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Update on Regulatory Issues in Respect of the Credit Crisis
There is an urgent need for a clear base in public international law with the authority to issue regulation on considerable cross-border institutions. This paper analyses the state of discussions on regulatory responses as at mid-year 2009. It is concluded with some thoughts on the performance of Islamic banking during the crisis.
Keywords: Accounting standards, Basel Committee, Basel II, cross-border bankruptcy and liquidation, CRD, cross-border supervision, financial intermediaries, financial market regulation, IAS, IOSCO, Islamic banking, large exposures, liquidity management, macro / micro supervision, maturity transformation, marking to market, monetary policy, rating agencies, regulatory arbitrage, reporting standards, risk models, structured credit, subprime mortgages, systemic risk, valuation standards.
JEL-Classification: G 01, G 15, G 18, G 21, G 24, K 23.
1. Financial Turmoil and Global Recession
Last year, we saw a credit event in the finance industry – the realisation of subprime mortgage risks – evolve into a liquidity event and then into a solvency event. Now we are heading towards global recession. Crisis resolution plans everywhere – but are we really going anywhere? W...