Financial markets regulation

The research in this unit will contrast three basic but inter-related governance approaches based on forms of self-regulation, public regulation and dependence on third-party actors or gatekeepers in the broad area of financial markets. They are related mainly with questions 2. Case studies are:

• 2.1 Corporate Governance and Financial Regulation as Transnational Legal Pluralism
  Against the background of legal pluralism, new institutional economics and comparative political economy, the project investigates into the particular nature of the evolving institutional and normative landscape, focusing on particular on the context of the EU financial and corporate law regulatory activities with regard to disclosure, CSR and Banking
• 2.2 Regulating Derivatives for Better Corporate Governance
  The case study will investigate how the regulatory responses to the corporate governance problems associated with the emergence of derivatives markets have been shaped by processes of globalisation and failure of management controls.
• 2.3 Setting International Standards in Accounting
  This project addresses the key dimensions of effectiveness and enforcement, as well as legitimacy of private rule-making through a study of implementation of international accounting standards contrasting different models and their .
• 2.4 Expansion of the Euro-Payment System to global markets
  The expansion of the Euro-Payment system onto a global basis will be analysed, looking at the conditions for success of a market-driven self-regulatory process. The project will be developed in collaboration with the European Payment Council, a private regulatory body, and contribute to the design and implementation of a global payments’ system. Focus is on governance design and regulatory contracts, particularly rule-books and their application.
• 2.5 Codes of conduct in professional services and quality assurance
  This project will investigate current efforts in several international and regional fora (including the International Bar Association) and their ability to adopt guidelines relating to the preparation of international rules of conduct which would endorse several important principles such as inclusiveness, transparency, efficiency, and accountability, including also the role of professional liability rules.