The Gramm-Leach-Bliley Act is the result of the efforts towards the new next century and it bringing to an end a twenty year effort to expand bank powers by amending the Glass-steagall Act and the Bank Holding Company Act of 1956. Although styled as b...
The Gramm-Leach-Bliley Act is the result of the efforts towards the new next century and it bringing to an end a twenty year effort to expand bank powers by amending the Glass-steagall Act and the Bank Holding Company Act of 1956. Although styled as banking reform legislation, the new law will have a wide-ranging impact on the financial services industry generally. Due to this Act, the environment of the financial services industry generally. Due to this Act, the environment of the U.s.' financial services will became more efficient and competitive.
But we can expect many issue will come out from the Act, either. Certain issues, like the " financial in nature", are welcomed as indicative of the dynamic quality of the new financial services regulatory system that is still evolving. Other issues, concerning securities regulation reform, will put off serious issues, often for decades.
Korea Congress has passed Financial Hlding Company Act, so, it seems valuable for us to research the Gramm Act. What is the challenges in regulatory policy? Is it suitable for our country's regulatory system? What is the premise of this Act? But before we think about these concerns, we have to focus on the more basic issues of financial holding company in Lorea, such as the cleanness of the accounting systems and the maturity of the corporate governance system.
So, the authors insist upon two foundation stones for Financial Holding Company Act in Korea, one is "Statements on Business Combinations and Goodwill and Other Intangible Assets" and the other is "Corporate and Auditing Accountability, Responsibility, and Transparency Act of 2002(ARTA)" which were have passed and acted in the U.s.