Law Reform and Financial Markets
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Law Reform and Financial Markets

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.
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Chapter 1: The Rise, Fall and Fate of Principles-based Regulation

Julia Black


The financial crisis did not only bring into sharp relief the limitations of the structures of financial markets and the behaviour of their participants; it also called into question some critical aspects of international and national financial regulation. Many of the questions it prompted relate to highly technical matters, for example of prudential regulation and financial stability. Others, however, are more fundamental questions as to the appropriate nature of the relationship between markets and regulators, and the role that each should play in the regulatory regime.

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