File #2698: "2019_Book_BankingSupervisionAndCriminalI.pdf"
Text
1|Contents|6
1|Abbreviations|9
1|Chapter 1: Introduction|12
2|References|16
1|Part I: Mapping the Boundaries of an Intricate Playing-Field|17
2|Chapter 2: Finding the Way in a Complex Multi-Level Legal Framework|18
3|2.1 The Definition of “Bank” and “Financial Institution”|19
3|2.2 Criminal Liability of Legal Persons: A Brief Overview|29
3|2.3 The Interaction Between Administrative and Criminal Matter|33
4|2.3.1 Managing the Risk of Transnational Bis in idem: Double Jeopardy Clause in the US Federal Legal System|40
4|2.3.2 Ne Bis In Idem Protection in the European Convention on Human Rights|50
4|2.3.3 Enforcing the Principle of Ne Bis In Idem in the EU|59
4|2.3.4 Gathering Information Within Multi-Disciplinary Cooperation Networks|75
3|2.4 Methodology: Transversal Comparative Approach Applied to a Complex and Hybrid Legal Framework|80
3|References|83
2|Chapter 3: Strengthening Financial Investigation and Supervision at the International Level|93
3|3.1 The Essential Role of Self-Regulatory Bodies|94
3|3.2 The Financial Action Task Force: Administrative Financial Supervision and Criminal Investigative Measures|97
3|3.3 Financial Intelligence Units and the Egmont Group|101
3|3.4 Ensuring Common Standards Against Financial Crime at Regional Level: The Council of Europe|106
3|3.5 Ensuring Effective Banking Oversight: The Basel Committee on Banking Supervision|108
3|References|113
1|Part II: Criminal Profiles in Banking Supervision|115
2|Chapter 4: The Institutional Design of EU Banking Supervision|116
3|4.1 From the Financial Crisis to the Banking Union|117
3|4.2 The European Supervisory Authorities|122
3|4.3 Sanctioning Powers in the Single Rulebook: Relevant Provisions of the IV and V Capital Requirement Directive|125
3|4.4 Banking Supervision in the Eurozone: The Single Supervisory Mechanism|128
4|4.4.1 SSM Supervisory Powers|134
4|4.4.2 SSM Sanctioning Powers|137
4|4.4.3 SSM Investigations and Procedures|144
3|References|150
2|Chapter 5: The US Regulatory Framework of Banking Supervision|154
3|5.1 Collapse of a System: Deregulation and Financial Crisis in a Complex Supervisory Framework|154
3|5.2 The Federal Reserve|158
3|5.3 Other US Regulatory Agencies (FDIC, OCC, SEC)|160
3|5.4 The 2010 Dodd-Frank Act: Impact and Waves of Counter-Reform|163
3|References|164
2|Chapter 6: The Hybrid Nature of Banking Supervision|167
3|6.1 Banking Supervision and the BCBS Core Principles: Defining Effective Supervisory Models?|168
4|6.1.1 Independence and Accountability of Banking Supervisors|171
4|6.1.2 Dissemination of Collected Information and Investigative Overlapping in the US Regulatory Framework|180
4|6.1.3 Dissemination of Collected Information Within the Single Supervisory Mechanism: Overview of Main Critical Issues|183
3|6.2 Banking Supervisory Sanctions in the EU: A New Field of Criminal Law?|190
3|6.3 Fair Trial Guarantees and Banking Supervision: The Right to an Independent Tribunal|203
4|6.3.1 The Right to an Impartial Tribunal|208
4|6.3.2 The Principle of Equality of Arms: Right to Be Heard, and Right of Access to Files|213
4|6.3.3 Right to a Full Judicial Review|225
4|6.3.4 Right of Legal Assistance and Right to a Public Hearing|237
4|6.3.5 The Privilege Against Self-Incrimination|241
4|6.3.6 The Right to Remain Silent in the SSM Legal Framework|263
4|6.3.7 The Protection from Bis In Idem|271
5|Scenario (i)—SSM and National Judicial Authorities|273
5|Scenario (ii)—NCAs and National Judicial Authorities|275
