Tuesday 28th March 2017 – 18.00 – 19.30 – Playfair Library, Old College
The Iron Law of Financial Regulation
Professor Roberta Romano, Sterling Professor of Law, Yale Law School
Discussant: Professor Emilios Avgouleas, Chair in International Banking Law and Finance, Edinburgh Law School, University of Edinburgh
Professor Romano will analyze what she terms “the Iron Law of Financial Regulation,” which is a one-way ratchet of increasingly, complex, opaque, inapt and inadequate regulation that follows from the accumulation of regulation implementing crisis-driven legislative directives, and then propose mechanisms by which we can get financial regulation back on track. After introducing what she means by the “Iron Law,” she will briefly illustrate its operation in broad strokes using examples across time and space, along with an example taken from the global financial crisis of 2008-09. She will then elaborate on two mechanisms that seek to mitigate the Iron Law’s deleterious effect, and suggest how they could be applied to the example from the global financial crisis: sun-setting crisis-driven legislation and its implementing regulations (that is, time-delimiting the duration of such legislation and regulation to compel a legislative reassessment); and facilitating regulatory experimentation, to better inform the quality of regulation.”
Free but Registration Required: https://roberta_romano.eventbrite.co.uk