Financial Regulation and Supervision A post-crisis analysis

This comprehensive account of financial regulation and supervision in times of crisis analyses the complex changes under way regarding the new financial regulatory structures in the EU. Focusing on the organisation of financial supervision, it deals with the background to the reforms, the architecture of the regulatory system, the likely implications for the financial institutions and the challenge of international co-operation. Changes in the US have been heavily criticised and in Europe a brand new regulatory system with three new regulatory agencies and a systemic risk board has been developed. National systems are in the process of being updated. International cooperation, although still difficult, has made progress, with the Financial Stability Board now acting on behalf of the G.20. Central bank cooperation has improved significantly and in the meantime, sectoral regulations are being adapted in full speed, such as Basel III, AIDMD, MiFID and many others. This book gives an overall view of these complex changes. The first section of the book provides an assessment of the reforms and considers the background to their making. In the section on regulatory structure there is analysis of the new regulatory bodies, their complex competences and actions. The book also takes a critical look at their likely effectiveness. The final section of the work considers the actual implementation of the new rules in a cross-border context.

Part I - Financial Reform as a Response to the 2008 crisis
1. Restructuring Global and EU Financial Regulation: Character, Capacities and Learning, J. Black
2. Unfinished Business: An Assessment of the Reforms, H. Davies
3. The Relationship Between Micro-Macro-Prudential Supervision and Central Banking, D. Green
Part II - The New European Supervisory Architecture
4. Supervision in the Wake of the Financial Crisis: Achieving Effective 'Law in Action' - A Challenge for the EU, N. Moloney
5. Understanding the New Institutional Architecture of EU Financial Market Supervision, E. Ferran
6. A European Framework for Macro-Prudential Oversight, C. Papathanassiou
7. The New Structure of Financial Supervision in Europe - What's Next?, C.di Noia and M.C. Furlo
8. Nationally Fragmented Supervision over Multinational Banks as a Source of Global Systemic Risk: A Critical Analysis of Recent EU Reforms, G. Ferrarini and F. Chiodini
9. The European Financial Supervisory Authorities or ESAs, E. Wymeersch
Part III - Regulation in Search for a Purpose
10. Post-Financial Crisis Trading and Clearing Reforms in the EU: A Story of Interest Groups with Magnified Voice, G. Hertig
11. Corporate Governance of Banks After the Financial Crisis, K.J. Hopt
12. The Financial Crisis: Does Good Corporate Governance Matter and How to Achieve it?, J. Winter
Part IV - The International Dimension: New Challenges
13. Developments Regarding Global Cooperation in Supervision of Financial Markets, A. Van Cauwenberge
14. The Last Frontier: Protecting Critical Functions Across Borders, E. Hupkes
15. Extraterritorial Reach of US Financial Laws, J. Cox