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REGULATING FINANCIAL SERVICES AND MARKETS
IN THE TWENTY FIRST CENTURY
Regulating Financial Services
and Markets in the
Twenty First Century

Edited by
EIL Í S FERRAN
and
CHARLES A E GOODHART

OXFORD – PORTLAND OREGON

2001
 Hart Publishing
Oxford and Portland, Oregon

Published in North America (US and Canada) by

Hart Publishing
c/o International Specialized Book Services
5804 NE Hassalo Street
Portland, Oregon
97213-3644
USA

Distributed in the Netherlands, Belgium and Luxembourg by

Intersentia, Churchillaan 108
B2900 Schoten
Antwerpen
Belgium

© The contributors severally 2001

The contributors to this work have asserted their rights under the
Copyright, Designs and Patents Act 1988, to be identified as the authors of
this work

Hart Publishing Ltd is a specialist legal publisher based in Oxford, England.

To order further copies of this book or to request a list of other
publications please write to:
Hart Publishing Ltd, Salter’s Boatyard, Folly Bridge, Abingdon Road,
Oxford OX1 4LB
Telephone: +44 (0)1865 245533 or Fax: +44 (0)1865 794882
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ISBN 1–84113–279–9 (cl)

Typeset by Hope Services (Abingdon) Ltd.

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 Preface
this book contain revised versions of papers that were pre-
T HE CHAPTERS OF
sented at a conference on The Challenges Facing Financial Regulation
which took place in the Law Faculty, Cambridge University, in July 2000. The
conference was organised by the University’s Centre for Corporate and
Commercial Law (3CL). It was an opportunity for high-level examination of
important issues at the forefront of financial services regulation. The conference
organisers constructed a programme that would allow speakers to consider the
far-reaching effects of the Financial Services and Markets Act 2000 on the UK
financial sector in the context of rapid global change. They also sought to take
an interdisciplinary approach and were fortunate that so many distinguished
academic authorities on the law and economics of regulation, and also some of
the most influential practitioners, regulators and policymakers agreed to present
papers. The stimulating and wide-ranging discussion that took place at the con-
ference is reflected in the chapters contained in this volume.
Financial regulators grapple with the challenge of ensuring that their regula-
tory regimes do not fall too far behind developments in the markets. Those who
write about financial regulation face the same problem. Our way of dealing with
this challenge has been to invite contributors to use their extensive detailed
knowledge of regulatory regimes so as to provide an authoritative analysis of
the underlying issues affecting the broad development of financial services reg-
ulation. So the chapters in this book consider fundamental questions about the
objectives of regulation, the responsibilities of the regulated community, the
accountability of regulators, the regulation of electronic financial markets and
the impact of stock market mergers, regional regulation within Europe and the
development of global financial regulation. The chapters mainly reflect the posi-
tion as at November 2000 but it has been possible to include references to some
later developments.
We would like to thank the contributors for their conference presentations
and their revised chapters. We would also like to thank those who presented
papers at the conference which are not included in revised form in this volume
and also the conference delegates: the discussion that took place at the confer-
ence enriched that occasion and has influenced the views that are expressed in
many of the chapters here. We are grateful to Richard Hart and his team for
their unstinting support. A particular debt of gratitude is due to Felicity Eves
who, single-handedly, provides all secretarial and administrative support
for the 3CL and, without whom, the organisation of the conference and the
vi Preface

production of this book would have been an infinitely harder, and much less
cheerful, task.

EIL Í S FERRAN CHARLES GOODHART

3CL Financial Markets Group
Law Faculty London School of Economics
Cambridge
5 April 2001
 Contents
List of Contributors ix

GENERAL OVERVIEW
1. Regulating Financial Services and Markets in the Twenty First
Century: An Overview 1
Eilís Ferran and Charles A.E. Goodhart
2. Reforming Financial Regulation: Progress and Priorities 17
Howard Davies

OBJECTIVES AND PRINCIPLES

3. Regulatory Principles and the Financial Services and Markets
Act 2000 25
Colin Mayer
4. Examining the Objectives of Financial Regulation—Will the New
Regime Succeed? A Practitioner’s View 37
Amelia C. Fawcett
5. Incentive v. Rule-Based Financial Regulation: A Role for Market
Discipline 59
Rahul Dhumale

REGULATION OF SENIOR MANAGEMENT

6. Directors’ Fiduciary Duties and the Approved Persons Regime 75
Colin Bamford
7. Fiduciary Duties, Regulation of Companies and Regulation of
Individuals 89
Sir Adam Ridley

