The Governance and Regulation of International Finance

The Governance and Regulation of International Finance

Private Regulation series

Geoffrey P. Miller and Fabrizio Cafaggi

This thought-provoking book adds a new perspective to the analysis of how regulation should respond to the global financial crisis of 2008–2009. It focuses on the ‘private’ as opposed to ‘public’ aspect of regulation, and highlights the works of the public–private dialectic in regulation and enforcement.

Chapter 1: Private regulation of internationally active financial services firms

Geoffrey P. Miller and Fabrizio Cafaggi

Subjects: economics and finance, financial economics and regulation, law - academic, finance and banking law, regulation and governance


The topic of financial private regulation and enforcement concerns the activities of private firms in the financial sector which are involved in cross-border activities – Citigroup, Bank of America, HSBC, UBS, JPMorgan Chase, RBS, BNP Paribas, Barclays, Morgan Stanley, Goldman Sachs, Deutsche Bank, HBOS, Société Générale, Banco Santander, American Express, Nomura, and so on. For convenience of reference, I will refer to this type of organization as an ‘internationally active financial services firm’ (IAFSF). This chapter will categorize different types of private regulation and enforcement applicable to IAFSFs and then will offer some tentative thoughts about the underlying forces that may determine the phenomena under observation. The principal subject of investigation will be the activities of IAFSFs under US law, but attention will be given to international standards and regulations as well.

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