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- Preliminary Material
- Main Text
- Part I European Reform as a Response to the 2008 Crisis
- 1 Restructuring Global and EU Financial Regulation
- Introduction
- Financial regulation—a polycentric regime
- Policy battlefronts and opposing forces
- Emerging structures of coordination: the global level
- Managing the financial regulatory regime: orchestrating interactions
- Potential strategies for developing capacities, responsiveness, and learning
- Summary and conclusions
- 2 Unfinished Business
- 3 The Relationship between Micro-Macro-Prudential Supervision and Central Banking
- 1 Restructuring Global and EU Financial Regulation
- Part II The New European Supervisory Architecture
- 4 Supervision in the Wake of the Financial Crisis
- Introduction
- Effective supervision and the financial crisis: new light on an old problem?
- The complexities of supervision: designing a best practice template
- The international dimension
- The EU model
- Conclusion
- 5 Understanding the New Institutional Architecture of EU Financial Market Supervision
- Introduction
- Member State-based supervision of financial markets
- Organization of supervision at national level
- The structure of pre-crisis financial market supervision at the EU level
- From the Lamfalussy Level 3 Committees to the European Supervisory Authorities
- Post-crisis reform of the structure of EU financial market supervision: overview
- 5.38
- 5.39
- 5.40
- 5.41
- 5.42
- 5.43
- 5.44
- 5.45
- 5.46
- 5.47
- 5.48
- 5.49
- 5.50
- 5.51
- Binding technical standards
- ESA enforcement of EU law
- ESA action in emergency situations
- Resolution of disputes between supervisors in cross-border situations
- Direct supervision of financial market participants and direct control over market activity
- Post-crisis reform of the structure of EU financial market supervision: overview
- Taking stock
- 6 A European Framework for Macro-Prudential Oversight
- 7 The New Structure of Financial Supervision in Europe
- Introduction
- The new EU supervisory structure
- The new EU supervisory structure: how to fill the half empty glass
- What’s next in the long term? A proposal
- 8 Nationally Fragmented Supervision over Multinational Banks as a Source of Global Systemic Risk
- 9 The European Financial Supervisory Authorities or ESAs
- Introduction
- The ESAs’ remit
- The ESAs ‘legally binding’ powers
- 9.50
- 9.51
- Regulatory Technical Standards (RTS)
- ‘Breach of Union law’ (Art 17)
- ‘Action in emergency situations’
- Mediation or ‘settling disagreements between competent authorities’
- Consumer protection and financial activities (Art 9)
- The safeguard clause (Art 38)
- The non-legally binding tools
- 9.162
- 9.163
- Supervisory cooperation, convergence, and efficiency
- Contribute to systemic surveillance and financial stability (Arts 22–27)
- Policy support function
- The European System of Financial Supervision (ESFS)
- The Joint Bodies of the European Supervisory Authorities
- The ESA’s governance
- Administrative provisions
- Review clause and further developments
- Conclusion
- 4 Supervision in the Wake of the Financial Crisis
- Part III Regulation in Search for a Purpose
- 10 Post-Financial Crisis Trading and Clearing Reforms in the EU
- 11 Corporate Governance of Banks after the Financial Crisis
- Corporate governance of firms and its relevance for banks
- Corporate governance of banks
- Corporate governance of banks and the financial crisis
- Equity governance and debt governance: parallel and divergent interests of management/board, shareholders, debtholders, and regulators/supervisors
- The ambiguous role of deposit insurance and bail-out
- Internal corporate governance of banks: corporate and supervisory law reform measures under discussion
- Conclusion: co-regulation for corporate governance of banks and no general spill over of bank governance requirements to firm governance
- Summary and theses
- 12 The Financial Crisis
- Part IV The International Dimension: New Challenges
- 13 Developments Regarding Global Cooperation in Supervision of Financial Markets
- Introduction
- The IOSCO multilateral approach to international enforcement cooperation
- The 2002 MMOU
- Background and scope
- Compliance with the MMoU
- Application of the MMoU by its signatories
- Further perspectives of enforcement cooperation
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- 13.51
- Full implementation of the MoU and contacts with uncooperative jurisdictions —
- Monitoring the effective implementation of the IOSCO MMoU—
- An enhanced bilateral and multilateral approach to enforcement cooperation—
- Build on regional experiences—
- FSB initiatives to strengthen adherence to international standards—
- The 2002 MMOU
- Future developments in global securities cooperation: supervisory cooperation
- Conclusion
- 14 The Last Frontier
- 15 Extraterritorial Reach of the US Financial Laws
- Extraterritorial reach of anti-fraud provision in private litigation
- Foreign inspection of auditors of foreign issuers listed in United States
- Extraterritorial scope of the whistleblower provision of the Sarbanes-Oxley Act of 2002
- US Foreign Corrupt Practices Act
- Conclusion
- 13 Developments Regarding Global Cooperation in Supervision of Financial Markets
- Part I European Reform as a Response to the 2008 Crisis
- Further Material
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