES B. INSURANCE INTERESTS
C. COMMERCIAL OR INDUSTRIAL INTERESTS CONTROL AND REPORTING A. CONTROL
B. REPORTING LIQUIDITY REQUIREMENTS
ISSUE 1. 2. IMPORTANCE OF LIQUIDITY PRESCRIPTIONS
GROUP-WIDE LIQUIDITY MANAGEMENT INTERNATIONAL RECOMMENDATIONS REGULATORY
ANSWER 1.
2.
FOR INSURANCE GROUPS AND CONGLOMERATES FOR FINANCIAL GROUPS AND
CONGLOMERATES
IMAGE 7
TABLE OF CONTENTS
A. SCOPE OF CONSOLIDATION 295
B. APPLICATION OF LIQUIDITY PRESCRIPTIONS AT THE LEVEL OF THE GROUP 296
C. CONTROL AND REPORTING 296
§ 5. INTRA-GROUP TRANSACTIONS AND RISK CONCENTRATION 297
I. INTRA-GROUP TRANSACTIONS 297
1. ISSUE 297
A. DEFINITION 297
B. MOTIVES AND RISKS 298
2. INTERNATIONAL RECOMMENDATIONS 300
3. REGULATORY ANSWERS 301
A. LEGAL BASIS 301
B. IMPORTANT INTERNAL TRANSACTIONS 302
C. INSURANCE GROUPS AND CONGLOMERATES 302
D. FINANCIAL GROUPS AND CONGLOMERATES 304
E. INTRA-GROUP TRANSACTIONS AS A FOCUS OF RISK MANAGEMENT PRACTICES 309
4. APPRAISAL 309
II. RISK CONCENTRATIONS 311
1. ISSUE 311
2. INTERNATIONAL RECOMMENDATIONS 312
3. REGULATORY ANSWERS 313
A. OBLIGATION TO FULFIL RISK DIVERSIFICATION REQUIREMENTS AT THE LEVEL
OF THE CONGLOMERATE 313
B. RISK AGGREGATION 314
C. REPORTING 314
D. LIMITATIONS AND SUPERVISORY INTERVENTION 316
E. RISK CONCENTRATIONS AS A FOCUS OF RISK MANAGEMENT PRACTICES 317 § 6.
DRAWING LESSONS FROM THE CRISIS 320
1. FINANCIAL CRISIS, LARGE BANKS, AND THE DEBATE AROUND CAPITAL ADEQUACY
320 A. MEASURES FOR FINANCIAL SYSTEM S REINFORCEMENT 320
B. CAPITAL ADEQUACY REFORM 321
C. INSURANCE SOLVENCY REQUIREMENTS REFORM 323
2. LIQUIDITY PRESCRIPTIONS REFORM 323
CHAPTER 8
QUALITATIVE REQUIREMENTS 327
§ 1. ADEQUATE GROUP ORGANISATION 329
I. ISSUE 329
II. REGULATORY ANSWERS 331
1. LEGAL BASIS 331
2. CONGLOMERATE S BUSINESS ORGANISATION 332
A. CORPORATE GOVERNANCE IN FINANCIAL AND INSURANCE GROUPS 332 B.
ORGANISATIONAL REQUIREMENTS AT THE LEVEL OF THE GROUP OR THE
CONGLOMERATE 333
C. SEPARATION OF POWERS 337
D. FITNESS AND PROPRIETY 339
3. STRUCTURE OF THE GROUP OR CONGLOMERATE 343
4. RISK MANAGEMENT AND INTERNAL CONTROL AT THE LEVEL OF THE GROUP OR
CONGLOMERATE 343
A. RISK MANAGEMENT PROCESSES AND INTERNAL CONTROL SYSTEM 343 B. INTERNAL
AUDIT 345
C. AUDIT COMMITTEE 346
§ 2. REPORTING ON THE ORGANISATION 348
I. IN BANKING LAW 348
1. GROUP-WIDE REPORTING 348
2. BANKING SUBSIDIARIES REPORTING 350
II. IN INSURANCE LAW 351
XIII
IMAGE 8
TABLE OF CONTENTS
1. GROUP-WIDE REPORTING 351
2. INSURANCE SUBSIDIARIES REPORTING 354
3. SWISS QUALITY ASSESSMENT 355
4. SUPERVISORY SEARCH FOR INFORMATION 356
§ 3. DRAWING LESSONS FROM THE CRISIS 357
I. REFINING RISK MANAGEMENT PROCESSES 357
II. UPGRADING FITNESS AND PROPRIETY TESTS 358
PART IV
SUPERVISORY ISSUES 361
CHAPTER 9
FORMAL SUPERVISION 363
§ 1. PRELIMINARY REMARKS 365
§ 2. LEAD SUPERVISOR AND COOPERATION 366
I. ISSUE 366
II. INTERNATIONAL RECOMMENDATIONS 367
III. REFORMS WITHIN THE EUROPEAN UNION 368
IV. REFORMS IN SWITZERLAND 370
§ 3. TOO-BIG-TO-FAIL - BREAKING-UP LARGE BANKS, GROUPS AND
CONGLOMERATES? 371
I. ISSUE 371
II. INTERNATIONAL DISCUSSIONS 371
III. SWITZERLAND 373
CHAPTER 10
OUTLOOK 375
