Financial Regulation and Supervision—A Post-Crisis Analysis

This comprehensive account of financial regulation and supervision in times of crisis analyses the complex changes under way regarding the new financial regulatory structures in the EU. Focusing on the organisation of financial supervision, it deals with the background to the reforms, the architecture of the regulatory system, the likely implications for the financial institutions and the challenge of international co-operation.

Changes in the US have been heavily criticised and in Europe a brand new regulatory system with three new regulatory agencies and a systemic risk board has been developed. National systems are in the process of being updated. International cooperation, although still difficult, has made progress, with the Financial Stability Board now acting on behalf of the G.20. Central bank cooperation has improved significantly and in the meantime, sectoral regulations are being adapted in full speed, such as Basel III, AIDMD, MiFID and many others. This book gives an overall view of these complex changes.

The first section of the book provides an assessment of the reforms and considers the background to their making. In the section on regulatory structure there is analysis of the new regulatory bodies, their complex competences and actions. The book also takes a critical look at their likely effectiveness. The final section of the work considers the actual implementation of the new rules in a cross-border context.

Eddy Wymeersch is professor at the University of Gent. He was Chairman of the Committee of European Securities regulators (CESR) (February 2007- July 2010) and of the European Regional Committee of IOSCO, in that capacity also taking part in the Executive and the Technical committee (2006-2010). He was Chairman of the Belgian Commission Bancaire, Financiere et des Assurances (CBFA) (chief executive 2001-2007 and chairman of the supervisory board (2007-2010). He is now chairman of the Public Interest Oversight Board in Madrid.


Professor Guido Ferrarini is Professor of Business Law and Capital Markets Law, University of Genoa and Director of Genoa Centre for Law and Finance.

Professor (em.) Klaus J. Hopt is Emeritus Professor, Max-Planck Institute of Foreign Private and Private International Law, Hamburg, Germany.