A speech by Callum McCarthy, Chairman, The Financial Services Authority, at the Harvard Law School.
It is a pleasure, as a Stanford graduate and as someone who had the good fortune as a banker to be advised in New York by that doyen of banking lawyers, Rodgin Cohen, then a partner, now senior partner, of Sullivan and Cromwell, to give a Sullivan and Cromwell Lecture at Harvard. You will note that I am not wearing my "Harvard-Stanford of the East" T-shirt.
The topic I want to address is how we should seek to regulate international financial services firms? How do we do this effectively, both in terms of achieving the prudential or conduct of business behaviour we want to encourage, and in terms of avoiding unnecessary costs or excessive or even conflicting regulatory burdens on the firms themselves? I will address this with particular reference to financial firms operating across the EU, but will also seek to cover some EU:US issues. And many of my conclusions are in any case not country specific, that is, they are not dependent on the legal powers in a particular country.
See full Speech.
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