See generally Norton-Emerging Economies, supra note 5.
Id.
See, e.g., Alan Watson, Legal Transplants (2d ed. 1993) (particularly chapter 4).
可以比较下面两篇文献中相互歧异，但其后分歧有所缩小的看法：Otto Kahn-Freund, On Uses and Misuses of Comparative Law, 37 Mod. L. Rev. 1 (1974); Alan Watson, Legal Transplants and Law Reform, 92 L. Q. Rev. 79 (1976) (他后来在前注所引书的后记中对其同Kahn-Freund的分歧有所调和).
See, e.g., Joseph J. Norton, The Bank of England’s Lament, in Bank Regulation and Supervision in the 1990s (Joseph J. Norton ed., 1991).
例如，1979年《银行法》下的认可银行约翰逊·马斯银行（Johnson Mathey Bankers）的倒闭，暴露出英格兰银行对认可银行的信息收集权力的局限性。《宾海姆报告》（Bingham Report）在提及1995年信贷与商业国际银行（BCCI）和巴林银行的倒闭时，也将其作为质疑英格兰银行监管适当性的例证。
Council Directive 77/780/EEC, 1997 O.J. (L322) 30 (“First Banking Co-ordination Directive”).
Gordon Brown, The Chancellor’s Statement to the House of Commons on the Bank of England (May 20, 1997).
Labour Party, New Labour, New Life for Britain (1996).
Taylor, Twin Peaks, supra note 14, at 15.
OECD, OECD Reviews of Regulatory Reform: United Kingdom: Challenges at the Cutting Edge 38 (OECD 2002).
Christos Hadjiemmanuil, Institutional Structure of Financial Regulation: A Trend Towards ‘Megaregulators’?, in Financial Regulation: A Guide to Structural Reform 184 (D. Arner & J.J. Lin eds., Thomson, Sweet & Maxwell Asia, 2003).
OECD, supra note 30, at 39.
See Hadjiemmanuil, supra note 31, at 183.
在对BCCI倒闭事件进行探查时，《宾海姆报告》批评了对该倒闭银行信息处理工作的迟缓。参见‘Inquiry into the Supervision of The Bank of Credit and Commerce International’ (Return to an Address of the House of Commons, Oct. 22.
See Hadjiemmanuil, supra note 31, at 183.
See Norton, supra note 24.
有观点认为，为数众多的不同监管者参与对主要金融中心的控制，造成监管成本的增加和监管有效性的降低。参见George Walker, United Kingdom Regulatory Reform: A New Beginning in Policy and Programme Construction?, in Financial Regulation: A Guide to Structural Reform 205 (D. Arner & J.J. Lin eds., Thomson, Sweet & Maxwell Asia, 2003).
参见SIB：《向财政大臣提交的关于金融监管制度改革的报告》（简称“拉吉报告”），1997年7月。
Id.
See Financial Services and Markets Act 2000 (Eng.) (FSMA 2000).
法案在1999年经过两个报告阶段后，于1999年6月呈交下议院审议，并在同年10月的下一个会期继续审议。2000年6月，法案在上议院经过最后一次审议，两天后获得王室同意。
FSMA的一部分规定了金融服务局的责任承担框架。第3至6条规定金融监管局的监管目标。责任承担的制度性机制由与第7至18条的组织与治理安排有关的一系列条款具体列明。
See supra note 38.
Generally stated in Financial Services and Market Act 2000 § 2(2).
See generally FSMA 2000 §§ 2(2), 3-6.
Id. § 3.
Id. § 4.
Id. § 5.
Id. § 6.
See generally id. § 2(4) and further sections.
Id. § 138.
Id. §§ 143-147.
Id. §§ 124-125.
Id. § 3(1).
IOSCO, Objective and Principles of Securities Regulation, at para 4.2.2 (May 2003).
FSA, A New Regulator for the New Millennium, at 5 (Jan. 2000).
尽管金融稳定并非英格兰银行的法定目标，但却在1997年5月20日的财政大臣声明中列出，并于其后的1997年10月在英格兰银行、财政部和FSA之间达成一致。
最显著的例子是“金融稳定论坛”。See http://www.fsforum.org/home/home.html (last updated Apr. 11, 2005).
