Regulatory Review - Better Regulation post - FSAP and Basel II

George Walker reviews the main developments that have taken place during the last regulatory year. Each of the main sets of problems and reforms adopted are considered and the principal outstanding regulatory issues still to be resolved identified. The main UK papers produced are considered in this first Part and the parallel European and international trends follow in the second part of the journal.

George Walker Centre for Commercial Law Studies, London gwalker@ccls.edu

A number of important regulatory successes were achieved during 2005 at the UK, European and international levels. Although this was assisted by benign economic conditions and an improved outlook experienced across all sectors, a number of significant regulatory challenges nevertheless remain. While much of this is concerned with the implementation of relevant international and European standards, these have, in turn, been agreed in response to continuing changes in the nature and operation of modern financial markets more generally.