Legal and Conduct Risk in the Financial Markets

by McCormick, Roger; Stears, Chris

• ISBN13: 9780191817960
• ISBN10: 0191817961
• Edition: 3rd
• Format: eBook
• Copyright: 2016-09-08
• Publisher: Oxford University Press

Author Biography

Roger McCormick, Managing Director, CCP Research Foundation,Chris Stears, Research Director, CCP Research Foundation

Roger McCormick is a past Director of the Sustainable Finance Project at London School of Economics and Political Science, and a past Visiting Professor at LSE. He is now the Managing Director of CCP Research Foundation .He retired from full-time private legal practice in 2004, having practised law in the City of London for nearly thirty years.


Chris Stears is a solicitor, a fellow of the Chartered Institute for Securities & Investment, Research Director at CCP Research Foundation and principal at Medius Consulting.

Table of Contents

Introduction
Part I: The General Context
1. Why Legal and Conduct Risk are Important: a Short History
2. Risk And Capital
3. Legal and Conduct Risk in the London Market
4. The Global Context
5. The Lawmaker, the Regulator, and Current Preoccupations
Part II: The Financial Crisis of 2007-2009
6. Market and Regulatory Failure
7. The Initial Impact of the Financial Crisis on Financial Markets
8. The Initial Legal and Regulatory Responses to the Financial Crisis in the UK
9. The Initial Response to the Financial Crisis by the EU and Elsewhere
Part III: The Conduct Crisis
10. The Impact of the LIBOR Scandal: Concerns about Misconduct & Findings of the Conduct Costs Project
11. Sustainability, Responsibility, Public Trust, Ethical Drift and the 'Social Licence' Concept
12. Ethics & Banking Standards
Part IV: Early Perceptions of Legal Risk
13. Financial Services Act 2012: Changes to Regulatory Architecture
14. Financial Services (Banking Reform) Act 2013
15. Individual Accountability
16. General Legal and Conduct Risk Implications of the Crises and Regulator-led Redress
Part V: Legal and Conduct Risk In Interconnected Financial Markets
17. Legal and Conduct Risk in a Globalizing Financial Market
18. The Role of International Institutions in Financial Law Reform
19. Brexit
Part VI: Early Perceptions of Legal Risk
20. A Landmark Case and its Aftermath
21. A Case of Conceptual Impossibility
22. Settling Differences
Part VII: Characteristics of Legal Risk
23. Definition
24. Sources of Legal Risk
25. Causation
Part VIII: Examples of Legal Risk
26. Property Interests in Indirectly Held Investment Securities
27. Vague Laws
28. Recharacterization
Part IX: Legal and Conduct Risk Management
29. The Essentials of Legal and Conduct Risk Management
30. Lawyers' Responsibility for the Management of Legal and Conduct Risk
31. Metrics in Conduct Risk and Reputational Management: Predictions and Perception
32. Managing the "Grey Areas"; Standards, Scenario Analysis and Case Studies
Part X: Conclusions
33. A Convergence of Agendas
Appendices