Megaregulator as a Result of Evolution of Financial Regulation

2015 ◽  
Vol 2015 (4) ◽  
pp. 52-74
Author(s):  
Oleg Buklemishev ◽  
Yuriy Danilov ◽  
Rostislav Kokorev
Keyword(s):  
Financial Regulation ◽  
Historical Context ◽  
Regulatory Reform ◽  
Integrated Approach ◽  
Integral Approach ◽  
Main Trend ◽  
Twin Peaks ◽  
Trade Offs ◽  
Regulatory Mandates ◽  
Natural Result

Current transition to mega-regulation is the main trend of the financial regulatory reform. The paper examines this transition in a historical context as a natural result of evolution of the industrial organisation under globalization and conglomeration of financial sector. Alternative models of mega-regulation are dicussed: the “integral” approach, under which regulatory functions are concentrated within a single body, and the model of “twin peaks”, when regulatory mandates are distributed between two institutions on the functional principle (macro stability and consumer financial protection). We prove that despite current bias towards integrated approach, demerging of regulators within the framework of the “twin peaks” model has a key advantage of eliminating intra-institutional regulatory trade-offs.

scholarly journals Synergies in the Land Use Sector: What Is the Best Policy Approach When Co-benefits and Trade-offs Are Involved?

2020 ◽  
Vol 6 (53) ◽  
pp. 53-69
Author(s):  
Martin Lopez
Keyword(s):  
Land Use ◽  
Integrated Approach ◽  
Integral Approach ◽  
Welfare Gains ◽  
Deep Uncertainty ◽  
Adaptation Measures ◽  
Address Climate Change ◽  
Mitigation And Adaptation ◽  
Trade Offs ◽  
Welfare Implications

AbstractMitigation and adaptation are the main strategies to address climate change. Both of them are interrelated instruments and key elements of an integral approach to tackle the phenomenon. This interrelation is particularly strong in the land use sector, an area in which practically any policy has a significant effect on the goals of both strategies. Yet, in practice, mitigation and adaptation are treated as two different instruments. A poor understanding about the interactions between the mentioned strategies remains as a barrier to implement the integrated approach. To contribute to fill-in this knowledge gap, a hypothetical ecologic-economic system simulated under deep uncertainty was used to test environmental and welfare implications of different policy configurations. Taking the unregulated economy as a benchmark, the outcomes of the mentioned interventions were classified as synergies or different forms of trade-offs. Results indicate that measures based on internalization of externalities overcame monetary compensation schemes. Moreover, when externalities were corrected, synergies were more frequent and associated to higher environmental and welfare gains. Furthermore, the policy configuration that exhibited best synergic properties was an intervention integrating mitigation and adaptation measures. This indicates that synergies may be more accessible than previously considered, however, current policy approach and incentives may not be the best tools to trigger them.

Basel III: In quest for criteria and scenarios of the banking regulation reform advancement

2016 ◽  
pp. 77-93 ◽  
Author(s):  
E. Dzhagityan
Keyword(s):  
Financial Regulation ◽  
Cost Optimization ◽  
Spillover Effect ◽  
Regulatory Reform ◽  
Banking Regulation ◽  
Capital Adequacy ◽  
Basel Iii ◽  
Eurasian Economic Union ◽  
Downward Pressure ◽  
Crisis Recovery

The article looks into the spillover effect of the sweeping overhaul of financial regulation, also known as Basel III, for credit institutions. We found that new standards of capital adequacy will inevitably put downward pressure on ROE that in turn will further diminish post-crisis recovery of the banking industry. Under these circumstances, resilience of systemically important banks could be maintained through cost optimization, repricing, and return to homogeneity of their operating models, while application of macroprudential regulation by embedding it into new regulatory paradigm would minimize the effect of risk multiplication at micro level. Based on the research we develop recommendations for financial regulatory reform in Russia and for shaping integrated banking regulation in the Eurasian Economic Union (EAEU).

