Schaden durch Unstimmigkeiten bei der Regulierung

LONDON – In der Buchstabensuppe der an der Regulierung der globalen Finanzmärkte beteiligten Institutionen nimmt das britische FMLC – das Financial Markets Law Committee – keine sehr prominente Position ein. Da es nur in London einen Sitz hat – es entstand aus einer Initiative der Bank von England vor 20 Jahren – und die meisten seiner Mitglieder Juristen sind, haben die meisten Banken noch nicht einmal von ihm gehört (obwohl einige von ihnen in seinem Rat vertreten sind). Doch die vom FMLC erbrachten Leistungen sind heute wichtiger denn je.

Auftrag des FMLC ist es, Lösungen zu Fragen rechtlicher Unsicherheit an den Finanzmärkten, von denen künftige Risiken ausgehen könnten, zu ermitteln und vorzuschlagen. Und wie ein aktueller FMLC-Bericht zeigt, hat die Flut neuer, vielfach schlecht geplanter oder innerhalb unterschiedlicher Länder unterschiedlich umgesetzter Regeln im Gefolge der globalen Finanzkrise eine chaotische Landschaft rechtlicher Unsicherheiten hinterlassen.

Man denke etwa an die Eigenkapitalanforderungen der Banken. Das Basel-III-Abkommen, dessen Einhaltung die Liquidität aller Banken erhöhte und ihren Verschuldungsgrad senkte, wird in einigen Teilen der Welt als feststehender Standard betrachtet. In anderen jedoch wird es als Mindestvorgabe betrachtet, der man zusätzliche Regeln hinzufügen kann. Eine derartige „Superäquivalenz“ – umgangssprachlich „Vergoldung“ – schafft Widersprüchlichkeiten zwischen den verschiedenen Ländern und erleichtert daher die Regulierungsarbitrage.

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