title: A new age of financial regulation?
Creators: name: Berthold, Dorothea
Publisher: name: :none
Year: 2012

description: The outbreak of the 2007-09 global financial crisis, with the collapse of the fourth largest U.S. investment bank Lehman Brothers, has clearly demonstrated the high degree of interconnectedness and growing complexity of the global financial market environment. Moreover, the crisis has shed light on unprecedented regulatory challenges, marked by new interrelated sources of systemic risk and the deficiencies of global regulatory oversight in keeping trace with novel types of financial activities. The Thesis aims at examining the impact of the global financial crisis on the system of financial governance at the global level by focusing on the institutional level of prudential standard Setting bodies and the policy level by analyzing the achievements of the Group of Twenty (G20). Given the role of certain OTC credit derivatives, particularly mortgage-backed securities in the global market turmoil, the question of a novel approach to international securities regulation has moved to the top of the global policy agenda. By analyzing three interrelated dimensions - the institutional framework of standard setting bodies, the scope of regulation and theoretical underpinnings of global securities regulation, the Thesis intends to draw a broad picture of the main issues at stake in global securities and crosssectoral regulation with an emphasis on financial innovation and the shadow banking system, given their role in the market turmoil of 2007-09. Has the international community entered a new age of global financial regulation?
description: The outbreak of the 2007-09 global financial crisis, with the collapse of the fourth largest U.S. investment bank Lehman Brothers, has clearly demonstrated the high degree of interconnectedness and growing complexity of the global financial market environment. Moreover, the crisis has shed light on unprecedented regulatory challenges, marked by new interrelated sources of systemic risk and the deficiencies of global regulatory oversight in keeping trace with novel types of financial activities. The Thesis aims at examining the impact of the global financial crisis on the system of financial governance at the global level by focusing on the institutional level of prudential standard Setting bodies and the policy level by analyzing the achievements of the Group of Twenty (G20). Given the role of certain OTC credit derivatives, particularly mortgage-backed securities in the global market turmoil, the question of a novel approach to international securities regulation has moved to the top of the global policy agenda. By analyzing three interrelated dimensions - the institutional framework of standard setting bodies, the scope of regulation and theoretical underpinnings of global securities regulation, the Thesis intends to draw a broad picture of the main issues at stake in global securities and crosssectoral regulation with an emphasis on financial innovation and the shadow banking system, given their role in the market turmoil of 2007-09. Has the international community entered a new age of global financial regulation?