Research Handbook on Asian Financial Law
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Research Handbook on Asian Financial Law

Edited by Douglas W. Arner, Wai Yee Wan, Andrew Godwin, Wei Shen and Evan Gibson

This comprehensive Research Handbook provides an in-depth analysis of the different financial law approaches, legal systems and trends throughout Asia. It considers how reforms following the crises have been critical for the development and growth of the region and explores a broad range of post-crisis financial regulatory issues. This timely book also examines how inconsistent and divergent approaches to financial market regulation are curtailing the region’s potential.
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Chapter 5: Bank resolution

Christian Hofmann

Abstract

Failing financial institutions of systemic importance differ from other businesses. Their collapse poses serious risk for the financial system and wider economy requiring a swift and vigorous action. In response, the Financial Stability Board has published principles for dealing with financial institution failures. Jurisdictions are implementing these principles to create a new global standard for the resolution of financial institutions. The Financial Stability Board supervises this process and peer reviews jurisdictions implementation progress. Among these jurisdictions are Hong Kong and Singapore which have reformed laws and introduced resolution mechanisms. The peer review reports form the basis of a critical assessment of bank resolution regimes in Hong Kong and Singapore. This chapter provides an overview of the competent authorities in both jurisdictions, focusing on preparatory measures and resolution tools, resolution funding concepts and bail-in powers.

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