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According to conventional wisdom, the 2008 financial crisis fundamentally changed how policymakers approach financial regulation. Before the crisis, regulators sought to prevent individual financial institutions from collapsing, but this 'microprudential' strategy proved inadequate to stop the market-wide meltdown. In response, policymakers purportedly turned to a new 'macroprudential' approach that prioritizes the stability of the financial system as a whole instead of individual institutions in isolation. Regulators in the United States and abroad enthusiastically embraced macroprudential policy, implementing stress tests, capital buffers, liquidity requirements, and other supposed macroprudential tools. As the United States' top bank regulator declared in 2015, '[W]e are all macroprudentialists now.' There is just one problem, though, with using the term 'macroprudential' to describe modern financial regulation: it is a myth. Despite the macroprudential label, the prevailing regulatory framework is still predominantly microprudential in nature. Although some post-2008 policy innovations nudged financial oversight in a macroprudential direction, the dominant tools financial regulators use today are just supersized versions of the microprudential approaches that have existed for decades. This shortcoming has serious economic consequences. As recurring financial disruptions--including the panic following Silicon Valley Bank's failure--have vividly demonstrated, microprudential regulation is prone to overlooking interconnections and other systemic vulnerabilities. Accordingly, this Article proposes a roadmap to reorient the regulatory framework toward the macroprudential approach that the modern financial system demands., TABLE OF CONTENTS INTRODUCTION I. THE AIMS OF MACROPRUDENTIAL REGULATION A. COMPARING MICROPRUDENTIAL AND MACROPRUDENTIAL REGULATION B. MACROPRUDENTIAL RISKS 1. TIME-VARYING RISKS 2. CROSS-SECTIONAL RISKS a. Interconnectedness b. Correlation II. [...]

Byline: Moneylife Digital Team In a significant move to enhance regulatory oversight in the securities market, Bombay Stock Exchange (BSE) Limited has been granted recognition by the Securities and Exchange [...]

Byline: Bar Continuum Green Energy Group has issued senior secured notes equivalent to U.S.$650,000,000 (Notes) issued by 8 subsidiaries of Continuum (Co-Issuers) under Regulation S/ Rule 144A of the U.S. [...]

HSBC Private Bank SA breached its obligations in the prevention of money laundering in connection with two politically exposed persons and thereby seriously violated financial market law. This was established [...]

TLDR Jim Cramer asked SEC Chair Gary Gensler about the possibility of ETFs for various cryptocurrencies, including BONK, based on their trading volumes. Gensler expressed concerns about the lack of [...]

James Carville's oft-quoted line needs updating. Bill Clinton's political adviser once quipped that he would like to be reincarnated as the bond market so that he could 'intimidate everybody'. It [...]

CAIRO – 23 April 2024: The Financial Regulatory Authority (FRA) passed proposed amendments to the executive regulations of the Capital Market Law, to establish hedge funds on the Egyptian Exchange [...]

Byline: Bar & Bench Tiwari will be based out of the firm's Mumbai office. Rohit Tiwari has left Cyril Amarchand Mangaldas to join Shardul Amarchand Mangaldas as a Partner in [...]

I. Introduction Deference is more important today than ever before. With increasing extraterritoriality of state regulation and supervision, deference is required to maintain the integration of worldwide financial markets. The [...]

The Oman insurance industry is regulated and supervised by the Capital Market Authority (“ CMA ”), established by Royal Decree 80/98 issued on 9 November 1998 and commenced its duties [...]

TPEx restates the 'Taipei Exchange Rules Governing Rewards for Reporting Unlawful Activities on the Securities Market' and encourages whistleblowers to expose frauds. TPEx has set up a 'Reward Zone for [...]