Prioritising the Implementation of International Financial Regulation
The global financial crisis of 2007–08 triggered a plethora of regulatory reforms under the auspices of international bodies such as the G20 and Financial Stability Board. Yet the implementation of these reforms remains a task for individual countries.
This paper presents a risk-based framework for implementing international financial regulation within national economies, in particular in small states. It shows how these countries can navigate the standard setting processes used by the relevant international bodies. It includes case studies to illustrate how the framework can be integrated with standard setting processes to improve outcomes for small states.
2. The Context
2.1 The Surge in International Financial Regulation
2.2 Small states and the agenda for international financial regulation
2.3 Small states and the implementation of international financial regulation
3. Setting Priorities in Implementation
3.1 Domestic financial regulation
3.2 International financial regulation
3.3 Developing an implementation agenda for small states
4. From Priorities to Implementation
4.1 Which measures are concerned with mitigating systemic risk?
4.2 Banking regulation
4.3 Shadow banking
4.4 Market regulation
4.5 Insurance regulation
4.6 Identifying systemically important institutions
4.7 Macro-prudential oversight
5. Systemic Risk and the Structure of the Financial System
5.1 South Africa
5.2 Trinidad and Tobago
5.4 Solomon Islands and Seychelles
Appendix A. Details of International Financial Regulatory Organisations
Appendix B. Systemic Risk Questionnaire
John Armour (Author)John Armour is Hogan Lovells Professor of Law and Finance at Oxford University, and Research Fellow at the European Corporate Governance Institute.
Daniel Awrey (Author)Daniel Awrey is Associate Professor of Law and Finance at Oxford University.
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