Explicit goals of financial regulation include countries' pursuits of financial stability and the safeguarding of unsophisticated market players from fraudulent activity, while implicit goals include offering viable and competitive financial environments to world investors [REF].
Some degree of self-regulation occurs whereby banks and other financial institutions attempt to operate within guidelines set and published by multilateral organizations such as the International Monetary Fund or the Bank for International Settlements (particularly the Basel Committee on Banking Supervision and the Committee on the Global Financial System[REF]) [REF].