Definition of Fi-nancial law

10061602 Ki-hwa Jung

Table of ContentsDefinition of financial law

Comparison with other Concepts

References

Definition of Financial

lawDefinition of finance

Financial law

Financial Systems

Laws in the market economy

Definition of Financial

lawI. Definition of finance(a) Management of money or ‘funds’ management.(b) Family of business activity.

II. Financial systemPublic and Private interests and the markets that serve them.

III. Laws in the market economy54 Laws including statues (Banks, Insurances, Securities, Assets) and rules(Related their Supervision) in Korea.

Definition of Financial

lawI. Definition(a) The system allows the transfer of money between savers and

borrowers.

(b) A set of complex and closely interconnect financial institu-

tions,

markets, instruments, services, practices and transactions.

Financial system

II. Financial Institutions (a) An institution that provides financial services for its clients or

members.

(b) Financial service provided by financial institutions is acting as

financial intermediaries.

(C) Most financial institutions are regulated by the government.

Definition of Financial

law Financial system

III. Major types of institutions

(a) Deposit-taking Institutions(b) Insurance companies and pension funds(C) Brokers, underwriters and investment funds.

(a) (b) (C)

Definition of Financial

law

Bank

Credit union

Trust company

Mortgage loan com-pany

(a) Deposit-taking Institutions

Definition of Financial

law

Insurance company

Underwriter

Pension fund

Investment fund

(b) Insurance companies and pension funds

(C) Brokers, underwriters and investment funds

Definition of Financial

lawIV. International financial Institu-tions

IMFWorld Bank

BIS IOSCO IAIS

I. Definition of Commercial Law(a) Formal Commercial Law : “Commercial Code”

(b) Practical Commercial Law (Academic Concept):

“The Company defined by Law”

Financial law and Commercial law

II. Common(a) They are laws about the economic.(households, firms and gov-

ernment)

(b) They reflect historical back ground, legislative policies and

economy

So, they contain varied contents in each country’s charac-

teristic.

(C) They contain Insurance Law.

Comparison of Other con-cepts

RemarksStan-dard

Financial lawCommercial

law

Differ-ences

Objective Financing Corollary

System

Statutes and Rules- Bank- Insurance- Security- Asset, Usury- Supervisory

Statutes- Corporate- Marketable Securi-ties- Insurance- Maritime- Air Transport

Financial law and Commercial law

Comparison of Other con-cepts

Financial law in the Socialist coun-tries

I. Definition(a) The branch of law that regulates social relationships aris-

ing from

the state’s financial activities.

(b) Financial activity is a particular type of activity in the exercise

of state

power and state administration and is regulated as a whole

by the

norms of administrative and state law.

(C) The principal institutions of financial law are budget law.

Comparison of Other con-cepts

II. China financial institutions

CBRC CSRC

CIRC PBC

Comparison of Other con-cepts

WorkUnited State

China

Supervi-sion

GeneralDepartment of Treasury CBRC

Savings banks OCC PBC

Invest trust com-panies State of

New YorkBanking

CBRCnon-bank compa-

nies

Monetary policy FRB(FRBNY) PBC

Securities SEC CSRC

Futures Markets SEC, CFTC CSRC

Insurance NAIC CIRC

U.S financial institutions and China

Comparison of Other con-cepts

Islamic finance

Comparison of Other con-cepts

I. Definition of Islamic finance(a) Islamic finance operates by Islamic Law (Shariah)

→ Profitability < Morality or Social(Quran and Hadith)

(b) Committee of Shariah determines legality of financial

products

(C) Islamic finance prohibits payment of interest and

charges(Riba).

(d) The Main products of the Islamic bond is Sukuk.

→ Sukuk is consists of Murabaha, Mudaraba, Ijara, Mushakah, Istithna, Muqarada, Salam, and Mujara.

Murabaha

Comparison of Other con-cepts

A person

BuildingFinancialInstitution

When Financial Institution provides funds to

buy,

Such funds and fees are recovered in in-

stallments. (1)

(2)Financial

Institution

Real estate contract

Real estate contract

Premium and Commission

Mudaraba

Comparison of Other con-cepts

CorporateFinancialInstitution

First, Financial Institution provides a money type of in-

vestment to the corporates. And when the corporates

make a profit, the financial institution takes the princi-

pal and some of earnings.

(1)

A money type of investment

The principal and earinings.

Legal Search(West Law)

Comparison of Other con-cepts

Legal Search(West Law)

Comparison of Other con-cepts

Legal Search(West Law)

Comparison of Other con-cepts

Legal Search(West Law)

Comparison of Other con-cepts

Legal Search(West Law)

Comparison of Other con-cepts

Legal Search(West Law)

Comparison of Other con-cepts

Legal Search(West Law)

Comparison of Other con-cepts

Legal Search(West Law)

Comparison of Other con-cepts

References

Definition of Financial

law1) Financial law by Kim

2) Lecture on Commercial Law by Dr. Chung

3) Wikipedia

- financial law, international financial institutions

- U.S financial institutions, financial industry.

4) Islamic banking and finance legal systems around

the maintenance status by Su-Hyun An

5) Islamic finance by http://blacphil.tistory.com/79

6) West law Fordham of corporate & finance law

by Susan Lorde Martin