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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Financial law > Banking law
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The Regulation of Megabanks - Legal frameworks of the USA and EU (Hardcover)
Loot Price: R3,795
Discovery Miles 37 950
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The Regulation of Megabanks - Legal frameworks of the USA and EU (Hardcover)
Series: Routledge Research in Finance and Banking Law
Expected to ship within 10 - 15 working days
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Global systemically important banks (G-SIBs) are the largest, most
complex and, in the event of their potential failure, most
threatening banking institutions in the world. The Global Financial
Crisis (GFC) was a turning point for G-SIBs, many of which
contributed to the outbreak and severity of this downturn. The
unfolding of the GFC also revealed flaws and omissions in the legal
framework applying to financial entities. In the context of G-SIBs,
it clearly demonstrated that the legal regimes, both in the USA and
in the EU, grossly ignored the specific character of these
institutions and their systemic importance, complexity, and
individualism. As a result of this omission, these megabanks were
long treated like any other smaller banking institutions. Since the
GFC, legal systems have changed a lot on both sides of the
Atlantic, and global and national lawmakers have adopted new rules
applying specifically to G-SIBs to reduce their threat to financial
stability. This book explores whether the G-SIB-specific regulatory
frameworks are adequately tailored to their individualism in order
to prevent them from exploiting overly general rules, as they did
during the GFC. Analyzing the specific character and individualism
of G-SIBs, in relation to their history, normal functioning, as
well as their operations during the GFC, this book discusses
transformation of banking systems and the challenges and
opportunities G-SIBs face, such as Big Tech competitors,
climate-related requirements, and the COVID-19 pandemic. Taking a
multidisciplinary approach which combines financial aspects of
operations of G- SIBs and legal analysis, the book describes
G-SIB-oriented legal frameworks of the EU and the USA and assesses
whether G-SIB individualism is adequately reflected, analyzing
trends in supervisory action when it comes to discretion in the
G-SIB context, all in order to contribute to the ongoing
discussions about international banking law, its problems, and
potential remedies to such persistent flaws.
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