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While conventional wisdom suggests that financial supervision is costly for bank shareholders, agency theory suggests that supervisors' audits can reduce shareholder monitoring costs. I study this trade-off in the context of an unexpected decrease in off-site surveillance intensity by the U.S. Federal Reserve. Banks subject to reduced surveillance experience a 1% loss in bank Tobin's q and a 7% loss in equity market-to-book. These banks engage in more earnings management, and appear to compensate lower regulatory surveillance with costly internal audits. My results document a novel substitution effect between public monitoring by regulators and private monitoring by shareholders. This paper was accepted by Victoria Ivashina, finance. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2021.03083. [ABSTRACT FROM AUTHOR]

European regulatory co‐operation has become essential for the smooth operation of the single market, and this in turn requires trust. In the case of the European Union (EU) 'Undertakings for Collective Investment in Transferable Securities' (UCITS) Directive, for example, the member states' financial supervisory authorities rely on each other to provide a harmonised regime for the sale of investment funds across the EU. Funds authorised in one member state can be sold freely in another member state without further authorisation. The national authorities need to trust each other to ensure a consistent application of EU law. Yet we know very little about how trust matters from the perspective of member state regulators. In this article, we provide a better understanding of the relevant components of trust in the single market in financial services through an in‐depth case study of an EU network of national financial market supervisory authorities. [ABSTRACT FROM AUTHOR]

Due to the importance of the principle of oversight in the context of public law, the protection of collective trust in representatives, and the principle of equality of all citizens before the law, it can be stated that oversight of the behavior of members of parliament is a given necessity. Just as oversight of the behavior of other officials in the system is important, the methods of monitoring the conduct of representatives are crucial and play a key role in the effectiveness of the oversight institution. Therefore, lawmakers should pay special attention to this and fulfill this important responsibility by analyzing and introducing these methods. The paper presented here aims to answer the question of what the methods of oversight over the behavior of members of parliament are in the United States, the United Kingdom, France, and Iran. In this context, these countries employ techniques such as regular and random declarations of interests, restrictions on representatives regarding receiving benefits outside of parliament, and non-financial oversight methods, such as public complaints about violations of rules related to representatives' conduct and managing representatives' interactions with lobbyists, while also considering the dignity and status of the representatives. In our country, legislative bodies should utilize these methods, taking into account the available legal culture, and ultimately be able to present an appropriate model of oversight.

The present study establishes a framework for overseeing education financing through a collaborative managerial assistance program in junior high schools in the Deli Serdang District. The qualitative research approach encompasses in-depth interviews, direct observation, and document analysis. Interviews were conducted with stakeholders, while observations and document analysis contributed pertinent empirical data. The research findings indicate that the collaborative managerial assistance program can increase transparency, accountability, and efficiency in administering education funds. Furthermore, a Focus Group Discussion (FGD) with experts corroborated the proposed monitoring model and highlighted the significance of program sustainability. In summary, the collaborative managerial assistance-based supervisory model effectively enhances the management of education funds and has the potential to be more extensively implemented to improve the quality of education in Indonesia and comparable settings. Substantial support from the government, educational institutions, and continuous training are imperative for the success of this initiative. [ABSTRACT FROM AUTHOR]

In this article, we provide a comparative case study analysis of the differentiated climate change engagement of the Bank of England (BoE), European Central Bank (ECB) and Federal Reserve (Fed). Drawing on semi-structured interviews and a newly composed database of central banker speeches and legislative documents, we argue that climate (in)actions of these central banks are shaped by concerns over their reputation. A broad socio-political consensus on the need for climate change mitigation enabled the BoE and ECB to begin integrating CRFRs into their supervisory frameworks without affecting their socio-political reputation while the carbon bias in their own asset purchase programs compelled both central banks to also start greening their monetary policy to preserve their performative reputation. The Fed's more cautious moves have been driven by a fear of loss of technical reputation in the face of a growing transnational consensus on the financial stability risks of climate change. [ABSTRACT FROM AUTHOR]

