Beyond International Standards: Mapping the Future of Capital Markets Regulation
CIGI Policy Brief No. 136 — September 2018
8 Pages Posted: 29 Oct 2018
Date Written: September 6, 2018
As a response to multiple financial shocks, international standards have disappointed. Consensus-seeking has stifled innovation, perpetuating outdated regulatory concepts at a time of rapid market change. Different forces are at work now. Markets are complex and idiosyncratic; they may not be receptive to efforts designed to produce regulatory harmonization and convergence and there may be benefits in less co-ordination. Alternatives to international standard setting should be explored. The possibilities include fora for experimentation in capital markets regulation, sets of variegated model capital markets laws and a “restatement”-like treatise.
Keywords: IOSCO, Financial Stability Board, G20, IMF, World Bank, Global Financial Crisis, International Financial Standards, Securities Regulation, Capital Markets
JEL Classification: G01, G15, G18, G24, G30, K22, K33, F01, F02, F30, F36, F38, F42, F53, F65
Suggested Citation: Suggested Citation