Harvey Miller and Maurice Horwitz have published an article entitled “A Better Solution Is Needed for Failed Financial Giants” in DealBook, the financial news section of The New York Times. In the article, the authors discuss the challenges that arise when resolving a failed global financial institution across national borders. For legislators and regulators looking for a solution to this issue, the authors argue that the key to solving the cross-border conundrum is not legal harmonization, but rather, mandated coordination among regulators, and a shift in fiduciary obligations from individual legal entities or jurisdictions to the group and the global financial system.
To read the article, please follow this link.
To learn more about Weil’s Financial Regulatory Reform Working Group, please follow this link.