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Cooperative or competitive? Private regulators and public supervisors in the post-crisis European financial services landscape

机译:合作还是竞争?危机后欧洲金融服务业的私人监管者和公共监管者

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This article explores the interplay between private regulators and public supervisors within principles-based regulation and meta-regulation in the post-crisis European retail financial services landscape. It shows that the way in which the compliance with such regulatory frameworks is supervised and enforced may determine the type of relationship between private regulators and public supervisors — cooperative or competitive — that prevails at a specific moment in time. While there is evidence of both cooperation and competition between the two in the post-crisis era, a predominantly competitive relationship between private regulators and public watchdogs may severely undermine the practical importance of co-governance arrangements. A significant degree of cooperation between private regulators and public supervisors is key to ensuring their effectiveness. Public supervision and enforcement must therefore be responsive to the peculiarities of co-governance arrangement.
机译:本文探讨了危机后欧洲零售金融服务领域中基于原则的监管和元监管中私人监管者和公共监管者之间的相互作用。它表明,监督和强制遵守此类监管框架的方式可以确定在特定时间普遍存在的私人监管机构与公共监管机构之间的合作或竞争关系类型。尽管有证据表明在后危机时代两者之间的合作与竞争,但私人监管机构与公共监管机构之间的主要竞争关系可能会严重破坏共同治理安排的实际重要性。私人监管机构和公共监管机构之间的大量合作是确保其有效性的关键。因此,公共监督和执法必须对共同治理安排的特殊性作出回应。

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