"Supervision of financial holding companies in Europe : the proposed EU directive on supplementary supervision of financial conglomerates"

On April 24, 2001 the European Commission presented a proposal for a Directive1 introducing supplementary supervision of financial conglomerates (the Proposed Directive). The Proposed Directive requires a closer coordination among supervisory authorities of different sectors of the financial industry and leads to changes in the number of existing Directives relating to the supervision of credit institutions, insurance undertakings and investment firms

The German banking system : system of the future?

In early 1991 the United States Treasury Department of the Bush Administration recommended in ib proposal for Modemizing The FinancialSystem l that, in addition to other remarkable breaks with the traditional United States financial Services framework, the current bank holding Company structure be replaced with a new financial Services holding Company that would reward banks with the ability to engage in a broad new range of financial activities through separate afbliates, including full-service securities, insurance, and mutual fund activities. The Treaaury Department pointed out that commercial banking and investment banking are complementary Services and that the Glass-Steagall Separation was unnecessary. The Treasury Department gave many reasons for the need for financial modernization and why such a modemized System would work better. As an example that demonstrates the advantages of the System proposed by the Treasury Department, the proposal pointed to the German banks and called the German model of a universal banking System the most liberal banking System in the world. -What makes the German universal banking System so unique and desirable? The following outline of the history and the current structure of the Getman banking System is intended to give readers a background tc determine whether the German banking System could be a model for the System of the future

On the smooth locus of aligned Hilbert schemes: the k-secant lemma and the general projection theorem

Let X be a smooth, connected, dimension n, quasi-projective variety imbedded in \PP_N. Consider integers {k_1,...,k_r}, with k_i>0, and the Hilbert Scheme H_{k_1,...,k_r}(X) of aligned, finite, degree \sum k_i, subschemes of X, with multiplicities k_i at points x_i (possibly coinciding). The expected dimension of H_{k_1,...,k_r}(X) is 2N-2+r-(\sum k_i)(N-n). We study the locus of points where H_{k_1,...,k_r}(X) is not smooth of expected dimension and we prove that the lines carrying this locus do not fill up \PP_NComment: 17 pages, revised versio

On the Buchsbaum index of rank two vector bundles on P3

We classify rank two vector bundles on P3 with Buchsbaum index equal to three and also give some results on the H1-module of "negative instanton"bundles.Comment: Submitted to the proceedings of the Pau-Trieste conferences Vector bundles day

The Reciprocity Requirement of the Second Banking Directive of the European Economic Community

This article discusses the revised Article 7(4) of the European Communities\u27 Proposal for a Second Council Directive on the Coordination of Laws, Regulations and Administrative Provisions Relating to the Taking-up and Pursuit of the Business of Credit Institutions. The article argues that the revision of the proposal for the Second Directive by the Commission of the European Communities will mainly have two effects. First, the Commission\u27s review procedure will no longer be on a case-by-case basis, but on a country-by-country basis; the Commission will no longer interfere with an individual authorization procedure before the competent authorities of a Member State. Second, the suspension of future authorizations depends on a finding by the Commission that a specific country does not grant national treatment to EEC institutions; lack of reciprocity is no longer a basis for a denial of an application. This new approach will allow the Commission to defend against discriminations against EEC institutions abroad, while respecting different banking policies in third countries