Regulating Financial Services and Markets in the 21st Century

Abstract

The essays in this collection edited by Ferran and Goodhart offer a high-level examination of some of the most important issues facing financial services regulation, and the far reaching effects of the Financial Services and Markets Act 2000 on the UK financial sector in the context of rapid global change. Taking an interdisciplinary approach the book includes contributions by many distinguished academic authorities on the law and economics of regulation, and some of the most influential practitioners, regulators and policymakers. It provides an authoritative analysis of underlying issues affecting the broad development of financial regulation: regulatory objectives; responsibilities of the regulated community; accountability of regulators; regulation of electronic financial markets; impact of stock exchange mergers; regional regulation within Europe; and the development of global financial regulation.

The chapter titles and authors are as follows: 1. Overview - Eilis Ferran and Charles Goodhart 2. Reforming Financial Regulation: Progress and Priorities - Howard Davies 3. Regulatory Principles and the Financial Services and Markets Act 2000 - Colin Mayer 4. Examining the Objectives of Financial Regulation - Amelia C. Fawcett 5. Incentive v. Rule-Based Financial Regulation: A Role for Market Discipline - Rahul Dhumale 6. Directors' Fiduciary Duties and the Approved Persons Regime - Colin Bamford 7. Fiduciary Duties, Regulation of Companies and Regulation of Individuals - Adam Ridley 8. Regulatory Discipline and the European Convention on Human Rights - Daniel F. Waters and Martyn Hopper 9. Holding the Balance: Effective Enforcement, Procedural Fairness and Human Rights - Thomas A.G. Beazley 10. Regulating the Regulator: A Lawyer's Perspective - Alan Page 11. Regulating the Regulator: An Economist's Perspective - Charles A.E. Goodhart 12. Public Accountability in the Financial Sector - Rosa M. Lastra and Heba Shams 13. Regulating European Markets - Eddy Wymeersch 14. The Case for a European Securities Commission - Gilles Thieffry 15. New Issues in International Financial Regulation - John Eatwell 16. The Financial Stability Forum (FSF): Just Another Acronym? - Andrew G. Haldane 17. Efficient International Financial Regulation and the Role of a Global Supervisor - Kern Alexander 18. The Role of Rating Agencies in Global Market Regulation - Steven L. Schwarcz 19. The Role of Credit Rating Agencies in the Establishment of Capital Standards for Financial Institutions in a Global Economy - Howell E. Jackson 20. The Challenge of Technology: Regulation of Electronic Financial Markets - Gay Wisbey, Mary Schapiro and David Shrimpton

Keywords: financial markets, national regional and international regulation

JEL Classification: F33, G15, G18, G28, K22