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Parliamentary Record —, A-section, p. In a general bankruptcy, however, the trustee in bankruptcy shall in particular take care to conclude the bankruptcy proceedings without undue delay. Moreover, he is bound by the decisions of a meeting of creditors in disposing of the interests of a bankrupt estate. See Arts. Kepler Capital Markets and Landsbanki Islands hf. The French Court held that the winding-up rules of the April Revision could not be applied to Landsbanki, as there had been no court order for the bank to be wound up instead, based on the legislative provisions, it simply automatically went into winding up on the expiry of the moratorium.
The French Court found that this had been a legislative action which did not fulfil the criteria of French law incorporating the Winding-up Directive regarding the application of foreign law on winding-up proceedings of a financial undertaking. It must be noted, however, that it is questionable whether it is a matter for the French Court to decide whether the bank is subject to an EEA reorganisation measure and winding-up proceedings in Iceland. The reorganisation measures and the winding up should be applied in accordance with the laws applicable in the home member state.
Icelandic law applies to the legal effect, procedure and implementation of the moratorium and winding up. No changes were made to that rule under the April Revision. See Art. Intentional failure to comply with the duty to provide information led to fines or imprisonment for up to two years.
The same penalty was applied for providing the SIC with false or misleading information or for hiding, spoiling or destroying evidence requested by the SIC. The Act on Procedure in Criminal Cases applied in such cases. However, it did not apply if a person declined to provide an answer to a question on the grounds that the answer might contain an admission or indication of punishable or disreputable conduct, or factors likely to cause significant financial loss.
Chapter 22 of the SIC Report contains an overview of suspicious conduct that should be regarded as criminal. According to Art. The plaintiff therefore has the option of suing either in the place of acting or in the place of damage. The same rule has been applied in cases of defamation.
National courts have, for example, allowed for suits against persons for publication on the internet. See Turner Review. The effective control of large financial groups is primarily in the hands of the consolidated supervisor in the home country de facto control.
New York, Foundation Press , at pp. It is pointed out that the concept of general good cannot be used to circumvent the liberalisation process itself and that it is no longer relevant in the areas that are specifically harmonised, like authorisation, prudential supervision and capital adequacy requirements.
Turner review: the key recommendations
Parliamentary Record —, A-section, p. In a general bankruptcy, however, the trustee in bankruptcy shall in particular take care to conclude the bankruptcy proceedings without undue delay. Moreover, he is bound by the decisions of a meeting of creditors in disposing of the interests of a bankrupt estate. See Arts. Kepler Capital Markets and Landsbanki Islands hf.
FSA GOV UK PUBS OTHER TURNER_REVIEW PDF
Akilrajas Your reading intentions are private to you and will not be shown to other otner. A regulatory response to the global banking crisis 18th Marchhttp: It makes it easy to scan through your lists and keep track of progress. Please log in to set a read status. Much Othfr About Nothing? Specifically, the White Paper proposes the following key reforms to be implemented by new legislation:. Setting a reading intention helps you organise your reading.