Lastra, Rosa M.; Sheppard, Marcelo J. --- "Ethical foundations of financial law" [2019] ELECD 1553; in Russo, A. Costanza; Lastra, M. Rosa; Blair, William (eds), "Research Handbook on Law and Ethics in Banking and Finance" (Edward Elgar Publishing, 2019) 55

Book Title: Research Handbook on Law and Ethics in Banking and Finance

Editor(s): Russo, A. Costanza; Lastra, M. Rosa; Blair, William

Publisher: Edward Elgar Publishing

Section: Chapter 3

Section Title: Ethical foundations of financial law

Author(s): Lastra, Rosa M.; Sheppard, Marcelo J.

Number of pages: 18

Abstract/Description:

This chapter analyses the ethical foundations of financial law focusing on legal and philosophical considerations. After the Great Financial Crisis one of the relevant issues that has emerged in the design of financial regulation is the question of the telos or end of financial law. Drawing on the Aristotelian tradition and the notion of the common good, we identify the principles of justice, prudence (underlying both macro and micro supervision) and integrity (underlying conduct of business regulation) as key foundations of the new regulatory framework, one in which the interests of bankers and financial market participants (in particular, those in senior management) are realigned with the interests of society.