Book contents
- Frontmatter
- Contents
- Foreword
- Notes on Contributors
- Acknowledgements
- Table of cases
- Table of legislation
- 1 Crisis-driven regulatory reform: where in the world is the EU going?*
- 2 The legacy effects of the financial crisis on regulatory design in the EU
- 3 Why did Australia fare so well in the global financial crisis?
- 4 The political economy of Dodd-Frank: Why financial reform tends to be frustrated and systemic risk perpetuated
- Index
- References
2 - The legacy effects of the financial crisis on regulatory design in the EU
Published online by Cambridge University Press: 05 December 2012
Book contents
- Frontmatter
- Contents
- Foreword
- Notes on Contributors
- Acknowledgements
- Table of cases
- Table of legislation
- 1 Crisis-driven regulatory reform: where in the world is the EU going?*
- 2 The legacy effects of the financial crisis on regulatory design in the EU
- 3 Why did Australia fare so well in the global financial crisis?
- 4 The political economy of Dodd-Frank: Why financial reform tends to be frustrated and systemic risk perpetuated
- Index
- References
Summary
Examining regulatory change
Introduction
This chapter examines the European Union (EU)'s crisis-era reform program from a regulatory design perspective. In particular, it considers the legacy effects of the financial crisis on financial system regulation.
Financial system regulation is traditionally regarded as concerned with three objectives: financial stability; market efficiency, transparency and integrity; and consumer protection. In order to consider the legacy effects of the crisis on regulatory design, this chapter addresses the impact of the financial crisis on the latter two regulatory spheres: market (or securities) regulation – which addresses market efficiency, transparency and integrity, and the conduct of business regulation of market intermediaries – and consumer protection regulation. The chapter questions whether the initial crisis-era, financial stability-driven reform movement has led to regulatory innovation in these two cognate fields, the extent of the innovations and whether innovations have been productive.
Market regulation and consumer protection regulation were not part of the EU’s initial regulatory response to the crisis. Concerned with financial stability, the “first generation” response focused on prudential regulation and so on institutional and systemic stability. Bank capital, bank supervision and bank rescue and resolution proposals were the centerpieces of the initial EU reform agenda, reflecting the international agenda. But market regulation and consumer protection regulation have recently been caught up in the backwash of the financial stability-led reform agenda as a “second-generation” effect, as the EU has moved from shoring up financial stability to becoming the self-styled “architect[s] of a new financial system.” In particular, legacy effects related to the dominant financial stability agenda are reshaping the policy goals and the nature of market and consumer protection regulation more generally.
- Type
- Chapter
- Information
- The Regulatory Aftermath of the Global Financial Crisis , pp. 111 - 202Publisher: Cambridge University PressPrint publication year: 2012
References
, Sea of Change. Regulatory Change for Financial Institutions. Briefing Note (London: Clifford Chance, November 2010)Google Scholar
European Parliament, Economic and Monetary Affairs Committee, Assessment of the Cumulative Impact of Various Regulatory Initiatives on the European Banking Sector (2011).
European Commission, Regulating Financial Services for Sustainable Growth, A Progress Report – February 2011 (2011).
and , “Reforms of EU Banking and Securities Regulation after the Financial Crisis,”Banking and Finance Law Review, 26 (2010), 187–232Google Scholar
and , “Network Governance and Multi-level Delegations. European Networks of Regulatory Agencies,”Journal of Public Policy, 28 (2008), 49–71Google Scholar
, “The Creation of European Regulatory Agencies and its Limits: a Comparative Analysis of European Delegation,”Journal of European Public Policy, 18 (2011), 790–809CrossRefGoogle Scholar
, and , “The Financial Turmoil and EU Policy Co-operation in 2008,”Journal of Common Market Studies, 47 (2009), 63–87CrossRefGoogle Scholar
, “EC Company Law Directives and Regulations: How Trivial Are They?”University of Pennsylvania Journal of International Economic Law, 27 (2006), 1–78Google Scholar
, EU Prospectus Law. New Perspectives on Regulatory Competition in Securities Markets (Cambridge University Press, 2011)CrossRefGoogle Scholar
, “The European Securities and Markets Authority and Institutional Design for the EU Financial Market – A Tale of Two Competences: Part (1) Rule-Making,” (ESMA Part I) European Business Organization Law Review, 12 (2011), 41–86CrossRefGoogle Scholar
and , “Cameron's Use of Treaty Veto leaves Britain on Outside in New Union,” Financial Times, December 10, 2011, 2.
