A Jurisdictional Comparison of the Twin Peaks Model of Financial Regulation

Journal of Banking Regulation, Vol. 18, No. 2, pp. 103-131, 2017

33 Pages Posted: 26 Jan 2017 Last revised: 17 May 2017

See all articles by Andrew Godwin

Andrew Godwin

Melbourne Law School

Timothy Howse

Melbourne Law School - University of Melbourne

Ian Ramsay

Melbourne Law School - University of Melbourne

Date Written: January 24, 2017

Abstract

The last two decades have seen an increasing number of jurisdictions adopting the ‘twin peaks’ model of financial regulation. Since it was pioneered in Australia, the model has been adopted by the Netherlands, Belgium, New Zealand and the United Kingdom. South Africa is currently in the process of changing its model, and it has also been considered by the US. This paper evaluates the twin peaks model as it has been adopted in these jurisdictions and investigates the extent to which there is uniformity in its design and implementation from a regulatory perspective. The comparative analysis indicates that there are many variations in the design of a twin peaks model and that there is no archetypal twin peaks model. In particular, choices need to be made around key elements in areas such as structural design, operational independence and regulatory coordination.

Keywords: financial regulation, regulatory coordination

Suggested Citation

Godwin, Andrew and Howse, Timothy and Ramsay, Ian, A Jurisdictional Comparison of the Twin Peaks Model of Financial Regulation (January 24, 2017). Journal of Banking Regulation, Vol. 18, No. 2, pp. 103-131, 2017. Available at SSRN: https://ssrn.com/abstract=2905458 or http://dx.doi.org/10.2139/ssrn.2905458

Andrew Godwin

Melbourne Law School ( email )

185 Pelham Street
Carlton, Victoria 3053
Australia

Timothy Howse

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia

Ian Ramsay (Contact Author)

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 5332 (Phone)

HOME PAGE: http://law.unimelb.edu.au/about/staff/ian-ramsay

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