Towards a mature approach to data collection in EU financial regulation

Abstract

Abstract: The financial crisis which began in 2008 has had catastrophic consequences for many people, communities, businesses and countries. Failures in financial regulation contributed significantly to the crisis. Regulatory convergence is seen as necessary to prevent a recurrence of the regulatory failures which contributed to the crisis. This paper offers a maturity model to assess the data collection capabilities of financial regulators, enable comparisons of these capabilities and thereby contribute to regulatory convergence. The model provides one small piece of the toolset needed to reduce the risk of future financial crises.