Regulatory Cooperation in Securities Market Regulation: Perspectives from Australia

2020 ◽  
Vol 17 (1) ◽  
pp. 11-34
Author(s):  
Jennifer G. Hill
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Mutual Recognition ◽  
International Standards ◽  
Securities Regulation ◽  
Market Regulation ◽  
Regulatory Cooperation ◽  
Mutual Recognition Agreement ◽  
The Global Financial Crisis ◽  
Supranational Regulation

The global financial crisis highlighted the interconnectedness of international financial markets and the risk of contagion it posed. The crisis also emphasized the importance of supranational regulation and regulatory cooperation to address that risk. Yet, although capital flows are global, securities regulation is not. As a 2019 report by IOSCO notes, the regulatory challenges revealed during the global financial crisis have by no means dissipated over the last decade. Lack of international standards, or differences in the way jurisdictions implement such standards, can often result in regulatory-driven market fragmentation. This article considers a range of cooperative techniques designed to achieve international regulatory harmonization and effective financial market supervision. It includes discussion of a high profile cross-border supervisory experiment, the 2008 US-Australian Mutual Recognition Agreement, which was the first agreement of its kind for the SEC. The article also examines some key regulatory developments in Australia and Asia since the time of the US-Australian Mutual Recognition Agreement.

Securities and Capital Markets Regulation in South Africa

2019 ◽  
Vol 3 (1) ◽  
pp. 1-99
Author(s):  
C. King Chanetsa
Keyword(s):  
South Africa ◽  
Capital Markets ◽  
Value Chain ◽  
Global Financial Crisis ◽  
International Standards ◽  
Securities Regulation ◽  
Reform Process ◽  
Reform Agenda ◽  
The World ◽  
The Global Financial Crisis

AbstractAn effective securities and capital markets industry has existed in South Africa for over 120 years. The regulatory authorities have been alive to globally competitive pressures for inward investment and have endeavoured to implement a conducive environment therefore in compliance with international standards. As recently as 2015, South Africa was considered the best regulator of securities in the world. The effects of the global financial crisis (GFC) were keenly observed. The fall out from the GFC contained lessons for all markets, but not to the same extent. Commentators may therefore regard aspects of the South African reform agenda as replicative of initiatives in other jurisdictions and, consequently, uncritical in parts. In light of the fall to forty sixth place in the world in securities regulation ranking and some uncertainty in respect of the extent and shape of the reform process, this opus reviews activities in South Africa along the busy securities and capital markets value chain, and considers the continuing and emerging regulatory and supervisory framework.

scholarly journals Principles-Based Securities Regulation in the Wake of the Global Financial Crisis

2010 ◽  
Vol 55 (2) ◽  
pp. 257-307 ◽  
Author(s):  
Cristie Ford
Keyword(s):  
Financial Crisis ◽  
Financial Markets ◽  
Global Financial Crisis ◽  
Conflicts Of Interest ◽  
Securities Regulation ◽  
Access To Information ◽  
Critical Factors ◽  
The Global Financial Crisis ◽  
The Impact ◽  
Financial Markets Regulation

The recent global financial crisis contains cautionary lessons about the risks associated with principles-based regulation when it is not reinforced by an effective regulatory presence. Our response to the crisis, however, should not be a rush to enact more rules-based regulatory approaches. On the contrary, principles-based securities regulation offers more viable solutions to the challenges that such a crisis presents for contemporary financial markets regulation. The author draws on the lesson of the global financial crisis to identify three critical factors for effective principles-based securities regulation. First, regulators must have the necessary capacity in terms of numbers, access to information, and expertise in order to act as an effective counterweight to industry. Second, regulation needs to grapple with the impact of complexity on financial markets and their regulation. Third, increased diversity among regulators and greater independence from industry are required to avoid conflicts of interest, overreliance on market discipline, and “groupthink”. The paper calls for a continuing commitment to principles-based regulation, accompanied by meaningful enforcement and oversight.

Part I International Capital Markets in Context, 1 Introduction

2021 ◽  
Author(s):  
Jordan Cally
Keyword(s):  
Financial Crisis ◽  
Capital Markets ◽  
Global Financial Crisis ◽  
Self Regulation ◽  
Securities Regulation ◽  
Market Regulation ◽  
International Capital ◽  
International Capital Markets ◽  
Regulatory Systems ◽  
Capital Market Regulation

This introductory chapter provides an overview of international capital markets. International capital markets are not a new phenomenon; in various forms, they have been around for centuries. The global financial crisis, however, shone a strong light on the workings of international capital markets. They had, unmistakably, been purveyors of systemic risk and seemingly attracted little by way of oversight or regulation. The chapter then assesses how international capital markets have been regulated and what lies on the regulatory horizon. It addresses securities regulation; capital market regulation; information disclosure; and self-regulation. There is no doubt that in a dozen years from now, the regulatory and institutional landscape of international capital markets will have been transformed. Adjustments to the shock of financial crisis have been working their way through systems around the world. Demographics and geopolitical forces are shifting, changing with them investment patterns, institutional models, and long-held assumptions about market behaviour. Information technology has also profoundly impacted information-based regulatory systems, outpacing regulatory responses.