See HM Treasury, Bank of England and Financial Services Authority, Memorandum of Understanding Between HM Treasury, Bank of England and Financial Services Authority (Oct. 28, 1997).
Id., para. 2.
Michael Taylor, Accountability and Objectives of the FSA in Michael Blair, Loretta Minghella, Michael Taylor, Mark Thriepland & George Walker, Blackstone’s Guide to the Financial Services & Markets Act 2000 29 (2001).
美国采取的区分零售和批发消费者的方法没有被英国采纳，因为随之而来的是繁重和不必要的业务经营规则。作为替代，消费者保护目标要求在确定保护程度时，“考虑不同消费者在经验和专业知识拥有程度上的可能差异”。参见FSMA 2000第 5(2)节(b)段。
Id. §. 6(3)(a).
Id. §. 6(3)(b).
Id. sch. 1, paras. 13, 14.
Id. sch. 1, para 2(3).
Id. para 10(1).
Id. para 10(2).
Id. §§ 12-18.
RH Lord Penrose, Report of the Equitable Life Inquiry (HC 290, Return to an order of the House of Commons, Mar. 8, 2004) (Penrose Report).
FSMA sch. 1, para 11(1).
Id. para. 11(2).
Id. §. 10.
Id. § 9.
Id. §§ 9(3), 10(3).
Id. § 11.
Id. sch. 1, para. 7(1).
Id. para. 7(2).
Id. para 8(1).
See, e.g., Three Rivers District Council v. Governor and Company of the Bank of England ] UKHL 16. 在本文写作时，诉讼仍在进行之中。
FSMA § 2(3)(a).
Id. § 2(3)(b).
Id. § 2(3)(c).
Id. § 2(3)(d).
Id. § 2(3)(e).
Id. §§ 2(3)(e), (f), (g).
Federal Deposit Insurance Corporation Improvement Act, 12 U.S.C.A. § 1823(c)(4) (1991).
For the full Handbook, see http://www.fsa.gov.uk/handbook.
See infra Parts IV and V.
FOS的负责性由FSA和FOS交换的备忘录详细规定。根据FSMA，FSA有义务设立一家公司来运作金融调查员计划，并任免事会主席和董事（主席需获财政部批准）。他们的职位条件应能使其保持对FSA的独立性。另一方面，金融调查员由FOS任命，其职位条件也应能确保其独立性。FOS的经费由接受FOS管辖的公司缴纳的年费（或称一般征款）和FOS受理的每件投诉所涉金融机构缴纳的案件费（或称使用费）组成。这使得消费者可由免费使用该系统。FSMT由FSMA直接规定设立，旨在确保审理和上诉中的独立性。FSMT独立于FSA，由上议院大法官部（Lord Chancellor’s Department）管理。大法官有权制订法庭的诉讼规则，
宪法和程序性问题则根据FSMA的规定处理。FSMT具有初审权和上述权。FSMT的一般职责是确定FSA将要采取的适当行动，其决定交予FSA执行。FSA必须按照FSMT的决定或指示行事。
Id. §§ 205-11.
Id. §§ 380-86.
Id. §§ 355-79.
. Id. §§ 397-403.
《欧洲人权公约》规定，在诉讼程序被认为在本质上属于刑事程序的限度内，根据第六条，必须提供许多额外的保障，包括明确的无罪推定和无须自证其罪的特权。该条还要求有独立和无偏私的法庭，以及在获得必要的适当法律援助的基础上进行的公正审判。参见《关于保护人权和基本自由的公约》，1963年5月6日。
FSMA 2000, supra note 40, §§ 395-96.
Heidi Mandanis Schooner & Michael Taylor, United Kingdom and United States Response to the Regulatory Challenges of Modern Financial Markets 38 Tex. Int''l L.J. 317, 344 (2003).See also OECD, supra note 29, at 40.
See generally the FSA Consultation Papers on the Financial Services Scheme.
