Prioritising the Implementation of International Financial Regulation

The global financial crisis of 2007–08 triggered a plethora of regulatory reforms under the auspices of international bodies such as the G20 and Financial Stability Board. Yet the implementation of these reforms remains a task for individual countries. This paper presents a risk-based framework for implementing international financial regulation within national economies, in particular in small states. It shows how these countries can navigate the standard setting processes used by the relevant international bodies. It includes case studies to illustrate how the framework can be integrated with standard setting processes to improve outcomes for small states.

John Armour is Hogan Lovells Professor of Law and Finance at Oxford University, and Research Fellow at the European Corporate Governance Institute.Daniel Awrey is Associate Professor of Law and Finance at Oxford University.