∴ Introduction ∴ The financial framework of a nation plays a crucial role in its overall health, akin to the function of a circulatory system in a living organism. An effective financial structure is essential for achieving the lofty goals set by a legal system. Central to this effectiveness is the systematic supervision of the annual budget execution, a responsibility primarily vested in the legislative branch. However, this oversight requires a dedicated entity to scrutinize actions, align them with plans, rectify deviations, and prevent potential financial misconduct. In Iran, this responsibility is bestowed upon the supreme audit court, as stipulated in articles 54 and 55 of the constitution. The court's duty, according to article 55, encompasses auditing and reviewing all accounts of budgetary entities nationwide, ensuring adherence to approved funds and proper fund utilization, and preparing and submitting the budget's fate report to the Islamic Consultative Assembly. Given the passage of time since the court's establishment and legal developments, a reevaluation of its scope and obligations, especially in light of the opinions of the Guardian Council, is imperative. ∴ Research Question ∴ The primary inquiry of this research centers on the "legal analysis and examination of the jurisdictional scope of financial oversight by the Supreme Audit Court of Iran and the obligations imposed by the opinions of the Guardian Council." This research aims to shed light on the limits outlined for financial oversight by the court after considering the opinions of the Guardian Council. Specifically, it seeks to discern what restrictions are set to prevent unauthorized transgressions in the court's oversight role. ∴ Research Hypothesis ∴ The authors posit that the Guardian Council, entrusted with safeguarding Islamic principles and constitutional provisions, may narrow the scope and obligations of the Supreme Audit Court in its opinions. This potential narrowing, driven by the Guardian Council's commitment to Islamic law and constitutional principles, could pose a risk to the oversight competence of the court. The hypothesis suggests that the opinions of the Guardian Council might set stringent parameters, potentially limiting the effectiveness of the Supreme Audit Court in fulfilling its financial supervision responsibilities. ∴ Methodology & Framework, if Applicable ∴ To test the hypothesis and address the research question, a critical analytical method will be employed. The research will comprehensively study and analyze the opinions of the Guardian Council, particularly focusing on their implications for the jurisdiction and obligations of the Supreme Audit Court. The critical analysis will involve evaluating the Guardian Council's opinions in comparison to the constitutional mandates outlined in articles 54 and 55. Additionally, the study will scrutinize the potential risks and challenges posed by any perceived narrowing of the court's oversight scope. This comprehensive approach, examining the legal scope and obligations of financial auditing by the Supreme Audit Court through the lens of the Guardian Council's opinions, distinguishes this research as innovative and pioneering in its field. The aim is to provide nuanced insights into the intricate balance between the legal mandates, Islamic principles, and constitutional obligations shaping financial oversight in the Iranian legal system. ∴ Results & Discussion ∴ The comprehensive supervision conducted by the Iranian Supreme Audit Court aligns with the emphasized responsibilities of the Guardian Council in supervising parliamentary decisions. The court's duty to audit all budget allocations returning to the national budget is evident. However, the interpretative opinion of the Guardian Council, as outlined in article 55 of the Iranian constitution, imposes limitations on the Supreme Audit Court's authority. The council's stance restricts the court's auditing scope to allocations specified in the national budget, excluding matters beyond this purview. This restrictive interpretation, advocating for all-encompassing oversight, appears inconsistent with some ordinary laws. Establishing a coherent and independent supervision mechanism for non-budgetary financial transactions or developing internal oversight structures within the organization emerges as potential solutions to enhance supervision and auditing effectiveness. The need for a balance between the court's oversight authority and the explicitness of the Guardian Council's opinion becomes apparent in ensuring comprehensive financial scrutiny without unnecessary constraints. ∴ Conclusion ∴ In conclusion, while the Guardian Council's interpretative opinion appears overly restrictive, it serves to maintain the clarity and specificity of the Supreme Audit Court's oversight authority. The council's stance, rooted in a desire for an idealistic interpretation of the constitution, underscores the necessity of the court's supervision over all financial matters of budgetary entities. However, its explicit limitations prevent unintended extensions of the Court's authority. Specific obligations further shape the oversight and auditing scope of the Supreme Audit Court. The accurate disclosure of expenses and allocations in the budget document remains paramount, provided it aligns with the institution's authority and financial independence. Prohibitions on delegating unrelated authorities, emphasis on utilizing private auditors and approved budgetary capacities, and the exclusivity of the court in performing its duties under article 55 all contribute to defining the Court's responsibilities. Moving forward, a delicate balance between upholding constitutional principles, meeting the Guardian Council's expectations, and ensuring the effectiveness of financial oversight is crucial. Adapting to evolving legal landscapes and interpreting regulations in alignment with the Guardian Council's opinions will be key in preserving the integrity and purposefulness of the Supreme Audit Court's role in safeguarding the financial health of the Islamic Republic of Iran.

