The European Union And Global Financial Regulation

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The European Union and Global Financial Regulation

Lucia Quaglia
The European Union and Global Financial Regulation Book PDF

Author : Lucia Quaglia
Publisher : OUP Oxford
Page : 208 pages
File Size : 45,7 Mb
Release : 2014-06-26
Category : Political Science
ISBN : 9780191512537

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The European Union and Global Financial Regulation by Lucia Quaglia Pdf

The European Union and Global Financial Regulation examines the influence of the European Union (EU) in regulating global finance, addressing several inter-related questions. Why does the EU 'upload' international financial regulation in some cases, 'download' it in other cases, and 'cross-load' either actively or passively in other instances? Has this changed over time, especially after the third stage of Economic and Monetary Union and the completion of the single financial market, or after the global financial crisis? Under what conditions is the EU more or less likely to upload, download or cross load rules? Through which mechanisms does this take place? Overall, does the EU act as a pace setter in regulating global finance, or is it mainly a follower? Why? The key explanatory variable used in this research is the concept of 'regulatory capacity', applied to the EU and the US, distinguishing between 'strong' and 'weak' regulatory capacity. The influence of the EU in global financial regulation depends on the combinations of EU and US regulatory capacities. When EU regulatory capacity is weak and US regulatory capacity is strong, the US will mainly upload its domestic rules internationally and/or actively cross load them to the EU, whereas the EU will mainly download international rules. When the EU regulatory capacity is strong and US regulatory capacity is weak, the EU is able to upload its rules internationally and/or actively cross load them to third countries. When the EU and the US regulatory capacities are weak, private sector governance prevails. When the EU and US regulatory capacities are strong, both jurisdictions seek to upload and cross load their domestic rules.

Financial Regulation in the European Union

Rainer Kattel,Jan Kregel,Mario Tonveronachi
Financial Regulation in the European Union Book PDF

Author : Rainer Kattel,Jan Kregel,Mario Tonveronachi
Publisher : Routledge
Page : 343 pages
File Size : 44,7 Mb
Release : 2015-10-08
Category : Business & Economics
ISBN : 9781317428848

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Financial Regulation in the European Union by Rainer Kattel,Jan Kregel,Mario Tonveronachi Pdf

This collection offers a comparative overview of how financial regulations have evolved in various European countries since the introduction of the single European market in 1986. It includes a number of country studies which provides a narrative of the domestic financial regulatory structure at the beginning of the period, as well the means by which the EU Directives have been introduced into domestic legislation and the impact on the financial structure of the economy. In particular, studies highlight how the discretion allowed by the Directives has been used to meet the then existing domestic conditions and financial structure as well as how they have modified that structure. Countries covered are France, Germany, Italy, Spain, Estonia, Hungary and Slovenia. The book also contains an overview of regulatory changes in the UK and Nordic countries, and in post-crisis USA. This comparative approach raises questions about whether past and more recent regulatory changes have in fact contributed to increase financial stability in the EU. The comparative analysis provided in this book raises questions on whether the past and more recent changes are contributing to increase the financial stability and efficiency of individual banks and national financial systems. The crisis has demonstrated the drawbacks of formulating the regulatory framework on standards borrowed from the best industry practices from the large developed countries, originally designed exclusively for large global banks, but now applied to all financial institutions.

Financial Regulation in the EU

Raphaël Douady,Clément Goulet,Pierre-Charles Pradier
Financial Regulation in the EU Book PDF

Author : Raphaël Douady,Clément Goulet,Pierre-Charles Pradier
Publisher : Springer
Page : 486 pages
File Size : 50,9 Mb
Release : 2017-08-29
Category : Business & Economics
ISBN : 9783319442877

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Financial Regulation in the EU by Raphaël Douady,Clément Goulet,Pierre-Charles Pradier Pdf

