Alternative lending : risks, supervision, and resolution of debt funds / / Promitheas Peridis

• Autore: Peridis Promitheas
• Pubblicazione: Cham, Switzerland : , : Palgrave Macmillan, , [2022]; ©2022
• Descrizione fisica: 1 online resource (455 pages)
• Disciplina: 160.5
• Soggetto topico: Banks and banking
• Nota di bibliografia: Includes bibliographical references and index.
• Nota di contenuto: Intro -- Foreword -- Alternative Investment Funds -- Contents -- List of Figures -- List of Tables -- 1 Introduction -- References -- Part I Alternative Lending and How to Regulate -- 2 Toward an EU Market-Based Financial System: The Emergence of Credit Alternative Investment Funds -- 1 Introduction -- 2 Systemic Risk and AIFs' Systemic Importance -- 2.1 Systemic Risk Definition -- 2.2 Transmission Channels of Systemic Risk and AIFs. -- 2.2.1 Credit/counterparty Channel -- 2.2.2 Market Channel -- 2.2.3 Substitutability Channel -- 2.3 So, What Were AIFs' Role in the GFC and Can They Become Systemically Important? -- 2.3.1 AIFs' Role in GFC -- 2.3.2 Can the AIFs Become Systemically Important? -- 3 The Financial System in EU Today -- 4 Why Have Banks Become so Dominant in Europe? -- 4.1 The Public Support and the Prudential Supervision -- 4.2 The Politics -- 4.3 Financial and Technological Innovation in Banking Industry -- 5 New Market Conditions and the Emergence of Lending AIFs -- 5.1 Reformed Regulatory and Policy Framework for Banks -- 5.1.1 Capital Requirements Regulation (CRR) and Capital Requirements Directive (CRD) -- 5.1.2 Single Supervisory Mechanism (SSM) Regulation -- 5.1.3 Bank Recovery and Resolution Directive (BRRD) -- 5.1.4 Single Resolution Mechanism (SRM) Regulation -- 5.2 Development of a Capital Market Union -- 5.3 Increased Investment Appetite, Search for Yield from Institutional Investors, and the Lending AIFs -- 6 Concluding Remarks -- References -- 3 The Need for Regulation: Innovation and Market Failure -- 1 Introduction -- 2 The Definition of Innovation: The Case of Credit Funds -- 3 The Impact of Innovation on the Financial System: Market Failure and Systemic Risk -- 3.1 Securitization, CDOs, and Market Failure -- 3.2 The Cases of ETFs, of ENRON, and the Case of Westpoint. ; 4 Market Failure and Regulation: Innovation as a Driver for Regulatory Intervention -- 4.1 Self-Regulated Markets and Information Asymmetries -- 4.2 Market Failures and Regulatory Interventions -- 5 Conclusion -- References -- Part II AIF-Lending and Bank Lending Compared -- 4 Lending and Its Risks: A Comparison Between Banks and Alternative Investment Funds -- 1 Introduction -- 2 What is Lending and Which Are the Different Types of Loans? -- 2.1 What is a Loan and What Are the Different Components of Lending? -- 2.2 Types of Loans -- 2.2.1 Business Loans -- 2.2.2 Consumer Loans -- 3 Loan Origination -- 4 Lending Bank Risks -- 4.1 Introduction -- 4.2 Bank Risks -- 4.2.1 Financial Risks -- 4.2.2 Business Risks -- 5 Alternative Investment Funds and Their Lending Risks -- 5.1 Introduction -- 5.2 Lending Strategies-Debt Funds -- 5.3 Loan Originating AIFs vs Special Purpose Entities -- 5.4 Key Financial AIFs' Risks -- 5.4.1 Market Risk -- 5.4.2 Credit Risk and Counterparty Risk -- 5.4.3 Liquidity Risk -- 5.5 Business AIFs' Risks -- 5.5.1 Operational Risk -- 5.5.2 Legal Risk -- 5.5.3 Conflict of Interest Risk and Settlement Risk -- 5.6 Risks from Structural Vulnerabilities -- 5.6.1 Risk of Excessive Leverage -- 5.6.2 Liquidity Mismatch Between AIF's and Redemption Rights of Their Investors -- 5.7 Other Risks for Loan Origination AIFs -- 5.7.1 Valuation Risk and Risk of Overreliance on External Ratings -- 5.7.2 