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Kern Alexander

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Kern Alexander

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Kern Alexander

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Kern Alexander and Rosa María Lastra

The chapter examines recent international regulatory reforms that emphasise macroprudential principles and objectives for banking regulation and supervision. The UK provides an interesting example of a jurisdiction that has moved from a largely microprudential framework of regulation to one that combines a macroprudential framework of regulation and policy that aims to control systemic risk with judgment-based micro prudential supervision. The chapter discusses the evolving definition of banks and the necessity for law and regulation to keep pace with financial innovation and evolving market structures. The chapter argues that although UK regulatory reforms have taken important steps in coordinating macroprudential regulation and policy with microprudential regulation, challenges remain in monitoring systemic risks across the financial system and in addressing risks posed by the shadow banking system.

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Edited by Kern Alexander and Niamh Moloney

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Edited by Kern Alexander and Niamh Moloney

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Edited by Kern Alexander and Niamh Moloney

Law Reform and Financial Markets addresses how law reform can be used to support strong financial markets and draws on the global financial crisis as a case study.