European Company and Financial Law Review
Ed. by Conac, Pierre-Henri / Davies, Paul / Cordt, Yves / Embid Irujo, Jose Miguel / Fernandez de la Gándara, Luis / Ferrarini, Guido / Fleischer, Holger / Hirte, Heribert / Hommelhoff, Peter / Hopt, Klaus J. / Kalss, Susanne / Kroeze, M. J. / Merkt, Hanno / Teichmann, Christoph / Urbain-Parleani, Isabelle / Crone, Hans Caspar / Ventoruzzo, Marco / Wyckaert, Marieke
4 Issues per year
Towards a transnational bank restructuring law? – The attempt of the G20 to initiate and monitor regulatory responses to the „too big to fail“ problem –
- *Prof. Dr. iur. Dr. rer. pol. Peter Sester, Director of the Institute for Information and Business Law, Karlsruhe Institute of Technologie (KIT)
Consensus on a general (bank) insolvency law at both the G20 and the EU levels remains out of reach. Consequently we should focus on truly systemic cross-border banks. Therefore “systemic” banks have to be identified on economical rather than political grounds. The smooth coordination of different competent national supervisors will not work without clear-cut rules on competencies and a transnational framework “regulation”. This framework should be based on a G20 insolvency standard that creates a global level playing field for cross-border banks groups with systemic impact. Given the overlap between prudential regulation on the one-side and crisis intervention and resolution tools on the other side, it seems appropriate to implement such a standard via a new Basel Accord.