Template-Type: ReDIF-Article 1.0
Author-Name: Zsuzsánna Biedermann
Author-Name: Ágnes Orosz
Author-Workplace-Name: Magyar Nemzeti Bank
Author-Email: biedermann.zsuzsanna@krtk.mta.hu
Title: Diverging financial regulations after the crisis?
A comparison of the EU’s and the United States’ responses
Abstract: The study aims to compare the regulatory changes occurring on both sides of the Atlantic.
An inappropriate regulatory environment contributed to the onset of the financial and
economic crisis, and therefore the post-crisis regulation attempts to remedy the earlier
deficiencies and address the problems that emerged during the crisis. The study evaluates
and compares the latest financial regulation initiatives on both sides of the Atlantic
and assesses the diverging attitudes to regulation in the EU and the United States in
six exemplary areas: remuneration, bank capital requirements, derivatives, credit rating
agencies, the regulation of hedge funds, and consumer protection. Fundamental differences
in regulation pose a challenge to firms operating in both environments and harmonisation
remains elusive. However, in some areas, regulators from both sides of the Atlantic are
willing to give broad deference to certain regulations of foreign jurisdictions, instead of
their own ones. Regular dialogue between the United States and the European Union
points in the right direction, but as the article points out there are many improvements
which still need to be made in order to reach a consensus acceptable for financial market
actors as well as regulators.
Classification-JEL: G28, G29
Keywords: Financial market regulation, remuneration, capital requirements, credit rating
agencies regulation, regulation of derivative
Journal: Financial and Economic Review  
Pages: 31–55
Volume: 14
Issue: 1
Year: 2015
File-URL: http://english.hitelintezetiszemle.hu/letoltes/2-biedermann-orosz-en.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:14:y:2015:i:1:p:31-55