Professor Voices » Banks http://blogs.bu.edu/professorvoices Opinions and views by Boston University experts Tue, 08 Nov 2011 17:10:33 +0000 en hourly 1 http://wordpress.org/?v=3.1.4 “Single rulebook” for European banks http://blogs.bu.edu/professorvoices/2011/02/15/single-rulebook-for-european-banks/ http://blogs.bu.edu/professorvoices/2011/02/15/single-rulebook-for-european-banks/#comments Tue, 15 Feb 2011 16:27:34 +0000 Jo Breiner http://blogs.bu.edu/professorvoices/?p=425 Banks in the European Union may soon begin operating under a “single rulebook” according to Andrea Enria, the chairman of the European Banking Authority. Enria believes the move will lead to a more uniform oversight of banks. Boston University law professor Cornelius Hurley, Director of the Morin Center for Banking & Financial Law, offers the following commentary:

“The European Banking Authority is blazing a new trail by eliminating “regulatory arbitrage” among the EU’s member countries. If the EBA can harmonize the regulatory systems of 27 independent countries, why cannot the US coordinate its own system? Time to reopen Dodd-Frank.”

Contact Cornelius Hurley, 617-353-5427, ckhurley@bu.edu


]]> http://blogs.bu.edu/professorvoices/2011/02/15/single-rulebook-for-european-banks/feed/ 0 Whistleblower to turn over files to WikiLeaks http://blogs.bu.edu/professorvoices/2011/01/17/whistleblower-to-turn-over-files-to-wikileaks/ http://blogs.bu.edu/professorvoices/2011/01/17/whistleblower-to-turn-over-files-to-wikileaks/#comments Mon, 17 Jan 2011 12:58:50 +0000 Rebecca Loya http://blogs.bu.edu/professorvoices/?p=19 Rudolf Elmer, a former Swiss banker, is set to hand over files to WikiLeaks that show offshore bank accounts of high net worth individuals and corporations to evade tax payments. Law professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law, offers the following comment:

“Rudolf Elmer has demonstrated that the ‘shadow banking system’ is not just about complex financial instruments that hide risk and the casino in which those instruments are traded. It is also about a dark corner of the banking system that hides personal and corporate wealth for a host of purposes, especially tax evasion.

As Elmer does his WikiLeaks dump in London, one issue for federal prosecutors to focus on is whether the banks and their officers filed suspicious activity reports, so-called ‘SARS’, as is required by the Bank Secrecy Act whenever an institution or its employees know or have reason to suspect illegal activity.”

Contact Cornelius Hurley, 617-353-5427, ckhurley@bu.edu


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