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http://ssrn.com/abstract=1695031
 
 

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Rethinking the Future of Self-Regulation in the Financial Industry


Saule T. Omarova


Cornell Law School

October 20, 2010

Brooklyn Journal of International Law, Vol. 35, No. 3, p. 665, 2010
UNC Legal Studies Research Paper No. 1695031

Abstract:     
This article seeks to broaden the scope of the ongoing debate on financial regulation reform by making a case for reinventing industry self-regulation on a fundamentally new normative basis. The article argues that, in the face of the increasing complexity and globalization of financial markets and activities, it is critically important to seriously consider the potential role of industry self-regulation as one of the key mechanisms of controlling and minimizing systemic risk – a task that is not adequately performed by the existing financial industry self-regulatory organizations (SROs). The article suggests a new normative approach to self-regulation in the financial services sector – “embedded self-regulation” – which focuses explicitly on prevention of systemic failure and is firmly embedded in the broader public interests and policy goals. This new self-regulatory model will seek to redefine the broader social role of the private financial sector and to impose the primary responsibility for safeguarding financial stability directly on the financial services industry whose activities threaten such stability.

Number of Pages in PDF File: 42

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Date posted: October 21, 2010  

Suggested Citation

Omarova, Saule T., Rethinking the Future of Self-Regulation in the Financial Industry (October 20, 2010). Brooklyn Journal of International Law, Vol. 35, No. 3, p. 665, 2010; UNC Legal Studies Research Paper No. 1695031. Available at SSRN: http://ssrn.com/abstract=1695031

Contact Information

Saule T. Omarova (Contact Author)
Cornell Law School ( email )
524 College Ave
Myron Taylor Hall
Ithaca, NY 14853
United States
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