et al., “Crisis Management and Resolution for a European Banking System,” IMF Working Paper No. WP/10/10 (March 2010
, “What is Regulatory Innovation?” in , and (eds.), Regulatory Innovation. A Comparative Analysis (Cheltenham: Elgar, 2005), pp. 1–15CrossRefGoogle Scholar
, “An Overview of Regulatory Innovation in the EU,”Cambridge Yearbook of European Legal Studies, 11 (2008–9), 289–321CrossRefGoogle Scholar
, “Better Regulation: The Search and the Struggle,” in , and , The Oxford Handbook on Regulation (Oxford University Press, 2010), pp. 258–87CrossRefGoogle Scholar
, The British Regulatory State: High Modernism and Hyper-Innovation (Oxford University Press, 2003)CrossRefGoogle Scholar
, “Making Markets More Robust,” in and (eds.), Reforming US Financial Markets: Reflections Before and Beyond Dodd Frank (Cambridge, MA: MIT Press, 2011), pp. 51–83Google Scholar
, “Regulating the Retail Markets: Law, Policy and the Financial Crisis,” in and (eds.), Current Legal Problems 2010 (Oxford University Press, 2010), pp. 375–447Google Scholar
, The Turner Review. A Regulatory Response to the Global Banking Crisis (London: FSA, March 2009), p. 91Google Scholar
and , A Preliminary Report on the Sources of Ireland's Banking Crisis (Dublin: Government Publications Office, 2010), p. 17Google Scholar
, A New Approach to Financial Regulation: Securing Stability, Protecting Consumers (London: HM Treasury, January 2012)Google Scholar
, A New Approach to Financial Regulation: The Blueprint for Reform (London: HM Treasury, June 2011)Google Scholar
, A New Approach to Financial Regulation: Building a Stronger System (London: HM Treasury, February 2011)Google Scholar
, A New Approach to Financial Regulation: Judgment, Focus and Stability (London: HM Treasury, July 2010)Google Scholar
, Mitigating Systemic Risk – a Role for Securities Regulation. Discussion Paper (Madrid: IOSCO, 2011)Google Scholar
, “Global Securities Regulation after the Financial Crisis,”Journal of International Economic Law, 13 (2011), 799–815CrossRefGoogle Scholar
, Banking Reform: delivering stability and supporting a sustainable economy (London: HM Treasury, 2012).Google Scholar
, “Is Systemic Risk Relevant to Securities Regulation?,”University of Toronto Law Journal, 60 (2010), 941–81.CrossRefGoogle Scholar
, “The Legal and Institutional Preconditions for Strong Securities Markets,”UCLA Law Review, 48 (2001), 781–856Google Scholar
, “Law, Finance and Path Dependence. Developing Strong Securities Markets,”Texas Law Review, 80 (2002), 1657–728Google Scholar
, “Top Cop or Regulatory Flop – The SEC at 75,”Virginia Law Review, 95 (2009), 785–824Google Scholar
, “Protecting Financial Markets: Lessons from the Subprime Mortgage Meltdown,”Minnesota Law Review, 93 (2008), 373–406Google Scholar
, “Regulating Complexity in Financial Markets,”Washington University Law Review, 87 (2009), 211–68Google Scholar
Journal of Corporation Law, 28 (2003)
, and , “The Case for Behaviorally Informed Regulation,” in and (eds.), New Perspectives on Regulation (Cambridge, MA: The Tobin Project, 2009), pp. 25–61Google Scholar
, “The Global Financial Crisis, Behavioural Finance and Financial Regulation in Search of a New Orthodoxy,”Journal of Corporate Law Studies, 9 (2009), 23–59CrossRefGoogle Scholar
, “Understanding Enron: It's the Gatekeepers, Stupid,”The Business Lawyer, 57 (2002), 1403–20Google Scholar
Joint Forum (IOSCO, Basel Committee, IAS), Report on Asset Securitization Incentives (2011).