scholarly journals Identifying integrated options for agricultural climate change mitigation

2014 ◽  
Vol 6 (2) ◽  
pp. 192-211 ◽  
Author(s):  
John Tzilivakis ◽  
Kathleen Lewis ◽  
Andrew Green ◽  
Douglas Warner
Keyword(s):  
Climate Change ◽  
Climate Change Mitigation ◽  
Effective Means ◽  
Integrated Approach ◽  
Management Options ◽  
Content Type ◽  
Mitigation Options ◽  
Trade Offs ◽  
Environmental Objectives ◽  
Change Mitigation

Purpose – In order to achieve reductions in greenhouse gas (GHG) emissions, it is essential that all industry sectors have the appropriate knowledge and tools to contribute. This includes agriculture, which is considered to contribute about a third of emissions globally. This paper reports on one such tool: IMPACCT: Integrated Management oPtions for Agricultural Climate Change miTigation. The paper aims to discuss these issues. Design/methodology/approach – IMPACCT focuses on GHGs, carbon sequestration and associated mitigation options. However, it also attempts to include information on economic and other environmental impacts in order to provide a more holistic perspective. The model identifies mitigation options, likely economic impacts and any synergies and trade-offs with other environmental objectives. The model has been applied on 22 case study farms in seven Member States. Findings – The tool presents some useful concepts for developing carbon calculators in the future. It has highlighted that calculators need to evolve from simply calculating emissions to identifying cost-effective and integrated emissions reduction options. Practical implications – IMPACCT has potential to become an effective means of provided targeted guidance, as part of a broader knowledge transfer programme based on an integrated suite of guidance, tools and advice delivered via different media. Originality/value – IMPACCT is a new model that demonstrates how to take a more integrated approach to mitigating GHGs on farms across Europe. It is a holistic carbon calculator that presents mitigation options in the context other environmental and economic objectives in the search for more sustainable methods of food production.

scholarly journals Past, Present And Possible: Toward An Integrated Approach For Natural Heritage Conservation

2021 ◽  
Author(s):  
Lily-Ann D'Souza
Keyword(s):  
Third Sector ◽  
Integrated Approach ◽  
Local Scale ◽  
Heritage Conservation ◽  
Private Land ◽  
Natural Heritage ◽  
Governmental Organizations ◽  
Non Governmental Organizations ◽  
Trade Offs ◽  
Natural Landscapes

The Greenway Initiative, proposed by Ontario Nature, endeavours to reconnect the province’s fragmented natural landscapes through a system of cores and corridors. Non-governmental organizations like Ontario Nature are leading the effort to conserve the province’s natural heritage through public-private incentive-based tools including conservation easements and stewardship agreements. The rationale to incent conservation through public-private partnerships is to overcome the politically- and financially- unfavourable consequences that limit the effectiveness of regulatory approaches to achieve conservation objectives at the local scale. However, public-private incentive-based conservation tools also generate trade-offs that maintain the need for traditional regulatory approaches. This paper argues that in addition to established public instruments, incentive-based conservation tools to promote stewardship on private land are necessary to achieve broader conservation objectives. With a combination of public, private and third sector approaches, an integrated set of strategies is recommended, in which planning choices and trade-offs are made clear.

Decrypting the Signs of Regulatory Competition in Regulating Cryptoassets

2020 ◽  
Vol 7 (3) ◽  
pp. 297-334
Author(s):  
Iris H-Y Chiu
Keyword(s):  
Institutional Investors ◽  
Financial Regulation ◽  
Supply And Demand ◽  
Regulatory Reform ◽  
Regulatory Competition ◽  
Demand Side ◽  
Founding Member ◽  
Regulatory Coordination