DISCIPLINE, ENFORCEMENT AND HUMAN RIGHTS

8. Regulatory Discipline and the European Convention on Human
Rights—A Reality Check 95
Daniel F. Waters and Martyn Hopper
9. Holding the Balance—Effective Enforcement, Procedural Fairness
and Human Rights 115
Thomas A.G. Beazley
viii Contents

ACCOUNTABILITY
10. Regulating the Regulator—A Lawyer’s Perspective on
Accountability and Control 127
Alan Page
11. Regulating the Regulator—An Economist’s Perspective on
Accountability and Control 151
Charles A.E. Goodhart
12. Public Accountability in the Financial Sector 165
Rosa M. Lastra and Heba Shams
EUROPEAN REGULATION
13. Regulating European Markets: The Harmonisation of Securities
Regulation in Europe in the New Trading Environment 189
Eddy Wymeersch
14. The Case for a European Securities Commission 211
Gilles Thieffry
INTERNATIONAL REGULATION
15. New Issues in International Financial Regulation 235
John Eatwell
16. The Financial Stability Forum (FSF): Just Another Acronym? 255
Andrew G. Haldane
17. The Need for Efficient International Financial Regulation and
the Role of a Global Supervisor 273
Kern Alexander
ROLE OF RATING AGENCIES
18. The Role of Rating Agencies in Global Market Regulation 297
Steven L. Schwarcz
19. The Role of Credit Rating Agencies in the Establishment of Capital
Standards for Financial Institutions in a Global Economy 311
Howell E. Jackson
TECHNOLOGICAL CHANGE AND REGULATION
20. The Challenge of Technology—Regulation of Electronic Financial
Markets 323
Part I : Securities and Derivatives Markets 323
Gay Wisbey
Part II : Nasdaq 330
Mary L. Schapiro
Part III: London Stock Exchange 335
David Shrimpton

Index 341
 List of Contributors

Kern Alexander is an Isaac Newton Trust Research Fellow in International

Financial Law and Regulation, Judge Institute of Management Studies,
University of Cambridge.
Colin Bamford is the Chief Executive of the Financial Law Panel. Prior to that,
he was a partner at Richards Butler, Solicitors.
Thomas Beazley is a barrister at Blackstone Chambers specialising in commer-
cial and public law.
Howard Davies is Chairman of the Financial Services Authority. Before taking
up that appointment, he was a Deputy Governor of the Bank of England.
Rahul Dhumale is presently with the Policy and Analysis Function at the Federal
Reserve Bank of New York. He has previously worked as a consultant with the
World Bank, International Labour Organisation, the UNDP, and the
International Monetary Fund and was a Faculty member of the Judge Institute
of Management Studies, University of Cambridge.
John Eatwell is a Lecturer in Economics at the University of Cambridge and
President of Queens’ College, Cambridge. Lord Eatwell is a Labour member of
the House of Lords.
Amelia C. Fawcett is a Managing Director and Chief Administrative Officer of
Morgan Stanley International Limited.
Eilís Ferran is Director of the Centre for Corporate and Commercial Law and a
Reader in Corporate Law and Financial Regulation, University of Cambridge.
She was a special adviser to the Parliamentary Joint Committee on Financial
Services and Markets.
Charles Goodhart is the Norman Sosnow Professor of Banking and Finance and
Deputy Director of the Financial Markets Group at the London School of
Economics. Between 1997 and 2000 he served as one of the four independent
members of the Bank of England Monetary Policy Committee
Andrew Haldane is Head of International Finance Division, Bank of England.
Martyn Hopper is Head of Regulatory Enforcement at the Financial Services
Authority.
Howell Jackson is the Household International and Finn MW Caspersen
Professor of Law, Harvard Law School.
x List of Contributors