, and , “System Risk through Securitization: The Result of Deregulation and Regulatory Failure,”Connecticut Law Review, 41 (2009), 1327–75Google Scholar
, “Regulators' Response to the Current Crisis and the Upcoming Reregulation of Financial Markets: One Reluctant Regulator's View,”University of Pennsylvania Journal of International Law, 30 (2009), 1147–55Google Scholar
, “A New Framework for the Global Regulation of Short Sales: Why Prohibition is Inefficient and Disclosure Insufficient,”Stanford Journal of Law, Business and Finance, 16 (2010), 376–425Google Scholar
, “Why the SEC Failed: Regulators Against Regulation,”Brooklyn Journal of Corporate Finance and Commercial Law, 3 (2009), 289–324Google Scholar
Joint Forum (IOSCO, Basel Committee and International Association of Insurance Supervisors), Review of the Differentiated Nature and Scope of Financial Regulation. Key Issues and Recommendations (2010).
, “Private Equity and its Regulation in Europe,”European Business Organization Law Review, 12 (2012), 559–85CrossRefGoogle Scholar
, “After the Crisis: The Regulation of Hedge Funds and Private Equity in the EU,”European Business Organization Law Review, 12 (2012), 379–414CrossRefGoogle Scholar
, “The Limits of EU Hedge Fund Regulation,”Law and Financial Markets Review, 5 (2011), 119–28CrossRefGoogle Scholar
, “Financial Development and Economic Growth: Views and Agenda,”Journal of Economic Literature, 35 (1997), 688–726Google Scholar
, The Structure and Regulation of Financial Markets (Oxford University Press, 2000), pp. 2–3CrossRefGoogle Scholar
and , “The Promise and Perils of Credit Derivatives,”University of Cincinnati Law Review, 75 (2007), 1019–51Google Scholar
, “The Rise of Finance: What is it, What is Driving it, What might Stop it?,”Comparative Labour Law & Policy Journal, 30 (2008), 67–76Google Scholar
, Fixing Global Finance: How to Curb Financial Crises in the 21st Century (New Haven, CT: Yale University Press, 2009), pp. 11–12Google Scholar
, Stock Market Capitalism: Welfare Capitalism. Japan and Germany versus the Anglo-Saxons (Oxford University Press, 2000), pp. 3–5Google Scholar
, “Shareholder Primacy and the Distribution of Wealth,”Modern Law Review, 68 (2005), 49–81CrossRefGoogle Scholar
, , , and , “The Democratization of Finance? Promises, Outcomes and Conditions,”Review of International Political Economy, 14 (2007), 553–75CrossRefGoogle Scholar
, “Regulating Investment Risk: Individuals and the Global Financial Crisis,”University of New South Wales Law Journal, 32 (2009), 514–46Google Scholar
, “Empowerment of Whom and for What? Financial Literacy Education and the New Regulation of Consumer Financial Services,”Law & Policy, 29 (2007), 226–56CrossRefGoogle Scholar
, “Consumer Law, Regulatory Capitalism and New Learning in Regulation,”Sydney Law Review, 28 (2006), 9–35Google Scholar
and , “Venture Capital and the Structure of Capital Markets: Banks or Stock Markets,”Journal of Financial Economics, 47 (1998), 243–77CrossRefGoogle Scholar
and , “‘Law and Finance’: Inaccurate, Incomplete and Important,”Brigham Young University Law Review, 6 (2009), 1413–34. Similarly, L. Mitchell, “Towards a New Law and Economics: The Case of the Stock Market” (February 2010, online: ).Google Scholar
, “The Global Financial Crisis: Learning from Regulatory and Governance Studies,”Law & Policy, 32 (2010), 363–81CrossRefGoogle Scholar
, “Chasing the Greased Pig Down Wall Street: A Gatekeeper's Guide to the Psychology, Culture and Ethics of Financial Risk,”Cornell Law Review, 96 (2008), 1209–47Google Scholar
, “Financial Innovation, Leverage, Bubbles and the Distribution of Income,”Review of Banking and Finance Law, 30 (2010–11), 225–311Google Scholar
, Regulatory Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency. Consultation Report (Madrid: IOSCO, 2011), p. 12Google Scholar
, The Kay Review of UK Equity Markets and Long-Term Decision Making. Interim Report (London: Kay Review, 2012), p. 2.Google Scholar
, “Without Ringfencing it will Soon be a Case of ‘Here We Go Again’,” Financial Times, September 14, 2011, 15.
