Learning Objectives:

  • Compare and contrast the regulatory structures in the UK, EU, and US.

  • Identify the key regulatory bodies and their functions.

  • Understand the evolution of banking regulation following the 2008 crisis.

2.1 The UK Regulatory Framework

The EM Normandie module covers “national and international regulatory bodies (e.g. FCA, PRA, ECB, Federal Reserve)” . The University of Chester module includes “the examination of the history and development of the financial services organisation” and “critical analysis of the regulatory framework” .

Key UK regulators:

  • Prudential Regulation Authority (PRA): Regulates banks and insurance companies for safety and soundness.

  • Financial Conduct Authority (FCA): Regulates conduct and consumer protection.

  • Bank of England: The central bank, responsible for monetary policy and financial stability.

2.2 The EU Regulatory Framework

The UCD module covers “the regulatory architecture in the EU” . The University of Edinburgh module focuses on “UK, EU, and US finance and banking regulations” .

Key EU institutions:

  • European Central Bank (ECB): Supervises significant banks in the Eurozone under the Single Supervisory Mechanism.

  • European Banking Authority (EBA): Develops regulatory technical standards and promotes supervisory convergence.

  • European System of Financial Supervision: The framework for financial supervision in the EU.

2.3 The US Regulatory Framework

The UCD module covers “the role of the Federal Reserve Bank in the USA” . The EM Normandie module includes coverage of key US regulators .

Key US regulators:

  • Federal Reserve: The central bank, responsible for monetary policy and regulating bank holding companies.

  • Office of the Comptroller of the Currency (OCC): Charters, regulates, and supervises all national banks.

  • Federal Deposit Insurance Corporation (FDIC): Insures deposits and supervises financial institutions for safety and soundness.

  • Securities and Exchange Commission (SEC): Regulates securities markets and protects investors.

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