Bulletin n. 2-3/2012
October 2012-February 2013
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • Salami, Iwa
    International financial standards and the application of Basel III in emerging and frontier markets
    in Law and Financial Markets Review , volume 6 n.5 ,  2012 ,  336-342
    There is no doubt that international financial standards are necessary in the ever-increasing integration of financial markets across the world. Perhaps no better illustration of this fact exists than the recent financial crisis which resulted in an increased co-ordinating mechanism for international financial reforms and which resulted in the creation of the Financial Stability Board. Nonetheless, international financial standards have mostly been in applicable and/or irrelevant in the less-developed countries which constitute the majority of countries in the world. Even when they are adopted as laws in these countries, their implementation is a challenge. This questions the relevance of these standards to those countries and ultimately the effectiveness of instituting such standards, especially as over 80% of the countries of the world cannot effectively apply them. This article considers these issues and assesses other possible alternatives to international financial standards, particularly focusing on the international regulation of capital requirements for financial institutions especially under Basel III.
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