Abstract
Abstract
The fifth chapter turns away from the current legal system and attempts to give an outlook on the future global financial architecture. The first section of this chapter addresses the controversial question of how a truly global system should be designed. Is there a need for a harmonized and thus globally uniform supervisory law, or is competition between different national legal systems the better way for the future? This book aims at striking a balance between these positions. It is argued that the concept of deference should be an essential component of any future global financial market architecture. The second section of this chapter is devoted to the future of equivalence in the EU. European equivalence mechanisms should be refined and improved to overcome the challenges identified in the first two chapters. For this development, insights can be drawn from the experiences of deference in Switzerland and the US.
Publisher
Oxford University PressOxford
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