5|Scenario (iii)—SSM and NCAs|275
5|Scenario (iv)—SSM or NCAs and Other Relevant Administrative National Authorities or Courts|276
5|Scenario (v)—Potentially Critical Profiles Originated Within the SSM|276
5|Scenario (vi)—Potentially Critical Profiles in the Identification of the Subject Under Investigations|277
3|References|277
1|Part III: Banking Criminal Investigations|288
2|Chapter 7: Real-Time Monitoring of Banking Data: State of Play|289
3|7.1 Banking Investigative Techniques and the Residual Role of Bank Secrecy Law|290
3|7.2 Measures (i) and (ii): Access to Banking Information and Past Transactions|295
3|7.3 Measures (iii): Real-time Monitoring of Banking Data|299
3|7.4 Measures (iv): Freezing of Banking Accounts (Brief Overview)|303
3|7.5 Real-time Monitoring of Banking Data in the EU|304
3|7.6 Real-time Monitoring of Banking Data in the US|312
4|7.6.1 Court Order|313
5|Relevance Court Order|313
5|Articulable Facts Court Order|314
4|7.6.2 Judicial or Grand Jury Subpoena|315
5|Grand Jury Subpoena|316
4|7.6.3 Administrative Subpoena or Summons|317
4|7.6.4 Probable Cause Search Warrant|318
3|References|325
2|Chapter 8: Introducing a Regulation on (Banking) Data Surveillance in the EU: Some Proposals|330
3|8.1 Identifying the Fundamental Right(s) Affected by Real-Time Monitoring of Digital (Banking) Data|330
3|8.2 Defining Procedural Rules for the Surveillance of Personal (Banking) Data|342
3|8.3 Right to an Effective Remedy: The Authority in Charge of Real-Time Monitoring of Banking Records|355
3|References|358
2|Chapter 9: Conclusion|361
3|9.1 The Compliance with Fair Trial Rights in the Single Supervisory Mechanism|363
3|9.2 The Protection of Fundamental Rights (Right to Privacy) in the Surveillance on Personal (Banking Digital) Data|366
1|Abbreviations|9
1|Chapter 1: Introduction|12
2|References|16
1|Part I: Mapping the Boundaries of an Intricate Playing-Field|17
2|Chapter 2: Finding the Way in a Complex Multi-Level Legal Framework|18
3|2.1 The Definition of “Bank” and “Financial Institution”|19
3|2.2 Criminal Liability of Legal Persons: A Brief Overview|29
3|2.3 The Interaction Between Administrative and Criminal Matter|33
4|2.3.1 Managing the Risk of Transnational Bis in idem: Double Jeopardy Clause in the US Federal Legal System|40
4|2.3.2 Ne Bis In Idem Protection in the European Convention on Human Rights|50
4|2.3.3 Enforcing the Principle of Ne Bis In Idem in the EU|59
4|2.3.4 Gathering Information Within Multi-Disciplinary Cooperation Networks|75
3|2.4 Methodology: Transversal Comparative Approach Applied to a Complex and Hybrid Legal Framework|80
3|References|83
2|Chapter 3: Strengthening Financial Investigation and Supervision at the International Level|93
3|3.1 The Essential Role of Self-Regulatory Bodies|94
3|3.2 The Financial Action Task Force: Administrative Financial Supervision and Criminal Investigative Measures|97
3|3.3 Financial Intelligence Units and the Egmont Group|101
3|3.4 Ensuring Common Standards Against Financial Crime at Regional Level: The Council of Europe|106
3|3.5 Ensuring Effective Banking Oversight: The Basel Committee on Banking Supervision|108
3|References|113
1|Part II: Criminal Profiles in Banking Supervision|115
2|Chapter 4: The Institutional Design of EU Banking Supervision|116
3|4.1 From the Financial Crisis to the Banking Union|117
3|4.2 The European Supervisory Authorities|122
3|4.3 Sanctioning Powers in the Single Rulebook: Relevant Provisions of the IV and V Capital Requirement Directive|125
