Bolesti z regulatorní disharmonie

LONDÝN – V písmenkové polévce institucí zapojených do regulace globálních finančních trhů nemá FMLC – Legislativní výbor pro finanční trhy – právě prominentní místo. Vzhledem k tomu, že sídlí v Londýně, jelikož se před 20 lety zrodil z iniciativy britské centrální banky, a že většina jeho členů jsou právníci, většina bank o něm nikdy ani neslyšela (přestože některé jsou zastoupeny v jeho radě). Služby, jež FMLC poskytuje, však nebyly nikdy potřebnější než teď.

Úkolem FMLC je hledat a navrhovat řešení problémů právní nejistoty na finančních trzích, které by v budoucnu mohly způsobovat rizika. Jak ukázalo nedávné pojednání FMLC, vlna nových regulací zavedených od globální finanční krize – z nichž mnohé byly špatně naplánované a napříč zeměmi nekonzistentní – vytvořila neuspořádané prostředí právních nejistot.

Vezměme si kapitálové požadavky na banky. Dohoda Basel 3, jejímž dodržováním se zvýšila likvidita všech bank a snížila jejich dluhová páka, se v některých částech světa považuje za pevný standard. Jinde se ale pokládá za minimum, k němuž lze další pravidla přidávat. Taková „super-ekvivalence“ či hovorově „pozlacování“ vytváří nesrovnalosti napříč jurisdikcemi, čímž usnadňuje regulatorní arbitráž.

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