Corporate Governance Regulation - Paper - Bank for International Settlements - The Governance of Financial Regulation:Reform Lessons fron the Recent Crisis - November 2010
|Submission Date||Comment Deadline||Proposed Recommendations|
|June 2, 2010||Sept. 1, 2010||First Qtr 2011|
From the white paper:
"A systemic failure of financial regulation contributed to the crisis. The major financial regulatory agencies repeatedly designed, implemented, and maintained policies that increased the fragility of the financial system and the inefficient allocation of capital. The financial policy apparatus maintained these policies even as they learned that their policies were distorting the flow of credit toward questionable ends. They had plenty of time to assess the impact of their policies and adapt, but they frequently failed to change their policies. Thus, the institutions responsible for maintaining the safety and soundness of the global financial system made systematic mistakes. Thus, a comprehensively effective financial reform package must address the systemic failure of the governance of financial regulation – the system associated with evaluating, enacting, and implementing financial policies."