Editorial

Author: | Published: 1 Oct 2009
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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 edition.

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.

Nicholas Pettifer