The Role and Prospects of International Law in Financial Regulation and Supervision
The financial crisis of 2007--09 resulted in, inter alia, challenges for governments to modify financial regulation and supervision so as to ensure stability of financial markets without unduly hindering dynamic market developments. Moreover, the inherent transnational character of any financial market instrument nowadays has to be taken into account. This article discusses the proper allocation of powers in terms of harmonization and decentralization. It addresses conceptual challenges for contemporary financial regulation and supervision based on the idea of regulatory competition. While harmonization should be further pursued, regulatory competition based on a sound international framework of cooperation and coordination is central for successful financial regulation and supervision. There is no one-size-fits-all approach. Oxford University Press 2010, all rights reserved, Oxford University Press.
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Volume (Year): 13 (2010)
Issue (Month): 3 (September)
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