Rosa Lastra is a Senior Lecturer in International Financial and Monetary Law

at the Centre for Commercial Law Studies, Queen Mary and Westfield College,
University of London and a Member of the European Shadow Financial
Regulatory Committee.
Colin Mayer is Peter Moores Professor of Management Studies at the Saïd
Business School, University of Oxford and Director of the Oxford Financial
Research Centre.
Alan Page is Professor of Public Law at the University of Dundee. He was a spe-
cial adviser to the Parliamentary Joint Committee on Financial Services and
Markets.
Sir Adam Ridley is the Director-General of the London Investment Banking
Association.
Mary Schapiro is President of NASD Regulation, Inc.
Steven Schwarcz is Professor of Law at Duke Law School, USA and Faculty
Director of the Duke University Global Capital Markets Center.
Heba Shams is a Research Fellow at the Centre for Commercial Law Studies,
Queen Mary and Westfield College, University of London.
David Shrimpton is the Head of Market Supervision at the London Stock
Exchange.
Gilles Thieffry is a Partner and Head of Capital Markets at Andersen Legal. He
is a Solicitor of the Supreme Court of England and Wales and a Member of the
New York Bar and the Paris Bar.
Daniel Waters is Director of Enforcement at the Financial Services Authority.
He previously worked at the Investment Management Regulatory Organisation
(IMRO), where from 1996 he was Director of Monitoring and Enforcement.
Prior to that he was Director of Enforcement at IMRO for three years.
Gay Wisbey is the Director of Markets and Exchanges, Financial Services
Authority.
Eddy Wymeersch is the Chairman of the Belgian Banking and Finance
Commission and Director of the Financial Law Institute and Professor in Law,
Ghent University
 1
Regulating Financial Services and
Markets in the Twenty First Century:
An Overview
EILÍS FERRAN AND CHARLES A. E. GOODHART

THE DAWN OF A NEW ERA IN UK REGULATION OF FINANCIAL SERVICES

AND MARKETS

and Markets Act completed its passage through

T HE FINANCIAL SERVICES
Parliament and received Royal Assent in June 2000. When the Act (or
FSMA as it is sometimes referred to in this book) comes into force it will estab-
lish the Financial Services Authority (FSA) as the single statutory regulator of
financial services, including insurance and banking as well as securities markets,
activities in the UK. The Act is expected to come into force some time in 2001,
a date referred to by the FSA as N2.
The transmutation of a policy initiative to establish a single regulator,
announced soon after the Labour government took power in 1997, into legisla-
tion was a long, complex and, at times, controversial process. The conference at
which the ideas discussed in this book were first presented was ideally timed,
just after Royal Assent, to abstract from the politically-charged debates sur-
rounding the passage of the legislation and instead to look at the structure put
in place by FSMA and to consider its likely practical effect. One thing is very
clear: although FSMA is a major landmark in the development of financial reg-
ulation in the UK, it is only a framework instrument. The detail of the practical
operation of the new regulatory system will be found not in FSMA but in the
policies, rules and procedures that are adopted by the FSA in the exercise of the
extensive statutory powers that are vested in it by the legislation. The rulebooks
and manuals which the FSA is developing in order to be fully operational by N2
will thus be the usual primary point of reference for those concerned with the
regulatory requirements on a daily basis.
So, from one perspective the question asked in relation to FSMA at the
conference—“Will the New Regime Succeed?”—might suggest an exercise in
crystal-ball gazing that only the foolish would attempt at this stage when details
remain to be filled in, it has not become practically operational and the FSA’s
2 Eilís Ferran and Charles Goodhart

stated1 intentions with regard to the use of its regulatory tools have not been
tested. But, as the chapters in this book make clear, it is important that debate
about how the FSA should interpret and apply its powers should begin when
policies and practices are being formulated and should not be held back until
after practical implementation. Whilst the system has been designed to be flexi-
ble and adaptable and practical experience will inevitably lead to changes, the
more that can be got right from the outset the more the regime will be likely to
be judged a success.
Modern financial services business is characterised by firms carrying on mul-
tiple functions and globalisation. These trends are underpinned by techno-
logical developments that change the way in which existing participants
conduct their business, make it possible for new types of business and new
participants to emerge, and open up access to information, thereby enhancing
market transparency. New regulatory challenges at both the national and inter-
national levels which are brought about by these features were considered
repeatedly and from different perspectives throughout the conference. The
growth of “universal” financial services firms—financial conglomerates that
operate across traditional sectoral boundaries—and the blurring of distinctions
between financial products through secondary market techniques such as secur-
itisation and derivatives trading had outpaced the old functionally-driven
approach to regulation in the UK with a multiplicity of regulators responsible
for different aspects of financial services business and played an important role
in the formation of the case for the establishment of a single “one-stop” regu-
lator.2 At the time of the conference, and subsequently, the regulatory response
to these trends continues to demand attention, with particular emphasis on the
consequences of globalisation for hitherto national stock exchanges, often
structured as not-for-profit mutual organisations, which are now converting
into international commercial businesses.

GLOBAL BUSINESS , GLOBAL REGULATION ?

