De schade van regulatoire disharmonie

LONDEN – In de alfabetsoep van instituties die betrokken zijn bij de regulering van de mondiale financiële markten is het FMLC (Financial Markets Law Committee) geen prominente speler. Gegeven het feit dat ze alleen in Londen gevestigd is, voortgekomen uit een initiatief van de Bank of England 20 jaar geleden, en dat de meeste leden advocaten zijn, hebben de meeste banken er zelfs nog nooit van gehoord (alhoewel sommige van hen vertegenwoordigd in haar Adviesraad). Maar de diensten die het FMLC aanbiedt zijn op dit noodzakelijker dan ooit tevoren.

De missie van het FMCL is om oplossingen te vinden en aan te bevelen voor kwesties waarbij wettelijke onzekerheid op de financiële markten in de toekomst risico’s zou kunnen veroorzaken. Zoals een recent rapport van het FMLC laat zien heeft de stroom aan nieuwe regels die sinds de mondiale financiële crisis zijn doorgevoerd – waarvan er veel slecht doordacht of tegenstrijdig tussen landen zijn – een verward landschap van wettelijke onzekerheid gecreëerd.

Neem bijvoorbeeld de kapitaalvereisten voor banken. Het Basel III Akkoord, waarvan naleving de liquiditeit van alle banken vergrootte en hun leverage verminderde, wordt in sommige delen van de wereld als strikte norm gehanteerd. Maar in andere delen wordt het beschouwd als een minimum waar verdere regels aan toegevoegd mogen worden. Zulke z.g. ‘super-equivalence’, of informeler ‘gold-plating’ (‘vergulding’, red.), creëert tegenstrijdigheden tussen verschillende jurisdicties en leidt daarmee tot regulatoire arbitrage.

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