The present study contains a further (second) update of the comprehensive overview of the evolution of European (EU) banking law under the influence of public international banking law. It is structured in two Parts.

Part One, titled “Public International Financial Law (Regulation)” contains four Sections: Section A
gives the definition, presents the various branches, and undertakes a brief overview of the historical
evolution, in three periods, of public international financial law. The following Section B discusses
the four levels of the making and enforcement of public international financial law (political decisionmaking – adoption of the rules – coordination – indirect enforcement of rules) and its sources, with emphasis on the ‘Compendium of Standards and Codes’ of the Financial Stability Board (FSB). Section C presents then the international fora adopting international financial standards and the Committee on the Global Financial System. The Basel Committee on Banking Supervision, which is the main forum setting standards pertaining to public international banking law, is discussed in more details in Section D. The new Appendix I briefly discusses the measures taken at global level in relation to financial stability amidst the current pandemic crisis.

Part Two, titled “European (EU) Banking Law (Regulation)” is more detailed and structured in six
Sections: Section A gives the definition and the branches of EU financial law and then undertakes a
brief overview of its historical evolution, in four periods. Appendix I discusses in more details the
procedure for the making of EU financial law after the recent (2007-2009) international financial
crisis. Section B presents the developments in EU financial law as a result of the ongoing fiscal crisis in the euro area, which leads to the presentation of the (European) Banking Union (BU), including the still pending issues in relation thereto. The following Sections C and D present, in turn and briefly, the two main pillars of the BU, namely the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). Section E contains an analysis of the Deposit Guarantee Schemes Directive (DGSD) of 2014 and Section F briefly presents the Emergency Liquidity Assistance (ELA) mechanism, which refers to last resort lending to viable credit institutions in the euro area by the national central banks – members of the Eurosystem. The financial stability measures taken at EU level amidst the current pandemic crisis are discussed in the new Appendix III.

The cut-off date for information included therein is 31 December 2020.

The Evolution of European (EU) Banking Law under the Influence of (Public) International Banking Law: A Comprehensive Overview (Third fully updated edition)

Concerns arising out of the systemic risks associated with ‘shadow banking’ are inherently global in nature as a result of the interconnectedness of shadow banking activities across different jurisdictions and markets. Yet, despite ongoing efforts, it remains very difficult to achieve global coordination in the regulation and supervision of shadow banking. This paper examines the efforts that have been made, and the challenges that have been encountered, in achieving a coordinated response to shadow banking in Asia. The paper first provides an overview of shadow banking and the risks associated with it, canvassing some key responses proposed or taken with respect to shadow banking, including the work of the Financial Stability Board and the approaches in the European Union and the United States. It then focuses on the specific needs and risks inherent in the Asian region. The paper concludes by putting forward the case for a greater degree of regional coordination and makes a range of general and specific policy recommendations for this purpose, including the use of an existing regional body to drive coordination efforts and proposals.

Shadow Banking and Regional Coordination in Asia: Risks, Challenges and Benefits

Relying on research from social psychology and business ethics, this article argues that the current massive regulatory regime surrounding the attempts to curb what is perceived to be damaging conflicts of interests in the financial industry is based on misguided assumptions, and that the trend of increasing detailed rule-making, supervision and sanctioning in this area might be counter-effective.

Conflicts of Interest in Finance and Auditing: Can They Be Successfully Regulated, and Does Disclosure Minimize Them?

Independence and accountability, standards in information sharing, nature of supervisory sanctions, compliance with fair trial rights: Several are the profiles relevant under a criminal law perspective, that emerge as critical from the analysis carried out so far on the US and, above all, on the EU banking supervisory systems.