Financial regulation has dramatically evolved and strengthened since the crisis on both sides of the Atlantic, with enhanced international coordination through the G-20 and the Financial Stability Board and, at the regional level, a definite contribution from the European Union. However the new regulatory environment has its critics, with many divergent voices arguing that over-regulation has become a root cause of our current economic stagnation. This book provides a bigger picture view of the impact and future of financial regulation in the EU, exploring the relationship between microeconomic incentives and macroeconomic growth, regulation and financial integration, and the changes required in economic policy to further European integration. Bringing together contributions from law, economics and management science, it offers readers an accessible but rigorous understanding of the current state of play of the regulatory environment, and on the future challenges. Coverage will include: • A review of the recent regulatory changes from a legal and economic perspective • Analysis of how the economic model of financial institutions and entities is impacted by the new frameworks • How to improve securitization and new instruments under MIFID II • Issues in the enhanced supervision under delegated acts for AIFMD, CRR-CRD IV and Solvency II • How long term funding can be supplied in lieu of the non-conventional monetary policies • A new architecture for a safer and more efficient European financial system Financial Regulation in the EU provides much needed clarity on the impact of new financial regulation and the future of the economy, and will prove a must have reference for all those working in, researching and affected by these changes.

Financial Regulation in the European Union After the Crisis

Domenica Tropeano
Financial Regulation in the European Union After the Crisis Book PDF

Author : Domenica Tropeano
Publisher : Routledge
Page : 179 pages
File Size : 53,5 Mb
Release : 2018-01-12
Category : Business & Economics
ISBN : 9781317211433

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Financial Regulation in the European Union After the Crisis by Domenica Tropeano Pdf

In the wake of the financial crisis, new regulatory measures were introduced which, along with changes in monetary and macroeconomic policy, have transformed the global financial structure. However, this new financial structure displays various fragilities. A new shadow banking system has grown both inside and outside the traditional banks and the divergence between core and periphery countries’ banks has increased further due to both the new regulations and the European Central Bank’s very peculiar interventions. Following Minsky’s approach, this volume explores the interplay between monetary policy, regulation and institutions in the aftermath of the great financial crisis. Minsky’s insights are used to interpret the recent regulatory changes and consider how they have affected the evolution of banks and financial markets. The unfortunate conclusion is that the changes in financial regulation introduced in various jurisdictions and inspired by the work of the Basel Committee, have not succeeded in thwarting the instability of the economic system. Instead, the mix of policies implemented so far has brought about increased fragility in the financial system. Minksy’s work on financial stability offers alternative solutions which policy-makers need to consider to resolve these issues. Financial Regulation in the European Union After the Crisis is an important volume for those who study political economy, banking and monetary economics.

The European Union and Global Financial Harmonisation

Lucia Quaglia
The European Union and Global Financial Harmonisation Book PDF

Author : Lucia Quaglia
Publisher : Unknown
Page : 0 pages
File Size : 41,9 Mb
Release : 2012
Category : Banks and banking, International
ISBN : OCLC:851517159

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The European Union and Global Financial Harmonisation by Lucia Quaglia Pdf

This research examines the influence of the European Union (EU) in international financial harmonisation over the last two decades. It asks why the EU 'uploads' international financial regulation in some (few) cases, 'downloads' it in (many) other cases, or neither uploads or download rules. It sets up an analytical framework that combines the concepts of 'international regulatory capacity' and 'EU regulatory capacity', considering their variation across financial services as well as over time. Such a framework is then concisely applied to a variety of significant empirical case studies of prudential regulation of banking, securities, and insurance.

Global Finance in Crisis

Eric Helleiner,Stefano Pagliari,Hubert Zimmermann
Global Finance in Crisis Book PDF

Author : Eric Helleiner,Stefano Pagliari,Hubert Zimmermann
Publisher : Routledge
Page : 215 pages
File Size : 53,8 Mb
Release : 2010-01-21
Category : Business & Economics
ISBN : 9781135157623

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Global Finance in Crisis by Eric Helleiner,Stefano Pagliari,Hubert Zimmermann Pdf

Presents a systematic analysis of the international regulatory response to the global financial crisis. This volume examines the changes in international financial regulation from the vantage point of the key powers in global finance including the US, the EU, Japan, and China.

