regulatory compliance, fines and penalties

3. Total costs of regulatory compliance

Article 23 The securities firm should set up responsible person for regulatory compliance to audit, supervise or check legal and regulatory compliance of management behavior of securities firm.

Circular of China Insurance Regulatory Commission concerning Printing and Distributing the Guidelines for the Compliance Management of Insurance Companies

The Act also included regulatory measures over banks and non bank financial institutions in compliance with relevant international instruments.

The securities firm should have appropriate reasons for dismissing responsible person for regulatory compliance and report to the securities regulatory agency under the State Council in written within 3 working days.

Examples include, increasing the probability of detecting fraud, waste, abuse or error, preventing an improper activity or enhancing regulatory compliance.

Article 5 The compliance management of insurance companies shall be supervised and inspected by China Insurance Regulatory Committee and its dispatched offices.

China Insurance Regulatory Committee may, when necessary, irregularly require an insurance company to submit various kinds of comprehensive or special compliance reports.

See, for example, Abram Chayes and Antonia Handler Chayes, The New Sovereignty Compliance with International Regulatory Agreements (Cambridge, Harvard University Press, 1995).

Abram Chayes and Antonia Handler Chayes, The New Sovereignty Compliance with International Regulatory Agreements (Cambridge, Massachusetts, Harvard University Press, 1995), p. 159.

Article 30 The compliance department of an insurance company shall be responsible for organizing the study of the important supervisory documents circulated by China Insurance Regulatory Committee, make risk indications and put forward compliance suggestions.

They are for sale to corporations and individuals who want to offset their emissions for non regulatory purposes, are verified by independent verifiers, but are not certified by a regulatory authority for use as a compliance instrument.

Article 32 China Insurance Regulatory Committee shall, either through the compliance reports submitted by these companies or by conducting on the spot inspections, supervise and evaluate the compliance management work of insurance companies on a regular basis.

In Lithuania, a cleaner production programme is being implemented with support from the Norwegian Government to improve environmental performance, competitiveness and regulatory compliance of industry.

Core work programme activities with prescribed deadlines Maintenance of systems, databases and clearing houses (e.g. GHG information system) Regulatory functions (e.g. CDM Executive Board, Compliance Committee).

Article 12 When a securities firm is set up, its business scope should align with its financial performance, internal control system, regulatory compliance system and human resources

To dismiss the compliance chief, an insurance company shall, within 10 days after the dismissal, submit a report and an explanation thereon to China Insurance Regulatory Committee.

during business operation of the securities firm, it can apply to the securities regulatory agency under the State Council for adjustment of its business scope based on the financial performance, internal control level, regulatory compliance degree, business management capability of officers and quantity of professionals.

Once the responsible person for regulatory compliance finds behavior of law and regulation violation, he should report to agency prescribed in company regulation, and also report to the securities regulatory agency under the State Council or concerning self discipline organization according to the regulation.

(1) Where any head of compliance do not report to the securities regulatory agency of the State Council or relevant self discipline organizations about illegal or irregular acts

(2) examining and approving the annual compliance report of the company, presenting such report to China Insurance Regulatory Committee and taking measures to settle problems referred to in such report

Regulatory issues

Regulatory action

Its potential to improve regulatory compliance is an important advantage of an EMS, in particular where environmental laws and regulations are realistic in the context of local environmental and developmental conditions.

The compliance department of an insurance company shall, in order to accurately apprehend the supervisory requirements, seek advice from China Insurance Regulatory Committee, and feedback the opinions and suggestions of its company.

The UNIDO programme on biosafety assists developing countries and countries with economies in transition to build up their institutional capacities, especially those relating to regulatory oversight and compliance with internationally agreed standards.

Other regulatory controls

Disabling regulatory policies.

C. Regulatory environment

1. Regulatory activities

Article 21 An insurance company shall set down compliance policies and shall report them to China Insurance Regulatory Committee for archival purpose after they are deliberated and approved by the board of directors.

OECD had developed a two tier model, emphasizing on the one hand compliance, which contained regulatory elements, and, on the other, principles of integrity, which were highly relevant for the functioning of civil services.

China Insurance Regulatory Commission

China Securities Regulatory Commission

Legal and regulatory environment3

Regulatory and control framework

A. General regulatory considerations

Supervisory and regulatory arrangements

Chapter III Compliance Chief and Compliance Department

(3) hearing the compliance issues the compliance chief and the compliance department reports and

Article 3 Compliance management means that insurance companies shall prevent, identify, evaluate, report and handle compliance risks by taking measures such as establishing the compliance department or the compliance posts, setting down and carrying out compliance policies, conducting compliance monitoring and providing compliance trainings, etc.

Fourth, regulatory structures will need to be rebuilt, and this will require a global effort. Absent international coordination, the opportunities for destructive regulatory competition will defeat regulatory reform.

The Harm of Regulatory Disharmony

Franchising poses particular regulatory challenges.