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The Basel Accords as a Transnational Regulatory Law: A Focus on Regulatory Consistency and Domestic Ennbeddedness

Student thesis: Doctoral ThesisDoctor of Philosophy

This thesis argues that the Basel Accords have been stretched beyond their original scope, which was to promote regulatory convergence amongst internationally-active banks. It is here argued that the current form of the Basel Accords, having been promulgated as a transnational regulatory law by the Basel Committee on Banking Supervision, is not appropriate in order to have an effective transnational regulatory standard. The change in scope of the Basel Accords along the years has resulted in various recursive cycles such that one cannot argue that these standards have since “settled”.
Whilst the Basel Accords are generally considered as the main regulatory standard for banks (by national regulatory authorities and the industry), different jurisdictions have applied these standards to different types of entities, giving rise to regulatory arbitrage opportunities. Furthermore, certain jurisdictions may have incentives to allow for regulatory arbitrage opportunities as this may allow them to be more competitive than other jurisdictions.
This thesis continues by arguing that whilst the Basel Accords seek to provide regulation to cater for risks which banks have, the said Basel Accords ignore the fact that banks in different jurisdictions may be subject to varying levels of risk depending on whether these banks operate in pro-creditor or pro-debtor jurisdictions.
This thesis refers to the Cape Town Convention and argues that this can be used as a model to have a transnational law on banking standards which will be able to overcome these issues.
Original languageEnglish
Awarding Institution
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Award date2018

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