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Evan Gibson and Douglas W. Arner

Throughout history finance and its regulation have evolved, yet the underpinning regulatory principles have remained fundamentally static. The first measures were taken to counter market inefficiencies which led to the introduction of conduct regulations to give effect to consumer protection. By the fourteenth century the financial stability principle had been recognized and subsequently developed over the following 600 years, notably in the twentieth and twenty-first centuries. The development of the financial stability principle reached a pinnacle following the 2008–09 global financial crisis as the prevailing regulatory approach was deemed thoroughly inadequate. Insufficient or non-existent systemic risk supervision was central to this assessment. To redress this flaw, systemic supervisors have been introduced. In the Asia-Pacific, central banks are integral to systemic supervision as banking dominates most financial systems. This Chapter analyses systemic supervision in Singapore, Korea, Hong Kong, Australia, New Zealand, Japan, Indonesia, China, the Philippines, Malaysia and Thailand.

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Ross P. Buckley, Douglas W. Arner and Michael Panton

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Emilios Avgouleas, Douglas W. Arner and Uzma Ashraf

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Douglas W. Arner, Paul Lejot and Wei Wang

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Edited by Ross P. Buckley, Richard Weixing Hu and Douglas W. Arner

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Ross P. Buckley, Richard Weixing Hu and Douglas W. Arner

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Richard Weixing Hu, Douglas W Arner and Ross P. Buckley

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East Asian Economic Integration

Law, Trade and Finance

Edited by Ross P. Buckley, Richard Weixing Hu and Douglas W. Arner

This book analyses recent developments and likely future paths for trade and financial integration in East Asia. It suggests a more coherent, balanced way forward for regional economic integration and analyses implications for institution building in East Asia.
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Douglas W. Arner, Evan Gibson and Janos Barberis

This chapter examines Hong Kong’s regulation of FinTech, focusing on government policy, regulatory initiatives and sectoral regulation. This covers sandboxes, cybersecurity regulation, RegTech initiatives, virtual banking, open application program interfaces, stored value facilities, faster payment systems, robo-advisory services, virtual assets and InsurTech. Hong Kong’s FinTech regulatory framework and sectoral model are analysed to reveal regulatory flaws. The sectoral model has cross-sectoral vulnerabilities, is susceptible to functional bias and technological regulatory underlap. Although FinTech policy considerations focus on market conduct and consumer protection, financial stability is equally important because of the size, growth and interconnectedness of Fintech markets. To effectively regulate FinTech, Hong Kong needs to establish digital financial regulators specializing in technology with a cross-sectoral regulatory ambit. These digital financial regulators would be independent subsidiaries of the Hong Kong Monetary Authority and the Securities and Futures Commission, discharging the financial stability/prudential regulation and market conduct/consumer protection functions respectively.