ABSTRACT
The 2008 financial crisis is one of the most defining features of the twenty-firstcentury’s first decade. The series of events that was unfolded in the aftermath exposed major structural flaws in many of the financial governance systems around the globe. This triggered global calls for legal and regulatory changes in order to address the problems that were uncovered by the crisis. Therefore, the financial era that followed the 2008 financial crash has had a dominant theme – that is, regulatory reforms. In this regard, some major collective actions were taken at the international level to deal with the uncovered regulatory defaults. The Basel Committee on banking supervision introduced Basel III, which is ‘a comprehensive set of reform measures’ that aims to improve banks’ management, governance and ability to absorb shocks; and to strengthen banks’ transparency and disclosure’.1 Further, at the domestic level, countries such as the UK, which host major international financial markets, were very swift to take on the regulatory challenge and reassure investors not only of their ability to stabilise their financial markets but also their commitment to improve their resilience.