3|4.4 Banking Supervision in the Eurozone: The Single Supervisory Mechanism|128
4|4.4.1 SSM Supervisory Powers|134
4|4.4.2 SSM Sanctioning Powers|137
4|4.4.3 SSM Investigations and Procedures|144
3|References|150
2|Chapter 5: The US Regulatory Framework of Banking Supervision|154
3|5.1 Collapse of a System: Deregulation and Financial Crisis in a Complex Supervisory Framework|154
3|5.2 The Federal Reserve|158
3|5.3 Other US Regulatory Agencies (FDIC, OCC, SEC)|160
3|5.4 The 2010 Dodd-Frank Act: Impact and Waves of Counter-Reform|163
3|References|164
2|Chapter 6: The Hybrid Nature of Banking Supervision|167
3|6.1 Banking Supervision and the BCBS Core Principles: Defining Effective Supervisory Models?|168
4|6.1.1 Independence and Accountability of Banking Supervisors|171
4|6.1.2 Dissemination of Collected Information and Investigative Overlapping in the US Regulatory Framework|180
4|6.1.3 Dissemination of Collected Information Within the Single Supervisory Mechanism: Overview of Main Critical Issues|183
3|6.2 Banking Supervisory Sanctions in the EU: A New Field of Criminal Law?|190
3|6.3 Fair Trial Guarantees and Banking Supervision: The Right to an Independent Tribunal|203
4|6.3.1 The Right to an Impartial Tribunal|208
4|6.3.2 The Principle of Equality of Arms: Right to Be Heard, and Right of Access to Files|213
4|6.3.3 Right to a Full Judicial Review|225
4|6.3.4 Right of Legal Assistance and Right to a Public Hearing|237
4|6.3.5 The Privilege Against Self-Incrimination|241
4|6.3.6 The Right to Remain Silent in the SSM Legal Framework|263
4|6.3.7 The Protection from Bis In Idem|271
5|Scenario (i)—SSM and National Judicial Authorities|273
5|Scenario (ii)—NCAs and National Judicial Authorities|275
5|Scenario (iii)—SSM and NCAs|275
5|Scenario (iv)—SSM or NCAs and Other Relevant Administrative National Authorities or Courts|276
5|Scenario (v)—Potentially Critical Profiles Originated Within the SSM|276
5|Scenario (vi)—Potentially Critical Profiles in the Identification of the Subject Under Investigations|277
3|References|277
1|Part III: Banking Criminal Investigations|288
2|Chapter 7: Real-Time Monitoring of Banking Data: State of Play|289
3|7.1 Banking Investigative Techniques and the Residual Role of Bank Secrecy Law|290
3|7.2 Measures (i) and (ii): Access to Banking Information and Past Transactions|295
3|7.3 Measures (iii): Real-time Monitoring of Banking Data|299
3|7.4 Measures (iv): Freezing of Banking Accounts (Brief Overview)|303
3|7.5 Real-time Monitoring of Banking Data in the EU|304
3|7.6 Real-time Monitoring of Banking Data in the US|312
4|7.6.1 Court Order|313
5|Relevance Court Order|313
5|Articulable Facts Court Order|314
4|7.6.2 Judicial or Grand Jury Subpoena|315
5|Grand Jury Subpoena|316
4|7.6.3 Administrative Subpoena or Summons|317
4|7.6.4 Probable Cause Search Warrant|318
3|References|325
2|Chapter 8: Introducing a Regulation on (Banking) Data Surveillance in the EU: Some Proposals|330
3|8.1 Identifying the Fundamental Right(s) Affected by Real-Time Monitoring of Digital (Banking) Data|330
3|8.2 Defining Procedural Rules for the Surveillance of Personal (Banking) Data|342
3|8.3 Right to an Effective Remedy: The Authority in Charge of Real-Time Monitoring of Banking Records|355
3|References|358
2|Chapter 9: Conclusion|361
3|9.1 The Compliance with Fair Trial Rights in the Single Supervisory Mechanism|363
3|9.2 The Protection of Fundamental Rights (Right to Privacy) in the Surveillance on Personal (Banking Digital) Data|366