, “Watchdog Must Stay Wary,” Financial Times, January 13, 2011, 3
and , “Barnier Panel to Study break up of EU Banks,” Financial Times, November 22, 2011.
European Parliament, Report on Derivatives Markets: Future Policy Actions (2010) (A7–0187/2010), para. 9
, and , “Financial Innovation: What have we Learnt?,”Bank of England Quarterly Bulletin, 48 (2008), Quarter 3, 330–8Google Scholar
and , Policy Frameworks in the Post-Crisis Environment, OECD Economics Department Working Papers No. 857 (Paris: OECD, 2011)CrossRefGoogle Scholar
, suggesting that it was hard to think of any major recent financial innovations that had aided society: “Money for Nothing,” New York Times, April 27, 2009, A23.
, Progress in the Implementation of the G20 Recommendations for Strengthening Financial Stability (Basel: FSB, 2011), pp. 11–12Google Scholar
, “Consumer Protection and Financial Innovation: A Few Basic Propositions,” OECD Financial Market Trends, (2010), 1–23.
EBA, Financial Innovation and Consumer Protection (2012).
, The Trouble with Markets: Saving Capitalism from Itself (London, Boston: Nicholas Brealey, 2nd edn., 2011)Google Scholar
, “Swaps, The Modern Process of Financial Innovation and Vulnerability of a Regulatory Paradigm,”University of Pennsylvania Law Review, 138 (1989), 333–435CrossRefGoogle Scholar
, “A Functional Perspective of Financial Intermediation,”Financial Management, 24 (1995), 23–41CrossRefGoogle Scholar
, “The Financial Innovation Process: Theory and Application,”Delaware Journal of Corporate Law, 36 (2011), 55–119Google Scholar
, “Financial Innovation and Social Welfare,”Journal of Financial Regulation and Compliance, 18 (2010), 243–56CrossRefGoogle Scholar
, “Financial Innovation, The Last Twenty Years and the Next,”Journal of Financial and Quantitative Analysis, 21 (1986), 459–71CrossRefGoogle Scholar
, “Historical Perspectives on the Financial Crisis: Ivan Krauger, the Credit-Rating Agencies and Two Theories about the Function and Dysfunction of Markets,”Yale Journal on Regulation, 26 (2009), 431–43Google Scholar
and , Responsive Regulation. Transcending the Deregulation Debate (Oxford University Press, 1992)Google Scholar
, “Mapping the Contours of Contemporary Financial Services Regulation,”Journal of Corporate Law Studies, 2 (2002), 253–88CrossRefGoogle Scholar
, Risk-based Regulation. Choices, Practices and Lessons Being Learned (Paris: OECD, 2008Google Scholar
, and , “Making a Success of Principles-Based Regulation,”Law and Financial Markets Review, 1 (2007), 191–206CrossRefGoogle Scholar
, “New Governance, Compliance, and Principles-Based Securities Regulation,”American Business Law Journal, 45 (2008), 1–60CrossRefGoogle Scholar
, “Code, Crash and Open Source: the Outsourcing of Financial Regulation to Risk Models and the Global Financial Crisis,”Washington Law Review, 84 (2009), 127–98Google Scholar
, “The Rise (and Fall?) of Principles Based Regulation,” in and (eds.), Law Reform and Financial Markets (Cheltenham: Elgar, 2011), pp. 3–34Google Scholar
, “Enrolling Actors in Regulatory Processes: Examples from UK Financial Services Regulation,” [2003] Public Law, 63–91.
