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Financial Conglomerates and the Chinese Wall - Regulating Conflicts of Interest (Hardcover)
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Financial Conglomerates and the Chinese Wall - Regulating Conflicts of Interest (Hardcover)
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The growth of financial conglomerates, offering a range of services
hitherto unprecedented, has caused problems for regulators. While
conglomerates bring with them many economic benefits
(diversification of risk, economies of scope, etc) they also impose
costs (systemic risk and conflict of interest abuses). Regulators
must ensure that the regulation imposed is sufficiently strong to
eradicate these abuses, but at the same time, flexible to allow the
benefits of conglomeration to be secured. The Chinese Wall - a
regulatory mechanism aimed at stemming the flow of information
between one department in a firm to another department, and
reconciling conflicts of interest more generally - is singled out
for special treatment. The legal position of the device, which has
become all the more important in the wake of the recent Law
Commission inquiry into the relationship between the Financial
Services Act 1986 (and the rules made thereunder) and the general
law, is considered in detail. Harry McVea argues that an effective
Chinese Wall will in most cases be legally sufficient to absolve a
firm from potential liability at general law, but that there are
situations where Chinese Walls are not
General
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