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Capital Markets Law Journal Advance Access originally published online on August 18, 2009
Capital Markets Law Journal 2009 4(4):436-450; doi:10.1093/cmlj/kmp033
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© The Author (2009). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

Legal impact of the financial crisis: a brief list

Philip R. Wood*
* Special Global Counsel, Allen & Overy LLP. He is a Visiting Professor in International Financial Law at University of Oxford, Yorke Distinguished Visiting Fellow at University of Cambridge, a Visiting Professor at Queen Mary College, University of London and a Visiting Professor at London School of Economics & Political Science.

The first 150 words of the full text of this article appear below.


Key points

  • This article contains a list of the actual and potential legal impact of the financial crisis so far.
  • It lists about 100 measures or proposals. These are divided into the following sets:
    • Measures taken during the crisis, such as government bail-outs and central bank financing.
    • Post-crisis regulatory proposals, such as those relating to bank capital and liquidity and to securitizations.
    • Current and future proposals regarding insolvency law in relation to banks, corporates and sovereign states.

  • The article concludes with a brief comment.

 


   1. Objectives of this article
 
The purpose of this article is to compile a list showing the legal impact of the financial crisis so far. It sets out what has been done and more particularly what is proposed. The aim is a bald summary to get above the babel of noise and mountains of paper.

To keep it short and clean, the list does not normally indicate who is proposing the . . . [Full Text of this Article]


   2. Crisis measures
 
Government bail-outs
Central bank financing
Macro-economic measures

   3. Post-crisis regulatory proposals
 
Bank capital
Bank liquidity
Securitizations
Leverage ratios
Margin regulations
Risk management
Remuneration
Rating agencies
Hedge funds and other funds
Systemic firms
Shorting
Derivatives
Separation of commercial and investment banks
Breaking up banks
Risk concentrations
Accounting
Deposit protection
Financial protectionism
Tax havens
Securities settlement and other systems
Retail products
Dark pools
Tripartite repos
Regulators
Consumer protection

   4. Insolvency law
 
Bank insolvencies
Corporate insolvencies
State insolvency

   5. Comment
 
Financial regulation generally
Impact on the main heads of financial regulation
Comparison of targets of regulation and insolvency law

   6. Some main issues
 

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Capital Markets Law Journal 2009 4: 435. [Extract] [Full Text]