scholarly journals International Regulation and Supervision of Financial Markets After the Crisis

2009 ◽  
pp. 3-29 ◽  
Author(s):  
Christoph Ohler
Keyword(s):  
Financial Markets ◽  
International Regulation ◽  
Regulation And Supervision ◽  
Supervision Of Financial Markets

scholarly journals EURO zone crisis and EU governance: Tackling a flawed design and inadequate policy arrangements

2012 ◽  
Vol 62 (3) ◽  
pp. 295-319 ◽  
Author(s):  
Daniel Dăianu
Keyword(s):  
Monetary Policy ◽  
Financial Markets ◽  
Federal Budget ◽  
Governance Structure ◽  
Fiscal Rules ◽  
Lender Of Last Resort ◽  
Euro Zone ◽  
Eu Governance ◽  
Regulation And Supervision ◽  
Supervision Of Financial Markets

This paper focuses on the roots of strain in the European Monetary Union (EMU). It argues that there is need for a thorough reform of the EU governance structure in conjunction with radical changes in the regulation and supervision of financial markets. The EMU was sub-optimal from its debut and competitiveness gaps did not diminish against the backdrop of its inadequate policy and institutional design. The euro zone crisis is not related to fiscal negligence only; over-borrowing by the private sector and poor lending by banks, as well as a one-sided monetary policy also explain this debacle. The EMU needs to complement its common monetary policy with solid fiscal/budget underpinnings. Fiscal rules and sanctions are necessary, but not sufficient. A common treasury (a federal budget) is needed in order to help the EMU absorb shocks and forestall confidence crises. A joint system of regulation and supervision of financial markets should operate. Emergency measures have to be comprehensive and acknowledge the necessity of a lender of last resort; they have to combat vicious circles. Structural reforms and EMU level policies are needed to enhance competitiveness in various countries and foster convergence.

scholarly journals Global Financial Turmoil: Impact and Challenges for Asia's Financial Systems

2009 ◽  
Vol 8 (1) ◽  
pp. 9-40 ◽  
Author(s):  
Jong-Wha Lee ◽  
Cyn-Young Park
Keyword(s):  
Financial Markets ◽  
Financial Stability ◽  
Spillover Effects ◽  
Bond Markets ◽  
Financial Systems ◽  
Environment Policy ◽  
Local Currency ◽  
Regulation And Supervision ◽  
New Challenges ◽  
Financial Environment

This paper examines the unfolding of the U.S. sub-prime-generated turmoil and its potential spillover effects on Asia's emerging financial systems. The sub-prime mortgage mess has revealed key structural weaknesses in the evolution of modern credit markets. Although emerging Asian financial markets have suffered only limited impact thus far, they remain open to further contagion given underlying weaknesses in the region's financial systems. Rapid financial globalization also poses new challenges as the region's largely unsophisticated banking and financial systems strive to keep up with the evolving financial environment. Policy priorities to foster regional financial stability include enhancing transparency and governance, improving risk management, strengthening regulation and supervision, and deepening and broadening financial systems, especially by developing local currency bond markets.

Financial markets regulation: models, evolution, efficiency

2014 ◽  
pp. 33-49 ◽  
Author(s):  
A. Abramov ◽  
A. Radygin ◽  
M. Chernova
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Integrated System ◽  
Institutional Characteristics ◽  
Government Agencies ◽  
Prudential Supervision ◽  
Market Participants ◽  
Regulation And Supervision ◽  
Regulation Model ◽  
Financial Markets Regulation

Accumulated experience in the development of financial markets confirms the importance of interrelations between the type of the chosen model of regulation and historically achieved “depth of financial structure”, as well as national institutional characteristics. Effective regulation model which takes into account these features became an indispensable condition for economic growth. The authors analyze patterns of development of regulation and supervision systems in the financial markets on a sample of 50 countries focusing on trends in integration of regulation and supervision. The calculations show that a new model of rigid integrated system of prudential supervision and regulation formed in RF on the basis of the Bank of Russia does not fully take into account the level of development of institutional investors and creates risks of excessive administrative pressure on non-bank financial institutions and competitive environment weakening. Solving these problems requires active effort on the part of government agencies and financial market participants.

International regulation of virtual assets under FATF’s new standards

2020 ◽  
Vol 21 (1) ◽  
pp. 1-8
Author(s):  
Georgios Pavlidis
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
National Level ◽  
International Regulation ◽  
Content Type ◽  
Effective Implementation ◽  
Regulation And Supervision ◽  
Open Source Data ◽  
Source Data ◽  
Financial Action Task

Purpose To critically examine two significant developments for the regulation and supervision of virtual assets and virtual assets services providers: the amendment of the Financial Action Task Force (FATF) Recommendation No 15 in October 2018 and the adoption of an Interpretative Note in June 2019. We argue that new FATF standards constitute an appropriate response to money laundering and terrorist financing risks associated with virtual assets, but that they must be followed by firm, consistent and effective implementation at the national level. Design/methodology/approach This paper draws on reports, legislation, legal scholarship and other open source data in order to examine the new FATF standards on virtual assets. Findings The amendment of the FATF Recommendation No 15 in October 2018 and the adoption of an Interpretative Note in June 2019 have been necessary and opportune to forge a global approach to mitigate money laundering risks associated with crypto-assets. The new FATF standards on crypto-asset activities need to be implemented firmly, effectively and consistency to reduce the risk of jurisdiction-shopping by money launderers and terrorism financiers. Originality/value This is one of the first studies examining two important and recent FATF initiatives, the amendment of the FATF Recommendation No 15 in October 2018 and the adoption of an Interpretative Note in June 2019.

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