Financial Regulation in Asia - A New Model for Regional Cooperation

Research theme: Governing markets
Duration: November 2013 to October 2016

Research Team

  • Professor Andrew Mitchell, Law, UoM

  • Dr Jikon Lai, Arts, UoM

  • Mr Andrew Godwin, Law, UoM

  • Professor Andrew Walter, Arts, UoM

  • Professor Ian Ramsay, Law, UoM

  • Professor Kevin Davis, Business & Economics, UoM

  • Professor Douglas Arner, University of Hong Kong

  • Datuk Seri Panglima Andrew Sheng, Gung Global Institute

  • Professor Wataru Takahashi, Osaka University

  • Professor Ken Waller, RMIT

Project Summary

The increasing sophistication of Asian financial markets has the potential to create many of the problems experienced in the West in Asia. Further, recent years have seen rapid and sweeping reforms to financial regulation in Europe and the United States. These developments mean there is now an opportunity to pro-actively identify lessons learned from the West’s development and regulatory integration experience, as well as the unique circumstances and risks present in the Asian context, to evaluate the suitability of global regulatory frameworks in Asia and the value that regional cooperation could play in the development of Asian financial regulations. In particular, this research project explores whether greater regional cooperation in financial regulation and integration is needed in Asia, in light of the US/EU-centric development of international regulatory standards and rules, and the appropriateness of possible forms of regional architectures to achieve greater regional cooperation. The project is novel due to its inter-disciplinary approach and its examination of the relevant issues from a variety of perspectives such as finance, law, politics and international relations.

Publications

  • Godwin, A. and Ramsay, I., ‘The Asia Region Funds Passport Initiative’ (2015) International Company and Commercial Law Review 236-243
  • Chen, V., Godwin, A. and Ramsay, I., ‘Cross-Border Cooperation in Banking Resolution: A Framework for Asia’ (2016) Singapore Journal of Legal Studies 1-28
  • Chen, V., Godwin, A. and Ramsay, I., ‘An ASEAN Framework for Cross-Border Cooperation in Financial Consumer Dispute Resolution’ (2017) Asian Journal of Comparative Law [forthcoming]
  • Dao, A., Godwin, A. and Ramsay, I., ‘From enforcement to prevention: international cooperation and financial benchmark reform’ (2016) Law and Financial Markets Review 1
  • Godwin, A., ‘Note on Cross-Border Derivatives Regulation’ ISDA Newsletter 26, Volume 1, Issue 2 (July 2015)
  • Godwin, A., Ramsay, I., and Stamboulakis, D., ‘Shadow Banking and Regional Coordination in Asia: Challenges and Benefits’ [2017] 17(2) Australian Journal of Asian Law [forthcoming]
  • Godwin, A., Ramsay I. and Sayes E., ‘Assessing Financial Regulatory Coordination and Integration with reference to OTC Derivatives Regulation’ (2017) 12(1) Capital Markets Law Journal 38
  • Godwin, A., ‘Convergence, Divergence and Diversity in Financial Law – The Experience of the UNICTRAL Model Law on Cross-Border Insolvency’ in de Visser M. and Low G. (eds) Towards and Asian Legal Order: Conversations on Convergence [forthcoming book]
  • Andrew Walter and Randall Henning (eds), Global financial governance confronts the rising powers : emerging perspectives on the new G20 (Waterloo, Ontario, 2016)
  • Andrew Walter, “Global Governance and the Changing Structure of International Finance,” in Global Financial Governance Confronts the Rising Powers: Emerging Perspectives on the New G20 (CIGI, 2016), 1-28 (with C. Randall Henning).
  • Andrew Walter, “Emerging Countries and Basel III: Why is Engagement Still Low?”, in Global Financial Governance Confronts the Rising Powers: Emerging Perspectives on the New G20 (CIGI, 2016), 179-210.
  • Kevin Davis, ‘ASEAN Banking Integration Framework and challenges posed by different approaches to Depositor Preference and Deposit Insurance’
  • Kevin Davis, ‘Central Banking and Prudential Banking’ in Handbook on Central Banking
  • Kevin Davis, “Stapled securities: antipodean anomaly or adaptable innovation?” Australian Tax Forum, 2016, Volume 31, Issue 2, 395-417
  • Kevin Davis (with Jacob Murphy), “Peer to Peer Lending: Structures, risks and regulation” JASSA: The Finsia Journal of Applied Finance, 2016 (4) 37-44
  • Kevin Davis (with Christine Brown and David Mayes) “Regulatory Change in Australia and New Zealand Following the Global Financial Crisis”, Journal of Financial Economic Policy, 7, 1, 2015, 8-28
  • Andrew Mitchell and Ana María Palacio Valencia, ‘Coordination in the Asian Financial Markets and the Case of TiSA’ (2016) 13(2) Manchester Journal of International Economic Law 206–249.
  • Andrew Mitchell, Jennifer Hawkins and Neha Mishra, ‘Dear Prudence: Allowances under International Trade and Investment Law for Prudential Regulation in the Financial Services Sector’ (2016) 19 Journal of International Economic Law 787–820.

