The International Monetary Fund is seeking to go beyond 'mere financial regulation' and look at what can be done to strengthen ethical behavious by financial market participants and public authorities, its general counsel says. Sean Hagan says the legal department, which celebrates its 70th anniversary this year, is doing more work in the financial services area than ever and strengthening financial sector legal frameworks was an issue of crucial importance for the IMF.
Law and financial stability
The organisation is set to review the important role law plays in contributing to financial stability, hosting an event, Law and Financial Stability, with representatives from 80 countries, next week. Sean Hagan told IMF Survey that the purpose of the gathering was 'to illustrate the important role that the law plays in contributing to financial stability, at the international, regional, and national levels.'The Legal Department is actively involved in this work, and we therefore think it is appropriate to review the progress made since the global financial crisis.' He added that the event would 'provide a timely opportunity to critically examine what remains to be done, as well as identify emerging legal issues.' Source: IMF Survey
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