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Toward Transatlantic Convergence in Financial Regulation

50 Pages Posted: 19 Apr 2011 Last revised: 24 May 2011

Hwa-Jin Kim

Seoul National University School of Law; University of Michigan Law School

Date Written: April 18, 2011

Abstract

This Article reviews the historical background of the Glass-Steagall Act of 1933 along with the developments in the markets that led to the Gramm-Leach-Bliley Act of 1999. It analyzes the discussions on the Volcker Rule in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 from a comparative perspective. It shows how the reform in the United States may impact financial institutions and markets in other jurisdictions. Germany and Switzerland, where universal banking is the hallmark of the financial services industry, are the primary jurisdictions of interest. After taking a historical and political look at the regulation of financial institutions in the United States and Europe, this Article touches on the issues of global regulatory reform to see if the global solution might fit into the structural issues of financial institutions and systems. Building on the discussions on convergence in bank corporate governance, it predicts Transatlantic convergence in the financial system and structure of banking business preceded by convergence in the practices and strategies of financial institutions in the United States and Europe.

Keywords: European financial services industry, Glass-Steagall Act, Gramm-Leach-Bliley Act

JEL Classification: F30, K22

Suggested Citation

Kim, Hwa-Jin, Toward Transatlantic Convergence in Financial Regulation (April 18, 2011). U of Michigan Law & Econ, Empirical Legal Studies Center Paper No. 11-004; U of Michigan Public Law Working Paper No. 234. Available at SSRN: https://ssrn.com/abstract=1814122 or http://dx.doi.org/10.2139/ssrn.1814122

Hwa-Jin Kim (Contact Author)

Seoul National University School of Law ( email )

San 56-1 Kwanak-gu, Shilim-dong
Seoul
Korea

University of Michigan Law School ( email )

625 South State Street
Ann Arbor, MI 48109-1215
United States

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