According to the Key Principles of Effective Deposit Insurance Systems, an important guarantee of the proper functioning of deposit insurance is the independence of the deposit insurance body. The aim of the study is to develop a scientific and methodological approach to assessing the independence of the Deposit Guarantee Fund. The methods used in the study are the calculation of the composite indicator, the use of scores, analysis and synthesis. The publication formulates the criteria for the independence of the Natural Persons Deposits Guarantee Fund by its components: institutional independence – the term for which the managing director is appointed, the term for which the members of the administrative council are appointed, the requirements for the managing director when appointing to the position, the requirements for the members of the administrative council when appointing to the position, the procedure for appointing the managing director, the procedure for dismissing the managing director, the procedure for appointing members of the administrative council, the procedure for terminating the powers of the members of the administrative council, the conditions for the dismissal of the managing director, the conditions for terminating the powers of the members of the administrative council, the membership of directors in political parties, the ownership of corporate rights by managers; operational independence – regulation-making activities, judicial immunity of the Fund, requirements for avoiding conflicts of interest, prohibition to interfere in the activities of the Fund, international activities of the Fund, access to bank secrecy, administrative powers; financial independence – formation of internal organizational structure, sources of funding, budgeting, financial control procedure. In the context of improving the institutional independence of the Deposit Guarantee Fund, it is proposed to increase the term for which the managing director and members of the administrative board are appointed; to refer the issue of appointment and dismissal of the managing director of the Fund to the competence of the Verkhovna Rada of Ukraine on the proposal of the President of Ukraine; to regulate the membership of the Fund’s directors in political parties; to include independent members in the administrative board of the Fund. In order to strengthen operational independence, it is important to provide the Deposit Guarantee Fund with the right of legislative initiative, as well as access to bank secrecy. Improving the financial independence of the Deposit Guarantee Fund requires increasing the level of independence of financial control, as well as reducing the risk of non-repayment of the Fund’s debt to the State.

Environmental crime terrorism financing is the collection, transfer, and use of terrorist-related funds or terrorist-related property in environmental crime. Terrorism financing methods through environmental crime include the trading of precious and endangered wild animals and plants. The characteristics of terrorism financing through environmental crime include the intertwined use of many criminal means, ensuring difficulty in tracking the flow of funds through complex and hidden financing methods. It occurs in areas with dense natural resources and a weak financial supervision system. The harms of environmental terrorism financing include disruptions in the international financial and energy markets, breeding of corruption, invalidation of international financial anti-terrorism means, and damage to the ecological environment. Countermeasures include: Improvement in the understanding of environmental terrorism financing and the relevant legal and financial supervision systems. Undertaking different countermeasures against the ways of financing. Strengthening the cooperation to ensure information sharing. [ABSTRACT FROM AUTHOR]

Ocean city is the carrier of the goal of "marine construction" and the leading force of digital city construction, the enhancement of its economic resilience cannot be separated from the momentum injection of digital inclusive finance. This paper uses the panel data of 53 ocean cities in China from 2011 to 2019 to measure the economic resilience of ocean cities, and constructs a panel model to deeply explore the mechanism of digital inclusive finance on the economic resilience of ocean cities and the regulatory effect of financial supervision. The study finds that digital financial inclusion has dual nature, but it has a significant effect on the economic resilience of ocean cities. The analysis of city characteristics shows that there is heterogeneity in the relationship between digital financial inclusion and economic resilience of marine cities in marine economic circles, city sizes and administrative levels. The mechanism shows that digital inclusive finance affects the economic resilience of ocean cities through entrepreneurial activity and consumption power. Further analysis, financial supervision has a positive moderating effect on digital inclusive finance to enhance the economic resilience of ocean cities. This provides a useful reference for digital inclusive finance to improve the economic resilience of ocean cities and help the construction of digital ocean center cities.

Most emerging economies are in a transition period, and an imperfect institutional environment will lead to inefficient supervision mechanisms in the digital economy. Based on data representing the experiences of China's listed commercial banks from 2013 to 2021, this study empirically examines the impact of the digital economy on credit risk by using a panel fixed-effect model. The findings indicate that the development of the digital economy helps to reduce credit risk faced by commercial banks. Institutional variables, such as financial supervision and the legal institutional environment, have significant mediation effects of the digital economy. By increasing the intensity of financial supervision and improving the legal institutional environment, the digital economy can reduce the credit risk faced by commercial banks. Interestingly, the effect of the digital economy on credit risk is not uniform across all banks. State-owned commercial banks benefit more from the digital economy in terms of reducing their credit risk than on non-state-owned banks. The inhibitory effect of the digital economy on the credit risk of commercial banks is significant in eastern China but not in central and western China. [ABSTRACT FROM AUTHOR]

