Australia – New Zealand Shadow Financial Regulatory Committee

Following the example of the Shadow Financial Regulatory Committees in Asia, Europe, Japan, Latin America and the United States, a group of well known professors from Australia and New Zealand, who are all experts in the fields of banking, finance, and the regulation and supervision of financial institutions and markets, set up the Australia-New Zealand Shadow Financial Regulatory Committee (ANZSFRC).

The ANZSFRC had its inaugural meeting in Sydney in December 2006 when its first statement entitled “Managing Bank Failure in Australia and New Zealand: Rapid Access Matters” was issued during the 2006 Australasian Finance and Banking Conference.

Co-chairs of the ANZSFRC are Prof. Glenn Boyle and Prof. Kevin Davis. Glenn Boyle is Professor of Finance at the University of Canterbury, Christchurch. Kevin Davis is Professor of Finance at the University of Melbourne and Research Director of the Australian Centre for Financial Studies.

Committee Members:

Christopher Adam, Professor of Finance, University of New South Wales, Sydney
Harald Benink, Professor of Finance, Tilburg University; Chairman, European Shadow Financial Regulatory Committee
Glenn Boyle, BNZ Professor of Finance, University of Canterbury
Christine Brown, Professor of Finance, Monash University
Jenny Corbett, Professor of Economics, Australian National University
Kevin Davis, Professor of Finance, University of Melbourne
Alex Frino, Professor of Finance, University of Sydney
Mervyn Lewis, Professor of Economics, University of South Australia
Ben Marshall, Associate Professor of Finance, Massey University
David Mayes, BNZ Professor of Finance, University of Auckland
John Piggott, Professor of Economics, University of New South Wales, Sydney
Deborah Ralston, Professor of Finance, Monash University
Ian Ramsay, Professor of Commercial Law, University of Melbourne
Lawrence Rose, Professor of Finance, Massey University, Auckland
Alireza Tourani Rad, Professor of Finance, Auckland University of Technology
Michael Skully, Professor of Banking, Monash University
Andrew Worthington, Professor of Finance, Griffith University, Nathan

Statements:

“Managing Bank Failure in Australia and New Zealand: Rapid Access Matters” (Sydney, December 2006).
“Lessons from Recent Financial Turmoil”, jointly with the Shadow Financial Regulatory Committees of Asia, Europe, Japan, Latin America and the United States (Copenhagen, September 2007).
“Responding to Failures in Retail Investment Markets” (Melbourne, September 2007).
“Mortgage Markets after the Sub-Prime Crisis” (Wellington, June 2008)
“Making Securitization work for Financial Stability and Economic Growth”, jointly with the Shadow Financial Regulatory Committees of Asia, Europe, Japan, Latin America and the United States (Santiago, August 2009).
“Is a Credible Exit from Government Debt and Deposit Guarantee Programmes Possible?” (Melbourne, September 2009)
“Retail finance: A path forward for education, advice and disclosure” (Auckland, September 2010)
“Capital Market Integration and Stock Exchange Consolidation in the Asia-Pacific“, jointly with the Asian Shadow Financial Regulatory Committee (Queenstown, April 2011)
“Impact of Global Financial Crisis“, jointly with the Shadow Financial Regulatory Committees of Asia, Europe, Japan, Latin America and the United States (Washington, October 24 2011)

E-book:

“The world in crisis: Insights from Six Shadow Financial Regulatory Committees“, Joint Shadow Financial Regulatory Committees, November 01, 2011

Video:

“Impact of Global Financial Crisis“, Joint Shadow Financial Regulatory Committees, Washington, October 24 2011 (1h 53 min, C-SPAN video library)

Independence of the Committee:
The Australia-New Zealand Shadow Financial Regulatory Committee meets approximately twice every year in one of the major cities in Australia and New Zealand. The ‘shadow’ function of the ANZSFRC is related to the Committee’s purpose of following and analysing critically the existing and evolving regulatory framework for financial institutions and markets. At the end of each meeting the ANZSFRC issues a public statement on topics discussed during its meeting and presents this at a conference or briefing session. The Committee is fully independent of the providers, regulators and supervisors of financial services whose behaviour it aims to evaluate.

Analytical Mission:
The analysis of the regulatory framework is based on existing and proposed national regulations in Australia and New Zealand, recommendations by international forums such as the Basel Committee and the Group of Thirty, and on relevant academic research in this field. Typically, the Committee tries to translate concepts drawn from academic literature into concrete policy recommendations with respect to certain subject areas.

Worldwide Network of Shadow Committees:
The ANZSFRC is part of an emerging worldwide network of Shadow Financial Regulatory Committees (SFRCs). Once every year or two years the Shadow Committees of Asia, Australia-New Zealand, Europe, Japan, Latin America, and the United States meet in a major international city to discuss a theme of common interest, resulting in a joint policy statement. The last joint meeting took place in Santiago (Chile) in August 2009. The other SFRCs are: