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Multilayered governance in international financial regulation and supervision - Zurich Open Repository and Archive


Weber, Rolf H (2010). Multilayered governance in international financial regulation and supervision. Journal of international economic law : JIEL, 13(3):683-704.

Abstract

In recent decades, financial markets have become increasingly international in scope, while the focus of financial regulation and supervision has largely remained limited to the domain of national jurisdictions. This article applies the doctrine of multilayered governance to financial markets, thereby addressing the discrepancy between international financial activities and nationally oriented financial regulation and supervision. It identifies core values that are widely shared within the international community, including the regulatory goals of financial stability and market integrity and the importance of confidence in the functioning of financial markets. The article argues that the scope of financial activities, the importance of regulatory objectives and the level of detail could serve as criteria for assessing how financial regulation should be allocated to the different levels of governance. In the proposed setting, standards could be a key to establishing multilayered governance as they allow for flexible adaptation of internationally agreed rules to national or regional particularities. Regarding financial supervision, the article highlights the importance of supervisory colleges or peer review procedures as a layer in between nationally based supervision and international supervisory standards.

Abstract

In recent decades, financial markets have become increasingly international in scope, while the focus of financial regulation and supervision has largely remained limited to the domain of national jurisdictions. This article applies the doctrine of multilayered governance to financial markets, thereby addressing the discrepancy between international financial activities and nationally oriented financial regulation and supervision. It identifies core values that are widely shared within the international community, including the regulatory goals of financial stability and market integrity and the importance of confidence in the functioning of financial markets. The article argues that the scope of financial activities, the importance of regulatory objectives and the level of detail could serve as criteria for assessing how financial regulation should be allocated to the different levels of governance. In the proposed setting, standards could be a key to establishing multilayered governance as they allow for flexible adaptation of internationally agreed rules to national or regional particularities. Regarding financial supervision, the article highlights the importance of supervisory colleges or peer review procedures as a layer in between nationally based supervision and international supervisory standards.

Citations

13 citations in Web of Science®
19 citations in Scopus®
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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:02 Faculty of Law > Institute of Legal Sciences > Business Law
Dewey Decimal Classification:340 Law
Language:English
Date:2010
Deposited On:28 Dec 2010 09:48
Last Modified:05 Apr 2016 14:31
Publisher:Oxford University Press
ISSN:1369-3034
Publisher DOI:https://doi.org/10.1093/jiel/jgq033
Related URLs:http://jiel.oxfordjournals.org/ (Publisher)
http://opac.nebis.ch/F/?local_base=NEBIS&con_lng=GER&func=find-b&find_code=SYS&request=004397666

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