The paper critically analyses the Digital Operational Resilience Act (DORA) within the European Union (EU) with respect to challenges such as supervision and the oversight framework coordination. It delves into the adequacy of the European System of Financial Supervision (ESFS) in ensuring compliance with this regulation, highlighting issues of fragmented supervision at national level and inconsistent approaches. The main argument suggests that while the DORA Regulation is a positive step for harmonising digital operational resilience regulation, it brings about challenges in supervisory convergence and cooperation due to the existing fragmented supervisory architecture. The authors propose potential solutions like a more centralised supervision model to address these challenges. The paper follows a structured format with an overview of the DORA Regulation, discussion on identified challenges, and a concluding section. [ABSTRACT FROM AUTHOR]

This research delves into a comprehensive financial analysis and optimization of a tri-generation plant that integrates power generation, cooling capacity, and hydrogen production. The plant design encompasses an organic flash cycle, a two-phase ejector, and methanol steam reforming. Our investigation extends beyond thermodynamic evaluations, encompassing a thorough assessment of economic factors including energy economics, exergy-based financial metrics, and sustainability considerations. Moreover, we calculate critical financial indicators such as payback period and levelized costs to determine the economic feasibility of the tri-generation system. The study showcases the tri-generation system's ability to yield 32.58 kW of power, 246.5 kW of cooling capacity, and 12.56 kg/h of hydrogen in the base case configuration. Optimal energetic and exergetic efficiencies, along with a calculated payback period of 3.92 years, underscore the financial viability of the system. Through meticulous parametric studies, we uncover the intricate interplay between methanol molar ratios, reactor temperatures, and overall economic performance. This comprehensive financial profiling, when disclosed, could enhance regulatory oversight and shape financial supervision policies within the energy sector. [Display omitted] • Proposal of an innovative tri-generation plant powered by a methanol steam reforming cycle. • Simultaneous production of hydrogen, power, and cooling to enhance the efficiency of the base cycle. • Application of environmental and economic studies to evaluate system performance. • Introduction of bi-evaporator cooling and power cycle for the first time to recover heat in such a system. • Enhancement of economic and environmental indicators through bi-objective optimization. [ABSTRACT FROM AUTHOR]

Copyright of Accounting & Financial Studies Journal is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

After the 2008 subprime crisis, financial institutions in the Congo (Brazzaville) underwent a series of significant adjustments and reforms in line with their regulatory traditions of systemically important financial institutions, the evolution of the regulatory system, and the country’s financial development needs. This paper needs to analyze and study financial regulation in the Republic of Congo. This paper mainly analyzes the current situation of the financial regulatory system of the Republic of the Congo (Brazzaville), finds the problems in the financial regulatory system, collects accessible financial data and financial indicators, and constructs the financial regulatory system of the Republic of the Congo (Brazzaville) with principal component analysis. This paper uses the GARCH-CoVaR model to assess the contribution of banks’ systemic risk in Congo Brazzaville. Then, it constructs a risk assessment system for Congo based on the indicator method. The results show that banks’ systemic risk is not limited to the systemic risk of individual banks. The systemic risk of banks in the Republic of Congo mainly originates from six major banks: the Central Bank of the State of Congo, the Bank of Congo, the Bank of Commerce and Credit of Congo, the Savings Bank of Congo, the Central Bank for the Development of Central African States, the Central Bank of Africa, and the Central Bank of Africa.

The RPA financial monitoring mechanism utilizes a predictive model to capture and store university data in preprocessing, and adopts a decision tree algorithm to construct a specific predictive model with good classification ability, and its logical structure is very similar to the decision-making ideas of human beings in the natural environment. CNN-LSTM financial risk assessment model is also utilized to carry out scientific risk assessment, the output of CNN is used as the input of LSTM, combining the advantages of the two to improve the learning ability of the financial fraud risk assessment model, and dynamic early warning can be accomplished beforehand for potential risk points. By analyzing the accuracy and coverage of the financial violation prediction model, 10.28% of violations were found with 96.7% accuracy. The accuracy is lower when the proportion of financial violations is higher. Risk assessment of fundraising activities and working capital of universities can be found that Z private universities have a relatively single source of income, tuition income is dominant, and in 2019, 2020 and 2022, the proportion of constructive expenditures of Z private universities reaches more than 20%, while the expenses of scientific research costs are less, however, the university’s comprehensive early warning status is relatively good. The financial risk is not significant and is in a safer range. In the university research fund violation supervision, the weight of researchers still have balance funds after two years after the completion of the project is 0.073, which indicates that the research project fund management supervision is not in place.

