From social media to mortgage-backed securities, innovation carries both risk and opportunity. Groups of people win, and lose, when innovation changes the ground rules. Looking beyond formal politics, this new book by Cristie Ford argues that we need to recognize innovation, and financial...

In December 2011, in Reference re Securities Act, the Supreme Court of Canada dashed the Canadian federal government's hopes of being able to create a federal securities regulator. Instead, it left the constitutional jurisdiction over “day-to-day operations of the securities markets” with...

As captivating as paradigm-changing "radical" innovations may be, “sedimentary”, or incremental, innovation – incremental improvements based on imitation, tweaking, bricolage and diffusion – are in fact the main way in which innovation actually develops. In finance, sedimentary...

This piece reviews the 198 US law review articles that were most influential within flexible regulation scholarship (which includes meta regulation, responsive regulation, reflexive law, principles based regulation, new governance, and more) between 1980 and 2012, which also discussed...

This report succinctly compares, with tables and diagrams, the systemic risk regulatory regimes that have been put in place since 2008 in the US, the UK, the EU and Canada. It describes systemic risk as a problem of a different order from the kinds of investor protection and efficient market...

Over the last few years, prosecutors and SEC enforcement attorneys have increasingly relied on settlement agreements (such as deferred prosecution agreements) to combat securities violations and other corporate criminal acts. Many of these agreements require the use of corporate monitors to...

The author examines the regulatory failures leading up to the financial crisis, the rise of “flexible regulation,” the effects of financial innovation on regulation, and three different case studies that illuminate the drastic effects of that innovation: the Basel II banking regulations, the...

If securities regulation is any indication, few countries in the world take their federalism as seriously as Canada does. Notwithstanding an increasingly globalised world, the central reality of Canadian federalism will continue to influence the enactment and enforcement of effective capital...

This paper aims to provide insights into the effective regulation of private sector innovation. It coins a term – “innovation-framing regulation” – to describe a particular quality of the regulation that characterized much of financial regulation in the recent era. After briefly...