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SALZBURG GLOBAL FINANCE FORUM

Past Program

Aug 16 - Aug 19, 2012

Financial Regulation: Bridging Global Differences

Session 492

Abstract

In response to the global financial crisis, regulatory authorities in the US, Europe and Asia undertook at the request of the G-20 an overhaul of their financial regulation systems with the aim of monitoring better systemic risk posed by market activities, and ensuring more effective supervision of systemically important financial institutions and their cross border operations. The Dodd-Frank legislation was enacted in the US, a financial regulation reform package agreed in Europe, the "Basel III" accord on capital requirements for financial institutions was agreed, and the Financial Stability Board is working on proposals about the appropriate structure of resolution authorities and international coordination among resolution authorities.

Important steps toward global coordinated regulation have been taken, in particular within the framework of the Financial Stability Board. However, these efforts remain insufficient. Moreover, divergence of approaches in the US and Europe, fears of a less rigorous regime in Asia-Pacific, and differences in implementation of rules, prevent the creation of an integrated global regulatory regime and pose a danger of "regulatory arbitrage."

The session will bring together regulators, bankers, economists, lawyers and other experts from different continents to discuss recent trends in regulatory reforms in the US, Europe and Asia. Participants will assess the efficacy of the adopted and proposed reforms and will explore the extent of convergence between different jurisdictions, highlighting key differences. They will also review the challenges to global financial supervision and international cooperation, changes in market structure and will discuss the major challenges in the area of supervision and resolution which regulators and supervisors will face in the years ahead.

PARTNER

Program

The session will bring together regulators, bankers, economists, lawyers and other experts from different continents to discuss recent trends in regulatory reforms in the US, Europe and Asia, particularly focusing on the following key questions:

Key Questions

  • How effective are these proposed and newly adopted reforms?
  • To what extent have different jurisdictions converged on the matter of financial regulation? What key differences still remain?
  • What challenges are regulators and supervisors still facing with regards to global financial supervision and international cooperation?
  • How will changes in market structure impact future efforts to impose global financial regulation? Outcomes
  • To identify and advance understanding of fundamental issues that increasingly need addressing on a global level;
  • To illuminate differences in financial regulation and supervision across countries, and contribute to the international dialogue on the key matters of global financial and supervisory architecture;
  • To feed into efforts to improve the efficiency and efficacy of financial regulation and supervision;
  • To enable collaborative information-sharing and discussion among relevant authorities and other stakeholders;
  • To build new relationships and make key connections during an intensive and interactive 3-day program.

Participant Profile

Target Audience

This session is open to a broad range of professionals, dealing with international financial regulation and supervision, including government officials, legislators, regulators and supervisors, bankers, lawyers, academics in economics and finance, journalists and civil society activists interested in the topic.

Videos

Paul Volcker on Sovereign Wealth Funds and the Economy
Former Federal Reserve Chairman, Paul Volcker, was interviewed by Edward Mortimer, Senior Vice President of the Salzburg Global Seminar.

Mr. Volcker chaired the 2008 Salzburg Global Seminar session entitled "Sovereign Wealth Funds: Risks and Opportunities for Global Financial Markets"

 

Ewald Nowotny of the Austrian National Bank explains, "Why Salzburg?"