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Consolidation in the financial industry threatens competition and increases systemic risk. Recently, banks have seen both high-profile mergers and spectacular failures, prompting a flurry of regulatory responses. Yet consolidation has not been as closely scrutinized for clearinghouses, which...
Persistent link: https://www.econbiz.de/10013055768
This article looks at New Zealand's conduct of business rules for financial advisers. It compares New Zealand's rules to conduct of business rules applicable in the United Kingdom and Australia. There are major respects in which New Zealand's conduct of business rules fall behind best practice,...
Persistent link: https://www.econbiz.de/10012999354
Clearinghouses are systemic nodes in financial markets that handle trillions of dollars’ worth of transactions. Yet, these critical market infrastructures stand on fragile foundations. The Dodd-Frank Wall Street Reform Act of 2010, the sweeping financial reform that followed the 2008 financial...
Persistent link: https://www.econbiz.de/10014361940
This paper examines the over thirty proposals to consolidate U.S. federal financial regulators since 1915. It examines why most of these proposals failed and what parts of these proposals were implemented. This paper was prepared for the Volcker Alliance as background for its project on...
Persistent link: https://www.econbiz.de/10012998991
This essay, based on the author's presentation last September to the annual meeting of the North American Securities Administration Association (NASAA), addresses several issues related to Rule 506, the most widely-used of the SEC's transactional exemptions from federal registration of...
Persistent link: https://www.econbiz.de/10013149128
The Dodd-Frank Act, enacted after the global financial crisis, requires U.S. financial regulators to define and regulate systemically risky firms and activities — a truly Sisyphean task. In this Essay, we identify two paths regulators have taken: a “descriptive approach,” which involves...
Persistent link: https://www.econbiz.de/10013011346
Regulation to regulate the issuance of new rules; a Digital Assets Regulation legally defining Blockchain, Non-Fungible Token …
Persistent link: https://www.econbiz.de/10014349518
Worldwide, there are approximately 130 jurisdictions with competition laws. The governmental entities charged with enforcing these laws are typically called “competition agencies,” but many of these entities do things other than competition law. Of the 36 agencies listed in the Global...
Persistent link: https://www.econbiz.de/10014126070
The EU recently established new supranational financial supervision authorities — ESAs — capable of adopting binding supervisory decisions. The upgraded regulatory framework also inaugurated judicial review by a newly established Board of Appeal and the Court of Justice against these...
Persistent link: https://www.econbiz.de/10013096057
, residuality and effectiveness) and the provision of more adequate responses to the public interest regulation is intended to …) and that cognitive experiments should be conducted prior to regulation enactment. Furthermore, impact assessment (whenever … is that the regulatory toolkit should be revisited, to both enrich traditional tools (such as C&C or incentive regulation …
Persistent link: https://www.econbiz.de/10014149653