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The UK and Multi-level Financial Regulation - From Post-crisis Reform to Brexit (Hardcover)
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The UK and Multi-level Financial Regulation - From Post-crisis Reform to Brexit (Hardcover)
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The UK and Multi-level Financial Regulation examines the role of
the United Kingdom (UK) in shaping post-crisis financial regulatory
reform, and assesses the implications of the UK's withdrawal from
the European Union (EU). It develops a domestic political economy
approach to examine how the interaction of three domestic groups -
elected officials, financial regulators, and the financial industry
- shaped UK preferences, strategy, and influence in international
and EU-level regulatory negotiations. The framework is applied to
five case studies: bank capital and liquidity requirements; bank
recovery and resolution rules; bank structural reforms; hedge fund
regulation; and the regulation of over-the-counter derivatives. It
concludes by reflecting on the future of UK financial regulation
after Brexit. The book argues that UK regulators pursued more
stringent regulation when they had strong political support to
resist financial industry lobbying. UK regulators promoted
international harmonisation of rules when this protected the
competitiveness of industry or enabled cross-border externalities
to be managed more effectively; but were often more resistant to
new EU rules when these threatened UK interests. Consequently, the
UK was more successful at shaping international standards by
leveraging its market power, regulatory capacity, and alliance
building (with the US). But it often met with greater political
resistance at the EU level, forcing it to use legal challenges to
block reform or secure exemptions. The book concludes that
political and regulatory pressure was pivotal in defining the UK's
'hard' Brexit position, and so the future UK-EU relationship in
finance will most likely be based on a framework of regulatory
equivalence.
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