Comparative Law and the Enhancement of Financial Regulation

Abstract

Since the ravage of the devastating global financial crisis in 2008, the legal academia has increasingly focused on the interrelationship between law, financial stability and economic development. It is evident that the overwhelming majority of research in this aspect is concerned with curbing derivative transactions and enhancing collective actions among States by making multilateral agreements. Few discussions have been carried out to scrutinize the domestic regulatory structures of leading commercial jurisdictions and further examine the potential possessed by informal international law to reinforce the efficacy of these regulatory structures. By comparing and contrasting the financial regulatory structures in Hong Kong, Mainland China, the UK and the US, and the core principles of the BIS (Bank of International Settlements), the IOSCO (International Organization of Securities Commissions) and the IAIS (International Association of Insurance Supervisors), this article attempts to fill in the research gap to some extent.