Over-codification: Case Study of European Capital Markets Regulation
Keywords:
capital markets, over-codification, European capital markets regulationAbstract
European capital markets regulation represents a case study for inadequate regulation. It’s over-codified, i.e. over-regulated – instead of creating common European regulatory framework for free movement of capital and services, »the regulatory leviathan« came to life and produced some unpleasant side-effects. The case goes downwards as the EU law gets transposed into the new member states national legislation (CEE) or candidate countries such as Croatia. The regulatory framework is incompatible with these countries mainly due to the differences in financial system development level. Current financial crisis has furthermore exposed shortcomings of the existing financial regulatory system, transforming it into »regulation and supervision on steroids«.
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