National and International Financial Market Regulation and Supervision Systems: Challenges and Solutions

The purpose of this original study is to critically analyse the emergence and development national models financial regulation, international standards codes, regional regulation supervision (for cases UK, USA, Sweden, EU, Finland). research raises both academic regulatory concerns. relevance arise from a need for an analysis economic nature classification market systems. They represent theoretical justification changes in policies supervisory practices authorities response innovations technologies instruments, digital products, risks. Secondly, it will stimulate more systematic work on databases, registration, reporting procedures various economies different markets. author identifies five main systems markets: multi-tiered, multi-agency US system, twin peaks model (UK), mega-regulatory (Sweden). There thorough review institutions that stability based examples EU Finnish institutions. National macro- micro-economic have been examined, with focus Federal Reserve Treasury. An important result systematisation directions (since 1980s). First, minimum capital credit risk requirements banks (the 1980s) were complemented 21st century by buffer reserves, liquidity, leverage standards. Second, focuses ensuring sustainability economy. global Third, there increase number supervised Fourth, division functions between central (macro-economic regulation) one or two mega-regulators (micro-economic supervision). Fifth, labour (BIS, IMF, WB) regulators. Sixth, protecting consumers investors countering money laundering financing terrorism. Seventh, understanding common approach new cybersecurity.