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Title: A global regulatory framework for transnational securities markets
Author: Yin, Susan Sushu
ISNI:       0000 0004 2734 4372
Awarding Body: Queen Mary, University of London
Current Institution: Queen Mary, University of London
Date of Award: 2012
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Developments in the investment securities markets have played an important role in the growth and globalization of the world’s financial markets. Securities market participants, investment banks and hedges funds in particular, were also in the epicentre of the global financial crisis 2007~2010 (GFC). The globalization-to-crisis process has highlighted the problems of regulating the globalizing transnational securities markets on the basis of national laws alone. More precisely, the three global-level problems in securities regulation are: regulatory divergence and conflicts, gaps in cross-border supervision, and, spill-over of systemic risks. This thesis contributes to the post-GFC regulatory reforms debate by establishing the concept of a Global Regulatory Framework (GRF). The GRF consists of a flexible governance structure within which national regulators and policy makers may interact with counterparts, either directly or through regional and global bodies, in seeking to address cross-border or substantive issues of securities regulation. The GRF also comprises a framework of tools for regulatory and supervisory cooperation, using which solutions could be reached for the global-level problems. The GRF is essentially soft law by nature. As a result, while the structure and mechanisms provided by the GRF contribute to securities market efficiency and stability, national sovereignty is also duly upheld. The problems of implementation and legitimacy pertaining to soft law processes are addressed, with recommendations for an implementation structure and principles of ex ante participation and transparency developed. The thesis comprises three Parts, with two Chapters in each, followed by a seventh Chapter of overall Conclusions. Starting from the analysis of the three global-level regulatory problems in the fast globalizing securities markets, the thesis builds on the experience from the EU and US, and other global actors, including the IMF, FSB and IOSCO, to produce a multi-layered structure for the governance of the securities markets. The GRF is designed to accommodate and engender different functions and forms of collective actions, because flexibility is crucial for addressing new cross-border issues arising from the often turbulent transnational securities markets.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available
Keywords: Law