Internasjonal finansmarkedsregulering, institusjoner og effektivitet

The subject of the Financial Market Project is the financial crisis and regulation in research, dissemination and in university education. One outcome of the financial crisis from 2008 is a new financial architecture. There was little knowledge of how new institutions, regulation and enforcement work interact in dealing with crises, including the relationship of new rules and institutions in the EU with the World Trade Organization WTO, the agreement on services GATS and the tasks of the International Monetary Fund IMF. The effects on Norway at the national level have been gradually clarified with new regulation implemented mainly through the EU/EEA. The financial crisis has led to a reassessment of the basic concepts of financial market. New institutional solutions were found in the window of political action that the crisis opened. Challenges to method were high. The project aimed at placing itself at the cutting edge of international scholarship. The financial market project commenced in 2011 and was completed in 2017. It has achieved its goals and has contributed to basic research, applied research and development work. It has contributed to new knowledge about the new financial architecture and fulfillment of the internationalization and scholarly publishing goals in the Strategic Plan for the Faculty of Law 2010-20 with its research orientation and the development of the field of law in accordance with the relevant planning documents for the faculty and institute. The objectives have been achieved primarily through research publications, http://www.jus.uio.no/ifp/forskning/prosjekter/finansmarked/. Mads Andenæs' research monography The Foundations and Future of Financial Regulation. Governance for Responsibility (with Iris Chiu, Routledge 2013) is a major contribution to the project, https://www.jus.uio.no/ifp/english/research/projects/financial-market-regulation/events/the-foundations-and- future-of-financial-regulation.pdf. A number of doctoral theses include Giuseppe Bianco, Restructuring Sovereign Debt: Private Creditors and International Law (2017), co-tutelle between Oslo and Paris1 Pantheon-Sorbonne and awarded "mention très honorable avec félicitations du jury", see http://www.jus.uio.no/ifp/english/research/projects / financial-market regulation/news/disputations-Giuseppe bianco.html. A series of edited books published by international publishers as Springer and special issues of the European Business Law Review (Kluwer) develop the project's research themes with focus on EU law and free movement. A focus has been on the methods in the research fields on which the Financial Market Project is based, how these can be developed to solve and test the research tasks in the research field, including in the interaction between methods and research fields. The project has provided basic and fundamental insights and has also had an impact on the research and development results used. The research is disseminated through conferences for Norwegian stakeholders and writings in professional, business and daily press. In addition, the research conferences have had participation from Norwegian stakeholders in the public and private sectors. The project has been a key research component in the development of a strengthened academic environment in the financial market research community at the Department of Private Law. It has supported the development of a subject in financial law in the fifth year of the law degree programme, and the supervision of master's theses in the subject as it is of great interest to the students. "Financial Market Regulation" is now well established as a taught subject, JUS5880 Financial Market, see https://www.uio.no/studier/emner/jus/jus/JUS5880/index.html. Important contributions to research and teaching activities have taken place through supervision and other activities around a large number of PhD fellows associated with the project, providing the basis for research and preparing students for professional life. The project has created an environment, provided inspiration and information, and supervision and career guidance. The number of master theses in the field has increased markedly throughout the project period. Students are actively drawn into both research conferences and dissemination activities. At the final conference, "The Banking Union: Impact on Private Law of Institutions and Supervision" September 19, 2017, international advisors determined criteria for the assessment of the project and how the project had fulfilled its objectives. Professor Kern Alexander, Zurich and Cambridge, Professor Christos Hadjiemmanuil, Athens and London School of Economics, Professor Jan Dalhuisen, King's College, University of London and Professor Olha Cherednychenko, Groeningen, concluded that the project has fulfilled its goals and made important contributions to research at a high international level.

Første trinn i prosjektet er analysen av den nye finansielle arkitekturen. Det rettslige og institusjonelle grunnlaget gjenspeiler uenighet mellom viktige aktører. På internasjonalt nivå er det fortsatt viktig å avklare forholdet mellom for de fire pillar er i den globale økonomiske styringsstrukturen, IMF, Verdensbanken, VTO og Financial Stability Board. Regelutvikling, samordning av myndighetsutøvelse og håndtering av krisesituasjoner må analyseres som en større sammenheng. VTO/GATS og åpningen av marked er står i et uavklart forhold til regelutviklingen utenfor GATS. Tolkningen av GATS-bestemmelser kan også stille seg annerledes i lys av nylige erfaringer og reformarbeid. Det første trinnet omfatter den europeiske strukturen, med markedsadgang og harmo nisering av tilsynsregimer. Forholdet mellom medlemsland og EU-institusjoner er komplisert, og de løsninger som finnes for nye tilsynsorganer reiser spørsmålet om forholdet til EU-kommisjonen og den europieske sentralbanken. Andre trinn er en analyse av grunnleggende begreper for tilsyn og krisehåndtering i VTO, EU og nasjonale systemer som "lender of last resort", hjemlandskontroll, "prudential regulation", "prudential carve-out". Disse gjennomgår fullstendig en omdefinering som konsekvens av den finan sielle krisen. Det er et nytt syn på det optimale nivå for regelutvikling, tilsyn og annen myndighetsutøvelse. Effektivitet, uavhengighet, politisk styring, kontroll og legitimitet, er tradisjonelle parametre for vurderingen av institusjonelle løsninger. Dette trinnet av prosjektet vil omfatte en analyse av disse parametrene, og deretter anvende dem i en vurdering av de samspillet mellom disse begrepene og de nye institusjonelle løsningene. Et tredje og siste trinn er analysen av virkningene for Norge på nasjonalt nivå. Her inngår handlingsrom og optimale institusjonelle løsninger, og former for tilslutning til de europeiske løsningene.