1887

Prioritising the Implementation of International Financial Regulation

image of Prioritising the Implementation of International Financial Regulation

The global financial crisis of 2007–08 triggered a plethora of regulatory reforms under the auspices of international bodies such as the G20 and Financial Stability Board. Yet the implementation of these reforms remains a task for individual countries.

This paper presents a risk-based framework for implementing international financial regulation within national economies, in particular in small states. It shows how these countries can navigate the standard setting processes used by the relevant international bodies. It includes case studies to illustrate how the framework can be integrated with standard setting processes to improve outcomes for small states.

English

.

Why Implementing International Financial Regulation is a Priority

The financial crisis of 2007–08 triggered a plethora of regulatory reforms. The design of many of these reforms took place under the auspices of international bodies such as the group of 20 major economies (G20) and the Financial Stability Board (FSB). Yet their implementation remains a task for individual states. Whereas G20 member states have committed to comply with FSB standards, the FSB itself is committed to encouraging non-G20 states to comply too. Compliance by such states is pursued through co-operation with the World Bank, the International Monetary Fund (IMF) and various multilateral memoranda of understanding. States whose compliance is being encouraged by these means include many smaller states in the Commonwealth and elsewhere with little or no direct representation on these international bodies. Many of these states also lack the human and financial resources, technical capabilities and/or formal legal authority to implement all of the proposed reforms within the relevant timeframes. It is therefore desirable to identify a framework for prioritising the legal and operational implementation of these reforms, to economise on the scarce resources available for regulatory implementation.

English

This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error