Regulacje prawne w Europie i w Stanach Zjednoczonych po globalnym kryzysie finansowym 2007–2009
Legal regulations in Europe and in the United States after the global financial crisis of 2007–2009

Summary/Abstract: Global financial crisis of 2007–2009 showed that the financial system regulations need to be reformed as they failed to prevent the collapse of the banking system. The first part of the article presents financial reforms in Europe. They began in 2008 by introducing European Economic Recovery Plan, followed by establishing European System of Financial Supervisors. Next regulations described in the article relate to the rating agencies and the shadow banking system which is believed to be a threat to the financial system stability. The text also covers Basel III requirements affecting capital and liquidity requirements imposed on the financial institutions, as well as European Market Infrastructure Reform (EMIR). The second part of the article describes the Dodd-Frank and Consumer Protection Act which is a complex regulation of the financial system in the United States. The main problems covered in the text are: systemic risk, derivatives and credit rating agencies.

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