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Multilayered Governance in International Financial Regulation and Supervision

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  • Rolf H. Weber

Abstract

In 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.

Suggested Citation

  • Rolf H. Weber, 2010. "Multilayered Governance in International Financial Regulation and Supervision," Journal of International Economic Law, Oxford University Press, vol. 13(3), pages 683-704, September.
    • Handle: RePEc:oup:jieclw:v:13:y:2010:i:3:p:683-704
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    File URL: http://hdl.handle.net/10.1093/jiel/jgq033
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    Cited by:

    1. Ojo, Marianne, 2011. "Fair value accounting and procyclicality: mitigating regulatory and accounting policy differences through regulatory structure reforms and Enforced Self Regulation," MPRA Paper 29314, University Library of Munich, Germany.
    2. Xiao, Fenglong, 2011. "When organization encounters uncertainty in regulatory times," MPRA Paper 36240, University Library of Munich, Germany.
    3. Hao Fu & Yue Liu & Pengfei Cheng & Sijie Cheng, 2022. "Evolutionary Game Analysis on Innovation Behavior of Digital Financial Enterprises under the Dynamic Reward and Punishment Mechanism of Government," Sustainability, MDPI, vol. 14(19), pages 1-18, October.
    4. Rolf H. Weber & Douglas W. Arner & Evan C. Gibson & Simone Baumann, 2014. "Addressing systemic risk in East Asia: financial regulatory design," Chapters, in: Iwan J. Azis & Hyun S. Shin (ed.), Global Shock, Risks, and Asian Financial Reform, chapter 6, pages 204-245, Edward Elgar Publishing.
    5. Emilios Avgouleas, 2013. "Effective Governance of Global Financial Markets: an Evolutionary Plan for Reform," Global Policy, London School of Economics and Political Science, vol. 4, pages 74-84, July.
    6. Sue Wright & Elizabeth Sheedy & Shane Magee, 2018. "International compliance with new Basel Accord principles for risk governance," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(1), pages 279-311, March.
    7. Jürgen Bröhmer, 2013. "The EU and the member states: Germany and supranationalism in times of financial crisis," Chapters, in: John Farrar & David G. Mayes (ed.), Globalisation, the Global Financial Crisis and the State, chapter 5, pages 94-113, Edward Elgar Publishing.

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