Conférence: Responding to Fundamental Risks in Securities Regulations

Avis aux intéressés. Le 15 février prochain, Cristie Ford, professeure à la Faculté de droit de l'Université de Colombie-Britannique, présentera une conférence intitulée «Responding to Fundamental Risks in Securities Regulations».

Voici le synopsis:

This essay considers the impact of the financial crisis of 2007-09 on what some scholars have termed process-based regulation (a collection of approaches that includes risk-based, principles-based, management-based, and outcome-oriented regulation). The financial crisis was enabled and provoked by a series of faulty structures that were not directly related to risk-based or process-based regulation. Consider, for example, the existence of striking regulatory gaps around capital adequacy, the limited reach of national regulators in the face of global banks and shadow banks, inadequate regulatory staffing and capacity, moral hazard and the developments of perverse incentives toward excessive risk-taking, and the conviction in some quarters that self-interested, market-driven private action could substitute for regulatory oversight. Although these were the primary drivers, the financial crisis also contains insights for devolved regulatory design that leaves the determination of risk and compliance to industry actors themselves. The financial crisis makes clear that questions about the appropriate regulatory mix of strategies do not take place in isolation from questions of power and influence, which directly affect feasibility and effectiveness in practice. This essay argues that definitional power in particular – the power to frame the debates and define key terms, particularly in an under-the-radar manner in the interstices of incrementalist, flexible regulatory process – should be the central concern of process-based regulatory approaches in the wake of the financial crisis. The essay closes with observations about potential tools available to responsive regulators for responding to the problem of power.

J'agirai comme répondant pour cette conférence.

La conférence a lieu au Salon des professeurs de la Faculté de droit de l'Université de Montréal. Entrée libre et gratuite.

Cette formation est en voie de reconnaissance par le Barreau du Québec