Law
Ann-Katrin Kaufhold
Systemaufsicht
Anforderungen an die Ausgestaltung einer Aufsicht zur Abwehr systemischer Risiken – entwickelt am Beispiel der Finanzaufsicht
[Systemic Supervision. Developing the Standards for a Supervisory Regime to Prevent Systemic Risk Using the Example of Financial Supervision.]
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Published in German.
Systemic risks threaten the stability of social and natural systems, which are of vital importance to our general well-being, as e.g. the financial system and the climate system. Traditional legal instruments are, however, ineffective in preventing such risk. This became obvious most recently during the financial crisis of 2008/9.Ann-Katrin Kaufhold specifies the characteristics and establishes a legal definition of systemic risk, distinguishing it from the traditional categories of danger and risk,.She defines the standards, that a supervisory regime has to meet in order to be both effective and lawful. Systemic Supervision is thereby established as a new and unique form of supervision.