A BETTER APPROACH TO REGULATORY COORDINATION REGULATION

摘要

It has been five years since G2O leaders met in Pittsburgh and declared their commitment to a globally coordinated approach to reform the financial system. That commitment is now in jeopardy. As world financial leaders meet this month at the G20 meetings in Australia, it is vital that they redouble their focus on regulatory coordination to avoid fragmentation of markets, protectionism and regulatory arbitrage that could stifle economic growth. Global financial markets are intertwined, and regulators must acknowledge that policies and practices in one region will have a ripple effect across the world's financial centres. To be clear, this is not a question about whether jurisdictions are pursuing the reforms agreed to at the Pittsburgh summit. In fact, according to the Financial Stability Board (FSB), the International Organisation of Securities Commissions (Iosco) and industry sources, all 20 jurisdictions are pursuing dramatic new rules regarding capital, prudential regulation and over-the-counter (OTC) derivatives.