Mlikotin Tomić, Deša and Božina, Marta (2007) Control of global business - Legal questions and tendencies. In: 4th International Conference "Global Challenges for Competitiveness: Business and Government Perspective", 27-29. 9. 2007., Pula, Croatia.
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This paper examines the impact of regulation on market competition, market performances and conduct in the financial sector. It analyses the importance of strict financial regulation for a well performing economy. Heavy regulation decreases market flexibility, which is vital in the financial sector for it enables the managing of negative impacts, and furthermore it decreases the possibility of competition. In an overall rigid legal environment economic actors will be drawn to the possibility of avoiding legal rules, and operate in a more informal manner. At the same time regulation is necessary to enable financial stability, market integrity and confidence in security markets and investment. This aspects are very important in transition countries which are on the way to implement and accept the modern market mechanism which are replacing state economy. The paper discusses the legal tendencies in regulating the financial sector in EU which is the benchmark for Croatian legislation. In order to understand the scope and to be able to advocate this legislation and institutions a sight on its roots and development in US is also laid down. In spite of the outmost goal of transparency the European legislation is rather complicated and reveals primarily the interests of the biggest stakeholders and professional rent seeking groups than those of the genuine public and small investor’s expectation for guidance and confidence. In assessing concrete legal solutions, European directives are so far the only international model of financial supervision in a predominantly domestic, national regulatory environment. If it will enhance market conditions for all the actors in the financial sector and future investors, successfully exercise authority to supervise the market, impede arbitrariness and corruption in the sector and be accepted in all of the 27 member states and other transition countries, it has yet to be seen. The question about their positive effects inducing economic growth at the top although intricate on such level of abstraction is not yet confirmed. The question is not about the quantity of legislation but rather its nature and pace of implementation that will gradually induce confidence and investment. In order to achieve that, right and forward questions should be publicly advocated rather than making premature and anticipating statements. The question posed is if regulation is a core factor in good financial and overall economic performance in countries around the world, or is it only a trend in EU and transition countries. Is it necessary to “absorb” the negative, distortion effects of regulation and acknowledge that legal rules applied in the financial sector have not only narrow positive effects – better business performance due to financial transparency, and even-handed competition – but also broader positive effects such as the creation of a safer investment climate and enforceable legal environment that will induce economic growth? Last but not least, this paper has a limited scope - to lay down and connect some basic notions, trends and open questions in regulation and views about financial market regulations and supervision in Europe.
| Tip objekta: | Materijal konferencije ili radionice (Paper) |
|---|---|
| Mentor: | NIJE ODREĐENO |
| Dodatne informacije: | 4/2007 |
| Ključni pojmovi: | regulation, market conduct, securities, financial sector regulation, comitology, regulacija, ponašanje tržišta, obveznice, regulacija financijskog sektora. |
| Teme: | 3 Društvene znanosti > 34 Pravo. Pravna znanost > 341 Međunarodno pravo |
| Odjeli: | Odjel za ekonomiju i turizam "Dr. Mijo Mirković" |
| Datum pohrane: | 17 Oct 2012 11:39 |
| Zadnja promjena: | 08 Jan 2013 10:03 |
| URI: | http://eknjiznica.unipu.hr/id/eprint/1635 |
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