Co-ordination in international financial regulation

April 8 2015


  • Joanna Perkins (Financial Markets Law Committee)

  • Mark Tennant (iBE UK)

  • Walter White (McGuireWoods)

  • Michalis Sotiropoulos (DTCC)


In February this year, the Financial Markets Law Committee published an important paper on the progress made (and not made) in the area of international financial regulation since the Pittsburgh and London Summits of the G20 in 2009. It found that a great deal has been achieved, but that there is a lot more to do – particularly in the areas of:

  • resolution and recovery for GSIFIs;
  • shadow banking;
  • OTC derivatives activity;
  • reliance on credit rating agencies;
  • accounting reform and standardisation; and
  • data exchange.

The report came up with a number of proposals – including provisions for multilateral consultations, a firm timetable for reform, a permanent G20 Secretariat and a formal procedure for dispute resolution. All good stuff – but is it just Mom and apple pie? Or is there real substance behind it? And what chance does the FMLC have of seeing its recommendations being put into practice?

The FMLC (set up by the BofE in 2002, and now fully independent) is a pretty powerful bunch of lawyers and market professionals, with a wide-ranging remit “to identify issues of legal uncertainty or misunderstanding”. So, when it delivers an opinion, people (and markets) listen. For that reason, we are delighted to be able to offer Joanna Perkins – chief executive of the FMLC and a barrister (with South Square) – the opportunity to walk us through the report and its conclusions. She is always extraordinarily good value, and what she and the Committee say really matters.

But she won’t get things all her own way. Kicking off the response, we have:

  • Walter H. White, Jr., head of the emerging markets practice at McGuireWoods in London, who commented on the first draft of the FMLC paper. He is a former Securities Commissioner in Wisconsin, and has previously acted as an adviser to central banks and regulators in North America, Europe, Africa and Asia.
  • Mark Tennant, chairman of the management consultancy iBE UK. He is also a member of the Advisory Board of T Rowe Price Global Investor Services and chairman of Foreign and Colonial Private Equity Trust. He previously spent thirteen years working with Chase Manhattan Bank, and from 2009 to 2012 served as chairman of Scottish Financial Enterprise.
  • Michalis Sotiropoulos, the director for government relations (Europe) at the DTCC, working primarily on post-crisis European financial regulation and policy. Prior to joining the DTCC, he worked for APCO Worldwide and in the office of the European Commissioner responsible for the Environment.