ANZ Shadow Financial Regulatory Committee

Following the example of the Shadow Financial Regulatory Committees in Asia, Europe, Japan, Latin America and the United States, a group of well known professors from Australia and New Zealand, who are all experts in the fields of banking, finance, and the regulation and supervision of financial institutions and markets, set up the Australia-New Zealand Shadow Financial Regulatory Committee (ANZSFRC).

Independence of the Committee: The Australia-New Zealand Shadow Financial Regulatory Committee meets approximately twice each year in one of the major cities in Australia and New Zealand. The ‘shadow’ function of the ANZSFRC is related to the Committee’s purpose of following and analysing critically the existing and evolving regulatory framework for financial institutions and markets. At the end of each meeting the ANZSFRC issues a public statement on topics discussed during its meeting and presents this at a conference or briefing session. The Committee is fully independent of the providers, regulators and supervisors of financial services whose behaviour it aims to evaluate.

Analytical Mission: The analysis of the regulatory framework is based on existing and proposed national regulations in Australia and New Zealand, recommendations by international forums such as the Basel Committee and the Group of Thirty, and on relevant academic research in this field. Typically, the Committee tries to translate concepts drawn from academic literature into concrete policy recommendations with respect to certain subject areas.

Worldwide Network of Shadow Committees: The ANZSFRC is part of an emerging worldwide network of Shadow Financial Regulatory Committees (SFRCs). Once every year or two years the Shadow Committees of Asia, Australia-New Zealand, Europe, Japan, Latin America, and the United States meet in a major international city to discuss a theme of common interest, resulting in a joint policy statement. The last joint meeting took place in Santiago (Chile) in August 2009. The other SFRCs are:

 

Publications

Statements:

13. “Bail In: Not a Panacea” (Melbourne, August 28 2015)

12. “Misdiagnosis of Crisis has led to Botched Liquidity Regulation” (Japan, October 26 and 27 2013)

11. “Of Financial Advice and Advisers” (Wellington, April 3 2013)

10. “Do the Big Four Australasian Banks Require Special Regulation?” (Melbourne, April 12 2012)

9. “Impact of the Global Financial Crisis“, jointly with the Shadow Financial Regulatory Committees of Asia, Europe, Japan, Latin America and the United States (Washington, October 24 2011)

8. “Capital Market Integration and Stock Exchange Consolidation in the Asia-Pacific“, jointly with the Asian Shadow Financial Regulatory Committee (Queenstown, April 2011)

7. “Retail finance: A path forward for education, advice and disclosure” (Auckland, September 2010)

6. “Is a Credible Exit from Government Debt and Deposit Guarantee Programmes Possible?” (Melbourne, September 2009)

5. “Making Securitization work for Financial Stability and Economic Growth”, jointly with the Shadow Financial Regulatory Committees of Asia, Europe, Japan, Latin America and the United States (Santiago, August 2009).

4. “Mortgage Markets after the Sub-Prime Crisis” (Wellington, June 2008)

3. “Responding to Failures in Retail Investment Markets” (Melbourne, September 2007).

2. “Lessons from Recent Financial Turmoil”, jointly with the Shadow Financial Regulatory Committees of Asia, Europe, Japan, Latin America and the United States (Copenhagen, September 2007).

1. “Managing Bank Failure in Australia and New Zealand: Rapid Access Matters” (Sydney, December 2006).

E-book:

The world in crisis: Insights from Six Shadow Financial Regulatory Committees“, Joint Shadow Financial Regulatory Committees, November 01, 2011

Video:

Impact of Global Financial Crisis“, Joint  Shadow Financial Regulatory Committees, Washington, October 24 2011 (1h 53 min, C-SPAN video library)