Legal Fragmentation, Extraterritoriality and Uncertainty in Global Financial Regulation
Legal Fragmentation, Extraterritoriality and Uncertainty in Global Financial Regulation
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全球金融监管的法律碎片化、治外法权和不确定性
DOI：
10.1093/ojls/gqw028
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发表时间：
2017
影响因子：
1.2
通讯作者：
Matthias Lehmann
中科院分区：
文献类型：
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作者：
Matthias Lehmann
本文探讨了全球金融监管中法律的分散性和治外法权的原因。它表明，重复和过度的规则不一定是监管竞争的结果，在这种竞争中，利己主义的国家为了改善自己的地位而削弱其他国家的规则。全球金融监管必须科普的一个同样关键的问题是不确定性。这种不确定性存在于实现金融稳定的正确措施以及其他国家采取这些措施的意愿和能力方面。本文分析了在维护全球金融稳定的同时克服法律的分散的方法。它表明，除了采取合作方式之外别无选择，即加强监管对话、扩大信息基础和尊重其他国家的规则。为了改善目前的机制，它建议引入多国小组，以评估两个或两个以上国家的监管和监督机构是否会导致类似的结果，在这种情况下，它们必须被视为“等同”或“替代合规”。
This article explores the reasons for legal fragmentation and extraterritoriality in the global regulation of finance. It shows that duplicative and overreaching rules are not necessarily the result of regulatory competition in which egoistic states undercut the rules of others in order to improve their position. An equally pivotal problem that global financial regulation has to cope with is uncertainty. Such uncertainty exists with regard to the right measures for achieving financial stability and with regard to the willingness and ability of other states to adopt them. The article analyses approaches to overcoming legal fragmentation while maintaining global financial stability. It suggests that there is no alternative to a collaborative approach, using intensified regulatory dialogue, a broadening of the information base and deference to other states’ rules. In order to improve the current mechanism, it proposes the introduction of multinational panels to assess whether regulatory and supervisory set-ups of two or more states lead to comparable outcomes, in which case they must be recognised as being ‘equivalent’ or ‘substituted compliant’.