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Financial Regulation and SupervisionA post-crisis analysis$
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Eddy Wymeersch, Klaus J. Hopt, and Guido Ferrarini

Print publication date: 2012

Print ISBN-13: 9780199660902

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199660902.001.0001

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The Last Frontier

The Last Frontier

Protecting Critical Functions across Borders*

Chapter:
(p.425) 14 The Last Frontier
Source:
Financial Regulation and Supervision
Author(s):

Eva H.G. Hüpkes

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199660902.003.0014

This chapter explores how critical cross-border functions performed by financial institutions with complex legal structures and operations in multiple jurisdictions could be preserved in a world where resolution regimes are essentially territorial in nature. It describes special resolution regimes to resolve failing financial institutions operating within their borders, and enumerates major hurdles to their application. It looks into the process of achieving an efficient and equitable cross-border solution by analysing the transnational bankruptcy law. It distinguishes three conceptual approaches to resolve conflicts: territorialism, universalism, and contractualism; and proposes the combination of these three to establish a framework for cross-border resolution.

Keywords:   cross-border functions, financial institutions, special resolution regimes, transnational bankruptcy law, territorialism, universalism, contractualism

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