Assessing Financial Regulatory Coordination and Integration with Reference to OTC Derivatives Regulation

Capital Markets Law Journal, Vol. 12, No. 1, pp. 38-65, 2017

29 Pages Posted: 17 Feb 2017

See all articles by Andrew Godwin

Andrew Godwin

Melbourne Law School

Ian Ramsay

Melbourne Law School - University of Melbourne

Edwin Sayes

University of Melbourne - Law School

Date Written: February 16, 2017

Abstract

This paper explores important issues relating to regulatory coordination and integration in the international financial system. Coordination in a regulatory context refers to coordination between regulators in different jurisdictions to achieve desired regulatory outcomes, including effective supervision and enforcement over regulated entities, particularly those that operate on a cross-border basis. Integration refers to the process by which certain parts or aspects of one regulatory system are recognised by, or incorporated into, another regulatory system to produce a single, integral system that operates on a cross-border basis. Examples of integration range from the recognition by a regulator in one jurisdiction of a determination by the regulator in another jurisdiction for its own regulatory purpose to the adoption of a common set of rules for the purpose of regulating a certain area of activity. The paper considers the benefits of and challenges to regional coordination and integration, the potential principles and mechanisms that might be used to motivate and structure regional coordination and integration, and suggests a systematic set of criteria to evaluate which mechanism might be the most appropriate in any given context. The paper explores these issues with reference to the regulation of OTC derivatives trading and OTC derivatives markets.

Suggested Citation

Godwin, Andrew and Ramsay, Ian and Sayes, Edwin, Assessing Financial Regulatory Coordination and Integration with Reference to OTC Derivatives Regulation (February 16, 2017). Capital Markets Law Journal, Vol. 12, No. 1, pp. 38-65, 2017. Available at SSRN: https://ssrn.com/abstract=2919161

Andrew Godwin

Melbourne Law School ( email )

185 Pelham Street
Carlton, Victoria 3053
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

Edwin Sayes

University of Melbourne - Law School ( email )

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

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