, “The Failure of Private Ordering and Financial Crisis of 2008,”New York University Journal of Law and Business, 5 (2009), 549–615Google Scholar
, How to Protect Investors: Lessons from the EC and the UK (Cambridge University Press, 2010), pp. 47–67CrossRefGoogle Scholar
, “Innovation and Risk in EC Financial Market Regulation After the Financial Services Action Plan: New Instruments of Financial Market Intervention and the Committee of European Securities Regulators,”European Law Review, 32 (2007), 627–63Google Scholar
, “New Governance in the Teeth of Human Frailty: Lessons from Financial Regulation,”Wisconsin Law Review, 101 (2010), 441–87Google Scholar
, under its Framework for Strengthening Adherence to International Standards (Basel: FSB, 2010).Google Scholar
, “EU Financial Market Regulation after the Financial Crisis: ‘More Europe’ or More Risks?,”Common Market Law Review, 47 (2010), 1317–83Google Scholar
Resolution on Hedge Funds and Private Equity (P6_TA-PROV(2008)0425).
, “Regulatory Reform in the Wake of the Financial Crisis of 2007–2008,”Journal of Financial Economic Policy, 1 (2009), 4–43CrossRefGoogle Scholar
, “The Sarbanes-Oxley Act and the Making of Quack Corporate Governance,”Yale Law Journal, 114 (2005), 1521–611Google Scholar
and , “The Three or Four Approaches to Financial Regulation: A Cautionary Analysis,”George Washington Law Review, 78 (2009–10), 39–113Google Scholar
, “How International Financial Law Works (and How it Doesn't),”Georgetown Law Journal, 99 (2011), 257–327Google Scholar
, “The Demise of the Reputational Model in Capital Markets: The Problem of the ‘Last Period Parasites’,”Syracuse Law Review, 60 (2009–10), 427–48Google Scholar
ECB, Financial Integration in Europe (2011)
ECB, Financial Integration in Europe (2012)
, “The Global Financial System and the Challenges Ahead,”Fletcher Forum of World Affairs, 35 (2011), 127–35Google Scholar
ECB, Financial Integration in Europe (2011), p. 7.
European Commission, Regulating Financial Services for Sustainable Growth – A Progress Report – February 2011 (2011).
, Financial Integration in Europe (2011), p. 7. Its 2012 Financial Integration in Europe Report highlighted the benefits of the single financial market (pp. 31–48).
ECB, Annual Report (2010), p. 158.
, The Single Market Act – Twelve Steps to Boost Growth and Strengthen Confidence (2011) (COM (2011) 206).Google Scholar
European Commission, European Financial Stability and Integration Report (2011), p. 8.
European Commission, European Financial Stability and Integration Report (2011), p. 40.
IMF Working Paper 111/54, Taxing Financial Transactions: Issues and Evidence (Washington DC: IMF, 2011)
European Commission, Consultation on Financial Sector Taxation (2011).
, Risk, Reward and Responsibility: The Financial Sector and Society (London: HM Treasury, 2009)Google Scholar
and , “Financial Transaction Taxes: Panacea, Threat or Damp Squib,” World Bank Policy Research Working Paper No. 5230 (March 2009
, A Financial Transaction Tax – Review of Impact Assessments (London: City of London Economic Development, 2012)Google Scholar
, A Fair and Substantial Contribution: A Framework for Taxation and Resolution to Improve Financial Stability. Draft Response to G20 (Washington DC: IMF, 2010)Google Scholar
and , “Cameron's Demands over Financial Regulation Spark French Resistance,” Financial Times, December 9, 2011, 6.
and , “‘Bulldog’ Cameron Risks having Bluff Called,” Financial Times, December 8, 2011, 7.
