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Regulation, supervision & enforcement cycle as the common thread

Module 3 Compliance: Regulation, Supervision & Enforcement

In this module of Compliance & Integrity Management, the subjects regulation, supervision and enforcement form the foundation. 

Regulation

The starting point of this semester are issues concerning the regulation of society, including regulation of financial markets (i.e. both capital markets and financial services in the broadest sense). The starting point is that the central government/legislator uses legislation and regulation (among other means) to regulate. Both economic and non-economic motives can be distinguished for regulating, such as market failure or socially or politically desirable outcomes. With regard to the economic perspective, the idea that there is an ideal free market economy that does not need regulation (classical and neo-classical economy) has been abandoned over time. With regard to the financial sector, for example, the financial crisis has proven the opposite and intervention by the national government has been necessary. The lectures will extensively discuss prevailing (market) regulation theories and current developments in this area using literature from authoritative academics. In addition to regulation, the concept of effectiveness of legislation from a sociological law perspective will also be briefly considered.

Supervision

Next, the supervision by market regulators such as DNB, AFM, ACM, AP, and NZa will be discussed. The origins and reasons for market supervision are explained from an academic perspective, building on what has been said about regulation. As part of this, the strategies used by supervisory authorities are also discussed, as well as their functions and responsibilities. The final section deals with the supervision of culture and behaviour by DNB and the AFM. Supervision of culture and behaviour was developed from the perspective of organisational and social psychology and is regarded as an example for other European supervisory authorities and for institutions outside the financial sector.

Enforcement

The third subject is enforcement. The theoretical basis of enforcement (e.g. from a criminological perspective) as well as enforcement in practice by market and public supervisors will be discussed.

Financial supervisory legislation and regulations and theme lectures

The above cannot be viewed separately from legislation and regulations currently applicable to the financial sector and the supervisory framework. In the years following the financial crisis, this framework has expanded enormously (internationally) and become complex. Therefore, a separate lecture will focus on this in outline. In the lectures that follow, three themes - as practical examples - will be discussed in more detail. These topics are liability & duty of care, competition and market abuse.

What are the benefits of following this module?

  • You will be able to better understand the backgrounds and motives for legislation and regulations.
  • You will be able to understand and view the supervision of organisations on a more strategic and holistic level.
  • You learn to identify (inter)national supervisory mechanisms that are applicable to an organisation.
  • You can better place, understand and substantiate the (underlying) reasons for the enforcement of rules within an organisation.
  • You can independently formulate an enforcement policy for an organisation and anchor it in an organisation.
  • You are able to apply the above in your own work environment, and to other companies and sectors, in a national and international context.
  • You are able to apply the above in a scientific research setting by writing an essay.

This module is offered in Dutch. Please view the Dutch website for the whole programme.

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