proverbial race between hare and hedgehog in financial regulation and demonstrate how such an approach can be implemented in … proposes to apply regulatory burdens equivalent to prudential banking regulation if the respective transactional structures …

regulation has been a recurring activity in Western financial systems over the last 50 years. After the financial crisis of 2007 … regulation of particular contractual arrangements, this paper argues for a normative approach to supervision. We outline this … contractual arrangements. Our paper proposes to assign regulatory burdens equivalent to prudential banking regulation, in case …

. Without regulation, funds hold insufficient deposits and must sell bonds when hit by large redemptions. Bond liquidation is …