Hedge Fund Regulation in the European Union

Phoebus Athanassiou
Hedge Fund Regulation in the European Union Book PDF

Author : Phoebus Athanassiou
Publisher : Kluwer Law International B.V.
Page : 384 pages
File Size : 53,7 Mb
Release : 2009-04-14
Category : Law
ISBN : 9789041144652

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Hedge Fund Regulation in the European Union by Phoebus Athanassiou Pdf

While hedge funds have been part and parcel of the global asset management landscape for well over fifty years, it is only relatively recently that they came to prominence as one of the fastest growing and most vigorous sub-sectors of the financial services industry. Despite their growing significance for global and European financial markets, hedge funds continue enjoying a sui generis regulatory status. The ongoing credit crisis and its lessons for the wisdom of unregulated or loosely regulated pockets of financial activity raise, with renewed urgency, the issue of deciding how long for the relative regulatory immunity of hedge funds is to be tolerated in the name of financial innovation. This well-thought-out book, the first of its kind in this particular field, examines the case for the European onshore hedge fund industry’s regulation, making concrete proposals for its normative future. Following a detailed account of the ‘established’ regulatory systems in Ireland and Luxembourg, as well as of the ‘emerging’ hedge fund jurisdictions in Italy, France, Spain and Germany, and of the regulatory treatment of hedge funds in the UK, this book examines to what extent the continuing exclusion of hedge funds from harmonized European regulation is defensible, whether their differences to traditional asset management products justify their distinct regulatory treatment and, ultimately, if their EU-wide regulation is possible and, if so, what form this should take. This book offers enormously valuable insights into all facets of the subject of the regulation of hedge funds, including: the legitimacy of the public policy interest in their activities; the conceptual underpinnings and systemic stability emphasis of a realistic hedge fund regulatory scheme; the main parameters of a workable onshore hedge fund regulatory framework; the role of investor protection and market integrity as part of a holistic hedge fund regulatory scheme; the possible use of the UCITS framework as a foundation for the EU-wide regulation of hedge funds; the MiFID’s impact on the regulatory future of the European hedge fund industry; existing cross-jurisdictional differences and similarities in the normative treatment of hedge funds within the EU; hitherto initiatives and recommendations of the Community institutions and bodies; and the need for more efficient co-operation and information-sharing arrangements amongst national supervisors for the monitoring of the cross-border risks inherent in the activities of hedge funds. As the first ever comprehensive account of the profile, main features and normative future of the contemporary global and European hedge fund markets – including a systematic inquiry into the conceptual underpinnings of hedge fund regulation and a detailed examination of the European hedge fund industry’s treatment under Community and domestic law – this book represents a major contribution to the literature on hedge funds and their regulation which, through its concrete proposals for the onshore industry’s regulation and its clear analysis of the conditions necessary for their implementation, should be of extraordinary value to policymakers, supervisors and academics alike.

Capital the EU and the Global Financial Crisis

Eamonn Killian
Capital the EU and the Global Financial Crisis Book PDF

Author : Eamonn Killian
Publisher : Eamonn Killian
Page : 58 pages
File Size : 49,9 Mb
Release : 2014-01-02
Category : Law
ISBN : 8210379456XXX

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Capital the EU and the Global Financial Crisis by Eamonn Killian Pdf

The free movement of capital within the EU is the laggard freedom, perhaps emanating from its ill-bounded contingent character as drafted in Article 67 of the original Treaty, or being ruled as not directly effective, or its close proximity to sovereignty and subsidiarity considerations. Clearly there must be significant operational inhibitors, as well as political considerations which have frustrated efforts (from Segre and Werner onwards) to remove the barriers and emancipate the flows of capital. Recent events however, serve to highlight the fragility of our predicament on the global financial stage with significant systemic risks emanating from the globalisation of capital and foreign direct investment. The Commissions answer is to centralise EU regulation with the introduction of new supranational authorities whose binding powers and remit is to drive forward the harmonisation of financial regulation and supervision. Perhaps we’ve heard this before? As the purposefully incendiary title suggests this dissertation shall investigate the importance of capital, its closeness to sovereignty, the previous EU regulatory experiences, the operative mechanisms necessary to regulate and supervise financial services, and utilise a hypothesis based approach to examine the renewed drive by the Commission to centralise the management of financial risk across the EU set against the key dimensions of certainty, coherency, competency, and sovereignty.

