Approaches to financial regulation in view of the crisis. Report about the 34th meeting of the German Comparative Law Society

Author:Alexander Stöhr
Position:Department of Commercial, Business and Labour Law, University of Marburg, Marburg, Germany
Pages:73-83
SUMMARY

Purpose - Financial crises pose a challenge to the legal systems of the concerned countries and international organizations. The current crisis has exposed significant failures of regulation and supervision, making the Financial Market Law a key topic on the political agenda. Thus, great changes and challenges are ahead of us. These were the focus of an interdisciplinary... (see full summary)

 
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Approaches to nancial
regulation in view of the crisis
Report about the 34th meeting of the German
Comparative Law Society
Alexander Stöhr
Department of Commercial, Business and Labour Law,
University of Marburg, Marburg, Germany
Abstract
Purpose – Financial crises pose a challenge to the legal systems of the concerned countries and
international organizations. The current crisis has exposed signicant failures of regulation and
supervision, making the Financial Market Law a key topic on the political agenda. Thus, great changes
and challenges are ahead of us. These were the focus of an interdisciplinary and comparative conference
held at the University of Marburg. The paper deals with the individual presentations and carries out an
overall analysis.
Design/methodology/approach The paper covers the most important issues in nancial
regulation.
Findings – An extensive regulation is confronted with several obstacles; suitable approach could be
the co-regulation; desirable aim is the instauration of the mechanism of capital markets. Those who gain
the benets in case of success should also bear the losses in case of failure instead of being rescued at
taxpayers’ expense.
Originality/value The difculties arising from extensive regulation suggest a more liberal
approach to nancial regulation.
Keywords Anglo-American bank regulation, Co-regulation, Role of central banks, Self-regulation,
State-regulation
Paper type General review
1. Introduction
“Finanzmarktregulierung in der Krise” (Regulation of Financial Markets in Crisis) – this
was the title of a conference organized by the Expert Groups on Comparative
Commercial, Business and European Law as part of the 34th meeting of the Gesellschaft
für Rechtsvergleichung (German Comparative Law Society) held in Marburg on
September 13, 2013. The conference was set in the venerable assembly hall within the
old university. Following the opening remarks by Professor Dr h.c. Jürgen Schwarze
(Chairman of the German Comparative Law Society, University of Freiburg) and
Professor Dr Peter Jung (University of Basel), four renowned speakers discussed the
relevant developments from various angles.
2. Areas and perspectives of regulation
2.1 Anglo-American bank regulation
Under the heading “Critical Reections on the state of Anglo-American Bank Regulation
in the post-GFC Era”, Professor Emilios Avgouleas (Chair in International Banking Law
The current issue and full text archive of this journal is available on Emerald Insight at:
www.emeraldinsight.com/1358-1988.htm
Financial
regulation
73
Journalof Financial Regulation
andCompliance
Vol.23 No. 1, 2015
pp.73-83
©Emerald Group Publishing Limited
1358-1988
DOI 10.1108/JFRC-03-2014-0017

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