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The Peter A. Allard School of Law
Canadian law; Financial regulation; innovation; Basel II; Asset-Backed Commercial Paper (ABCP) Crisis; Volcker Rule; derivatives; securitization; innovation-framing regulation; new governance
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Innovation-Framing Regulation, Cristie Ford
Innovation-Framing Regulation, Cristie Ford
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This paper aims to provide insights into the effective regulation of private sector innovation. It coins a term – “innovation-framing regulation” – to describe a particular quality of the regulation that characterized much of financial regulation in the recent era. After briefly sketching a particular financial innovation (securitization and the marketing of securitized assets on the derivatives markets) it describes three regulatory interactions with that innovation: the Basel II Capital Accords, the Asset-Backed Commercial Paper Crisis in Canada, and the ongoing notice-and-comment rulemaking process surrounding the Volcker Rule in the United States. While each case study is different, in each …