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Article: Is Hong Kong a potential role model for objectives-based financial regulations?

TitleIs Hong Kong a potential role model for objectives-based financial regulations?
Authors
Issue Date2020
PublisherOxford University Press. The Journal's web site is located at http://cmlj.oxfordjournals.org
Citation
Capital Markets Law Journal, 2020, v. 15 n. 1, p. 115-136 How to Cite?
AbstractObjectives-based legislation—or laws which focus on achieving particular and concrete outcomes—has become a new and important tool that financial sector regulators use to tackle large and varied financial system risks. In this article, we describe the prospects and problems of implementing objectives-based financial regulation in Hong Kong—in the form of a Twin Peaks regulatory structure. Such Twin Peaks regulatory structures vest regulatory authority in two agencies—one dealing with macro-prudential policy and monitoring as well as one dealing with policing market conduct. By describing the way Hong Kong’s legislators would adopt such objectives-based legislation by putting a Twin Peaks regulatory structure in place, we hope to shed light on the broader trend in academic and practitioner circles toward thinking about how to use objectives-based legislation to tackle complex systemic risks. Such an approach may also reduce the use of patchworks of complex inter-agency agreements and rulemaking between traditional regulators as they try to solve large and difficult regulatory problems.
Persistent Identifierhttp://hdl.handle.net/10722/294620
ISSN

 

DC FieldValueLanguage
dc.contributor.authorMichael, B-
dc.contributor.authorGoo, SH-
dc.date.accessioned2020-12-08T07:39:32Z-
dc.date.available2020-12-08T07:39:32Z-
dc.date.issued2020-
dc.identifier.citationCapital Markets Law Journal, 2020, v. 15 n. 1, p. 115-136-
dc.identifier.issn1750-7219-
dc.identifier.urihttp://hdl.handle.net/10722/294620-
dc.description.abstractObjectives-based legislation—or laws which focus on achieving particular and concrete outcomes—has become a new and important tool that financial sector regulators use to tackle large and varied financial system risks. In this article, we describe the prospects and problems of implementing objectives-based financial regulation in Hong Kong—in the form of a Twin Peaks regulatory structure. Such Twin Peaks regulatory structures vest regulatory authority in two agencies—one dealing with macro-prudential policy and monitoring as well as one dealing with policing market conduct. By describing the way Hong Kong’s legislators would adopt such objectives-based legislation by putting a Twin Peaks regulatory structure in place, we hope to shed light on the broader trend in academic and practitioner circles toward thinking about how to use objectives-based legislation to tackle complex systemic risks. Such an approach may also reduce the use of patchworks of complex inter-agency agreements and rulemaking between traditional regulators as they try to solve large and difficult regulatory problems.-
dc.languageeng-
dc.publisherOxford University Press. The Journal's web site is located at http://cmlj.oxfordjournals.org-
dc.relation.ispartofCapital Markets Law Journal-
dc.rightsPre-print: Journal Title] ©: [year] [owner as specified on the article] Published by Oxford University Press [on behalf of xxxxxx]. All rights reserved. Pre-print (Once an article is published, preprint notice should be amended to): This is an electronic version of an article published in [include the complete citation information for the final version of the Article as published in the print edition of the Journal.] Post-print: This is a pre-copy-editing, author-produced PDF of an article accepted for publication in [insert journal title] following peer review. The definitive publisher-authenticated version [insert complete citation information here] is available online at: xxxxxxx [insert URL that the author will receive upon publication here]. -
dc.titleIs Hong Kong a potential role model for objectives-based financial regulations?-
dc.typeArticle-
dc.identifier.emailGoo, SH: shgoo@hku.hk-
dc.identifier.authorityGoo, SH=rp01248-
dc.identifier.doi10.1093/cmlj/kmz023-
dc.identifier.hkuros320366-
dc.identifier.volume15-
dc.identifier.issue1-
dc.identifier.spage115-
dc.identifier.epage136-
dc.publisher.placeUnited Kingdom-
dc.identifier.issnl1750-7219-

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