XIV
|
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| author | Menoud, Valérie |
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| ctrlnum | (OCoLC)695890849 (DE-599)BSZ330881272 |
| discipline | Rechtswissenschaft |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| geographic | Schweiz (DE-588)4053881-3 gnd |
| geographic_facet | Schweiz |
| id | DE-604.BV036787420 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T14:42:05Z |
| institution | BVB |
| isbn | 9783725560998 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-020703897 |
| oclc_num | 695890849 |
| open_access_boolean | |
| owner | DE-12 DE-19 DE-BY-UBM DE-2070s DE-20 |
| owner_facet | DE-12 DE-19 DE-BY-UBM DE-2070s DE-20 |
| physical | XLIX, 380 S. graph. Darst. |
| publishDate | 2010 |
| publishDateSearch | 2010 |
| publishDateSort | 2010 |
| publisher | Schulthess |
| record_format | marc |
| series | Schweizer Schriften zum Finanzmarktrecht |
| series2 | Schweizer Schriften zum Finanzmarktrecht |
| spellingShingle | Menoud, Valérie The supervision of financial conglomerates a study of the Swiss regulatory framework in light of international developments Schweizer Schriften zum Finanzmarktrecht Staatsaufsicht (DE-588)4056636-5 gnd Kartellrecht (DE-588)4029788-3 gnd Kreditmarkt (DE-588)4073788-3 gnd |
| subject_GND | (DE-588)4056636-5 (DE-588)4029788-3 (DE-588)4073788-3 (DE-588)4053881-3 (DE-588)4113937-9 |
| title | The supervision of financial conglomerates a study of the Swiss regulatory framework in light of international developments |
| title_auth | The supervision of financial conglomerates a study of the Swiss regulatory framework in light of international developments |
| title_exact_search | The supervision of financial conglomerates a study of the Swiss regulatory framework in light of international developments |
| title_full | The supervision of financial conglomerates a study of the Swiss regulatory framework in light of international developments Valérie Menoud |
| title_fullStr | The supervision of financial conglomerates a study of the Swiss regulatory framework in light of international developments Valérie Menoud |
| title_full_unstemmed | The supervision of financial conglomerates a study of the Swiss regulatory framework in light of international developments Valérie Menoud |
| title_short | The supervision of financial conglomerates |
| title_sort | the supervision of financial conglomerates a study of the swiss regulatory framework in light of international developments |
| title_sub | a study of the Swiss regulatory framework in light of international developments |
| topic | Staatsaufsicht (DE-588)4056636-5 gnd Kartellrecht (DE-588)4029788-3 gnd Kreditmarkt (DE-588)4073788-3 gnd |
| topic_facet | Staatsaufsicht Kartellrecht Kreditmarkt Schweiz Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020703897&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV035051034 |
| work_keys_str_mv | AT menoudvalerie thesupervisionoffinancialconglomeratesastudyoftheswissregulatoryframeworkinlightofinternationaldevelopments |