The economic fallout has created an unprecedented raft of
financial regulation across the globe. This is why IFLR decided
to publish the Financial crisis guide for the first time. The
hope is that this inaugural edition will also be the last
This Financial crisis guide is published in association with
ICMA (International Capital Market Association) and Sifma
(Securities Industry and Financial Markets Association). Both
organisations have written perceptive and useful articles.
On page 6, David Hiscock, Senior Advisor for Regulatory
Policy at ICMA, has a warning: regulatory reform still have a
way to go before it is truly effective. Similarly, Sifma's
Lorraine Charlton underlines the need for new regional and
national regulation to be coordinated globally on page 9.
Media coverage of the regulations in the largest financial
markets has been vast and deep. Tarp, Talf and P-Pip have
become common terms on US networks and UK news crews have
introduced quantitative easing into the vocabulary of the wider
population. But what about the reforms in other countries?
In Japan, there has been an overhaul in the way that credit
ratings agencies are regulated. But lawyers from Anderson Mori
& Tomotsune (page 29) are concerned that that it may
discourage structural innovation.
In contrast, page 49 sees Uría Menéndez
lawyers applauding Spain's new bankruptcy laws that are helping
to lessen the concerns coming out of the financial crisis. And
on page 42, Paulo Câmara of Sérvulo &
Associados praises the Portuguese government for its reaction
to the effects of the fallout on banking.
This guide also contains practical advice. In Switzerland,
banks refinanced Swiss assets using alternative financing
sources when bank lending dried up. Lawyers from Walder Wyss
& Partners highlight the lessons that can be learned from
the process on page 57.