In this paper, a law reform is evaluated that aimed at improving the corporate governance of German savings banks by tightening accountability and legal liability of outside directors. The causal effect of this reform on bank risk is identified by difference-in-differences and triple differences...

When Congress passed the National Securities Markets Improvement Act of 1996 (NSMIA), it unilaterally withdrew the preexisting power of the states to require pre-sale registration disclosures by issuers, including the power to conduct pre-sale disclosure review, merit review, or any other kind...

The Banking Act 2009 has introduced a special regime to deal with failing banks in the UK. A feature of the legislation is the regulator's power to trigger the regime by determining whether or not a bank is likely to fail. The use of the Act with Dunfermline Building Society has highlighted the...

This paper gives an overview of the efforts, worldwide and on a regional i.e. European level basis for introducing more effective and better harmonised financial regulation. Recent initiatives especially the work of the G 20 and the creation of the Financial Stability Board (FSB) indicate...

It has been now about four years since the eruption of the Financial Crisis of 2007, and major reforms of the banking system have been achieved in the U.S. with the enactment of the Frank-Dodd Act in 2010, and several legislative initiatives under way in the EU that are planned to be completed...

Australia, Austria, Canada, Colombia, Denmark, Estonia, Finland, Germany, Hungary, Iceland, Ireland, Japan, Latvia, Malta, Netherlands, Nicaragua, Norway, Peru, Singapore, South Africa, South Korea, Sweden, Switzerland, and the United Kingdom, among other countries, have all established...

The EU recently established new supranational financial supervision authorities — ESAs — capable of adopting binding supervisory decisions. The upgraded regulatory framework also inaugurated judicial review by a newly established Board of Appeal and the Court of Justice against these...