The sophisticated transnational nature of financial services business gives rise to

significant issues of concern. One regulatory response to the economic realities
1
A New Regulator for the New Millennium, FSA Policy Report (February 2000).
2
The academic literature and comparative data on the regulatory structures in place in other
countries provided plenty of alternative institutional arrangements that could have been considered
as replacements for the old regime: e.g, M. Taylor, ‘Twin Peaks’: A Regulatory Structure for the
New Century (London Centre for the Study of Financial Innovation, 1995); M. Taylor, Peak
Practice: How to Reform the UK’s Regulatory System (London Centre for the Study of Financial
Regulation, 1996). C. Goodhart, P. Hartmann, D. Llewellyn, L. Rojas-Suárez, and S. Weisbrod,
Financial Regulation: Why, How and Where Now? (London, Routledge, 1998) ch. 8 outline another
option: a system of regulatory agencies constructed on the basis of the objectives of regulation. They
also provide an overview of the structure of regulatory agencies in several countries. But the single
“mega” agency was clearly the politically favoured option. See further C. Briault, The Rationale for
a Single National Financial Services Regulator, FSA Occasional Paper Series No 2 (1999).
 Regulating Financial Services and Markets in the Twenty First Century 3

of globalisation emphasises the need for co-operation and communication

between national regulators. This links in with the idea of achieving consistent
and coherent transnational regulation through the development, by inter-
national standard-setting bodies, of agreed core standards of good regulation
which national states then adhere to and enforce through their domestic laws.
These regulatory approaches respect the traditional legal principles of national
sovereignty and territorial jurisdiction, and their effectiveness depends on con-
sensus building amongst major states which, in turn, creates market incentives
for less economically powerful states to fall into line. But whilst some impres-
sive elements of the current international financial regulatory structure have
been built up in this way—the Basel capital requirements discussed in a number
of the chapters in this book springs to mind as an obvious example—there are
also shortcomings. Much thinking is taking place at a variety of levels, practical
and academic, about possible ways in which international financial regulation
might be strengthened. As many of the chapters here indicate, current thinking
embraces relatively modest initiatives for improving co-ordination with regard
to standard-setting and enhancing transparency with regard to countries’ com-
pliance through to more ambitious proposals for a new international financial
architecture with an international agency that has global jurisdictional power at
its centre.
Alexander (chapter 17) acknowledges that the informal and voluntary
approach to co-operation and standard-setting has achieved some success but
he contends that the changing structure of international financial markets and,
in particular, the increased risk of systemic failure require a more formalised
structure of binding international standards and effective supervision and
enforcement. Alexander supports the view put forward by Eatwell (chapter 15)
that “efficient regulation requires that the domain of the regulator should be the
same as the domain of the market that is regulated”. Since financial markets are
now global, Eatwell argues that, in principle, there should be a World Financial
Authority (WFA). Even if the establishment of such an WFA is not (yet?) prac-
tical politics, the five main regulatory tasks (authorisation, provision of inform-
ation, i.e., disclosure, surveillance, enforcement and policy development) will
still, Eatwell argues, need to be performed at the international level. In some
part the IMF, with its new Financial Sector Appraisal Program (FSAP), and
using a “soft law” approach, may step into the breach. Even so, there is, Eatwell
believes, a long way to go, and “the present conjuncture, in which the predom-
inant rule making bodies are the Basel committees, IOSCO and the IAIS, whilst
the predominant international surveillance body (in so far as there is any inter-
national surveillance at all) is the IMF, is an awkward hybrid”.
Eatwell is rather dismissive of the Financial Stability Forum, established in the
aftermath of the Asian crisis. Although the FSF is a useful meeting ground for the
various main players involved, for example, regulators, politicians, practitioners
and officials, he claims that it is “a think tank with nowhere to go”. Haldane
(chapter 16) reviews the work of the FSF over its brief life to date, especially its
4 Eilís Ferran and Charles Goodhart

emphasis on codes, transparency and market forces, which “three features run
through all the four FSF working groups’ recommendations”. He concludes by
noting that “[a]t conception, the FSF’s aims were modest. Its achievements to
date have likewise been modest. But the FSF in principle fills an important gap in
the international architecture, building bridges between the macro-economic
and micro-supervisory dimensions to public policy. Unlike some international
groupings, it is already more than just an acronym. How much more, only time
will tell”.