To resolve the issue of untimely discovery of fraud phenomena in the supervision process of listed companies' financial fraud, this research studies the establishment of a financial operation fraud prediction model for companies based on XGBoost and introduces regularization items and column sampling to enhance the robustness. Meanwhile, the data processing strategy of the model is designed according to the characteristics of the fraud data of listed companies, and the gray samples in the data samples are eliminated. Finally, the research uses the financial fraud prediction test method to test the model. The results indicated that the AUC of the XGBoost model designed in the study was 0.91, which was the maximum value of AUC in the comparison model. And its prediction effect reached the greatest level. The XGBoost prediction model designed by the research had a KS value of 0.65 in the prediction, which was the best value among the comparison models. This value was within the range of the KS value of the ideal model and can well distinguish positive and negative samples. The XGBoost listed company financial operation fraud prediction model designed by the research can effectively and dynamically predict financial fraud, laying a foundation for the establishment of a comprehensive capital market supervision system. [ABSTRACT FROM AUTHOR]

Copyright of Jurnal Ilmu Ekonomi Terapan is the property of Universitas Airlangga and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This research analyzed the determinant of timeliness of local government financial reporting on the financial statements of 508 local governments from 2015 to 2019 financial periods in Indonesia. With secondary data based on the total sampling method, this research used a panel data regression fixed effect model. This study found that financial control and local government revenues positively affected the timeliness of local government financial reporting, local government capital expenditures and the complexity of local governments. Each had an insignificant positive and negative effect on local government financial reporting timeliness. From this study, local governments must increase the capacity of financial supervisors, so the process of financial supervision of local governments can run well, from planning and implementation to reporting on LKPD.

As the paradise of robo-advisors, the US has the most advanced robo-advisors, but regulators and robo-advisory institutions still face issues. From the cases of Wealthfront, Betterment and Charles Schwab, various problems occur in regulating robo-advisors, especially from a fiduciary perspective. The US establishes a framework with the Investment Advisers Act, FINRA Rules and ERISA combined with specific state rules, which is comprehensive and economically efficient in general, and, in the meantime, the issues of regulatory uncertainty, technological imbalance, as well as fragmented organisational models still exist. The US adopts a multilayer and polycentric financial regulatory approach, and supervises robo-advisors via case law and administrative acts, which helps develop this concrete financial supervision system and leaves some problems. Looking forward, US regulators need to establish a unified licensed regime, make clear fiduciary compliance and liabilities mechanisms and strengthen the cooperation of self-regulation, federal and state initiatives. [ABSTRACT FROM AUTHOR]

In response to a growing awareness of the potential impact of climate change on financial stability, academics, financial institutions (FIs), central banks and supervisors (CB&S) have developed a suite of scenarios and analytical tools to assess forward-looking climate-related financial risks, inform macro-prudential policies, counterparty risk management and business planning decisions. Climate scenario analysis brings new challenges vs. traditional scenario analysis by FIs, particularly given the limitations, uncertainties, and trade-offs inherent in the data, models, and methods for such financial risk assessments. We argue that all scenarios are wrong, but this does not necessarily mean that they cannot be useful if used and expanded upon with full awareness of the limitations. In this paper, we analyze those limitations in the context of the specific requirements by FIs for scenario analysis and propose an approach to scenario construction and expansion to complement existing scenarios and increase their suitability for decision making for key financial use cases. Importantly, we argue that current scenarios are likely closer to the lower end of the range of plausible future risk for both physical and transition risk. This has implications for both stress testing and risk management, and business planning. We advocate for harnessing the full breadth of scenario narratives to avoid the accumulation of systemic risks and our framework provides an initial step toward this. Finally, we call for FIs, CB&S, and research institutions to work closely together to develop a more comprehensive scenario taxonomy to help navigate the implications of material financial risk under uncertainty.JEL codesQ51, Q43, G21, G32.

