Global securities regulation after the financial crisis

Journal of International Economic Law

Volumn 13, Issue 3, 2010, Pages 799-815

  Langevoort, Donald C ^a  

^a GEORGETOWN UNIVERSITY LAW CENTER   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 78649929404     PISSN: 13693034     EISSN: 14643758     Source Type: Journal    
DOI: 10.1093/jiel/jgq032     Document Type: Article

References (40)

1. See, e.g. Hal S. Scott, The Global Financial Crisis (New York: Foundation Press, 2009);
2. David A. Westbrook, After the Crisis: Rethinking Our Capital Markets (Boulder: Paradigm Press, 2009);
3. Charles A. E. Goodhart, 'The Background to the 2007 Financial Crisis', 4 Journal of International Economics and Economic Policy 331 (2008).
4. Kenneth Dam, 'The Subprime Crisis and Financial Regulation: International and Comparative Perspectives', 10 Chicago Journal of International Law 581 (2010).
5. Cormac Kissane, 'Securitization in Ireland', in Patrick Dolan and Davis Van Leer (eds), Securitization: Legal and Regulatory Issues (New York: Law Journals Press, 2006), ch 15, 21-15.
6. Eilis Ferran, Building an E. U. Securities Market (Cambridge: Cambridge University Press, 2004).
7. Anita Anand and Andrew J. Green, 'Why is This Taking So Long? The Move Toward a National Securities Regulator', 60 (2) University of Toronto Law Journal 663 (2010).
8. See Chris Brummer, 'How International Financial Law Works (and How it Doesn't) ', Georgetown Law Journal (forthcoming, January 2011), http://papers.ssrn.com/sol3/papers.cfm?abstract-id=1542829 (visited 11 October 2010).
9. See also Roberta Karmel, 'The Hardening of Soft Law in Securities Regulation', 34 Brooklyn Journal of International Law 883 (2009);
10. Eric J. Pan, 'Challenge of International Cooperation and Institutional Design in Financial Supervision: Beyond Transgovernmental Networks', 11 Chicago Journal of International Law 243 (2010) (criticizing existing soft law solutions and proposing an administrative law-like structure).
11. Donald C. Langevoort, 'Structuring Securities Regulation in the European Union: Lessons from the US Experience', in Guido Ferrarini and Eddy Wymeersch (eds), Investor Protection in Europe: Corporate Law Making, the MiFID and Beyond (Oxford: Oxford University Press, 2006) 485-506, at 496-7.
12. The Banking Act of 1933, 48 Stat. 162.
13. For example, Charles K. Whitehead, 'Reframing Financial Regulation', 90 Boston University Law Review 1 (2010).
14. Basel Committee on Banking Supervision, 'International Convergence of Capital Measurement and Capital Standards: A Revised Framework', June 2004 (Basel II).
15. Daniel K. Tarullo, Banking on Basel: The Future of International Financial Regulation (New York: Peterson Institute for International Economics, 2008).
16. See Dam, above n 2.
17. Niamh Moloney, 'Building a Retail Investment Culture through Law: The 2004 Markets in Financial Instruments Directive', 6 European Business Organization Law Review 341 (2005).
18. See John Armour, 'Enforcement Strategies in UK Corporate Governance: A Roadmap and Empirical Assessment', European Corporate Governance Institute Working Paper No 106/208 (2008), http://www.bancaditalia.it/studiricerche/ convegni/atti/corp-gov-it/session2/Armour.pdf (visited 12 October 2010).
19. Donald C. Langevoort, 'The SEC, Retail Investors and the Institutionalization of the Securities Markets', 95 Virginia Law Review 1025 (2009), at 1037-42.
20. John C. Coffee, Jr. and Hillary A. Sale, 'Redesigning the SEC: Does the Treasury Have a Better Idea?', 95 Virginia Law Review 707 (2009).
21. Donald C. Langevoort, 'Steps Toward the Europeanization of US Securities Regulation, with Thoughts on the Evolution and Design of a Multinational Securities Regulator', in Michael Tison et al. (eds), Perspectives in Company Law and Financial Regulation (Cambridge: Cambridge University Press, 2009) 485-506. In a similar vein
22. see Steven M. Davidoff, 'Paradigm Shift: Federal Securities Regulation in the New Millennium', 2 Brooklyn Journal of Corporate, Financial and Commercial Law 339 (2008).
23. Eilis Ferran, 'Principles-based, Risk-based Regulation and Effective Enforcement', in Perspectives in Company Law and Financial Regulation, 427-48, above n 17.
24. See Langevoort, above n 15, at 1035-6.
25. See Langevoort, above n 15, at 1036-7.
26. See Langevoort, above n 15 Ibid, at 1073-4.
27. See, generally, William Sjostrom, 'The Birth and Evolution of Rule 144A', 56 UCLA Law Review 409 (2009).
28. On the political ecology here, see John C. Coates IV, 'Private vs. Political Choice of Securities Regulation: A Political Cost/Benefit Analysis', 41 Virginia Journal of International Law 31 (2201).
29. -17 C. F. R. section 230. 144A (2010).
30. Gerald F. Davis and Christopher Marquis, 'The Globalization of Stock Markets and the Convergence in Corporate Governance', in Richard Swedborg and Victor Nee (eds), The Economic Sociology of Capitalism (Princeton: Princeton University Press, 2005) 352-90, at 352.
31. See Langevoort, above n 15, at 1062-5.
32. Richard Posner's take on the financial crisis has this flavor. See generally Richard Posner, A Failure of Capitalism: The Crisis of '08 and the Descent into Depression (Cambridge, MA: Harvard University Press, 2009).
33. For an interesting suggestion about an open source code solution, see Erik Gerding, 'Code, Crash and Open Source: The Outsourcing of Financial Regulation to Risk Models and the Global Financial Crisis', 84 Washington Law Review 127 (2009).
34. Charles W. Calomiris, 'The Subprime Turmoil: What's Old, What's New and What's Next', Journal of Structured Finance 6 (Spring 2009), at 12-16.
35. For example, Emilios Avgouleas, 'The Global Financial Crisis, Behavioural Finance and Financial Regulation: In Search of a New Orthodoxy', 9 Journal of Corporate Legal Studies 23 (2009).
36. Anupam Chander and Randall Costa, 'Clearing Credit Default Swaps: A Case Study in Global Legal Convergence', 10 Chicago Journal of International Law 639 (2010).
37. See Ferran, above n 18; Cristie Ford, 'New Governance, Compliance and Principles-based Regulation', 45 American Business Law Review 1 (2008).
38. Lawrence Cunningham, 'A Prescription to Retire the Rhetoric of "Principles-based Systems" in Corporate Law, Securities Regulation and Accounting', 66 Vanderbilt Law Review 1411 (2007).
39. Julia Black, 'The Death of Credit, Trust-and Principles Based Regulation?', Risk and Regulation, December 2008, 8.
40. Guido Ferrarini and Paolo Guiduci, 'Financial Scandals and the Role of Private Enforcement: The Parmalat Case', in John Armour and Joseph McCahery (eds), After Enron: Improving Corporate Law and Modernizing Securities Regulation (Oxford and New York: Oxford University Press, 2006) 158-213, 158.