Is the Era of Financial Regulatory Coordination Coming to an End?

Former PRMIA Chair Dr. Colin Lawrence, along with Scott Vincent, recently published a paper looking at financial regulatory coordination. Since the global financial crisis, there has been strong support among national and international regulators to develop consistent regulation and cross-border solutions on financial oversight. Many of the reforms put in place in Europe or the US have been mirrored in other jurisdictions to enhance financial stability and regulate conduct. International rule-making bodies, led by the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (BCBS), have achieved much in setting global standards to foster global financial stability and sustainable economic growth, while forums such as the G20 have encouraged cooperation and coordination on regulation, as well as incorporating macro tools in terms of monetary and fiscal policy.

However, there are signs that this global concerted effort to financial regulation is taking a pause for thought, as indicated by the Basel Committee’s 2017-18 strategic priorities, published last week. The Basel Committee will now place a greater focus on supervision and assess whether additional measures are warranted….

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