Concentration Risk -- 5.7.3 Dominant Lenders -- 5.7.4 Moral Hazard -- 5.7.5 Regulatory Arbitrage Risk -- 6 Overview of Risks -- 7 Concluding Remarks -- References -- 5 Regulatory Tools to Deal with the Banking Lending Risks -- 1 Introduction -- 2 Tools to Mitigate Bank's Risks: From BASEL Accords to the Capital Requirements Directives and Regulation -- 2.1 Prudential Regulation (Micro and Macro). ; 2.2 Basel Accords and Capital Requirements Directives and Regulation -- 2.2.1 Capital Adequacy -- 2.2.2 Corporate Governance, Executive Remuneration and Risk Management: A Deeper Analysis of International and European Rules -- References -- 6 Risk Management Tools in AIFs: The Case of AIFMD -- 1 Introduction -- 2 Legal Structure of Loan Originating AIFs and Banking Law Restrictions -- 2.1 Loan Originating AIFs Structures: EU Jurisdictions -- 2.2 Banking Law Restrictions for Loan Originating AIFs: A Fragmented Reality -- 3 Capital Requirements -- 3.1 AIFMD and ELTIFs -- 3.2 EU Jurisdictions: Capital Requirements-Credit AIFs Regimes -- 4 Liquidity Management -- 4.1 AIFMD and ELTIFs -- 4.2 EU Jurisdictions: Liquidity Management Tools -- 5 Macro-Prudential Liquidity Tools -- 6 Leverage -- 6.1 AIFMD and ELTIFs -- 6.2 EU Jurisdictions: Leverage Limitations in Credit AIFs -- 7 Macro-Prudential Leverage Measures -- 8 Risk Management -- 8.1 AIFMD and ELTIFs -- 8.2 EU Jurisdictions: Risk Management Framework -- 9 Corporate Governance, Valuation, and Remuneration -- 9.1 AIFMD and ELTIFs -- 9.2 EU Jurisdictions: Corporate Governance, Valuation, and Remuneration -- 10 Annual Report, Disclosure, and Reporting (Transparency Regime) -- 10.1 Annual Report -- 10.1.1 AIFMD and ELTIFs -- 10.1.2 EU Jurisdictions: Annual Report -- 10.2 Disclosure to Investors -- 10.2.1 AIFMD and ELTIFs -- 10.2.2 EU Jurisdictions: Disclosure to Investors -- 10.3 Reporting to National Authorities -- 10.3.1 AIFMD and ELTIFs -- 10.3.2 EU Jurisdictions: Reporting to National Authorities -- 10.4 Criticism of the AIFMD Transparency Regime -- 11 Concluding Remarks and Table of Risks and Tools -- 12 Table of Risks and Tools (Table 1) -- References -- Part III The Policy Conclusions to Draw and Summary of the Book -- 7 Need for a New Regulation or Supervision and Resolution Regimes?. ; 1 Introduction -- 2 Can We Use the Same Tools as the Banking Legislation? -- 2.1 AIFs' Business Structure and Credit Intermediation -- 2.2 The Owners of the Assets and Their Targets: Depositors and Investors -- 2.3 Direct Use of the Banking Legislation? -- 2.3.1 Reputational risk and Institutional Investors -- 3 Do We Need a New Regulation? How Can We Protect the System? -- 3.1 ESMA's Proposal on Loan Origination -- 3.2 AIFMD 2-EU Commission and EU Council Proposal -- 3.3 A New Regulation/Directive or Corrective Measures? -- 4 A Proposal: A Three-Line Defense Against Lending from Alternative Lenders -- 4.1 Macro-Prudential Tools for Alternative Lending and Credit AIFs -- 4.1.1 Credit Funds Definition -- 4.1.2 Macro-Prudential Liquidity Tools -- 4.1.3 Macro-Prudential Leverage Tool -- 4.1.4 Other Macro-Prudential Measures -- 4.2 Enhanced Supervision and the Question of a Single Supervisory Authority -- 4.2.1 Macro-Prudential Supervision and Reporting Requirements -- 4.2.2 Single Supervisory Authority for Non-bank Lenders -- 4.3 A Resolution Framework for Failing Credit AIFs -- 5 Conclusion -- References -- 8 Concluding Remarks -- Index.
• Titolo autorizzato: Alternative Lending
• ISBN: 9783031134715; 9783031134708
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910616382203321
• Lo trovi qui: Univ. Federico II
• Serie: EBI Studies in Banking and Capital Markets Law Ser.