EU Securities and Financial Markets Regulation

Niamh Moloney
EU Securities and Financial Markets Regulation Book PDF

Author : Niamh Moloney
Publisher : OUP Oxford
Page : 1743 pages
File Size : 50,7 Mb
Release : 2014-10-23
Category : Law
ISBN : 9780191641220

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EU Securities and Financial Markets Regulation by Niamh Moloney Pdf

The Global Financial Crisis has re-ordered how the EU intervenes in the EU financial market, both with respect to regulation and with respect to supervision. After 5 years of a behemoth reform agenda, the new landscape is now clear. Rule-making power has decisively moved to the EU and radical reforms have been made to the organization of supervision. EU Securities and Financial Markets Regulation provides the first comprehensive, critical, and contextual account of the vast new rule-book which now applies to the EU financial market in the aftermath of the seismic reforms which have followed the financial crisis. Topics covered in-depth include the AIFMD, EMIR, the Short Selling Regulation, the new market abuse and transparency regimes, the rating agency regime, the UCITS IV-VI reforms, and MiFID II/MiFIR; the analysis is wide-reaching, extending to secondary legislation and relevant soft law. The book also examines the far-reaching institutional changes which have followed and considers in detail the role and impact of the European Securities and Markets Authority and the potential impact of the Single Supervisory Mechanism for euro area banks on the supervision of the EU financial market. EU Securities and Financial Markets Regulation is the third edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Almost entirely recast and re-written from the 2008 second edition to reflect the changes wrought by the Global Financial Crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, international, institutional, and constitutional context of the new regulatory and supervisory regime, and the underlying forces which have (and will continue to) shape it.

The European Banking Regulation Handbook, Volume I

Christos V. Gortsos
The European Banking Regulation Handbook Volume I Book PDF

Author : Christos V. Gortsos
Publisher : Springer Nature
Page : 590 pages
File Size : 41,9 Mb
Release : 2023-06-10
Category : Business & Economics
ISBN : 9783031328596

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The European Banking Regulation Handbook, Volume I by Christos V. Gortsos Pdf

In two volumes, this book covers in a comprehensive, internally balanced, systematic and detailed way the field of European Union (EU) banking law and regulation. In three parts, Volume I offers a brief introduction to the role of banks in the contemporary financial system and the theory of banking regulation, a thorough analysis of international financial standards which are contained in the sources of public international banking law (and of public international financial law, in general), a detailed presentation of the gradual evolution and the sources of EU banking law, as well as a precise analysis of the law-making process and the key institutional aspects of this branch of EU economic law. The standards and rules adopted and the institutions created in the aftermath of the (2007-2009) global financial crisis and the subsequent euro area fiscal crisis, as well as during the current pandemic crisis are discussed, as appropriate. A detailed analysis of the substantive aspects of EU banking law will follow in Volume II

Global Financial Regulation

Howard Davies,David Green
Global Financial Regulation Book PDF

Author : Howard Davies,David Green
Publisher : John Wiley & Sons
Page : 180 pages
File Size : 41,6 Mb
Release : 2013-05-08
Category : Business & Economics
ISBN : 9780745655888

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Global Financial Regulation by Howard Davies,David Green Pdf

As international financial markets have become more complex, so has the regulatory system which oversees them. The Basel Committee is just one of a plethora of international bodies and groupings which now set standards for financial activity around the world, in the interests of protecting savers and investors and maintaining financial stability. These groupings, and their decisions, have a major impact on markets in developed and developing countries, and on competition between financial firms. Yet their workings are shrouded in mystery, and their legitimacy is uncertain. Here, for the first time, two men who have worked within the system describe its origins and development in clear and accessible terms. Howard Davies was the first Chairman of the UK's Financial Services Authority, the single regulator for the whole of Britain's financial sector. David Green was Head of International Policy at the FSA, after spending thirty years in the Bank of England, and has been closely associated with the development of the current European regulatory arrangements. Now with a revised and updated introduction, which catalogues the changes made since the credit crisis erupted, this guide to the international system will be invaluable for regulators, financial market practitioners and for students of the global financial system, wherever they are located. The book shows how the system has been challenged by new financial instruments and by new types of institutions such as hedge funds and private equity. Furthermore, the growth in importance of major developing countries, who were excluded for far too long from the key decision-making for a has led to a major overhaul. The guide is essential reading for all those interested in the development of financial markets and the way they are regulated. The revised version is only available in paperback.

