International Regulatory Co-operation: Case Studies, Vol. 2

International Regulatory Co-operation: Case Studies, Vol. 2

Canada-US Co-operation, EU Energy Regulation, Risk Assessment and Banking Supervision You do not have access to this content

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Author(s):
OECD
Publication Date :
13 May 2013
Pages :
88
ISBN :
9789264200500 (PDF) ; 9789264200494 (print)
DOI :
10.1787/9789264200500-en

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The world is becoming increasingly global. This raises important challenges for regulatory processes which still largely emanate from domestic jurisdictions. In order to eliminate unnecessary regulatory divergences and to address the global challenges pertaining to systemic risks, the environment, and human health and safety, governments increasingly seek to better articulate regulations across borders and to ensure greater enforcement of rules. But, surprisingly, the gains that can be achieved through greater co-ordination of rules and their application across jurisdictions remain largely under-analysed.
 
This volume complements the stocktaking report on International Regulatory Co-operation: Rules for a Global World by providing evidence on regulatory co-operation in the framework of the Canada-U.S. Regulatory Cooperation Council, as part of EU energy regulation, under the Global Risk Assessment Dialogue, and in the area of prudential regulation of banks. The four case studies provided in this volume follow the same outline to allow for comparison.

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    Foreword

    This report is part of a mini collection of books on the topic of international regulatory co-operation (IRC). It comprises four case studies, upon which the synthesis report (International Regulatory Co-operation: Rules for an Interdependent World) builds...

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    Acronyms and abbreviations
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    The Canada-U.S. Regulatory Cooperation Council

    Given the highly integrated nature of the Canadian and US economies, Prime Minister Harper and President Obama created the Regulatory Cooperation Council in 2011, with an aim to establish more effective approaches to regulation that enhance the economic competitiveness of both countries, while maintaining high standards of public health and safety and environmental protection. This case study shows how and through which instruments the RCC, an umbrella regulatory co-operation agreement between both federal governments, aims to achieve greater alignment in regulatory systems as well as smarter, more effective and less duplicative regulations and regulatory practices in specific sectors.

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    European Union energy regulation

    Energy networks within the EU have historically been constructed and operated on a national basis by vertically integrated monopolies, usually in full or partial state ownership, with the state’s interest exercised either by central or regional governments. The EU’s interest in enhancing co-operation and integration of EU-wide energy networks has grown since the 1980s. EU policy was initially focused primarily on economic objectives of liberalisation and the development of an efficient internal market. However, the objectives have broadened over the last ten years to encompass issues of environmental sustainability and security of supply. This case study shows how co-operation on energy regulation has evolved over the years to become increasingly formalised and legally binding.

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    The Global Risk Assessment Dialogue

    Differences in the degree of social or cultural acceptance of events or states of the world, political sensitivities, economic and distributive consequences have important impacts on the way evaluations of risk are carried out and on risks management. Whilst there is a recognition that enhancing co-ordination on the scientific dimension of risk assessments should not necessarily lead to a common political response on how to manage risks, there is also a strong concern that divergences on risk assessment methodologies and in the terminology used to express assessments of risk and uncertainty are hindering sound risk governance. To address some of these issues, individuals within the European Commission and the governments of the United States and Canada initiated a Transatlantic Risk Dialogue early 2008, and later broadened it to create a "Global Risk Assessment Dialogue". This case study illustrates how collaboration has been developing through dialogue and collaborative work between members of the scientific community within government agencies and in research institutions.

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    Prudential regulation of banks

    There is extensive international regulatory co-operation in financial services regulation, co-ordinated through several global regulatory committees. However, the financial crisis has revealed some of the shortcomings in the international co-ordination of financial regulation and their consequences for global financial stability. This case study focuses on international co-operation with respect to the prudential regulation and supervision of banks at the global level. In particular, it describes how global standards for the prudential regulation of banks are set and implemented.

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