Bulletin n. 1/2017
June 2017
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
  • Heather Lee and Brossa YH Wong
    Ways to implement global financial initiatives of the G20 after the financial crisis: the enforcement roles of the BCBS and the IASB
    in Law and Financial Markets Review , volume 10, issue 4 ,  2016 ,  193-200
    This article examines the enforcement roles of the BCBS and the IASB in implementing the far-reaching global financial reforms of financial institutions, in particular measures relating to disclosure, proposed by the G20 after the financial crisis. Both the BCBS and the IASB have been involved actively and substantially in developing international standards in line with global financial initiatives. This article, with reference to systems in the US, the EU and China, suggests that the transposition of international standards into national standards in the form of law and regulation combined with a robust licensing mechanism, as compared with a periodic monitoring mechanism, can facilitate the full and consistent implementation of and compliance with the standards by financial institutions. The above framework could be a reference for the implementation of other G20 financial initiatives. The BCBS and the IASB could also take up a more proactive role for preventive financial measures in response to the increasingly complicated cross-border transactions.
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