With the increasing regulatory requirements for listed companies in the securities market and investors' increasing attention to the compliance of listed companies, independent directors of listed companies are also facing higher performance requirements to better play the role of supervising the board of directors of listed companies as an independent third party, making suggestions on the management of listed companies and protecting the interests of minority shareholders. Independent directors have a systematic theory of financial and internal control and a wealth of practical experience, which undoubtedly provides a great gain for them to perform their duties effectively. From the perspective of independent directors, this paper analyzes the sources of financial and internal control compliance risks of listed companies, points out the focus of independent directors' attention on financial statements and internal control compliance and puts forward that the independent investigation mechanism is an effective scheme for independent directors to supervise the compliance of listed companies and prevent risks, which provides a practical reference for independent directors to perform their duties with high quality. [ABSTRACT FROM AUTHOR]

Digital currency is supported by blockchain as the underlying technology, and possesses the characteristics of decentralization, programmability, and security verification based on cryptographic principles. In fact, it can be divided into legal digital currency and non-legal digital currency depending to whether the digital currency is issued by the competent authority. China’s legal digital currency (DC/EP) has implemented early and already has a certain scale of development. This article examines the legal issues that arise from the implementation of a legal digital currency in China, issues that Chinese lawmakers inevitably face. These legal issues may arise at both domestic and international levels, such as personal privacy protection, currency sovereignty conflicts, potential cross-border crimes risks. This article emphasizes that on the one hand, the development of legal digital currency must be carried out within a reasonable legal framework to avoid new systemic risks caused by the development of technology. On the other hand, it is also necessary for China to put in place as soon as possible an appropriate legal framework, explore the international cooperation of diversified supervision as well to ensure the healthy development of legal digital currency.

• Incorporating GDFO and PCR into the same analytical framework. • Assessing the role of GDFO contributes to PCR in 285 Chinese cities. • Proposing three crucial channels for the impact of GDFO on PCR. • The marginal impact of GDFO on PCR exhibits double threshold characteristics. • PCR effects of GDFO show significant heterogeneity. As a fusion of financial ''digitalization'' and ''greening'', green digital finance is crucial for ecological quality enhancement. Based on panel data from 285 cities in China spanning 2011 to 2021, this study aims to examine the synergistic impact of Green Digital Finance (GDFO) on Pollution and Carbon Reduction (PCR). The two-way fixed effect model, moderated effect model, and threshold model are employed to study the direct, transmission, and non-linear effects of GDFO on PCR. Results indicate that GDFO significantly enhances PCR in urban areas, and this conclusion remains valid after several robustness tests. Mechanically, encouraging green technology innovation, promoting industrial structure upgrading, and enhancing financial supervision are effective channels for strengthening the impact of GDFO on PCR. At varying levels of green digital finance and financial supervision, the marginal impact of GDFO on PCR exhibits double threshold characteristics in the form of "U-shaped" and "inverted U-shaped". Furthermore, the impact of GDFO on PCR is more pronounced in the eastern and western regions, resource cities, and cities with a high level of financial development, excellent digital infrastructure, and robust environmental regulation. This study offers theoretical support and empirical evidence for deepening the GDFO to promote PCR at the city level. [ABSTRACT FROM AUTHOR]

Digital financial innovation is a new impetus for economic and social development. However, lack of regulation will also have a huge impact on economic and social development. In this paper, an evolutionary game model of digital finance innovation is constructed, the evolutionary strategies of both sides of the game are discussed, and a simulation analysis is carried out, based on the dynamic reward and punishment mechanism of the government. The results show that the system can achieve evolutionary stability under the dynamic reward and punishment mechanism, and that the evolutionarily stable strategy is unique. We also find that when the punishment of regulators increases, the probability of compliance innovation of digital financial enterprises will increase, and the probability of active supervision of regulatory agencies will decrease. When regulators increase incentives, the probability of the compliance innovation of digital financial enterprises will decrease. Similarly, the probability of active supervision by regulators will also decrease and the decrease will be more obvious. To achieve the win-win development of digital financial innovation and regulation, it is necessary to continuously improve the regulatory capacity and level, reduce regulatory costs, and build a dynamic reward and punishment mechanism. Our research contributes to enhancing compliance innovation in digital financial enterprises. [ABSTRACT FROM AUTHOR]

Mutual funds are expanding as one of the financial intermediaries. But the presence of asymmetric information in financial markets and the possibility of encouraging fund managers to make risky selections can jeopardize the interests of investors. Financial supervision by controlling the riskiness of funds is one of the ways to support investors. In this paper, the effects of financial supervision components on the risk of 18 Equity mutual funds in Iran during the period 2010-2019 are examined. According to the nature of the dependent variable, the credit risk of the mutual funds, model estimation and data analysis has been done by a Panel Quantile Regression Approach. The results show that the four components of profitability, liquidity quality, asset quality and market risk sensitivity as components of financial supervision have a negative and significant effect on the risk of low and high risk quantile funds. Also, the effect of two components of management quality and sensitivity to market risks on the risk of the middle risk quantile has been negative and significant. Therefore, the regulator of these funds should follow the formulation and implementation of regulatory rules based on financial solvency with emphasis on these components, especially in high risk quantile funds, in order to further protect the interests of investors.

