Challenges for Regulatory Reform in the Finance Sector: Learnings from the Last Decade

Klettner, A

Challenges for Regulatory Reform in the Finance Sector: Learnings from the Last Decade

Klettner, A

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Publisher:: Thomson Reuters
Publication Type:: Journal Article
Citation:: Journal of Banking and Finance: Law and Practice, 2019, 30 (3), pp. 151 - 168
Issue Date:: 2019-11-01

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Field	Value	Language
dc.contributor.author	Klettner, A https://orcid.org/0000-0002-2838-9383	en_US
dc.date.issued	2019-11-01	en_US
dc.identifier.citation	Journal of Banking and Finance: Law and Practice, 2019, 30 (3), pp. 151 - 168	en_US
dc.identifier.issn	1034-3040	en_US
dc.identifier.uri	http://hdl.handle.net/10453/136849
dc.description.abstract	Over the last decade the finance sector has undergone significant scrutiny both globally and locally. Following the Global Financial Crisis, the G20 led a process of regulatory reform that had an impact internationally, however, the effectiveness of many of these reforms remains debatable. Scholarly experts have reviewed, assessed and critiqued the reform efforts yet this work is rarely used to inform new policy regimes. This article presents a systematic review of the academic literature on post-financial crisis regulatory reform with the aim of drawing out lessons for the future. It finds that financial regulation faces challenges at three levels: (1) at a structural or architectural level in terms of who regulates what; (2) at a processual level in terms of the style and mechanism of regulation; and (3) at the level of regulatory content, that is, the details of the rules or standards. In addition, regulatory effectiveness can be facilitated or hindered by: power and politics; blurred boundaries; and incorrect assumptions about behaviour. The article discusses these findings in the context of recent evidence of misbehaviour in the Australian finance sector.	en_US
dc.publisher	Thomson Reuters	en_US
dc.relation.ispartof	Journal of Banking and Finance: Law and Practice	en_US
dc.rights	info:eu-repo/semantics/openAccess
dc.title	Challenges for Regulatory Reform in the Finance Sector: Learnings from the Last Decade	en_US
dc.type	Journal Article
utslib.citation.volume	3	en_US
utslib.citation.volume	30	en_US
utslib.for	1501 Accounting, Auditing and Accountability	en_US
utslib.for	1801 Law	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Management Discipline
utslib.copyright.status	open_access	*
pubs.consider-herdc	true	en_US
pubs.issue	3	en_US
pubs.publication-status	Published	en_US
pubs.volume	30	en_US

Abstract:

Over the last decade the finance sector has undergone significant scrutiny both globally and locally. Following the Global Financial Crisis, the G20 led a process of regulatory reform that had an impact internationally, however, the effectiveness of many of these reforms remains debatable. Scholarly experts have reviewed, assessed and critiqued the reform efforts yet this work is rarely used to inform new policy regimes. This article presents a systematic review of the academic literature on post-financial crisis regulatory reform with the aim of drawing out lessons for the future. It finds that financial regulation faces challenges at three levels: (1) at a structural or architectural level in terms of who regulates what; (2) at a processual level in terms of the style and mechanism of regulation; and (3) at the level of regulatory content, that is, the details of the rules or standards. In addition, regulatory effectiveness can be facilitated or hindered by: power and politics; blurred boundaries; and incorrect assumptions about behaviour. The article discusses these findings in the context of recent evidence of misbehaviour in the Australian finance sector.

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http://hdl.handle.net/10453/136849