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A heavily regulated industry: the varied objectives of financial regulation

Hadjiemmanuil, Christos (2015) A heavily regulated industry: the varied objectives of financial regulation. eucrim: The European Criminal Law Accociations’ Forum, 4. pp. 138-145. ISSN 1862-6947

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The imposition of tight regulatory controls on banks and other financial intermediaries is a universal characteristic of modern economic systems. The frequency and intensity of legislative and administrative measures affecting financial activities demonstrate the state’s incessant concern with the way in which the market operates in this field. The precise perimeter of the regulated sector varies, however, from one jurisdiction to another and changes over time. The same is true of the type and direction of regulatory intervention. This raises important questions about the existence or otherwise of common denominators – common objectives and overarching justifications – that hold together the edifice of financial regulation. The discussion on regulatory objectives has both a positive and a normative aspect. The regulatory regime’s actual objectives constitute an indispensable element of its description. What purposes does financial regulation serve? Are they the same for all sectors of the financial industry? Is the current regulatory regime a continuation of earlier state interventions in financial markets  in the sense that, despite any technical adaptations of the tools employed, the objectives have remained essentially stable  or is it something fundamentally different? The answers to these questions are important for an understanding of the nature and function of the regulatory regime. An identification of the regulatory objectives is also essential for a correct legal assessment of specific factual situations and ensuing administrative responses.

Item Type: Article
Official URL:
Additional Information: © 2015 Max Planck Institute for Foreign and International Criminal Law
Divisions: Law
Subjects: H Social Sciences > HG Finance
Date Deposited: 20 Dec 2016 07:33
Last Modified: 20 Aug 2021 23:14

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