Вред несогласованности в регулировании

ЛОНДОН – В той каше учреждений, участвующих в регулировании глобальных финансовых рынков, Комитет по Законодательству в Финансовых Рынках (Financial Markets Law Committee, FMLC) не очень заметен. Учитывая, что он основан в Лондоне и вырос из инициативы Банка Англии 20 лет назад, и что множество его членов являются юристами, то большинство банков даже не слышали о нем (хотя некоторые из них представлены в его Совете). Но услуги, предоставляемые FMLC никогда не были нужнее.

Миссия FMLC является определить и предложить решения проблемам правовой неопределенности на финансовых рынках, которые могут создать риски в будущем. Как показал недавний доклад FMLC, волна новых правил, реализованных с начала мирового финансового кризиса - многие из которых были плохо запланированы или противоречивы в разных странах – оставили ландшафт правовой неопределенности перемешанным.

Рассмотрим требования к банковскому капиталу. Basel 3 Accord, соблюдение которого увеличило ликвидность всех банков и снизило их рычаги, считается твердым стандартом в некоторых частях мира. Но, в частности, он считается минимумом, к которому могут быть добавлены дополнительные правила. Такая «супер-эквивалентность», или, более разговорно, «золочение» создает противоречия в юрисдикциях, тем самым переходя на регулятивный арбитраж.

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