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glossary Concepts Regulations - Financial


regulations are easily being ignored or abused


Central Bank
papers A Central Bank , reserve bank, or monetary authority is an institution that manages a nation's currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the nation's monetary base, and usually also prints the national currency, which usually serves as the nation's legal tender.

papers The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907. Over time, the roles and responsibilities of the Federal Reserve System have expanded and its structure has evolved. Events such as the Great Depression were major factors leading to changes in the system

papers The Federal Reserve The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system by:

light save The ECB is the central bank for Europe's single currency, the euro. The ECB’s main task is to maintain the euro's purchasing power and thus price stability in the euro area. The euro area comprises the 17 European Union countries that have introduced the euro since 1999.

papers The International_Bank_Account_Number is an international standard for identifying bank accounts across national borders with a minimal risk of propagating transcription errors. It was originally adopted by the European Committee for Banking Standards (ECBS), and later adopted as an international standard under ISO 13616:1997.

ecb204.pdf - SIG203V3.2 Ecb standards
ecb204.pdf - SIG203V3.2 Ecb standards, 2003 cnb cz
ibandocs (tbg5-finance.org) Calculation check java script.

light save The bundesbank has several tasks (duties):

The main core business area is Eurosystem monetary policy. Its primary task, as laid down in the EC Treaty, is to maintain price stability in the euro area. Stable prices promote public welfare; they encourage growth and employment in the medium term and protect savers and people on fixed incomes against the negative effects of inflation.

Banking supervision is another core business area. Here, the Bundesbank performs a key operational task by helping to secure a financially sound banking industry and, ultimately, the stability of the financial system. Supervisory activities and other central bank functions provide valuable insights, for example, for performing the task of safeguarding the stability of the financial markets (Article 105 (5) of the EC Treaty), in terms of the Bundesbank’s presence in the money, capital and forex markets, and refinancing the credit institutions. In cooperation with the Federal Financial Supervisory Authority (BaFin), the Bundesbank is responsible for the continuous oversight of the solvency, liquidity and risk management systems of the roughly 2,300 credit institutions in Germany.

light save BSI: Als nationale Sicherheitsbehörde ist es das Ziel des Bundesamtes für Sicherheit in der Informationstechnik (BSI), die IT-Sicherheit in Deutschland voran zu bringen. Dabei sind wir in erster Linie der zentrale IT-Sicherheitsdienstleister des Bundes. Mit unserem Angebot wenden wir uns aber auch an die Hersteller sowie die privaten und gewerblichen Nutzer und Anbieter von Informationstechnik, denn nur gemeinsames Handeln kann wirkungsvoll sein. Eine noch engere Zusammenarbeit mit allen Akteuren der IT- und Internetbranche auf dem Gebiet der IT-Sicherheit ist daher unser Anliegen.

BSI-Standard 100-1: Managementsysteme für Informationssicherheit (ISMS) Dieser Standard beschreibt, welche grundlegenden Anforderungen ein Managementsystem für Informationssicherheit (ISMS) erfüllen muss sowie welche Komponenten es enthält und welche Aufgaben zu bewältigen sind. Die Darstellung orientiert sich an den Vorgaben der Norm ISO 27001 und weiterer aktueller internationaler Standards zur Informationssicherheit


Finanstilsynet (norway)
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Finanstilsynet is an independent government agency that builds on laws and decisions emanating from the Parliament (Stortinget), the Government and the Ministry of Finance and on international standards for financial supervision and regulation.

Finanstilsynet is responsible for the supervision of banks, finance companies, mortgage companies, insurance companies, pension funds, investment firms, securities fund management and market conduct in the securities market, stock exchanges and authorised market places, settlement centres and securities registers, estate agencies, debt collection agencies, external accountants and auditors.

The Risk and Vulnerability Analyses (RAV) Financial institutions use of information and communications technology (ICT)

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Financial regulation in Australia
The Australian Prudential Regulation Authority (APRA) oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies and most members of the superannuation industry. APRA is funded largely by the industries that it supervises.

