he trend towards substituted compliance has accelerated post the 2008 credit crisis and is now being pursued with an enthusiasm that is sidelining the prior trend towards multilateral rule convergence. This paper addressed the question of what to do about other regulatory regimes, such as those in Asia, Africa, and Latin America. The author argues that thought leaders, particularly the G20 and IOSCO, should ask whether financial supervisory convergence should be extended beyond its current UK-EU-US axis. The paper aims to discuss these issues.
- market efficiency