ABSTRACT The aim of this paper is twofold. Firstly, to examine questions about the role and responsibilities of transaction lawyers working in the financial sector that, it is argued here, deserve closer scrutiny than they have hitherto received since the banking and economic crisis of 2008. It considers the manner in which the conduct of such lawyers in the pre-crisis financial markets may have played a particular role in contributing to the sources of latent risk that bore systemic fruit in 2008. It poses the question, ‘Could (and should) they have acted differently?’. The first section concludes that there are strong and persuasive arguments both for and against reorienting the responsibilities of the transaction lawyer to include some obligation to take account of the risk to the financial system which the transactions they are conducting for their clients may pose. Secondly, this paper explores ways in which, nonetheless, financial sector lawyers could – and indeed should – be expected to play a part in the efforts of UK regulators who do now have a clear legislative obligation (with all the weight of public expectation that accompanies such a mandate) to detect, minimise and prevent systemic risk erupting again in the financial sector.

中文翻译：

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律师与金融系统性风险：法律职业能否（并且应该）为宏观审慎监管做出贡献？

摘要 本文的目的是双重的。首先，检查有关在金融部门工作的交易律师的作用和责任的问题，这里认为，自 2008 年银行业和经济危机以来，这些问题值得受到更严格的审查。它考虑了行为的方式危机前金融市场中的许多律师可能在促成 2008 年产生系统性成果的潜在风险来源方面发挥了特殊作用。它提出了一个问题，“他们是否可以（并且应该）采取不同的行动？”。第一部分得出的结论是，支持和反对重新定位交易律师的职责，包括考虑他们为客户进行的交易可能给金融系统带来的风险的一些义务，都有强有力的和有说服力的论据。其次，本文探讨了金融部门律师可以——而且确实应该——在英国监管机构的努力中发挥作用的方式，英国监管机构现在确实有明确的立法义务（伴随着公众的所有期望）此类授权）以检测、最小化和防止金融部门再次爆发系统性风险。