Rethinking securities regulation after the crisis: An economics perspective
ASIC Chief Economist Alex Erskine has prepared a paper, Rethinking Securities Regulation after the Crisis: An Economics Perspective, which contributed to recent IOSCO deliberations, 2010.
Alex's paper - which represents his personal views and are not necessarily those shared by ASIC - raises issues for securities regulators around the world to take into account as they approach their tasks, which now include a much greater focus on achieving and maintaining financial stability and containing systemic risk.
The paper reviews what securities regulators thought they know before the crisis, identifies what was learned from the crisis and makes a very preliminary first pass at what this implies for the future.
The paper was prepared and published as a contribution to the global consideration of regulatory reform after the crisis and outlines several topics for further research.