Task Force on the Financial Crisis releases report
The IBA is uniquely situated to provide global expertise in relation to the legal framework of financial market regulation and offer commentary on, and suggestions for, the reform agenda from a legal perspective.
As such the IBA's Task Force on the Financial Crisis, comprising leading legal practitioners and academics focusing on financial regulation, has released an interim report, 'Preliminary views on the financial crisis'. This was prepared by Chair Hendrik Haag, of Hengeler Mueller, and Task Force member Roger McCormick, of the London School of Economics.
This interim report looks into causes and potential solutions to the problems confronting the world's financial markets and those who depend on the resumption of an efficient and appropriate global market system.
The report comments on some possible causes of the financial crisis including the human factor, the chain of causation and the repeal of the US Glass Steagall Act. It then considers solutions relating to wide systemic reform, monitoring the shadow banking system, deposit insurance and Basel II, among others.
It conveys the preliminary views of the Task Force on legal responses to the crisis, pending the publication of the full Task Force report scheduled for October 2010.