In light of on-going global financial crises, the institutional structure of financial regulation is currently a subject of significant academic and practical interest. The financial crisis has called into question the adequacy of financial regulation at the national and supranational levels, and has instigated financial regulatory reforms in major markets overseas. This has included the enactment of the Dodd-Frank Act in the
US, and the programme to split the Financial Services Authority in the UK.
This book examines the institutional structure reform of financial regulation from a comparative perspective, exploring both fundamental theories and international experiences. The book explores the three main institutional structures of financial regulation in the world; the sectors-based model, adopted in the US, Mainland China and Hong Kong; the twin-peaks model with Australia and the Netherlands as its pioneers; and the single-regulator model as represented by the former Financial Services Authority in the UK and the Financial Services Agency in Japan.
The book contains contributions from renowned experts in the field of financial regulation including Douglas Arner, Jeffrey Carmichael, Robin Hui Huang, Dirk Schoenmaker, and Michael Taylor, and will be of interest to students and researchers of banking and finance law, and comparative economics.
|Publisher:||Taylor & Francis|
|Series:||Routledge Research in Finance and Banking Law Series|
|Product dimensions:||6.14(w) x 9.21(h) x 0.69(d)|
About the Author
Robin Hui Huang is an Associate Professor at the Faculty of Law, Chinese University of Hong Kong.
Dirk Schoenmaker is Dean of the Duisenberg School of Finance. He is also a professor of Finance, Banking and Insurance at the VU University Amsterdam and a member of the Advisory Scientific Committee of the European Systemic Risk Board at the ECB.
Table of Contents
1. Introduction, Robin Hui Huang and Dirk Schoenmaker Part 1: Theory of financial regulatory structure 2. Regulatory reform after the financial crisis – Twin peaks revisited, Michael Taylor, 3. Macroprudential Regulation and the Regulatory Structure, Sunil Sharma 4. Proper business conduct and financial stability: How can the supervisory structure help achieving these objectives?, Dirk Schoenmaker and Jeroen Kremers Part 2: International perspectives of financial regulatory structure 5.Institutional Structure of Financial Regulation: A Systemic Perspective, Andrew Sheng 6. Implementing Twin Peaks: Lessons from Australia, Jeffery Carmichael 7.Enforcing Compliance: A Comparative Evaluation of Market Conduct Regulation, Justin O’Brien 8. The UK Financial Regulatory Architecture: Post the Financial Crisis, Dalvinder Singh Part 3: Local Issues in Hong Kong and Mainland China 9. Financial Regulatory Structure in Hong Kong: Looking Forward, Douglas Arner 10. Institutional Structure of Financial Regulation in China: Lessons from the Global Financial Crisis, Robin Hui Huang 11. Conclusions, Robin Hui Huang and Dirk Schoenmaker