Abstract The icos market has challenged financial regulators in terms of determining fit with existing regimes and consideration for regulatory reform. Regulatory divergences have emerged in a number of jurisdictions and we discuss three dominant approaches in relation to hegemonic, self-regulatory and enabling regimes. These reflect different assumptions and regulators’ understandings of the cryptoasset industry, and we argue that the ‘terms for competition’ in relation to supply and demand side needs are still being discovered and are incomplete. This provides a unique opportunity for regulators to jettison familiar assumptions in relation to corporatized securities issuers or institutional investors in order to discover what governance needs are truly at stake. This may pose challenges for coherence with existing regulation but coherence should not itself be an obstacle for learning and potentially, reform. We also argue that signs of international regulatory coordination in relation to the Libra project are not necessarily reflective of a wider trend for the cryptoasset industry. This is because regulators can apply existing and familiar financial regulation paradigms more easily to the Libra Association, in particular its leading founding member Facebook. The cryptoasset market is still likely to give rise to diversity and should facilitate the discovery of new bases for regulatory thinking and policy, uncoordinated or otherwise.

Securities Regulation

2019 ◽  
pp. 287-324
Author(s):  
Alan N. Rechtschaffen
Keyword(s):  
Hedge Funds ◽  
Financial Regulation ◽  
Regulatory Reform ◽  
Securities And Exchange Commission ◽  
Securities Regulation ◽  
Futures Trading ◽  
Product Lines ◽  
Wall Street ◽  
Consumer Protection Act ◽  
Commodity Futures Trading Commission

Prior to the 2007 financial crisis, financial regulation was compartmentalized along lines of segmented financial instruments. With the exception of the regulation of swaps as described in chapter 14, post-crisis regulatory reform maintains this bifurcation of regulation along product lines between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The SEC and the CFTC have begun to issue rules establishing a coordinated approach to regulating certain derivatives under the Wall Street Reform and Consumer Protection Act (widely known as the Dodd-Frank Act) in particular as they relate to swaps. This chapter discusses the jurisdiction of the SEC, what constitutes a security, sellers’ representations, consequences of securities, hedge funds, and derivatives regulation.

scholarly journals Describing and Visualizing a Water–Energy–Food Nexus System

Water ◽  
2018 ◽  
Vol 10 (9) ◽  
pp. 1245 ◽  
Author(s):  
Aiko Endo ◽  
Terukazu Kumazawa ◽  
Michinori Kimura ◽  
Makoto Yamada ◽  
Takaaki Kato ◽  
...  
Keyword(s):  
Qualitative Method ◽  
Social Systems ◽  
Integrated Approach ◽  
Domain Ontology ◽  
Food Resources ◽  
Ontology Engineering ◽  
Analysis Method ◽  
Natural Systems ◽  
Trade Offs ◽  
Future Challenges

The objective of this study is to describe a target water–energy–food (WEF) nexus domain world including causal linkages and trade-off relationships between WEF resources and their stakeholders, and to develop a WEF nexus system map as an interdisciplinary tool used for understanding the subsequent complexity of WEF nexus systems. An ontology engineering method, which is a qualitative method, was applied for the replicability of the WEF nexus domain ontology and the map, because ontology engineering is a method of semantic web development for enhancing the compatibility of qualitative descriptions logically or objectively. The WEF nexus system map has three underlying concepts: (1) systems thinking, (2) holistic thinking, and (3) an integrated approach at an operational level, according to the hypothesis that the chains of changes in linkages between water, energy, and food resources holistically and systemically affect the WEF nexus system, including natural and social systems, both temporally and spatially. This study is significant because it allows us to (1) develop the WEF nexus domain ontology database, including defining the concepts and sub-concepts of trade-offs relating to WEF for the replicability of this study; (2) integrate the qualitative ontology method and quantitative network analysis method to identify key concepts serving as linkage hubs in the WEF nexus domain ontology; and (3) visualize human–nature interactions such as linkages between water, energy, and food resources and their stakeholders in social and natural systems. This paper also discusses future challenges in the application of the map for a science–policy–society interface.

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