Introduction: Survey of Transnational Law, Issue 19:3

Introduction: Survey of Transnational Law, Issue 19:3
For the last several years, Transnational Law and Contemporary
Problems (“TLCP”) has dedicated a single issue to articles submi tted by
academic and professional authors working in the fields of international and
comparative law. Building on the pas t success of these pieces, TLCP is
publishing the submissions issue of Volume 19. This issue provides depth and
breadth to our discussion of transnational law and is complement the
Journal’s traditional symposium-based content. Moving toward the
incorporation of more submissions-based content will allow TLCP to continu e
its growth as a publication. TLC P consistently enjoys high-quality
submissions on a wide arr ay of topics. In this submission s issue of Volume 19,
the Editorial Board of TLCP is pleased to present pieces that provide critical
insight into some of the most cutting-edge subjects in transnational law.
Our final issue of Volume 19 opens with Jeffer y Atik’s Article Basel II: A
Post Crisis Post-Mortem, which carefully analyses Basel in the context of the
recent financial crisis. Profe ssor Atik begins by describing the capital
adequacy system championed by Base l II. The Article then explains Basel I I’s
primary weaknesses: the illusion of secur itry, the reliance on credit ratings
issued by credit agencies, and the “negative spiral effect” otherwise known as
“procyclicality.” According to Profe ssor Atik, Basel’s weaknesses not only
failed to prevent the financial crisis, but ac tively contributed to financial
instability. In concluding, Professor Atik notes that although Basel II has
died, the Basel Committee is applying the cr isis’ lessons to its work on Basel
Taking ResponsibilitySecurities Regulation Reform and the Global
Financial Crisis: The United States, United Kingdom, and East Africa, by
June McLaughlin, compares the regulatory structures of the U.S., U.K., and
East African capital markets. The focus of the A rticle is on the involvement of
East African countries in exch ange regulation following the Global Financ ial
Crisis. It compares regulatory environments, potential legislative reform, and
connectedness to the global financial community. The Article argue s that
despite East Africa’s indirect connectio n to the international financial
markets, the heightened economic devastation to the area illustrates the
complete interconnectedness of the global financial community. The Article
concludes that the securities industries must enact new regulations with an
eye to moral accountability and conside ration for the considerable impact it
will have across international borde rs.
In Structural Reform of Financial Regulation, Eric Pan analyzes
Canada’s financial regulatory system with comparisons to the systems of the
United Kingdom, Australia, the United States, France, Germany, the
Netherlands, Hong Kong, and Japan. The Article explains that while Canada
weathered the global financial cris is comparatively well, the crisi s exposed
characteristics of optimal regulatory system s in other parts of the world that
Canada could adopt. Focusing especially on the frameworks of the U.S. and
U.K. systems, the Article posits tha t a more flexible supervisory approach

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