Harmonization of Financial Regulation
This chapter analyzes international harmonization of financial regulation. This is a relatively new regulatory area, with international harmonization efforts starting only in the 1980s. Sector-specific regulatory coordination and harmonization efforts are traced in the fields of banking regulation (Basel Concordat, Basel Accord and Basel II), securities regulation (IOSCO MOUs and the Objectives and Principles of Securities Regulation) and insurance regulation. Cross-sector regulatory coordination and harmonization by the Joint Forum are also analyzed. The chapter concludes with detailed analyses of developments after the Lehman Shock, notably activities of the G20 toward the formulation of Basel III.
Keywords: Basel Committee, Basel Concordat, Basel Accord, Basel II, Basel III, IOSCO (International Organization of Securities Commissions), Objectives and Principles of Securities Regulation, FSAP (Financial Sector Assessment Programme), IAIS (International Association of Insurance Supervisors), G20, FSB (Financial Stability Board)
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