John Armour is Hogan Lovells Professor of Law and Finance at Oxford University, and Research Fellow at the European Corporate Governance Institute. Daniel Awrey is Associate Professor of Law and Finance at Oxford University.

• 1. Introduction 2. The Context2.1 The Surge in International Financial Regulation2.2 Small states and the agenda for international financial regulation2.3 Small states and the implementation of international financial regulation3. Setting Priorities in Implementation3.1 Domestic financial regulation3.2 International financial regulation3.3 Developing an implementation agenda for small states4. From Priorities to Implementation4.1 Which measures are concerned with mitigating systemic risk?4.2 Banking regulation4.3 Shadow banking4.4 Market regulation4.5 Insurance regulation4.6 Identifying systemically important institutions4.7 Macro-prudential oversight4.8 Summary5. Systemic Risk and the Structure of the Financial System5.1 South Africa5.2 Trinidad and Tobago5.3 Botswana5.4 Solomon Islands and Seychelles6. ConclusionAppendix A. Details of International Financial Regulatory OrganisationsAppendix B. Systemic Risk Questionnaire

John Armour is Hogan Lovells Professor of Law and Finance at Oxford University, and Research Fellow at the European Corporate Governance Institute. Daniel Awrey is Associate Professor of Law and Finance at Oxford University.

• 1. Introduction 2. The Context2.1 The Surge in International Financial Regulation2.2 Small states and the agenda for international financial regulation2.3 Small states and the implementation of international financial regulation3. Setting Priorities in Implementation3.1 Domestic financial regulation3.2 International financial regulation3.3 Developing an implementation agenda for small states4. From Priorities to Implementation4.1 Which measures are concerned with mitigating systemic risk?4.2 Banking regulation4.3 Shadow banking4.4 Market regulation4.5 Insurance regulation4.6 Identifying systemically important institutions4.7 Macro-prudential oversight4.8 Summary5. Systemic Risk and the Structure of the Financial System5.1 South Africa5.2 Trinidad and Tobago5.3 Botswana5.4 Solomon Islands and Seychelles6. ConclusionAppendix A. Details of International Financial Regulatory OrganisationsAppendix B. Systemic Risk Questionnaire

John Armour is Hogan Lovells Professor of Law and Finance at Oxford University, and Research Fellow at the European Corporate Governance Institute. Daniel Awrey is Associate Professor of Law and Finance at Oxford University.

• 1. Introduction 2. The Context2.1 The Surge in International Financial Regulation2.2 Small states and the agenda for international financial regulation2.3 Small states and the implementation of international financial regulation3. Setting Priorities in Implementation3.1 Domestic financial regulation3.2 International financial regulation3.3 Developing an implementation agenda for small states4. From Priorities to Implementation4.1 Which measures are concerned with mitigating systemic risk?4.2 Banking regulation4.3 Shadow banking4.4 Market regulation4.5 Insurance regulation4.6 Identifying systemically important institutions4.7 Macro-prudential oversight4.8 Summary5. Systemic Risk and the Structure of the Financial System5.1 South Africa5.2 Trinidad and Tobago5.3 Botswana5.4 Solomon Islands and Seychelles6. ConclusionAppendix A. Details of International Financial Regulatory OrganisationsAppendix B. Systemic Risk Questionnaire