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Description
This comprehensive account of financial regulation and supervision in times of crisis analyses the complex changes under way regarding the new financial regulatory structures in the EU. Focusing on the organisation of financial supervision, it deals with the background to the reforms, the architecture of the regulatory system, the likely implications for the financial institutions and the challenge of international co-operation. Changes in the US have been heavily criticised and in Europe a brand new regulatory system with three new regulatory agencies and a systemic risk board has been developed. National systems are in the process of being updated. International cooperation, although still difficult, has made progress, with the Financial Stability Board now acting on behalf of the G.20. Central bank cooperation has improved significantly and in the meantime, sectoral regulations are being adapted in full speed, such as Basel III, AIDMD, MiFID and many others. This book gives an overall view of these complex changes.The first section of the book provides an assessment of the reforms and considers the background to their making. In the section on regulatory structure there is analysis of the new regulatory bodies, their complex competences and actions. The book also takes a critical look at their likely effectiveness. The final section of the work considers the actual implementation of the new rules in a cross-border context.
Table of Contents
- Part I - Financial Reform as a Response to the 2008 crisis
- 1: J. Black: Restructuring Global and EU Financial Regulation: Character, Capacities and Learning
- 2: H. Davies: Unfinished Business: An Assessment of the Reforms
- 3: D. Green: The Relationship Between Micro-Macro-Prudential Supervision and Central Banking
- Part II - The New European Supervisory Architecture
- 4: N. Moloney: Supervision in the Wake of the Financial Crisis: Achieving Effective 'Law in Action' - A Challenge for the EU
- 5: E. Ferran: Understanding the New Institutional Architecture of EU Financial Market Supervision
- 6: C. Papathanassiou: A European Framework for Macro-Prudential Oversight
- 7: C.di Noia and M.C. Furlo: The New Structure of Financial Supervision in Europe - What's Next?
- 8: G. Ferrarini and F. Chiodini: Nationally Fragmented Supervision over Multinational Banks as a Source of Global Systemic Risk: A Critical Analysis of Recent EU Reforms
- 9: E. Wymeersch: The European Financial Supervisory Authorities or ESAs
- Part III - Regulation in Search for a Purpose
- 10: G. Hertig: Post-Financial Crisis Trading and Clearing Reforms in the EU: A Story of Interest Groups with Magnified Voice
- 11: K.J. Hopt: Corporate Governance of Banks After the Financial Crisis
- 12: J. Winter: The Financial Crisis: Does Good Corporate Governance Matter and How to Achieve it?
- Part IV - The International Dimension: New Challenges
- 13: A. Van Cauwenberge: Developments Regarding Global Cooperation in Supervision of Financial Markets
- 14: E. Hupkes: The Last Frontier: Protecting Critical Functions Across Borders
- 15: J. Cox: Extraterritorial Reach of US Financial Laws
