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Financial Regulation and Supervision

Financial Regulation and Supervision A post-crisis analysis

Author: Eddy Wymeersch; Klaus J. Hopt; Guido Ferrarini
Publisher: Oxford University Press
ISBN: 9780199660902
Published In: August 2012
Format: Hardback , 528 pages
Jurisdiction: European Union, U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Unique analysis by leading authors on the new regulatory architecture
Covers the background to the reforms and the likely implications for financial institutions
Investigates the challenge of international co-operation in financial supervision
Written by a highly distinguished set of authors

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.

Readership: Scholars and practising lawyers specialising in financial regulation in Europe and the US.

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

Edited by Eddy Wymeersch, University of Gent - Belgium, Klaus J. Hopt, Max Planck Institute for Comparative and International Private Law, Hamburg, Germany, and Guido Ferrarini, Professor of Business Law and Capital Markets Law, University of Genoa; Director of Genoa Centre for Law and Finance

Eddy Wymeersch is professor at the University of Gent. He was Chairman of the Committee of European Securities regulators (CESR) (February 2007- July 2010) and of the European Regional Committee of IOSCO, in that capacity also taking part in the Executive and the Technical committee (2006-2010). He was Chairman of the Belgian Commission Bancaire, Financière et des Assurances (CBFA) (chief executive 2001-2007 and chairman of the supervisory board (2007-2010). He is now chairman of the Public Interest Oversight Board in Madrid.

Professor Guido Ferrarini is Professor of Business Law and Capital Markets Law, University of Genoa and Director of Genoa Centre for Law and Finance.

Klaus J. Hopt is Professor of Law and Director (em.) at the Max Planck Institute for Comparative and International Private Law, Hamburg, Germany

Contributors:

Julia Black is Professor of Law, London School of Economics and Political Science
Sir Howard Davies is Professor of Practice, Paris School of International Affairs, Institut d'Etudes Politiques (Sciences Po)
David Green is Former Bank of England and FSA official
Niamh Moloney is Professor of Law, London School of Economics and Political Science
Eilis Ferran is Professor of Company and Securities Law, Law Faculty, University of Cambridge
Chryssa Papathanassiou is Senior Market Infrastructure Expert, European Central Bank
Georgios Zagouras is Legal Counsel, European Central Bank
Carmine Di Noia is Deputy Director General and Head of Capital Markets and Listed Companies, ASSONIME
Maria Chiara Furlò is undertaking a Law and Economics degree at LUISS University of Rome
Guido Ferrarini is Professor of Business Law and Capital Markets Law, University of Genoa
Filippo Chiodini is PhD Candidate in Civil, Corporate and International Law, University of Genoa
Eddy Wymeersch is Chairman, European Corporate Governance Institute (ECGI)
Gerard Hertig is Professor of Law, ETH Zurich
Klaus J. Hopt is Professor of Law and Director (em.) at the Max Planck Institute for Comparative and International Private Law
Jaap Winter is Professor of Corporate Governance, Duisenberg School of Finance
Antoine Van Cauwenberge is Advisor, Financial Services and Markets Authority, Brussels
Eva H. G. Hüpkes is Adviser on Regulatory Policy and Cooperation, Financial Stability Board
James D. Cox is Brainerd Currie Professor of Law, Duke University School of Law