European Commission, Results and Survey Report on Consultation COM (2010) 549 (2011).
, “The Trajectory of Regulatory Reform in the UK in the Wake of the Financial Crisis,”European Business Organization Law Review, 11 (2010), 483–526CrossRefGoogle Scholar
and , “Setting the Rules: Private Power, Political Underpinnings and Legitimacy in Global Monetary and Financial Governance,”International Affairs, 84 (2008), 535–54CrossRefGoogle Scholar
and , Global Financial Governance under Stress. Global Structures versus National Imperatives (Cambridge University Press, 2003)CrossRefGoogle Scholar
, “International Law by Other Means: the Twilight Existence of International Financial Regulatory Organizations,”Texas International Law Journal, 33 (1998), 281–330Google Scholar
, A Review of the Implementation of the IOSCO Code of Conduct Fundamentals for CRAs (Madrid: IOSCO, 2009)Google Scholar
, Regulatory Implications of the Statement of Principles Regarding Activities of CRAs (Madrid: IOSCO, 2011)Google Scholar
, “Market Structure for Institutional Investors: Comparing the US and EU Regimes,”Virginia Law & Business Review, 3 (2008), 311–56Google Scholar
Commission, Report on Non-equities Market Transparency pursuant to Article 65(1) of Directive 2004/39/EC on Markets in Financial Instruments (2008)
and , “Asset Pricing and the Bid Ask Spread,”Journal of Financial Economics, 17 (1986), 223–49CrossRefGoogle Scholar
ECB, Annual Report (2010), pp. 142–3
, Committee on the Global Financial System Paper No. 45, Global Liquidity – Concept, Measurement and Policy Implications (Basel: BIS, 2011)Google Scholar
European Scrutiny Committee, 20th Report, March 10, 2011.
AFME, ISLA and ISDA, Summary of the AFME, ISLA and ISDA Position on Short Selling (May 2011)
, and , “Short Selling Regulation after the Financial Crisis – First Principles Revisited,”International Journal of Disclosure and Regulation, 7 (2010), 108–35Google Scholar
, “Credit Default Swaps and the Credit Crisis,”Journal of Economic Perspectives, 24 (2010), 73–92CrossRefGoogle Scholar
and , “From Markets to Venues: Securities Regulation in an Evolving World,”Stanford Law Review, 58 (2005), 563–99Google Scholar
, “Stock Exchanges and the New Markets for Securities Law,”University of Chicago Law Review, 75 (2008), 1435–91Google Scholar
, Building an EU Securities Market (Cambridge University Press, 2004), pp. 239–54CrossRefGoogle Scholar
, What is an Exchange? The Automation, Management and Regulation of Financial Markets (Oxford University Press, 1998)Google Scholar
, Running the World's Markets. The Governance of Financial Infrastructure (Princeton University Press, 2011)Google Scholar
and , “The MiFID and Internalisation,” in and (eds.), Investor Protection in Europe: Corporate Law Making, the MiFID and Beyond (Oxford University Press, 2006), pp. 235–70CrossRefGoogle Scholar
, Feedback Statement 06/04, Trading Transparency in the UK Secondary Bond Markets (London: FSA, 2006)Google Scholar
, MiFID Proposals Impact Assessment, Impact Assessment (SEC (2011) 1226), pp. 34–5
, , , and , European Corporate Bond Markets: Transparency, Liquidity and Efficiency (2006)
, and , “Does Algorithmic Trading Improve Liquidity?,”Journal of Finance, 66 (2011), 1–33CrossRefGoogle Scholar
, “The Fragmentation of the European Equity Markets,” in (ed.), Trends in the European Securities Industry (Milan: egea, 2011), pp. 127–70Google Scholar
SEC and CFTC, Findings Regarding the Market Events of May 6 2010 (2010)
