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Regulating Financial Servicesand Markets in the
Twenty First Century
Edited byEILlS FERRAN
andCHARLES A E GOODHART
-•HART-PUBLISHING
O X F O R D - PORTLAND O R E G O N2001
Contents
List of Contributors ix
GENERAL OVERVIEW
A. Regulating Financial Services and Markets in the Twenty FirstCentury: An Overview 1Eilis Ferran and Charles A.E. Goodhart
2. Reforming Financial Régulation: Progress and Priorities 17Howard Davies
OBJECTIVES AND PRINCIPLES3. Regulatory Principles and the Financial Services and Markets
Act 2000 25Colin Mayer
4. Examining the Objectives of Financial Régulation—Will the NewRégime Succeed? A Practitioner's View 37Atnelia C. Fawcett
s5. Incentive v. Rule-Based Financial Régulation: A Rôle for MarketDiscipline 59Rahul Dhumale
REGULATION OF SENIOR MANAGEMENT6. Directors' Fiduciary Duties and the Approved Persons Régime 75
Colin Bantford
7. Fiduciary Duties, Régulation of Companies and Régulation ofIndividuals 89Sir Adam Ridley
DISCIPLINE, ENFORCEMENT AND HUMAN RIGHTS8. Regulatory Discipline and the European Convention on Human
Rights—A Reality Check 95Daniel F. Waters and Martyn Hopper
9. Holding the Balance—Effective Enforcement, Procédural Fairnessand Human Rights 115Thomas A.G. Beazley
viii Contents
ACCOUNT ABILITY
10. Regulating the Regulator—A Lawyer's Perspective onAccountability and Control 127Alan Page
11. Regulating the Regulator—An Economist's Perspective onAccountability and Control 151Charles A.E. Goodhart
YL. Public Accountability in the Financial Sector 165Rosa M. Lastra and Fïeba Shams
EUROPEAN REGULATION
13. Regulating European Markets: The Harmonisation of SecuritiesRégulation in Europe in the New Trading Environment 189Eddy Wymeersch
14. The Case for a European Securities Commission „ 211Gilles Thieffry
INTERNATIONAL REGULATION
15. New Issues in International Financial Régulation 235John Eatwell
16. The Financial Stability Forum (FSF):Just Another Acronym? 255Andrew G. Haldane
17. The Need for Efficient International Financial Régulation andthe Rôle of a Global Supervisor 273Kern Alexander
ROLE OF RATING AGENCIES
y&. The Rôle of Rating Agencies in Global Market Régulation 297Steven L. Schwarcz
\$. The Rôle of Crédit Rating Agencies in the Establishment of CapitalStandards for Financial Institutions in a Global Economy 311Howell E. Jackson
TECHNOLOGICAL CHANGE AND REGULATION
20. The Challenge of Technology—Régulation of Electronic FinancialMarkets 323
Part I : Securities and Derivatives Markets 323Gay WisbeyPart II : Nasdaq 330Mary L. SchapiroPart III: London Stock Exchange 335David Shrimpton
Index 341