The Need for Consolidating International Financial Regulatory Architecture

Case for a Global Supervisor, Paper presented at the Lessons Learned from the Financial Crisis: Proceedings of 13th International Conference on Finance and Banking. Karviná: Silesi (October, 2011)

University of Hong Kong Faculty of Law Research Paper No. 2013/006

14 Pages Posted: 22 Jan 2013 Last revised: 14 Mar 2013

See all articles by Uzma Ashraf Barton

Uzma Ashraf Barton

AIIFL, Faculty of Law, The University of Hong Kong; Georgetown University Law Center

Douglas W. Arner

The University of Hong Kong - Faculty of Law

Date Written: October 1, 2011

Abstract

The existing international financial regulatory architecture is multifarious. Prevalent regulatory forums are numerous, with over-lapping spheres of activity, where all such forums share a lack of consolidated authority. Bodies like the Basel Committee on Banking Supervision (BCBS), Group of 20, Financial Stability Forum, and OECD are all working to reform the international financial architecture. This multiplicity of opinions and disagreement on a minimum set of common standards due to existence of multiple forums with an absence of any concentration of authority is the subject of this paper. There is an argument by various scholars that this can be achieved through the appointment of a Global Supervisor, or a World Regulatory Authority. This paper is an attempt to explore this thesis, and this study goes beyond exploring the structure of various financial law organizations to suggest that there is a need to consolidate the existing structures not only by reducing the number of platforms available but by consolidating the authority into one efficient body.

Keywords: : Financial Regulation, Financial Crises, Banking Regulations, International Financial Institutions

JEL Classification: G01, G15, G18, G28, G38, K23, K20

Suggested Citation

Barton, Uzma Ashraf and Arner, Douglas W., The Need for Consolidating International Financial Regulatory Architecture (October 1, 2011). Case for a Global Supervisor, Paper presented at the Lessons Learned from the Financial Crisis: Proceedings of 13th International Conference on Finance and Banking. Karviná: Silesi (October, 2011); University of Hong Kong Faculty of Law Research Paper No. 2013/006. Available at SSRN: https://ssrn.com/abstract=1957059

Uzma Ashraf Barton (Contact Author)

AIIFL, Faculty of Law, The University of Hong Kong ( email )

Faculty of Law, Pokfulam Road
Pokfulam
Hong Kong
Hong Kong
+852 9285 4145 (Phone)
+85225593543 (Fax)

HOME PAGE: http://www.aiifl.com

Georgetown University Law Center

DC 20001
United States

Douglas W. Arner

The University of Hong Kong - Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

HOME PAGE: http://hub.hku.hk/rp/rp01237

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
153
Abstract Views
973
rank
199,944
PlumX Metrics