My Word is My Bond: Regulating for Integrity in the City
The global financial crisis has posed a series of profound questions for practitioners, policymakers and the academy alike. In order to prevent or ameliorate future crises, we need to understand what mechanisms worked, what mechanisms failed and why.
While politicians speak of the need for ‘responsible capitalism’, City professionals believe that deregulation results in less ethical behaviour. Yet, many point out that much of what occurred was legal but irresponsible and unethical and this presents fundamental challenges for policy-makers.
Given that acting with integrity cannot be reduced to legal obligation, - though as the St Paul’s Institute points out, having the right regulation is imperative - the crisis raises questions regarding how to influence corporations to develop higher standards of accountability and responsibility than the minimum standards set by law, and what role regulation might have in this project.
Again this background and against a background of continuing political and economic change and uncertainty, the trajectory of reforms at the national and international levels needs to be assessed.
This conference will seek to address the following questions:
- Does the on-going reform agenda address the root cause of the problems identified by the crisis?
- Is it possible for regulation to embed higher standards of market integrity at the level of the firm or the market in which it is nested? If so, what measures are most likely to be most effective?
- What modes of enforcement have been and could be adopted to deter misconduct and promote greater market integrity?
- How can the risk calculus be calibrated to grow the financial services sector and encourage innovation without causing or exacerbating externalities?
- How do we develop pre-emptive dynamic systems of internal and external oversight and can these be harmonized to prevent regulatory arbitrage?
This unique one day conference addresses these issues, taking into account national and international developments. Participants will include national and international policy-makers, industry experts, practitioners and leading academics.
- Professor Lynn Stout (Cornell University)
- Professor Justin O’Brien (University of New South Wales)
- Professor David Campbell (University of Leeds)
- Professor Joan Loughrey (University of Leeds)
- Dr Hans Christoph-Hirt [PDF: 45KB] (Hermes Equity Ownership Services Ltd)
- Professor Andrew Keay (University of Leeds)
- Professor Emilios Avgouleas (University of Edinburgh)
- Professor Andrew Campbell (University of Leeds)
- Mrs Judith Dahlgreen (University of Leeds)
- Professor Jeffrey Golden [PDF: 9KB] (LSE)
- Professor Philip Wood (Allen & Overy)
- Mr Michael Blair (3 Verulam Buildings)
- Ms Lauren Anderson [PDF: 74KB] (Bank of England)
- Dr David Bholat [PDF: 66KB] (Bank of England)
- Professor Blanaid Clarke [PDF: 41KB] (Trinity College, Dublin)
- Mr David Clark [PDF: 29KB] (Ex-senior advisor to UKFSA, NED at Tullet)
- Mr Paul Chisnall [PDF: 31KB] (British Bankers Association)
- Professor Gerard McCormack (University of Leeds)
- Professor Rosa Lastra (Queen Mary)
- Professor Joanna Gray (Newcastle University)
Allen and Overy LLP
One Bishops Square