, Consultation on Technical Advice to the European Commission in the Context of the MiFID Review, Equity Markets (2010) (CESR/10–394), pp. 8–9Google Scholar
, “MiFID and the Return to Concentration Rules,” in , , , and (eds.), Festschrift für Klaus Hopt zum 70. Geburtstag am 24 August 2010 (Berlin: De Gruyter, 2010), pp. 1989–2000Google Scholar
London Economics, Understanding the Impact of MiFID in the Context of Global and National Regulatory Innovation (2010)
, Concept Release 34–61358, Concept Release on Equity Market Structure (Washington DC: SEC, 2010)Google Scholar
, Regulatory Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency. Consultation Report (Madrid: IOSCO, 2011)Google Scholar
, Guidance on Systems and Controls in an Automated Trading Environment for Trading Platforms, Investment Firms and Competent Authorities (2011) (ESMA/2011/456)Google Scholar
FSB and IMF, Financial Crisis and Information Gaps (2009)
and , “Deconstructing Equity: Public Ownership, Agency Costs and Complete Capital Markets,”Columbia Law Review, 108 (2008), 231–64Google Scholar
and , “The Going Private Phenomenon: Causes and Implications,”University of Chicago Law Review, 76 (2009), 1–6.Google Scholar
, Discussion Paper 06/6, Private Equity: A Discussion of Risk and Regulatory Engagement (London: FSA, 2006)Google Scholar
PES, Hedge and Private Equity Funds (2007).
Resolution on Hedge Funds and Private Equity (P6_TA-PROV(2008)0425).
, “The Future of Securities Regulation,”Journal of Accounting Research, 47 (2009), 391–426CrossRefGoogle Scholar
, “The SEC after the Financial Meltdown: Social Control over Finance,”University of Pittsburgh Law Review, 71 (2009–10), 567–83Google Scholar
, Discussion Paper 08/1, A Review of the Structure of the Listing Regime (London: FSA, 2008)Google Scholar
Policy Statement 10/2, The Listing Regime Review (London: FSA, 2010)
and , “No Place to Hide: The Global Crisis in Equity Markets,”Journal of International Money and Finance, 28 (2009), 1246–92CrossRefGoogle Scholar
, Release No 34–61358, Concept Release on Equity Market Structure (Washington DC: SEC, 2010), p. 64Google Scholar
, Global Stability Report – Market Update January 2011 (Washington DC: IMF, 2011), p. 1Google Scholar
ESMA Annual Report (2012), pp. 15–16
ECB, Financial Integration in Europe (2011), p. 7
ECB, Financial Integration in Europe (2011), pp. 7 and 22
European Commission, European Financial Stability and Integration Report (2011).
, and , “A Market Less Efficient,” Financial Times, November 14, 2011, 11.
, Impact of the Global Crisis on SME and Entrepreneurship Financing and Policy Measures (Paris: OECD, 2009)Google Scholar
European Commission, A New European Regime for Venture Capital. Consultation Document (2011)
Communication on Review of the “Small Business Act” for Europe (COM (2011) 78)
Communication on the Single Market Act (COM (2011) 206)
An Action Plan to Improve Access to Finance (COM (2011) 8701)
BVCA, Private Equity and Venture Capital Report on Investment Activity (2010)
BVCA, 2011 Global Trends in Venture Capital (2011)
European Commission, European Financial Stability and Integration Report (2011), p. 24.
, and , From Local to Global; The Rise of AIM as a Stock Market for Growing Companies (London: LSE, 2007)Google Scholar
PriceWaterhouseCoopers, IPO Watch Europe: A Survey (2006).
European Commission, Consultation on Modernization of the Transparency Directive (2010)
European Commission, Feedback Statement to Transparency Directive Proposal (2010).
