Structure of regulation: Lessons from the crisis. A view from the Institute of International Finance (IIF)

Charles Dallara

Journal of Financial Stability, 2008, vol. 4, issue 4, 338-345

Abstract: The IIF's Committee on Market Best Practices has been working on five subjects: (1) Risk management, realignment of incentives is necessary; (2) Ratings, an SRO for CRAs is proposed; (3) Valuations, more dialogue on processes; (4) Disclosure, some new initiatives; (5) Liquidity risk, a review is in hand. Regulation's enforcement intensity is not a good measure of effectiveness; instead a more supervisory, risk-based approach is desirable. There is a need for a framework of mutual recognition in the context of cross-border regulation, with greater use of colleges of supervisors. Within Europe a start would involve putting the Level 3 Committees onto a stronger legal basis.

Keywords: Market; best; practice; Credit; rating; Valuations; Disclosure; Basel; II (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finsta:v:4:y:2008:i:4:p:338-345

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