On August 29–30 2014 the Marianne and Marcus Wallenberg Foundation in co-operation with the Stockholm Centre for Commercial Law arranged an International legal symposium under the heading “Functional or dysfunctional – the law as a cure? Risks and liability in the financial markets”. The symposium was held in honor of the 50th anniversary of the Marianne and Marcus Wallenberg Foundation.

The topic of the symposium mirrors a particular interest of the activities of the SCCL covering regulatory as well as liability questions thus dealing with legal subjects which have also relevance to the Foundation. After World War II financial markets have gradually undergone huge differences depending on new financial devices, new financial markets and new financial actors evolving together with changes in regulation and supervision. These are circumstances which have together created new frames for the financial industry.

Table of contents:
- Extraterritorial Financial Regulation: Why E.T. Can’t Come Home by John C. Coffee, Jr.
- Generally on Risks and Liability – Directors’ Liability Under the Law and Regulation in Australia by Rowan Russell
- South African Company Law – Directors’ Duty of Care and Skill and the Introduction of the Business Judgment Rule: Answering the Critics by Angela Itzikowitz
- International legal risk for banks and corporates by Philip R Wood
- Macro-prudential regulation from an English and European Perspective – The Legal and Institutional Dimension by Kern Alexander
- Comment on the session on the risks and liabilities of financial markets by Jesper Lau Hansen
- Handling Risks in Financial Markets Regulation: EMIR and the problem with CCPs being Too Big to Fail by Erica Johansson
- Responsibility of Banks and Their Directors, Including Liability and Enforcement by Klaus J. Hopt
- Is there a role for culture and ethics in financial regulation? By William Blair - Tort Law to the Rescue? By Michael D. Green & Brandon Jones
- The (non)-liability of banks under English law by Ross Cranston
- Implementing liability on the basis of model case procedures – the example of the German Capital Markets Model Case Act (“KapMuG”) by Brigitte Haar
- Tort cases in Iceland after the bank crash in 2008 by Eiríkur Jónsson

Jesper Lau Hansen

Functional or dysfunctional : the law as a cure?