The Convergence of Insurance with Banking and Securities Industries, and the Limits of Regulatory Arbitrage in Finance

Turk, Matthew C.

doi:10.2139/ssrn.2467684

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Compliance Costs Vs Restructuring Costs1

Introduction1

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2021

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“…Arbitrageurs will conduct a 61 Frantz and Instefjord (2014). 62 Fleischer (2010); Partnoy (1997); Turk (2015); Barry (2011). 63 Brummer (2015), pp 977-980; Ford (2017).…”

Section: Compliance Costs Vs Restructuring Costsmentioning

confidence: 99%

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A Risk Characterization of Regulatory Arbitrage in Financial Markets

Minto

Prinz

Wulff

2021

Eur Bus Org Law Rev

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This article analyses regulatory arbitrage in financial markets from a risk-based perspective. It assesses regulatory arbitrage in terms of the risk it may pose to the attainment of a regulatory objective, in this case financial stability. Its most distinct contribution to the literature is the application of the NOAEL approach—thus far mainly used in public health literature and regulatory toxicology—to the legal analysis and management of arbitrage risks. We propose several qualitative parameters relating to the likelihood of regulatory arbitrage and the negative impact if such arbitrage should occur. The article ultimately aims to help frame the ongoing debate about policy-making and the use of risk assessment methodologies to cope with regulatory arbitrage in financial markets.

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“…Arbitrageurs will conduct a 61 Frantz and Instefjord (2014). 62 Fleischer (2010); Partnoy (1997); Turk (2015); Barry (2011). 63 Brummer (2015), pp 977-980; Ford (2017).…”

Section: Compliance Costs Vs Restructuring Costsmentioning

confidence: 99%

“…rent-seeking behaviour) attempting to exploit legal 1 Partnoy (1997), p 227. 2 Turk (2015), p 967. See also Fleischer (2010), p 227: Legal, ethical, professional, political constraints and transaction costs are to be seen as constraints that tend to diminish the effects of regulatory arbitrage.…”

Section: Introductionmentioning

confidence: 99%