- Credit risk — Financial stability
This chapter considers how legal risk issues are dealt with outside the UK. Recent developments in law and policy, especially in the financial sector, have been influenced by the impact of globalization. The recent global financial crisis also triggered a new resolve at international, governmental level to seek more effective ways of achieving some measure of globally effective regulation for the financial markets. EU directives are currently (before Brexit takes effect) the single largest source of regulatory change in the London financial markets. Policymakers increasingly look at the comparative position in other similar countries to address the need for English law to remain in step with international developments that assist with the efficient functioning of a financial market wishing to attract international financial institutions and their clients.
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