SEC, Study on Investment Advisers and Broker Dealers (2011)
, “The Dodd-Frank Act's Expansion of State Authority to Protect Consumers of Financial Services,”Journal of Corporation Law, 36 (2011), 893–954Google Scholar
, A Changing Landscape. Regulatory Developments in the Distribution of Retail Investment Products (London: Herbert Smith, 2010), p. 1Google Scholar
, The Lehman Brothers Default: An Assessment of the Market Impact (2009) (CESR/09–255), p. 3.Google Scholar
Synovate, Consumer Market Study on Advice (2011)
, Policy Statement 10/6, Distribution of Retail Investments – Delivering the RDR (London: FSA, 2010)Google Scholar
, “Unhealthy Truth behind Robust AUM,” Financial Times Fund Management Supplement, June 27, 2011, 6.
European Commission, Eurobarometer 74, Autumn 2010, Europeans, the EU and the Crisis (2010)
, Progress in the Implementation of the G20 Recommendations for Strengthening Financial Stability (Basel: FSB, 2011)Google Scholar
, Policy Statement 7/11, The Responsibilities of Providers and Distributors for the Fair Treatment of Customers (London: FSA, 2007)Google Scholar
, “Mutual Funds, Pension Funds and Stock Market Volatility – What Regulation by the Securities and Exchange Commission is Appropriate?,”Notre Dame Law Review, 80 (2005), 909–49Google Scholar
, “Product Safety Regulation as a Model for Financial Services Regulation,”Journal of Consumer Affairs, 42 (2008), 452–60CrossRefGoogle Scholar
, “The Neoclassical Economics of Consumer Contracts,”Minnesota Law Review, 92 (2008), 803–58Google Scholar
, “New Regulations leave Retail Structured Products on Shaky Ground in France,” Financial Risk Management News and Analysis, April 21, 2011.
Joint Associations Committee, Combined Principles for Retail Structured Products (2011)
, and , “Scandals Prompted Shift to New Rules,” Financial Times, June 25, 2011, 3.
: Feedback Statement 11/3, Product Intervention. Feedback (2011) (London: FSA, 2011), p. 20.Google Scholar
, “Understanding the New Institutional Architecture of EU Financial Market Supervision,” in , and , Financial Regulation and Supervision: A Post-Crisis Analysis (Oxford University Press, 2012)Google Scholar
, “The European Securities and Markets Authority and Institutional Design for the EU Financial Market – A Tale of Two Competences: Part (2) Rules in Action,”European Business Organization Law Review, 12 (2011), 177–225CrossRefGoogle Scholar
, “Listed Funds of Hedge Funds lose out to UCITS III,” Financial Times Fund Management Supplement, April 18, 2011, 8.
, “Swaps Tactic threatens UCITS Brand,” Financial Times Fund Supplement, November 14, 2011, 1.
, “What will the Banks think of Next?” Financial Times Fund Management Supplement, November 14, 2011, 6.
, “EU Financial Regulator tries to mend UCITS III,” Financial Times Fund Management Supplement, August 8, 2011, 11.
, Potential Financial Stability Issues arising from Recent Trends in ETFs (Basel: FSB, 2011), p. 2Google Scholar
, 2011 Risk and Trend Mapping for Financial Markets and Savings (Paris: AMF, 2011), p. 6Google Scholar
, “Whither Securities Regulation? Some Behavioural Observations Regarding Proposals for its Future,”Duke Law Journal, 51 (2002), 1397–511Google Scholar
Treasury Select Committee, 15th Report, The Retail Distribution Review (2011)
House of Commons, Treasury Committee, Report. Retail Distribution Review (2011).
, “European States at Odds over Commission,” Financial Times Fund Management Supplement, July 18, 2011, 3.
, Retail Product Development and Governance. Structured Product Review (London: FSA, 2011)Google Scholar
, “Widespread Belief MiFID II set to Fail Retail Investors,” Financial Times Fund Management Supplement, January 30, 2012, 8.
, A Report for HM Treasury, Literature Review on Lessons Learned from Previous “Simple Products” Initiatives (2010).
, “Dodd-Frank, Regulatory Innovation, and the Safety of Consumer Financial Products,”North Carolina Banking Institute Journal, 15 (2011), 99–110Google Scholar
- 11
- Cited by