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When overseeing becomes overlooking : the post-GFC reconfigurations of international finance
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Connelly, Stephen (2016) When overseeing becomes overlooking : the post-GFC reconfigurations of international finance. Journal of Corporate Law Studies, 16 (2). pp. 403-435. doi:10.1080/14735970.2016.1191930
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Official URL: http://dx.doi.org/10.1080/14735970.2016.1191930
Abstract
This article draws on empirical evidence suggesting a shift of credit provision from banks to the alternative investment fund sector to argue that current deficiencies in fund regulation have not prevented such a shift, if not actually encouraged it. The evidence is drawn from the new Pan-European Private Placement Market, and first- and second-order analyses are undertaken to show a shift of credit risk (intermediation) into the hands of US funds in particular, and a concentration of risk amongst herds of smaller funds which have the potential to act as one. The data highlight defects in the scope of the macroprudential oversight mechanisms deriving from the Alternative Investment Fund Management Directive (AIFMD). These findings form the basis for proposals to remedy AIFMD as part of the move to a Capital Markets Union.
| Item Type: | Journal Article | ||||||
|---|---|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HG Finance K Law [Moys] > KW European Union Law |
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| Divisions: | Faculty of Social Sciences > School of Law | ||||||
| Library of Congress Subject Headings (LCSH): | Investments -- Law and legislation -- European Union countries, Banks and banking, International -- Law and legislation, Credit | ||||||
| Journal or Publication Title: | Journal of Corporate Law Studies | ||||||
| Publisher: | Taylor & Francis | ||||||
| ISSN: | 1473-5970 | ||||||
| Official Date: | 23 June 2016 | ||||||
| Dates: |
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| Volume: | 16 | ||||||
| Number: | 2 | ||||||
| Page Range: | pp. 403-435 | ||||||
| DOI: | 10.1080/14735970.2016.1191930 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Access rights to Published version: | Restricted or Subscription Access |
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