Multilayered Governance in International Financial Regulation and Supervision
AbstractIn recent decades, financial markets have become increasingly international in scope, while the focus of financial regulation and supervision has largely remained limited to the domain of national jurisdictions. This article applies the doctrine of multilayered governance to financial markets, thereby addressing the discrepancy between international financial activities and nationally oriented financial regulation and supervision. It identifies core values that are widely shared within the international community, including the regulatory goals of financial stability and market integrity and the importance of confidence in the functioning of financial markets. The article argues that the scope of financial activities, the importance of regulatory objectives and the level of detail could serve as criteria for assessing how financial regulation should be allocated to the different levels of governance. In the proposed setting, standards could be a key to establishing multilayered governance as they allow for flexible adaptation of internationally agreed rules to national or regional particularities. Regarding financial supervision, the article highlights the importance of supervisory colleges or peer review procedures as a layer in between nationally based supervision and international supervisory standards. Oxford University Press 2010, all rights reserved, Oxford University Press.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Oxford University Press in its journal Journal of International Economic Law.
Volume (Year): 13 (2010)
Issue (Month): 3 (September)
Contact details of provider:
Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK
Fax: 01865 267 985
Web page: http://www.jiel.oupjournals.org/
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Xiao, Fenglong, 2011. "When organization encounters uncertainty in regulatory times," MPRA Paper 36240, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.