find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Global law "unworkable" say banks: Norton Rose

Global law "unworkable" say banks: Norton Rose

Eighty-one per cent of financial institutions say a shift towards a global regulatory standard for the financial sector is desirable given the fallout of the global financial crisis, though 61…

Eighty-one per cent of financial institutions say a shift towards a global regulatory standard for the financial sector is desirable given the fallout of the global financial crisis, though 61 per cent feel such a system is "unworkable".

A survey of 125 senior executives at financial institutions, released by Norton Rose this week, found executives worldwide felt political disagreements made a detailed international regime impossible, even if 66 per cent rated it as necessary.

Even within Europe there has been conflict between the UK - which would like to hold on to its position as the region's financial centre - and countries such as France which favour heavy regulation of banks and hedge funds, the survey found.

Populist moves on banker bonuses are being viewed more as window-dressing by respondents, because agreement on more weighty issues such as fiscal, monetary and regulatory changes are still eluding European governments.

As a result, respondents saw regulation as a national matter, which the report claimed may signal that the economy is returning to "something like business as usual".

The International Monetary Fund (IMF) cautioned against such complacency in its October 2009 World Economic Outlook, saying "the achievement of a major overhaul must not be jeopardised by growing confidence that the greatest dangers are past".

Sydney-based Norton Rose partner Helen Paul said in a statement this week that growing compliance burden would be a significant factor for institutions as debate on global regulation continues. "Compliance with a web of regulatory regimes will impose challenges for compliance co-ordination for cross-border business - not the least of which will be cost," Paul said.

Meanwhile, the survey was extremely positive on the global economic outlook, with 81 per cent of respondents agreeing the global economy is improving.

Likewise, the survey held welcome news for Asia, with 68 per cent of respondents expecting a permanent shift in economic power from West to East following the GFC, and particularly to China, which 87 per cent felt would lead the recovery.

- Ben Abbott

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Global law "unworkable" say banks: Norton Rose
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...