MARKETS WITHOUT FRONTIERS — THE REGULATORY RESPONSE TO

TECHNOLOGICAL DEVELOPMENTS

Technology has changed the way in which traditional exchanges conduct

their business and has facilitated the emergence of new types of computer-
driven electronic trading systems. Regulation needs to adapt in response to the
existence of these new players and to the competitive pressures that exist
between them and established exchanges. Old-style forms of regulation which
involved the location of significant supervisory responsibility in exchanges are
called into question once those exchanges start to compete for business with
bodies that they supervise. Anti-competitive measures that restrict access to
the market of providing securities market trading services can no longer be
sustained.
Technological developments open up markets and access to information to
new investors but they also present new risks, or perhaps old risks in a more
intense form. Protecting the interests of investors and consumers remains a cen-
tral regulatory objective but new ways of achieving that goal may be required as
technology advances and markets become increasingly complex.
In chapter 20 three leading market regulators focus primarily on techno-
logical (IT) innovation, and its effects on their respective financial markets
(Schapiro, Nasdaq; Shrimpton, London Stock Exchange; Wisbey, Securities and
Derivative Markets), and hence on how regulation must adjust to this fast
changing scene. Schapiro notes, for example, that NASD Regulation, Inc.
(NASDR) has had “to spin off the Nasdaq and to sever nearly completely our
governance and ownership” in order to be impartial between Nasdaq and its
emerging competitors, other ECNs. Shrimpton records that the LSE has built a
system to monitor in excess of 150,000 trades a day. Wisbey, like Schapiro,
argues that recent innovations complicate the issue of what regulatory respons-
ibilities existing exchanges, many of them metamorphosing into “for profit”
organisations, should continue to have. She also wonders how far regulators
should concern themselves with the risks of operating these new technologies.
 Regulating Financial Services and Markets in the Twenty First Century 5

THE ENACTMENT OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 :

THE END OF SELF - REGULATION

In his keynote address at the conference, which is reproduced as chapter 2 of

this book, Sir Howard Davies identifies the principle of a single integrated regu-
lator, constructed on a fully statutory basis and the end of self-regulation as
“dogs that did not bark”—i.e., they were not seriously questioned—during the
legislative process. FSMA certainly marks a formal shift in regulatory culture
from the self-regulatory approach that was, historically, a distinctive feature of
financial services regulation in the UK. FSMA finally puts in place the type of
statutory securities commission that had attracted support in principle at the
time of the last full review of financial services regulation back in the 1980s but
which was ruled out from the discussion that preceded the enactment of the
Financial Services Act 1986 on grounds of practical politics. But whilst this
change is important, its significance should not be overstated. The borderline
between governmental and self-regulation of financial markets had become
indistinct long ago.3 Also, the voices of powerful interest groups will continue
to be heard within the FSMA regime. FSMA imposes obligations on the FSA to
consult with practitioners and consumers and to institutionalise arrangements
for such dialogue through the establishment of practitioner and consumer
panels; but these requirements probably do little more than reflect what would
be FSA practice in any event. Writing elsewhere Howard Davies has described
the FSMA regime as a “statutory system with extensive practitioner involve-
ment”.4 Of the FSA itself he has said that it is “a creature of the market it
regulates” and, further, has acknowledged that “we really do depend on the
contribution of financial institutions and trade associations to the work if we are
to produce a durable and market-sensitive regulatory system”.5

EXAMINING THE FSMA REGULATORY OBJECTIVES AND REGULATORY

PRINCIPLES

FSMA specifies four regulatory objectives: maintaining confidence in the finan-

cial system; promoting public understanding of the financial system; protecting
consumers; and reducing financial crime.6 In discharging its general functions
3 L. C. B. Gower, Review of Investor Protection (Cmnd 9125, London, HMSO, 1984), pt. I, para

