In Two Minds: The Governance of Ring-Fenced Banks

A keynote policy of UK financial regulation since the financial crisis has been the ‘ring-fencing’ of retail banks into separate and independently operated entities, so-called ‘ring-fenced bodies’ (RFBs), distinct from entities that carry on other, and especially investment, banking activities within the same corporate group. Such structural regulation of the banking sector – which entered … Continue reading In Two Minds: The Governance of Ring-Fenced Banks

Ten Years After the Financial Crisis: “We Are Safer, But Not As Safe As We Should and Could Be”

Experts from academia and industry gathered at the University of Oxford to revisit what went wrong in the run-up to the 2008 financial crisis, whether the actions that were taken since seem sufficient, and the risks that might forestall a new crisis. The authors Jure Jeric, Thom Wetzer and Alexandra Zeitz are DPhil (PhD) candidates at the University of … Continue reading Ten Years After the Financial Crisis: “We Are Safer, But Not As Safe As We Should and Could Be”

Crypto Tokens, Legislative Intent & Prerogative of Interpretation – The current Dilemma for Supervisory Authorities

Crypto tokens are – in most jurisdictions – far from being “fully regulated”. This does not only pose a challenge for investors or market players, but also for supervisory authorities, which depend on a somewhat clear-cut legal framework. On the one hand, the authorities risk a state of legal uncertainty by abstaining from official statements … Continue reading Crypto Tokens, Legislative Intent & Prerogative of Interpretation – The current Dilemma for Supervisory Authorities

Conference in Berlin, October 31 – Financial Risk and Stability Network

Another year, another big event for conaisseurs of financial regulation:  On October 31, the „Financial Stability Conference“ takes places again. It is organised by the „Financial Risk and Stability Network".  Suffice it to say that speakers and participants are drawn from the top tier of European financial policymakers; German state secretary in the Ministry of Finance … Continue reading Conference in Berlin, October 31 – Financial Risk and Stability Network

Killing Investor Appetite – The European Commission’s Proposal for a Harmonized Pre-Marketing Definition

The European Commission’s recent proposal for a pre-marketing definition both in the AIFMD and EuVECA-Regulation is a cause for concern. Not only is the definition too restrictive, thus conflicting with current market standards, it also leaves key aspects open to interpretation and, therefore, provokes legal uncertainty. This post is a short, critical analysis of the … Continue reading Killing Investor Appetite – The European Commission’s Proposal for a Harmonized Pre-Marketing Definition

Opportunity at “Acatus”: Gain regulatory experience in a Berlin Fintech Startup

Next spring, I will spend part of my legal clerkship at Acatus, a Fintech startup based in Berlin. Setting up a platform for real-time asset securitization, they are looking for lawyers, legal trainees and interns interested in financial regulation. I can only tell that the people I have met so are very friendly, highly ambitious … Continue reading Opportunity at “Acatus”: Gain regulatory experience in a Berlin Fintech Startup

Regulation and Supervision of the OTC Derivatives Market (Book, Routledge, 2018)

Following the Global Financial Crisis, regulators are committed to reduce the likelihood and severity of future crisis. In the area of financial derivatives, regulation is focused on increasing transparency, strengthening market infrastructure, and reducing systemic risk. In our book ‘Regulation and Supervision of the OTC Derivatives Market’, we are looking at these post-crisis regulatory reforms. Our … Continue reading Regulation and Supervision of the OTC Derivatives Market (Book, Routledge, 2018)

The Eurosystem and the Single Supervisory Mechanism: institutional continuity under constitutional constraints

In a recently published ECB legal working paper, I analyse regulatory solutions that have been adopted to address constitutional constraints imposed on the functioning of the Single Supervisory Mechanism (SSM), in which the ECB’s exclusive supervisory competence is carried out. I argue that the operational framework governing the functioning of the SSM has assimilated, to … Continue reading The Eurosystem and the Single Supervisory Mechanism: institutional continuity under constitutional constraints

Symmetry in EU banking regulation – getting the policy implementation mix right in the Banking Union era

Banking Union has revolutionised EU banking regulation and supervision by centralising decision-making processes and strengthening policy tools associated with specific policy aims – financial stability in particular. This post argues that in the absence of explicit hierarchy between policy objectives under EU law, symmetry within EU bank regulatory architecture is required. Implementation of other relevant … Continue reading Symmetry in EU banking regulation – getting the policy implementation mix right in the Banking Union era

ECB’s “Power Grab”? The NPL guidance, it’s legal

The never-ending story of non-performing loans (NPLs) in the eurozone has now developed into a legal discussion. The ECB started out with „guidance to banks on NPLs“ in March last year and a subsequent „addendum“ presented in October. That NPL guidance has been criticised by the European Parliament and the EU Council for being a … Continue reading ECB’s “Power Grab”? The NPL guidance, it’s legal