The Regulation of Financial Services

Although the evolution of the functions of the Central Bank since its inception until the present time, the regulatory mechanisms owned by central bank makes him the institution that stands at the top of the pyramid banking, and this confirms the importance of the active role played by central banks in the comprehensive control over the banking sector and capital market. In light of current economic conditions and intense competition in the banking sector, central bank should be more tightness and activating its regulatory mechanisms to force commercial banks to commit the principles of good corporate governance; and to ensure the commitment of the central bank of its role, it must be a legal framework defines the responsibility of the Central Bank , so that it enables us to account the central bank if it Shortened in its oversight role in order to determine the real reasons for the occurrence of any financial scandals or economic crises with full transparency. In other words, it is the time to define who regulates the regulator by a provision of law for the establishment of legal responsibility at the top of the pyramid banking, and to ensure the economic stability.

Autorentext

-LLB in Law (B.SC Degree), University Of Jordan,Amman.-LLM in E-commerce & Maritime Law, University of Hertfordshire, UK.-A member of the Jordan BAR Association, Attorney and legal consultant,Amman, Jordan. -Lecturer at University of Petra, Faculty of Law & Faculty of Economics and Administrative Sciences.