In recent decades, financial markets have become increasingly international in scope, while the focus of financial regulation and supervision has largely remained limited to the domain of national jurisdictions. This article applies the doctrine of multilayered governance to financial markets,...

Transparency is a prerequisite for good governance and sound financial regulation. The article expounds the different foundations and functions of transparency. The first dimension refers to institutional aspects, i.e. procedures and decision-making. By providing legal certainty, transparency...