Prioritising the Implementation of International Financial Regulation

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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.




This research was funded by the Commonwealth Secretariat. We are grateful to Cheryl Bruce for comments and feedback, to Chepete Chepete, Masalila Kealeboga, Senatla Lesedi and colleagues at the Bank of Botswana; Arvinder Bharath and colleagues at the Central Bank of Seychelles; Denton Rarawa, Michael Kikiolo, Raynold Moveni and colleagues at the Central Bank of the Solomon Islands; Jason Milton, Danny Bradlow, Raquel Abrahams and colleagues at the Reserve Bank of South Africa; and Christophe Edmond and colleagues at the Central Bank of Trinidad and Tobago, all of whom responded to our request for case study data; to Catherine Elliott at the Commonwealth Secretariat for co-ordinating this information; and to Wande McCunn for excellent research assistance. This paper benefited from feedback following a presentation at the Commonwealth Central Bank Governors’ Meeting in Washington, DC, in October 2014.


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