Europe and the Governance of Global Finance

Daniel Mügge
Europe and the Governance of Global Finance Book PDF

Author : Daniel Mügge
Publisher : Oxford University Press, USA
Page : 237 pages
File Size : 43,7 Mb
Release : 2014
Category : Business & Economics
ISBN : 9780199683963

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Europe and the Governance of Global Finance by Daniel Mügge Pdf

1: Daniel Mügge: Introduction 2: Eilís Ferran: Financial Supervision 3: Jasper Blom: Banking 4: Daniel Mügge: Securities and Derivatives Markets 5: Lucia Quaglia: Insurance 6: Bart Stellinga: Accounting Standards 7: David Howarth and Lucia Quaglia: Hedge Funds 8: Stefanie Hiss and Sebastian Nagel: Credit Rating Agencies 9: Eleni Tsingou: Money Laundering 10: Duncan Wigan: Offshore Financial Centres 11: Andrew Baker: Macroprudential Regulation.

From Fragmentation to Financial Integration in Europe

Mr.Charles Enoch,Mr.Luc Everaert,Mr.Thierry Tressel,Ms.Jianping Zhou
From Fragmentation to Financial Integration in Europe Book PDF

Author : Mr.Charles Enoch,Mr.Luc Everaert,Mr.Thierry Tressel,Ms.Jianping Zhou
Publisher : International Monetary Fund
Page : 524 pages
File Size : 49,9 Mb
Release : 2013-12-11
Category : Business & Economics
ISBN : 9781484387665

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From Fragmentation to Financial Integration in Europe by Mr.Charles Enoch,Mr.Luc Everaert,Mr.Thierry Tressel,Ms.Jianping Zhou Pdf

From Fragmentation to Financial Integration in Europe is a comprehensive study of the European Union financial system. It provides an overview of the issues central to securing a safer financial system for the European Union and looks at the responses to the global financial crisis, both at the macro level—the pendulum of financial integration and fragmentation—and at the micro level—the institutional reforms that are taking place to address the crisis. The emerging financial sector management infrastructure, including the proposed Single Supervisory Mechanism and other elements of a banking union for the euro area, are also discussed in detail.

Transatlantic Financial Regulation

Peter O'Shea
Transatlantic Financial Regulation Book PDF

Author : Peter O'Shea
Publisher : Springer Nature
Page : 283 pages
File Size : 43,8 Mb
Release : 2021-08-13
Category : Political Science
ISBN : 9783030748555

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Transatlantic Financial Regulation by Peter O'Shea Pdf

This book examines cooperation between the US and the EU on financial regulatory reform, notably at the outset and the first three years of the global financial crisis. It discusses the development of US-EU cooperation on financial regulation over the last few decades at several levels, including at heads of state level, markets regulator level and at international level, and progresses with a detailed examination of cooperation at the outset of the financial crisis. It looks at the nature of and motivation for intense US-EU cooperation on coordinating a response to the crisis and presents a compelling argument that a defacto alliance was formed, which served to benefit respective US and EU interests domestically and in the international financial system. Providing a new perspective on financial regulatory reform after the last financial crisis and the relationship of regulatory outcomes to international financial governance, this volume will be of use to researchers interested in transatlantic relations, financial regulation, international relations, global governance, and the European Union, as well as professionals and policymakers working in foreign relations, financial markets, or banking policy.

The Brussels Effect

Anu Bradford
The Brussels Effect Book PDF

Author : Anu Bradford
Publisher : Oxford University Press
Page : 368 pages
File Size : 43,5 Mb
Release : 2020-01-27
Category : Law
ISBN : 9780190088606

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The Brussels Effect by Anu Bradford Pdf

For many observers, the European Union is mired in a deep crisis. Between sluggish growth; political turmoil following a decade of austerity politics; Brexit; and the rise of Asian influence, the EU is seen as a declining power on the world stage. Columbia Law professor Anu Bradford argues the opposite in her important new book The Brussels Effect: the EU remains an influential superpower that shapes the world in its image. By promulgating regulations that shape the international business environment, elevating standards worldwide, and leading to a notable Europeanization of many important aspects of global commerce, the EU has managed to shape policy in areas such as data privacy, consumer health and safety, environmental protection, antitrust, and online hate speech. And in contrast to how superpowers wield their global influence, the Brussels Effect - a phrase first coined by Bradford in 2012- absolves the EU from playing a direct role in imposing standards, as market forces alone are often sufficient as multinational companies voluntarily extend the EU rule to govern their global operations. The Brussels Effect shows how the EU has acquired such power, why multinational companies use EU standards as global standards, and why the EU's role as the world's regulator is likely to outlive its gradual economic decline, extending the EU's influence long into the future.