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The Foundations and Future of Financial Regulation

The Foundations and Future of Financial Regulation Governance for Responsibility

Author: Mads Andenas; Iris H-Y Chiu
Publisher: Routledge
ISBN: 9780415672009
Published In: November 2013
Format: Hardback , 544 pages
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Financial regulation has entered into a new era, as many foundational economic theories and policies supporting the existing infrastructure have been and are being questioned following the financial crisis. Goodhart et al’s seminal monograph "Financial Regulation: Why, How and Where Now?" (Routledge:1998) took stock of the extent of financial innovation and the maturity of the financial services industry at that time, and mapped out a new regulatory roadmap. This book offers a timely exploration of the "Why, How and Where Now" of financial regulation in the aftermath of the crisis in order to map out the future trajectory of financial regulation in an age where responsibility, especially social responsibility is being emphasised.

This book engages with the key substantive aspects of financial regulation in a critical and systematic manner. The book is split into three key sections: the regulation of financial products; the regulation of financial intermediaries; and the regulation of financial markets. The discussion ranges from theoretical and policy perspectives to comprehensive and critical consideration of financial regulation in the specifics. The focus of the book is on the substantive regulation of the UK and the EU, as critical examination is made of the unravelling and the future of financial regulation with comparative insights offered where relevant especially from the US. Running throughout the book is consideration of the relationship between financial regulation, social good and responsibility.

This book offers an important contribution to continuing reflections on the role of financial regulation, market discipline and corporate responsibility in the financial sector, and upon the roles of regulatory authorities, markets and firms in ensuring the financial health and security of all in the future.

Part 1: The Objectives and Governance Landscape in Financial Regulation 1. The Objectives of Financial Regulation 2. Financial Market Regulation, Monetary Policy and Services of General Interest 3. The Decentred Regulatory Space in Financial Sector Governance and the Essential Partnership of Public and Private-led Governance Part 2: Investor Protection in Financial Regulation 4. Meaning of Investor Protection 5. Regulatory Governance of Alternative Investment Fund Managers 6. Regulation of Credit Rating Agencies 7. Socially Responsible Investing 8. Consumer Protection in the Retail Market Part 3: Regulating Financial Firms 9. Regulating the Soundness of Financial Intermediaries 10. From Financial Intermediaries to Masters of the Universe 11. Addressing the Consequences of Financial Empire Building and Systemic Risk Costs 12. Enhancing Microprudential Regulation 13. The Meta-regulatory Nature of Risk Management and Corporate Governance 14. Regulating Financial Sector RemunerationPart 4: Macroprudential Supervision for the Future 15.The Uncertain Contours of Macro-prudential Supervision 16. Informational Empowerment in Macro-prudential Supervision in the UK and EU 17. Judgment-Based Approach to Macro-prudential Supervision in the UK and EU 18. The International Framework for Financial Regulation 19. Gatekeepers in Macro-prudential Supervision? Part 5: Conclusion

Mads Andenas is Senior Research Fellow at the Institute of Advanced Legal Studies and holds the Chair of Law at Leicester University.

Iris (H-Y) Chiu is Senior Lecturer in Laws at University College London, UK