October 10, 2013
Britain As America's Financial Regulatory Shadow
Posted by David Zaring

Britain and the United States are increasingly matching one another stride for stride when it comes to supervision of the financial markets.  Today, the meme was copying - Britain has announced a qui tam whistleblower program that may work like the one rolled out by the SEC.  Earlier this year, it was about improving a flawed model; sick of being subjected to American deferred prosecution agreements, Britain came up with its own DPA scheme - and actually passed a law and went through notice and comment before doing so.  And at times in the past, the model has been harmonization through a deal, which was the case for the first Basel capital adequacy accord, which only developed after the US and UK concluded a tentative arrangement on bank reserves that threatened to shut the rest of the world out of those then dominant financial markets.

These different approaches - copying, improving, negotiating - are distinctions that matter; but the consistent transmission of American rules into British financial markets is pretty interesting, given that we used to be talking about how Sarbanes-Oxley had made America distinctively bad, and Britain distinctively attractive, to public issuers.

Administrative Law, Finance, Financial Institutions, White Collar Crime | Bookmark

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