Global Financial Crisis and Financial Market Regulation: Updated Alarms and Market Architecture

2019 ◽  
Vol 2 (1) ◽  
pp. 106-112
Author(s):  
Dilbar Rustamova
Keyword(s):  
Financial Crisis ◽  
Financial Market ◽  
Global Financial Crisis ◽  
Market Performance ◽  
Market Regulation ◽  
Financial Market Regulation ◽  
The Global Financial Crisis ◽  
Impact Zones ◽  
Market Behaviour

This paper is structured around two vital problematic areas, such as financial market performance and integration of financial market regulation. It studies the roots, spread and impact zones of the global financial crisis, analysis the financial market behaviour and several regulative policies, and offers scientifically rooted practically proven improvement proposals for ensuring a sound financial market regulation.

scholarly journals Os Efeitos da Crise Mundial e a Defesa da Política de Concorrência da União Europeia

2015 ◽  
Vol 10 (2) ◽  
Author(s):  
Rômulo Magalhães Fernandes
Keyword(s):  
European Union ◽  
Financial Crisis ◽  
Competition Policy ◽  
Global Financial Crisis ◽  
Market Regulation ◽  
The European Union ◽  
European Continent ◽  
Economic Agents ◽  
Market Practices ◽  
The Global Financial Crisis

OS EFEITOS DA CRISE MUNDIAL E A DEFESA DA POLÍTICA DE CONCORRÊNCIA DA UNIÃO EUROPEIA  THE EFFECTS OF THE CRISIS AND THE DEFENSE OF THE EUROPEAN UNION’S COMPETITION POLICY Rômulo Magalhães Fernandes* RESUMO: A política de concorrência na União Europeia desempenha um papel fundamental na consolidação do mercado interno do continente europeu, na medida em que regula os agentes econômicos com objetivo de evitar abuso de posições dominantes e práticas desleais no mercado. Num contexto dos efeitos da crise financeira mundial e com o alargamento dos mercados da União Europeia, novos desafios (ou mesmo limites) se apresentam na aplicação do sistema jurídico e na atuação das instituições que regulamentam a matéria de concorrência. Neste sentido, o presente artigo pretende analisar o direito de concorrência na União Europeia, destacando os desafios e entraves para consolidação dessa política na atualidade. PALAVRAS-CHAVE: Política de concorrência da União Europeia. Tratado de Lisboa. Crise financeira mundial e regulação do mercado. ABSTRACT: The European Union’s competition policy plays a key role in consolidating the internal market of the European continent, in that it regulates the economic agents in order to avoid abuse of market dominance and unfair market practices. In the context of the global financial crisis and the enlargement of the European Union markets, new challenges (or limits) are presented in the application of the legal system and the role of institutions governing the competition. In this sense, this article aims to analyze the competition law in the European Union, highlighting the challenges and barriers to consolidation of this policy today. KEYWORDS: European Union’s competition policy. Lisbon Treaty. Global financial crisis and market regulation. * Mestrando em Direito Público na Pontifícia Universidade Católica de Minas Gerais (PUC/MG). Especialista em Ciências Criminais (FIJ/RJ), Prática Forense (Centro Universitário Newton Paiva/MG) e Gestão Pública com ênfase em políticas de raça e gênero (UFV/MG).

On the formation of a New Paradigm of fiscal Policy

2013 ◽  
pp. 152-158 ◽  
Author(s):  
V. Senchagov
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Domestic Demand ◽  
Real Economy ◽  
New Paradigm ◽  
Monetary Aggregate ◽  
The Past ◽  
The Global Financial Crisis

Due to Russia’s exit from the global financial crisis, the fiscal policy of withdrawing windfall spending has exhausted its potential. It is important to refocus public finance to the real economy and the expansion of domestic demand. For this goal there is sufficient, but not realized financial potential. The increase in fiscal spending in these areas is unlikely to lead to higher inflation, given its actual trend in the past decade relative to M2 monetary aggregate, but will directly affect the investment component of many underdeveloped sectors, as well as the volume of domestic production and consumer demand.

ASPEK ETIK DAN SISTEMIK DALAM EKONOMI DAN BISNIS ISLAM

ALQALAM ◽  
2014 ◽  
Vol 31 (1) ◽  
pp. 187
Author(s):  
Budi Harsanto
Keyword(s):  
Financial Crisis ◽  
Business Ethics ◽  
Moral Hazard ◽  
Global Financial Crisis ◽  
Financial Institution ◽  
Research Question ◽  
Academic Journals ◽  
Lehman Brothers ◽  
The World ◽  
The Global Financial Crisis

The fall of Enron, Lehman Brothers and other major financial institution in the world make researchers conduct various studies about crisis. The research question in this study is, from Islamic economics and business standpoint, why the global financial crisis can happen repeatedly. The purpose is to contribute ideas regarding Islamic viewpoint linked with the global financial crisis. The methodology used is a theoretical-reflective to various article published in academic journals and other intellectual resources with relevant themes. There are lots of analyses on the causes of the crisis. For discussion purposes, the causes divide into two big parts namely ethics and systemic. Ethics contributed to the crisis by greed and moral hazard as a theme that almost always arises in the study of the global financial crisis. Systemic means that the crisis can only be overcome with a major restructuring of the system. Islamic perspective on these two aspect is diametrically different. At ethics side, there is exist direction to obtain blessing in economics and business activities. At systemic side, there is rule of halal and haram and a set of mechanism of economics system such as the concept of ownership that will early prevent the seeds of crisis. Keywords: Islamic economics and business, business ethics, financial crisis 

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