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


  • Dallara, Charles


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.

Suggested Citation

  • Dallara, Charles, 2008. "Structure of regulation: Lessons from the crisis. A view from the Institute of International Finance (IIF)," Journal of Financial Stability, Elsevier, vol. 4(4), pages 338-345, December.
  • Handle: RePEc:eee:finsta:v:4:y:2008:i:4:p:338-345

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    References listed on IDEAS

    1. Danielsson, Jon, 2002. "The emperor has no clothes: Limits to risk modelling," Journal of Banking & Finance, Elsevier, vol. 26(7), pages 1273-1296, July.
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