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Author Ferran, Eilís
Title The Regulatory Aftermath of the Global Financial Crisis
Imprint Cambridge : Cambridge University Press, 2012
©2012
book jacket
Descript 1 online resource (434 pages)
text txt rdacontent
computer c rdamedia
online resource cr rdacarrier
Series International Corporate Law and Financial Market Regulation
International Corporate Law and Financial Market Regulation
Note Intro -- Contents -- Foreword -- Observations about the crisis and reform -- I: Overview -- II: Altered terrain -- Globalized markets, and capital mobility -- Increasing competition and the end of "old boy networks" -- Fungibility of financial products, sectors and actors -- Unregulated institutional markets -- Increasing agency cost -- Technology -- III: A cautionary note -- NOTES ON CONTRIBUTORS -- Acknowledgements -- Table of cases -- Table of legislation -- 1 Crisis-driven regulatory reform: where in the world is the EU going?* -- I: Introduction -- Never waste several good crises -- Defining the scope of the chapter and explaining the approach -- A note on the chronology of the global financial crisis -- A note on the euro area sovereign debt crisis -- II: Intergovernmentalism - the crises and the Member States -- Insights from theory -- From theory to practice: Member State' s views on EU financial regulation in the years leading up to the global financial crisis -- Member States and post-crisis reforms: meeting in the middle? -- Still battling and even starting to move further apart? -- Market infrastructure/short selling -- Too-big-to-fail" -- Corporate governance -- Financial services supervision -- Evaluation -- III: Supranationalism - the crises and the Commission -- Introduction -- The Commission in the pre-crisis era -- The impact of the global financial crisis: the first phase of the response -- Phase two of the response: the Commission' s role in concretizing the financial services reform agenda -- Overall process management of the legislative program -- Too-big-to-fail" -- Supervision -- Evaluation -- IV: Supranationalism - the crises and the European Parliament -- Introduction -- Finding the Parliament' s imprint on crises-related reforms -- Playing a waiting game? -- Financial transactions tax -- Implications for the future
V: External relations -- Introduction -- Exerting influence over international financial regulation as new economic powers challenge the established order - new opportunities for EU regulatory leadership? -- Speaking with a single voice" -- Exporting key EU regulatory ideas: issues of suitability -- The prospects for building global influence through a more equal transatlantic relationship -- VI: Conclusion -- 2 The legacy effects of the financial crisis on regulatory design in the EU -- I: Examining regulatory change -- Introduction -- Charting innovation and change -- The market regulation and consumer protection case studies -- II: The legacy effects for market and consumer protection regulation -- Financial market intensity and innovation -- The implications -- Policy innovation and rule innovation -- De-intensification and simplification in the EU -- III: The legacy impact of the crisis on market regulation -- A re-orientation of the reform program? -- The EU market regulation agenda -- Reshaping market regulation -- Reshaping trading venue regulation -- Reshaping the regulation of trading practices -- Reshaping financial market disclosure -- The equity markets -- IV: The legacy effects of the crisis on consumer protection regulation -- Refocusing on the consumer markets -- The rise of product intervention -- Has distrust of innovation led to a productive consumer market reform? -- V: Conclusion -- 3 Why did Australia fare so well in the global financial crisis? -- I: Introduction -- II: The Australian economy and the impact of the global financial crisis on Australia' s financial markets -- III: Regulatory structure and the global financial crisis -- A snapshot of Australia' s corporate and financial services regulatory structure
The Australian "twin peaks" model compared to US and UK regulatory structures prior to the global financial crisis -- IV: Regulatory cooperation in the era of financial market integration and the US-Australian mutual recognition arrangement -- V: Some Australian financial policy and regulatory responses to the global financial crisis -- The Australian government' s economic stimulus program -- Emergency-style reforms - the Deposit and Wholesale Funding Guarantee Scheme and the RMBS Initiative -- The deposit guarantee -- The wholesale funding guarantee -- The residential mortgage-backed securities (RMBS) initiative -- Covered bonds -- ASIC' s ban on short selling -- Executive remuneration reforms -- Retail investor protection and the Future of Financial Advice reforms -- VI: Why did Australia fare so well during the global financial crisis? -- China and Australia' s resources boom -- The Reserve Bank' s monetary policy and the economic stimulus program -- Australias regulatory structure, APRA and the HIH Royal Commission -- The Australian banking system -- Australia' s superannuation system -- VII: Conclusion -- 4 The political economy of Dodd-Frank: Why financial reform tends to be frustrated and systemic risk perpetuated -- I: Introduction -- II: The Regulatory Sine Curve and statutory correction -- III: SOX revisited: the downsizing of reform -- Section 404 and internal control reports -- Executive loans and Section 402 -- Attorneys as whistle blowers and Section 307 -- An evaluation -- IV: The Dodd-Frank Act: premises and policy options -- Three credible scenarios -- Moral hazard: "Executive compensation caused the crash" -- Responses -- Executive compensation and shareholder pressure -- Systemic risk and the "too big to fail" problem -- Higher equity capital requirements -- A private, industry-funded insurance system
Reducing risk through prophylactic rules -- The OTC derivatives market -- V: The implementation of the Dodd-Frank Act -- Curbing executive compensation: the road not taken -- Proxy access and corporate governance -- Section 956 -- Selected TARP recipients 2008 bonus compensation -- The TBTF problem -- Resolution authority -- The Volcker Rule -- Contingent capital -- The legislative counterattack -- VI: Conclusion -- Index
Provides an unrivalled understanding of major regulatory reforms that will profoundly affect the future of finance
Description based on publisher supplied metadata and other sources
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2020. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
Link Print version: Ferran, Eilís The Regulatory Aftermath of the Global Financial Crisis Cambridge : Cambridge University Press,c2012 9781107024595
Subject Financial institutions -- Law and legislation -- United States.;Financial institutions -- Law and legislation -- European Union countries.;Financial institutions -- Law and legislation -- Australia.;Financial services industry -- Law and legislation -- United States.;Financial services industry -- Law and legislation -- European Union countries.;Financial services industry -- Law and legislation -- Australia
Electronic books
Alt Author Moloney, Niamh
Hill, Jennifer G
Coffee, Jr, John C
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