I Danni delle Discrepanze Normative

LONDRA – Tra la miriade di istituzioni coinvolte nella regolamentazione dei mercati finanziari globali, la FMLC – Financial Markets Law Committee (Commissione per la Regolazione dei Mercati Finanziari) – non è molto importante. Dato che ha sede solamente a Londra, in quanto emersa, 20 anni fa, da una iniziativa della Banca d’Inghilterra, e che la maggior parte dei suoi membri sono avvocati, molte banche non ne hanno mai nemmeno sentito parlare (anche se alcune di esse sono rappresentate nel suo Consiglio). Ma i servizi forniti dalla FMLC non sono mai stati più necessari.

La missione della FMLC è di identificare e proporre soluzioni ai problemi di incertezza giuridica presenti nei mercati finanziari che potrebbero creare dei rischi in futuro. Come un recente documento della FMLC ha mostrato, l’ondata di nuovi regolamenti attuate in seguito alla crisi finanziaria globale – molti dei quali mal pianificati o poco coerenti nei vari paesi – ha lasciato un caotico panorama di incertezze giuridiche.

Si pensi ai requisiti patrimoniali delle banche. L’Accordo di Basilea 3, la cui osservanza ha consentito l’incremento della liquidità da parte di tutte le banche e la diminuzione della loro leva finanziaria, in alcune parti del mondo viene considerato un sistema normativo definito. Invece, in altri paesi, è ritenuto un minimum al quale si possono aggiungere ulteriori regole. Tale “super-equivalenza” o, come viene definita più comunemente, “gold-plating” (l’introduzione di oneri ulteriori rispetto a quelli definiti dalla regolamentazione di base) crea incongruenze tra le giurisdizioni, facilitando così condizioni di “arbitraggio normativo”.

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