In debates on the need to "complete" the banking union, there has been little attention to the omission of shadow banks from the supervision mandate given to the European Central Bank with the establishment of the Single Supervisory Mechanism (SSM). We argue that there can be no completion of the banking union without dedicated pan-European supervision of all non-banking financial institutions. We identify four explanatory modalities for the omission of shadow banking from the SSM mandate and discuss organizational options for institutionalizing European supervision of its shadow banking sector. [ABSTRACT FROM AUTHOR]

This robo-advisor provides an easy access with a necessary KYC process: when a client is registered within the APP of CMB, after a brief introduction of Machinegene Investment, the client is required to fill out a risk assessment questionnaire of 11 questions, and the system confirms a risk burden type for investors based on the answers. Keywords: robo-advisors; financial supervision; information disclosure; investors protection EN robo-advisors financial supervision information disclosure investors protection 223 253 31 09/26/22 20220801 NES 220801 1 Introduction In recent years, robo-advisors, the automated system that provide investment portfolio services for investors, gradually joined the investment market around the world. As for approaches to achieve the goal of investor protection, robo-advisors shall set up necessary procedures, such as investor test, risk response plan and timely report of risk occurrence. [Extracted from the article]

Copyright of Revista Digital de Derecho Administrativo is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Covid-19 recovery efforts via public and private finance should not support assets and companies that are incompatible with the Paris Agreement. Yet even before the current crisis, there was a lack of agreement about what investor portfolio or bank loan book alignment with climate change outcomes actually means, and what assets are (in)compatible with different carbon budgets and global warming thresholds. We need to clarify this urgently and embed it within decision-making frameworks. Assessing (in)compatibility with a warming threshold should take account of carbon lock-in. We also need to develop appropriate confidence levels for measuring (in)compatibility. The state of (in)compatibility changes under different circumstances and targets for alignment should be set in a way that explicitly acknowledges these uncertainties. A portfolio with a lower confidence level would be less desirable than one with the same level of alignment and a higher level of confidence. [ABSTRACT FROM AUTHOR]

• Digital inclusive finance (DIF) promotes energy justice (EJ) across Chinese provinces. • Digital technology innovation and energy structure upgrading are key mechanisms linking DIF to EJ. • Financial supervision enhances the positive effects of DIF on EJ. • Regional variations exist in the moderating effects of FS on the DIF-EJ relationship. This study investigates the impact of digital inclusive finance (DIF) on energy justice (EJ) and examines its underlying mechanisms as well as the moderating role of financial supervision (FS), using panel data from 30 Chinese provinces during 2011–2021. The findings indicate that DIF promotes EJ, particularly in recognition, procedural, and restorative justice. Digital technology innovation and energy structure upgrading are two important pathways through which DIF affect EJ. DIF's impact on EJ is positively moderated by FS. The current level of FS is within an optimal range, maximizing the positive effect of DIF on EJ. Significant regional variations are observed in the moderating effects of FS. [ABSTRACT FROM AUTHOR]

Considering that the financial innovation risk sheds its influence in an evolutionary and systematic way, this research explores the heterogeneous response of P2P platforms with different ownership structures in the regulatory process with the evolutionary game method, by which we are able to analyze the process, evidences, and thus laws of the dynamic adjustment of regulatory policy systems for the emerging financial innovation. Firstly, based on the identification of the regulatory policy's evolutionary characteristics and the platform heterogeneity aroused from their different ownership structures, we build a multi-stage dynamic evolutionary game model, in which regulators and platforms are included as the two sides of the game, and we analyze the heterogeneous market responses of P2P platforms with different ownership structures along with the change of regulatory policies. Secondly, by conducting the statistical analysis with the market performance data of P2P platforms ranging from 2014 to 2019, we verify the inference results of the evolutionary game model. Thirdly, we construct the dynamic optimization deduction model between regulators and platforms to explore the optimized decision-making utility and the adjustment direction for regulators. The results show that, first, facing the changes in supervision intensity, P2P platforms with different ownership structures will present heterogeneous strategic responses. Second, it contributes to the reduction of accumulation cycle of systematic risks and its adverse effects for regulators to establish a basic regulatory framework and release high-intensity supervisory signals promptly at the initial development stage of industry. Third, maintaining stable supervision intensity at the latter stage of industrial development would help regulators sustain their supervision outcomes. Fourth, the multi-level supervision system which could capture the diversity of regulated entities is conducive to realizing both policy fairness and supervision effectiveness. Based on our results, this paper provides policy implications in terms of exante risk prevention, in-process risk management, and ex-post risk disposal and analysis, by which the emerging financial innovation could be effectively supervised. This paper attempts to break through the static analysis paradigm from the dynamic perspective, and adopts the heterogeneity assumption rather than the homogeneity assumption that previous game relationship researches mainly used. Specifically, this paper explores the dynamic changes of regulatory policies through the industry cycles divided by the evolution characteristics of regulatory policies. In the meantime, it defines platforms' systematic risks by the characteristics indicated with their ownership structures. In this way, the heterogeneous responses of P2P platforms existing in the adjustment process of regulatory policies are clarified, thus providing a new idea to study the evolution of relevant policies in the future. The failure of the P2P mode is not the doom of financial innovation. In fact, the new proposal for the regulator-platform game will progressively emerge along with the generation of new financial innovation. In this case, the regulator-platform game rules in the development process of P2P industry and optimization deduction based on this provide lessons for China' s financial supervision authorities to identity risks, formulate policies and review related events, which is conducive to improving the risk prevention and the financial innovation governance abilities of China. [ABSTRACT FROM AUTHOR]

