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Response to Tansy_Gold (Original post)

Mon Mar 17, 2014, 07:25 AM

15. Regulator to start sending “spies” to check up on banks{spain}

http://elpais.com/elpais/2014/03/13/inenglish/1394722818_325044.html

Stock market watchdog CNMV is planning to send undercover inspectors posing as customers to bank branches across Spain as part of a new effort to ensure that financial institutions are complying with regulations when they offer their products to customers.

CNMV chief Elvira Rodríguez explained that the plan, which she proposed at the end of 2013, will be put into action this year. She made the announcement on Wednesday at a presentation of the regulator’s goals for the coming year.

The findings by these “spies” will serve as “evidence” to be used in disciplinary action against financial institutions caught violating regulations, she explained. However, it remains unclear how the system will actually be put into place given that changes to the Securities Exchange Law must be made to define the legality of the work conducted by these inspectors.

Because of the CNMV’s lack of resources, Rodríguez said that the inspectors could be hired from outside the agency but under the supervision of her office.

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Tansy_Gold Mar 2014 OP
Demeter Mar 2014 #1
jtuck004 Mar 2014 #9
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Demeter Mar 2014 #2
tclambert Mar 2014 #32
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jtuck004 Mar 2014 #10
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Ghost Dog Mar 2014 #12
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proverbialwisdom Mar 2014 #33
DemReadingDU Mar 2014 #34
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Ghost Dog Mar 2014 #11
xchrom Mar 2014 #13
xchrom Mar 2014 #14
LineReply Regulator to start sending “spies” to check up on banks{spain}
xchrom Mar 2014 #15
Demeter Mar 2014 #29
xchrom Mar 2014 #30
xchrom Mar 2014 #16
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Demeter Mar 2014 #26
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Demeter Mar 2014 #31
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