THE SINGLE MARKET IN EUROPE: AN EXAMINATION OF THE ARRANGEMENTS FOR POLICING FINANCIAL SERVICES
| DOI | https://doi.org/10.1108/eb024746 |
| Published date | 01 January 1992 |
| Date | 01 January 1992 |
| Pages | 11-17 |
| Author | MICHAEL CHANCE |
| Subject Matter | Accounting & finance |
THE SINGLE MARKET IN EUROPE: AN EXAMINATION OF
THE ARRANGEMENTS FOR POLICING FINANCIAL
SERVICES
Received (in revised form): 25th September, 1992.
MICHAEL CHANCE
MICHAEL CHANCE
QUALIFIED AS A SOLICITOR IN 1961. UNTIL 1970
HE WAS IN PRIVATE PRACTICE IN THE WEST
MIDLANDS, DEALING PRIMARILY WITH
CRIMINAL WORK. FROM THEN UNTIL 1990 HE
OCCUPIED VARIOUS POSTS AS A PROSECUTOR
IN THE PUBLIC SERVICE, BEFORE BECOMING
THE FIRST DEPUTY DIRECTOR OF THE SERIOUS
FRAUD OFFICE (SFO). IN THAT CAPACITY HE
WAS INVOLVED IN ALL ASPECTS OF THE
ESTABLISHMENT OF THE SFO, INCLUDING THE
PRIMARY AND SUBORDINATE LEGISLATION
AFFECTING ITS INVESTIGATORY POWERS AND
THE NEW TRIAL PROCEDURES. IN 1992 HE
BECAME A CONSULTANT IN THE FRAUD &
REGULATORY INVESTIGATIONS GROUP OF
LONDON SOLICITORS, CAMERON MARK BY
HEWITT.
ABSTRACT
This
paper looks
at the principal
investiga-
tory
powers,
both criminal
and
regulatory,
available
in the policing of
the
commercial,
banking,
insurance
and financial
services
markets in the UK. It
comments
on the
differing provisions concerning the
admissibility of
answers
given in inter-
views under the
various
powers.
Bearing
in mind the
commencement
of
the
Single
European Market in 1993, the relevant
legislation affecting international
coopera-
tion between investigators, again both
criminal
and
regulatory,
is also
examined.
SINGLE EUROPEAN MARKET
1993 will see the realisation of the
dream of a single market in Europe.
A series of European Economic
Community Directives, binding on
all member states, will give practical
effect to the freedoms enshrined in
the Treaty of Rome. In particular,
banks,
insurance companies and
financial services companies author-
ised to trade in one Community
state will be entitled to set up
branches in other states without
further national authorisation.
Criminal investigators and regula-
tory authorities face considerable
challenges to prevent abuse of these
new freedoms. Cooperation and the
sharing of information throughout
the Community will be vital. A fraud
investigator or a regulator in one
state may have amassed a file of
material indicating that a particular
11
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