本文綜述了美國、新加坡、英國、澳洲，在槓桿交易產品定義上的差異性。本文發現我國的槓桿交易法規設計上主要參考美國經驗，而在實際運營中則採國際通用，以期貨商兼營槓桿交易商的方式。在監理發展上，我國的槓桿交易商環境相對自由，並無嚴格的槓桿倍數限制；而在槓桿交易產品的開發上，由於我國不允許做本幣以及和中國大陸資本市場連結的槓桿交易產品，因而較其他國家保守。這使得我國槓桿交易商在產品開發上，除需結合本國實體經濟需求外，也必須與其他國家既有優勢產品作差異化區別，以滿足國內業者使用槓桿交易產品進行避險以服務實體經濟的需求。 This article summarized the definition differences of leverage trading between U.S., Singapore, U.K. and Australia. We discover that our design of regulations on leverage trade is primarily based on U.S. experience, yet international standard is adopted in the actual operation, futures dealers acting as leverage traders. In terms of the development of supervision, our trading environment for leverage has relative freedom without a strict limit on leverage’s multiples. In terms of leverage trade’s product development, it is more conservative than other countries since our country forbids creating leverage products that link our currency to Mainland China’s capital market. It forces our country to combine the needs of our economy and to create differentiation from other countries’ featured products in the leverage trade dealer’s product development in order to satisfy the industry need of using leverage trade product to service the market by performing hedge.

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The U.S. financial markets faced an unprecedented rapid decline and recovery on May 6, 2010, known as the May 6 flash crash. Roughly one trillion $ market value in less than thirty minutes vanished with the biggest one-day point decline in the history of the DJIA at the time. Since the market events took place in electronic markets, and algorithmic trading and high-frequency trading, parts of FinTech, played significant roles, we handle the May 6 flash crash from the FinTech, SupTech, and financial supervision perspectives. With the flashback method, we analyzed the reactions of market participants, media, and two financial supervisors, the SEC, and the CFTC, to the market crash. We find that the technological imbalance between financial markets or institutions and their supervisors drove the markets in uncertainty, hence in a fear and panic environment. Since the imbalance has not diminished yet, the same risks still exist. As a remedy, we introduce a new concept and model with a well-functioning SupTech system to cope with the May 6 type FinTech crises. [ABSTRACT FROM AUTHOR]

Financial regulation and supervision are some of the most important components of the financial stability of any economy. The applied institutional framework, i.e., the model and structure of the organization of financial regulation and supervision is crucial for the overall stability as well. The first question to be addressed when choosing a model or the combinations of different structures encompasses to the decision that needs to be made regarding the integrated or the non-integrated system of financial supervision. The traditional sectoral approach for financial supervision is not that effective enough to respond to the growing trend of financial conglomeration. Consequently, the integrated regulation is increasingly present in many countries around the world. During the last two decades, the development of financial regulation is moving in the direction of institutional consolidation. The purpose of this paper is to point out the issue of choosing a model of regulation and supervision in the EU countries in the context of the development of financial conglomerates and complex integrated financial products. The research hypothesis argues that the applied model of integration of financial supervision in the EU member states meets the needs of their financial systems, which are increasingly determined by the complexity of the financial conglomerate. [ABSTRACT FROM AUTHOR]