Almost everything that happens in our lives is ordered around finance – we have become a financial society. But financial systems across the world have had to manage significant shocks from threats like the COVID pandemic; supply constraints and price volatility related to geopolitical conflict. Despite these challenges, global financial stability has been maintained. In part, because of global financial regulatory standards that were promulgated over a decade ago by international financial institutions, like the Financial Stability Board, Bank for International Settlements and International Monetary Fund, and integrated into domestic regimes in many G20 jurisdictions, including the United States, the United Kingdom and the European Union.
The Global Financial Regulation course provides students with a sound foundation of the principles of financial regulation and an understanding of the policy choices that jurisdictions need to consider in implementing global financial regulatory standards. This week-long course begins by outlining the role of finance in the local and global economy, and key policy issues that arise in either encouraging its development (market enabling policies), or limiting its destabilizing effects (financial stability policies). The remainder of the course aims to explain how global finance is regulated in response to these key policy issues, key topics include: banking and capital markets regulation (including fintech), the origin, structure, function, and governance of the international bodies responsible for regulatory coordination, and regulatory standards promulgated by these bodies. We will also assess the ability to successfully manage financial stability, in the face of extraordinary economic challenges, attributable to global financial regulatory standards, using responses to the COVID crisis in EU, US and UK as case studies.
This course can serve as an introduction to further study of banking or capital markets law, or as an opportunity for those who have studied banking and capital markets law to better understand the institutional and policy framework for global financial regulation.
