The global financial crisis which broke out in 2007 has had a disastrous effect on the world economy. As the causes, and implications, of the crisis become clearer, the political leaders of the major countries of the world agree that substantial changes must be made to the existing 'regulatory architecture' for the world’s financial markets and also to the rules that apply to financial market activity. The imperative, of course, is to prevent a similar crisis from occurring again.
A great number of governments, central banks, supervisory authorities, non-governmental organisations, interest groups, research institutions and other bodies have started to work on the changes that should be made. While some of these proposals are of a political or economic nature, all proposals will eventually have to be refined and implemented into law and regulation if they are to be effective. The legal issues involved are, and will be, complex. It is appropriate that lawyers should contribute to the debate.
The International Bar Association is the world's leading association of members of the legal profession. Its membership extends to all major jurisdictions of the world, and includes many leading specialists in financial law matters. There is no other group that can provide equivalent global expertise in relation to the legal framework of financial market regulation and offer objective commentary on, and suggestions for, the reform agenda from a legal perspective.
With a view to contributing to the search for efficient and lasting 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 IBA has set up a task force on the financial crisis. This comprises leading legal practitioners and academics focusing on financial regulation.
Task force aims
The task force will:
develop proposals for changes to the regulatory architecture and rules system, looking at both international aspects (it being widely acknowledged that a global market needs some form of global regulation) and issues applicable to the major financial jurisdictions;
review and comment on ideas and proposals developed by other contributors to the discussion;
advocate the continuance of liberal world financial markets and take a firm stand against protectionism by regulation;
defend the rule of law as the fundamental principle and prerequisite of free trade;
communicate through statements, reports and conferences;
as appropriate, meet in the major jurisdictions of the world with politicians, regulators, market participants and other interested parties to consult and discuss its ideas and proposals.
Task force members
Hendrik Haag, Hengeler Mueller
Fernando Peláez-Pier, Hoet Pelaez Castillo & Duque
Rodgin Cohen, Sullivan & Cromwell LLP
Ed Greene, Cleary, Gottlieb, Steen & Hamilton LLP
Randall Guynn, Davis Polk & Wardwell
Peder Hammarskiöld, Hammarskiöld & Co
Masaakira Kitazawa, Anderson Mori & Tomotsune
Roger McCormick, London School of Economics
Markus Pfenninger, Walder Wyss & Partners Ltd
Philip Wood, Allen & Overy LLP
Lucien Wong, Allen & Gledhill LLP
Akira Kawamura, Anderson Mori & Tomotsune
Sylvia Khatcherian, Morgan Stanley
Dr Hendrik Haag, Partner
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