Conferences

  • Conference: ‘Financial Regulation in Asia’, November 2014 (Melbourne, hosted by ANZ)
  • Conference: ‘Financial Regulation in Asia’, November 2015 (Hong Kong, hosted by the University of Hong Kong Law School)
  • Roundtable discussion, 28 June 2016 - roundtable with regulators in Australia (RBA, ASIC, Treasury & APRA) to obtain insights into (a) the current and emerging topics of importance in harmonisation of financial regulation across Asia from the perspective of Australian regulators; (b) collaboration with regulatory agencies from Asia, including the use of bilateral memoranda of understanding and other arrangements; (c) reactions of Australian regulators to the hypotheses and themes of the topics that the research team is working on.
  • Conference: ‘Finance in Asia: Integration & Regional Coordination”, Wednesday 7 December 2016 (Singapore, hosted by Singapore Management University)
    • Andrew Walter, ‘The Changing Politics of Regulating Systemically Important Banks in Asia’
    • Kevin Davis, ‘Basel Bail-In Capital Requirements: Challenges for Asia’
    • Andrew Mitchell: ‘Prudential Exceptions to Trade and Investment Obligations’
    • Andrew Godwin:  ‘Methodologies for Achieving Regional Coordination – One Size Does not Fit All’
  • Conference: ‘Towards an Asian Legal Order: Conversations on Convergence’, Thursday 8 – Friday 9 December 2016 (Singapore, hosted by Singapore Management University, City University of Hong Kong, Asian Business Law Institute and the United Nations UNCITRAL Regional Centre for Asia and the Pacific:
    • Andrew Godwin: ‘Methodologies for Convergence in Financial Law and Regulation’ 

Other Conferences at which members of the Research Team have presented

  • Asia-Pacific Financial Forum Roundtable on Financial Regulations, Hong Kong, 27 January 2015
  • Australia Malaysia Financial Services Forum, Melbourne, 17 August 2015
  • Asia Pacific Financial Forum Industry/regulator dialogue on the Asia Region Funds Passport (ARFP) and promotion of capital liberalisation in the region, Sydney. 23 March 2016
  • APEC Business Advisory Council (ABAC) & ASIFMA Fintech 2016 Roundtable, Hong Kong, 15 July 2016
  • Asia-Pacific Financial Forum Symposium, Developing APEC’s Financial Market Infrastructure, Seoul, 25 April 2017 (forthcoming)
  • May 16 NAB Bond Market conference Singapore Bond market development
  • May 18 NAB Bond Market conference Hong Kong Bond market development
  • Nov 21 ADB Fintech Bootcamp Singapore Fintech regulation
  • Nov 25 OJK-AIPEG Workshop Jakarta Fintech regulation