Event Details
The SMU Centre for Commercial Law in Asia (CCLA) and the SMU Centre for Digital Law (CDL) jointly hosted a thought-provoking seminar featuring esteemed speakers Professor Dirk Zetzsche, ADA Chair in Financial Law and Inclusive Finance, and Dr Julia Sinnig, Assistant Professor, from the University of Luxembourg. The session was chaired by SMU Assistant Professor Nydia Remolina, Head of Industry Relations at CDL. The seminar, titled (De-)Regulating – Is Less More?, explored the principles and limits of regulatory intervention in two key areas: multinational enterprises and financial regulation.
During the first presentation on 𝘗𝘳𝘪𝘯𝘤𝘪𝘱𝘭𝘦𝘴 𝘰𝘧 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘯𝘨 𝘔𝘶𝘭𝘵𝘪𝘯𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘌𝘯𝘵𝘦𝘳𝘱𝘳𝘪𝘴𝘦𝘴, Prof Zetzsche examined how multinational enterprises (MNEs), as influential global actors, often create externalities that justify regulatory intervention. He argued that harmonised global rules are essential to prevent regulatory arbitrage, reduce legal uncertainty, and maintain both the rule of law and regulatory effectiveness. Drawing on international and EU examples, Prof Zetzsche proposed a balanced approach to MNE regulation that mitigates societal harm while minimising unnecessary compliance burdens.
During the second presentation on 𝘋𝘦𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘯𝘨 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯, Dr Sinnig argued that financial regulation should be subject to rigorous cost-benefit analysis, and where the costs outweigh the benefits, deregulation is warranted. Dr Sinnig contended that targeted deregulation can enhance key regulatory goals while reducing unnecessary burdens. By embracing principles like regulatory clarity, openness to competition, and sandbox approaches, she advocated for a smarter, more effective financial regulatory environment.
This seminar offered a nuanced perspective on whether less regulation can achieve more, not only for financial institutions and multinational enterprises but also for society as a whole. We thank Prof Dirk Zetzsche and Dr Julia Sinnig for their valuable insights, and look forward to continuing the dialogue at the intersection of law, finance, and regulation.
