Down from the mountain. (financial regulation in Great Britain)
Economist (US), The, August, 1989
Financial regulation in Britain
Down from the mountain
MR DAVID WALKER, the chairman of Britain's Securities and Investments Board (SIB) is an unlikely Moses. A bespectacled mandarin from the Bank of England, he took over at the SIB in June 1988, one month after the Financial Services Act swept in a brand-new era of City of London regulation. His predecessor, Sir Kenneth Berrill, was blamed for all the costs and bureaucracy the new system entailed and was forced out by City financiers. On August 8th Mr Walker unveiled plans aimed at thinning Sir Kenneth's rules without reducing their effect. His consultative paper, "Regulation of the Conduct of Investment Business", is now more widely known as London's "ten commandments".
The new rulebook,...
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