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Structure of regulation: Lessons from the crisis. A view from the Institute of International Finance (IIF)

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  • Dallara, Charles
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    Abstract

    The IIF's Committee on Market Best Practices has been working on five subjects: (1) Risk management, realignment of incentives is necessary; (2) Ratings, an SRO for CRAs is proposed; (3) Valuations, more dialogue on processes; (4) Disclosure, some new initiatives; (5) Liquidity risk, a review is in hand. Regulation's enforcement intensity is not a good measure of effectiveness; instead a more supervisory, risk-based approach is desirable. There is a need for a framework of mutual recognition in the context of cross-border regulation, with greater use of colleges of supervisors. Within Europe a start would involve putting the Level 3 Committees onto a stronger legal basis.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Financial Stability.

    Volume (Year): 4 (2008)
    Issue (Month): 4 (December)
    Pages: 338-345

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    Handle: RePEc:eee:finsta:v:4:y:2008:i:4:p:338-345

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    Web page: http://www.elsevier.com/locate/jfstabil

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    Keywords: Market best practice Credit rating Valuations Disclosure Basel II;

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