3.15. Black identifies four forms of self-regulation, only one of which involves no active direct or
indirect state involvement: J. Black, “Constitutionalising Self-Regulation” (1996) 59 Modern Law
Review 24, 26–8. See also A. Ogus, “Rethinking Self-Regulation” (1999) 15 Oxford Journal of Legal
Studies 97.
4
H. Davies, “Law and Financial Regulation” [1999] Company Financial and Insolvency Law
Review 1.
5
H. Davies, “FSA’s Strategy in Applying its Powers under the New Regime” [1999] Journal of
International Financial Markets 51, 58.
6
FSMA, ss. 2, 3–6.
Discovering Diverse Content Through
Random Scribd Documents
fünfundvierzigjährige Meister sieht hier sehr ernst aus. Der
allgemeinen Sitte folgend hat er sich nach König Heinrichs Vorbild
einen Vollbart wachsen lassen. — Das in der Sammlung von
Malerbildnissen im Uffizienpalast zu Florenz hängende Selbstbildnis
Holbeins kann kaum noch als solches bezeichnet werden. Dasselbe
ist zwar ursprünglich eine Zeichnung Holbeins, anscheinend zu dem
in jenen Kupferstichen wiedergegebenen Gemälde; aber die
Zeichnung ist durch Übermalung verunstaltet und unähnlich gemacht
worden.
Ein schönes Brustbild eines langbärtigen Herren im Pelz, mit
Namen Melchior Maag, das sich in der Sammlung des Herrn
Huybrechts zu Antwerpen befindet, trägt ebenfalls die
Jahresbezeichnung 1543 (Abb. 147).
 Abb. 145. D i e K ö n i g i n v o n S a b a v o r
S a l o m o . Miniaturartige Tuschzeichnung mit Farben und
Gold.
In der Bibliothek der Königin von England im
Windsorschloß.
(Nach einer Originalphotographie von Braun, Clément &
Cie. in Dornach i. E. und Paris.)
 ⇒
GRÖSSERES BILD

Abb. 146. E d u a r d , P r i n z v o n W a l e s .
Zeichnung in schwarzer und farbiger Kreide, in der königl.
Bibliothek im Schlosse zu Windsor.
(Nach einer Photographie von Franz Hanfstängl in
München.)
 In dieser Zeit arbeitete Holbein an einem großen figurenreichen
Gemälde, das er wohl nur nach und nach fertig machen konnte. Es
war ein Porträtstück, das zugleich einen geschichtlichen Vorgang
verbildlichte. Die vereinigte Chirurgen- und Barbiergilde zu London
ließ dasselbe malen zur Erinnerung an die Gewährung ihrer
Zunftrechte durch den König. Die Vertreter der Gilde, achtzehn an
der Zahl, wurden dargestellt, wie sie vor dem Throne Heinrichs VIII.
knieen, um aus dessen Hand ihren Freibrief in Empfang zu nehmen.
Einzelne der Vorstandsmitglieder malte Holbein nebenher auch in
besonderen Bildnissen. So den achtundachtzigjährigen Dr. John
Chambers, der zu den Leibärzten des Königs gehörte. Das schöne
Bild des würdevollen Greises befindet sich jetzt in der kaiserlichen
Gemäldegalerie zu Wien (Abb. 148). Das große Genossenschaftsbild
hat sich auch erhalten; es hängt noch im Zunfthaus der Londoner
Barbiere. Aber es zeigt, abgesehen von der Entstellung durch
spätere Übermalungen, daß es auch ursprünglich nur zum Teil von
Holbein gemalt worden ist. Es war dem Meister nicht beschieden,
dieses Werk fertig zu sehen.
Abb. 147. M e l c h i o r M a a g . Gemälde von 1543. In der
Sammlung Huybrechts zu Antwerpen.
Abb. 148. J o h n C h a m b e r s, Leibarzt König Heinrichs
VIII. In der kaiserl. Gemäldegalerie zu Wien.

⇒
GRÖSSERES BILD
 Mitten in der reichsten Schaffensthätigkeit starb Hans Holbein in
der Blüte der Jahre und fern von der Heimat im Herbst 1543,
wahrscheinlich als ein Opfer der Pest, welche in diesem Jahre in
London wütete.
Vom 7. Oktober ist sein Testament datiert. Von seiner Familie in
Basel ist darin keine Rede. Für diese hatte er augenscheinlich schon
vorgesorgt; die Familie lebte auch nach seinem Tode in guten
Verhältnissen. Die letztwillige Verfügung bezieht sich nur auf die
Ordnung seiner Londoner Verhältnisse. Sein Pferd und seine sonstige
Habe sollte verkauft werden zur Deckung der Guthaben einiger
Freunde.
Am 29. November gab der Goldschmied Johannes von
Antwerpen, einer der Zeugen, die Vollstreckung des Testamentes ab.
König Heinrich VIII. erhielt ein Werk von der Hand seines
Künstlers noch nach dessen Tode. Zu Neujahr 1544 wurde ihm von
einem seiner Kämmerer ein Entwurf Holbeins zu einer Wanduhr
verehrt, eine jetzt im Britischen Museum befindliche große
Zeichnung von prächtig geschmackvoller Erfindung.
 Abb. 149. H o l b e i n s S e l b s t b i l d n i s a u s
seinem letzten Lebensjahre.
Nach Borstermanns Stich des verschollenen Originals.
*** END OF THE PROJECT GUTENBERG EBOOK HOLBEIN DER
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