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SA South Africa

South African Reserve Bank
The Risk management philosofy Last lines iso27002 (ICT)

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The DNB De Nederlandse Bank has several tasks (duties):

Confidence in a smoothly operating financial system is essential to the functioning of our economy and, hence, our prosperity. For without it, enterprises and consumers would not be able to concentrate on economic activities like earning money and spending it. This is why financial stability is the principal object of our duties.

A stable financial system strongly depends on secure and reliable payment systems. Everybody must be able to pay without any problem in coin and banknotes, but also using their prepaid card and credit card, or via the Internet. And the millions of transactions executed by banks each day must be processed securely and without disruptions.

If you buy an insurance policy, you assume that the insurer will be able to pay up if you should have to file a claim. Pensioners assume their pensions will be duly paid into their accounts each month. And workers who have their salaries paid into a bank account should be able to rest assured that their money is in safe hands. De Nederlandsche Bank (DNB) works for a reliable financial system in which institutions meet their obligations

The Assessment Framework for DNB Information Security Examination 2012 The procedures must be in conformity with generally accepted standards (good practices). In addition, they should preferably be in line with the sector-specific conditions relating to the financial institution. Examples of such standards are Cobit and ISO27000.

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The AFM Authority For the Financial Markets (dutch/netherlands).

The Netherlands Authority for the Financial Markets (AFM) has been responsible for supervising the operation of the financial markets since 1 March 2002.

The Dutch Central Bank (De Nederlandsche Bank) is, after the merger with the Pensions and Insurance Board (Pensioen- & Verzekeringskamer) in 2004, responsible for prudential supervision.
Currence (NL)
currence.nl Netherlands internet payments web-shops. (Ideal)
equens.com Payments with clearing.

Financial Securities

light save sec The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation

Securities Act of 1933
Often referred to as the "truth in securities" law, the Securities Act of 1933 has two basic objectives:
papers The Sarbanes-Oxley Act
of 2002 (Pub.L. 107-204, 116 Stat. 745, enacted July 29, 2002), also known as the ´Public Company Accounting Reform and Investor Protection Act´ (in the Senate) and ´Corporate and Auditing Accountability and Responsibility Act´ (in the House) and more commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law that set new or enhanced standards for all U.S. public company boards, management and public accounting firms.

Sox (Dutch)
papers The Basel Accords see alternative spellings below) refer to the banking supervision Accords (recommendations on banking regulations)—Basel I, Basel II and Basel III—issued by the Basel Committee on Banking Supervision (BCBS). They are called the Basel Accords as the BCBS maintains its secretariat at the Bank for International Settlements in Basel, Switzerland and the committee normally meets there.
papers The Solvency II Directive 2009/138/EC is an EU Directive that codifies and harmonises the EU insurance regulation. Primarily this concerns the amount of capital that EU insurance companies must hold to reduce the risk of insolvency.

Advanced measurement approach, Basel II
papers Solvency II Directive Under Basel II, operational risk charges can be calculated by using one of the three methods (or approaches) that increase in sophistication and risk sensitivity:

Under AMA the banks are allowed to develop their own empirical model to quantify required capital for operational risk. Banks can use this approach only subject to approval from their local regulators. Once a bank has been approved to adopt AMA, it cannot revert to a simpler approach without supervisory approval. Also, according to section 664 of original Basel Accord, In order to qualify for use of the AMA a bank must satisfy its supervisor that, at a minimum:
Links Sox Basel Solvency
complex Some links to papers give more information.
The indication of Sox-404 is about IT controls.


standardization of administration

Many details are embedded in the detailed chapters. Just a personal selection:


History of Economics

The evolution of Economics has just started. There is a relation with mathematics.
Many details are embedded in the detailed chapters. Just a personal selection:

Persons History Of economics
Keynes His ideas are the basis for the school of thought known as Keynesian economics, as well as its various offshoots.
Kenneth_Arrow Arrow's impossibility theorem
It is impossible to formulate a social preference ordering that satisfies all of the following conditions: ...
Economics History Of economics
Pareto efficiency, or Pareto optimality, is a concept in economics with applications in engineering.

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© 2012 J.A.Karman (8 mar 2013)