Title: Can regulation stop financial crises? An evaluation of banking laws in the USA, the UK and Australia after the financial crisis 2007/2008 in the light of what lesson can be learned and how such a crisis can be prevented in the future - part two

Authors: Florian Hoefer

Addresses: c/o Dr. Clare Chambers-Jones, University of the West of England, Coldharbour Lane, Bristol, BS16 1QY, UK

Abstract: This two-part article deals with the broad field of financial regulation after the global financial crisis of 2007/2008. The legislative responses and regulation systems of the USA, the UK and Australia are evaluated and compared to each other. Concerning the USA the Dodd-Frank Act 2010 is evaluated. Regarding the UK the different reports on probable regulative responses are analysed as well as the legislation so far and the future legislation, especially the Financial Services Bill 2012. Consecutively, the system of financial regulation in Australia is analysed. The author concludes that there are visible first steps into the right direction in the USA and the UK in terms of financial regulation but that they do not reach far enough in order to prevent future crises. Concerning Australia the author concludes that despite a solid regulatory system competition issues may be imminent to the system and thus arise in the future.

Keywords: Dodd-Frank Act 2010; financial regulation; Financial Services Bill 2012; global financial crisis; Vickers report; too-big-to-fail; twin peaks regulation; Volcker rule; banking laws; USA; United States; UK; United Kingdom; Australia; banks.

DOI: 10.1504/IJLSE.2013.057753

International Journal of Liability and Scientific Enquiry, 2013 Vol.6 No.1/2/3, pp.96 - 115

Published online: 02 Jul 2014 *