Introduction: Survey of Transnational Law, Issue 19:3

• Pages: 729-730

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

III.

Taking Responsibility—Securities 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