The Hybrid Nature of Banking Supervision

Over the past two decades a variety of banking system rescue approaches have been used, including in the 1997 Asian financial crisis, the 2008 global financial crisis, and the 2010 European debt crisis. By analysing the resolution of these crises as well as the approach to addressing bad loans in the People’s Republic of China, this paper provides a new perspective on the common belief that bailouts are invariably harmful to public funds or excessively conducive to moral hazard. Depending on the form of bailout, bank restructuring, and fiscal backstop, resolutions can be an effective means to restore a banking system. This paper argues that in a systemic financial crisis, a combination of balance sheet restructuring and the use of asset management companies to deal with non-performing loans is often the best choice. However, a fully-fledged resolution that triggers the bail-in procedure remains the best approach for non-systemically important financial institution failures which take place outside of systemic crises, namely when the failure is idiosyncratic.

/pdf/overstating-moral-hazard-lessons-from-two-decades-of-banking-535b5wbcza.pdf

Overstating Moral Hazard: Lessons from Two Decades of Banking Crises

The global, euro-zone, and Asian financial crises have highlighted the importance of appropriate regulatory design and coverage for financial stability. In particular, in the wake of the global financial crisis the Group of Twenty (G20) and the Financial Stability Board (FSB) and its constituents (such as the Basel Committee on Banking Supervision, the International Organization of Securities Commissions, and the International Association of Insurance Supervisors) have or are in the process of developing international regulatory standards and guidance in relation to financial regulation and financial stability. This Article will discuss the range of international initiatives in the context of the overall design of a system of financial regulation, focusing on approaches to the regulation of systemically important financial institutions (SIFIs). Of these, nonbank finance has proven to be a major source of potential systemic risk, and the G20/FSB is currently addressing this in the context of “shadow banking,” an issue of increasing concern throughout the world. Finally, this Article will discuss financial regulatory structure in the context of financial regulatory design, particularly as it relates to SIFIs, shadow banking, and financial conglomerates.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2534217_code524849.pdf?abstractid=2534217

Addressing Systemic Risk: Financial Regulatory Design

Addressing systemic risk in East Asia: financial regulatory design

Conflicts of Interest and Risk Management Practices in the CRA Industry

The global, euro-zone, and Asian financial crises have highlighted the importance of appropriate regulatory design and coverage for financial stability. In particular, in the wake of the global financial crisis the Group of Twenty (G20) and the Financial Stability Board (FSB) and its constituents (such as the Basel Committee on Banking Supervision, the International Organization of Securities Commissions, and the International Association of Insurance Supervisors) have or are in the process of developing international regulatory standards and guidance in relation to financial regulation and financial stability. This Article will discuss the range of international initiatives in the context of the overall design of a system of financial regulation, focusing on approaches to the regulation of systemically important financial institutions (SIFIs). Of these, nonbank finance has proven to be a major source of potential systemic risk, and the G20/FSB is currently addressing this in the context of “shadow banking,” an issue of increasing concern throughout the world. Finally, this Article will discuss financial regulatory structure in the context of financial regulatory design, particularly as it relates to SIFIs, shadow banking, and financial conglomerates. * Chair Professor for International Law, University of Zurich; Visiting Professor, Faculty of Law, University of Hong Kong; Attorney-at-Law, Zurich. ** Professor & Head, Department of Law, University of Hong Kong; Co-Director, Duke-HKU Asia America Institute in Transnational Law; Senior Fellow, Melbourne Law School, University of Melbourne. *** Research Fellow, Asian Institute of International Financial Law; Faculty of Law, University of Hong Kong. **** Research Assistant, Faculty of Law, University of Zurich. The authors thank the Hong Kong Research Grants Council Theme-based Research Scheme Project “Enhancing Hong Kong’s Future as a Leading International Financial Centre” for support. 10 ARNER Pub Proof (Do Not Delete) 12/05/201410:25 AM 150 TEXAS INTERNATIONAL LAW JOURNAL [VOL. 49:149

Addressing Systemic Risk: Financial Regulatory Design.

Retrospektive Evaluation der kardiovaskulären Risikoscores ACR und CHA2DS2-VASc bei Patientinnen unter Therapie mit Romosozumab

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