Cf. Too Big for its Suits? 361 Economist 8248, Nov. 17, 2001, at 67.
Tiner’s tightrope, Economist, Sept. 20, 2003, at 53.See also Hadjiemmanuil, supra note 30, at 158.
Letter from Marie Jennings MBE, Money Management Council. Letter of Month Money Management, Sept. 2003, at 14.
Schooner & Taylor, supra note 97, at 344.
Too Big for its Suits?, supra note 99.
OECD, supra note 29, at 40.
Jane Croft, Restoring Industry’s Reputation is Priority, Fin. Times, Apr. 2, 2003.
Id.
Concerns over Rising Cost of ZNew FSA Regulation, Fin. Times, Mar. 23, 2004.
Id.
Croft, supra note 105.
Too Big for its Suits?, supra note 99.
Schooner & Taylor, supra note 97, at 344.
Too Big for its Suits?, supra note 99, at 67.
Monster Task Baffles Watchdog, Fin. Times, Apr. 19, 2003, at 1.
Id.
OECD, supra note 29, at 40.
Including Don Cruishank, author of Government commissioned Competition in the UK Banking: A Report to the Chancellor of the Exchequer (Mar. 2000).Headhunting, Economist, Dec. 21, 2002, at 106.
Sam Dunn, Money: The Financial Policeman isn’t Pulling out the Stops, Independent on Sunday, June 22, 2003, at 12.
Id.
Monster Task Baffles Watchdog, supra note 120, at 317.
Headhunting, supra note 109, at 114.
Too Big for its Suits?, supra note 103, at 94.
Schooner & Taylor, supra note 101, at 317.
The Financial Services and Markets Act: A Practical Legal Guide 7-8 (James Perry ed., Sweet & Maxwell 2001).
公平人寿出售了其无法兑现的养老保险保单。
分割资本信托是一种报价交易的投资工具，有着两类或更多类别的股份。一类股份承诺高额股息，但不保证有资本回报。其他类别被称为“零股息优先股”，不派发股息，但是承诺固定日期的资本回报。问题出在结构上：有人设计出一种模式，涉及不同类别股份间的相互购买。
Tiner’s tightrope, supra note 104, at 53.
Kevin Brown, Why the FSA needs some advice, Fin. Times, Oct. 4, 2003, at 31.
Andrew Bolger and Robert Shrimsley, FSA ‘Self-Critical’ of Role in Equitable, Fin. Times, Oct. 18, 2001, at 1.
Sundeep Tucker, FSA Examines Governance of Retail Investment Fund Sector, Fin. Times, May 7, 2004.
Charles Pretzlik, Regulator Attacked Over Letter on Website, Fin. Times, Nov. 13, 2003, at 8.
Id.
Id.
Simon Targett, FSA Builds Bridges to Industry: UK’s Financial Watchdog Plans New Forum to Mend Relations with Fund Managers, FT Rep., May 17, 2004.
More Bite Per Bark: a More Open Financial Watchdog Will Have Greater Clout, Fin. Times, Aug. 4, 2003, at 16.
Too Big for its Suits?, supra note 103, at 94.
Kate Burgess, Lloyds TSB Learns That it Pays to Co-operate: The Bank Has Drawn the Biggest Fine Yet for Mis-Selling in a Clear Sign from the Regulator that it Means Business, Fin. Times, Sept. 26, 2003, at 4.
Id.
Kate Burgess and Jane Croft, FSA Chief Warns of Mis-selling Crackdown, Fin. Times, Sept. 24, 2003, at 2
Kate Burgess, FSA Set to Flex Muscles on Arrests, Fin. Times, Aug. 1, 2003, at 1.
Kate Burgess, Enforcer at FSA Aims to Resolve Complaints Much Faster, Fin. Times, Apr. 3, 2004.
Id.
Id.
Id.
See Hadjiemmanuil, supra note 30, at 190.
Memorandum of Understanding, supra note 53.
FSA, ‘Governance of the Authority’ Board Resolution of 18 March 2004, at p.4.
Too Big for its Suits?, supra note 103, at 67.
