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3rd CCLS Roundtable on Financial Regulation: ‘Financial Markets: Impossible to govern?'

26 June 2014 - 27 June 2014

Time: 1:00 - 1:00am
Venue: Reed Smith, Broadgate Tower, 20 Primrose Street, London EC2A 2RS

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This event is generously sponsored by Reed Smith

The recent financial crisis precipitated a wave of legal and regulatory reform in the field of financial markets domestically, regionally and internationally. A new institutional architecture is now in place, but a number of crucial details have been left to be sorted out later. This gap-filling exercise is proving to be a challenging intellectual project. Although we now arguably have a better grasp of how the financial system works, we are still nowhere near making safe projections about the behaviour of the financial system and about the nature of threats that we are likely to encounter in the future. This points to an inherent limitation of how far we can go when regulating financial markets, but it also raises the question whether we are trying to do the impossible, namely to govern a domain of economic interaction that cannot be governed. This is the key question that the the roundtable will attempt to address reflecting on the UK/EU and the US experience.

Objectives

The roundtable aims:

  • To consider whether, after five years of legal and regulatory reform, we are now better placed to regulate the financial system and to respond to cross-border crisis situations.
  • To discuss emerging regulatory challenges by comparing recent US and UK/EU experience.
  • To propose a research agenda by identifying themes that require further investigation.

Key issues under examination

  • Experimental governance: rationale and practical limitations.
  • Path dependence and complexity.
  • The regulation of financial stability (with special reference to Basel III; CRD package; the architecture of the Banking Union and SSM; Dodd-Frank 2010 and the Financial Services Act 2012).
  • Financial vulnerability, resilience and the socio-structural nature of systemic risk.
  • The role of Credit Rating Agencies as guardians of systemic stability and their regulation.
  • Financial network and its regulatory implications.
  • Special issues on insurance regulation including convergence in insurance regulation, systemic implications and the resolvability of insurers.

Programme

Thursday 26 June 2014 (Main Roundtable Event)

Friday 27 June 2014 (Special Insurance Regulation Panel)

  • 9:30 - 10:00 - Registration and coffee
  • 10:00 - 10:05 - Welcome from the panel convenor
  • 10:05 - 13:00 - Session
    • Chair: Professor Philip Rawlings (CCLS, QML)
    • Dr Andromachi Georgosouli (CCLS, QML): 'The emerging special recovery and resolution regime for  G-SIIs and its effectiveness: Some preliminary remarks'
      Commentator: Chris Finney (Partner, Edwards Wildman)
    • Professor Daniel Schwarcz (University of Minnesota): 'Group supervision of insurance companies, with a specific emphasis on the question of whether US insurance regulation should ultimately be deemed "equivalent" under Solvency II'
      Commentator: Chris Newby (General Counsel for Europe, Middle East and Africa, AIG Europe)
    • Dr Louise Steinberg (Clifford Chance): 'Systemic risk as a driver of regulatory convergence across insurance markets: moves towards a single rule book and the implications for the insurance industry'
      Commentator: Professor Patricia A McCoy (University of Connecticut)
    • A fourth paper may be presented depending on available time
  • 13:00 - Sandwich Lunch

Directions

For directions to this venue, please refer to the map.

CPD Points

  • The programme for Thursday 26 June 2014 is accredited for 6 CPD Points with the Bar Standards Board (BSB) and the Solicitors Regulation Authority (SRA).
  • The programme for Friday 27 June 2014 is accredited for 3 CPD Points with the Bar Standards Board (BSB) and the Solicitors Regulation Authority (SRA).

How to Book

Please register via the Queen Mary eshop.

Fees

  • Roundtable (Thursday 26 June) - Practitioners:  £150.00
  • Roundtable (Thursday 26 June) - QML Alumni, academics, barristers, NGO’s, Government organisations:  £80.00
  • Roundtable (Thursday 26 June) - Students:  £30.00
  • Special Panel (Friday 27 June) - Practitioners:  £75.00
  • Special Panel (Friday 27 June) - QML Alumni, academics, barristers, NGO’s, Government organisations:  £40.00
  • Special Panel (Friday 27 June) - Students:  £15.00

A 20% discount applies when both events are booked together.

Contact

For more information, please contact Ms Katherine Zaim on k.zaim@qmul.ac.uk.


Photography, video and audio recording

Please note that CCLS events may be photographed or video and audio recorded. These materials will be used for internal and external promotional purposes only by Queen Mary University of London. If you object to appearing in the photographs, please let our photographer know on the day. Alternatively you can email CCLS Events Manager, Katherine Zaim, on k.zaim@qmul.ac.uk in advance of the event that you are attending.

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