This article analyses regulatory arbitrage in financial markets from a risk-based perspective. It assesses regulatory arbitrage in terms of the risk it may pose to the attainment of a regulatory objective, in this case financial stability. Its most distinct contribution to the literature is the application of the NOAEL approach—thus far mainly used in public health literature and regulatory toxicology—to the legal analysis and management of arbitrage risks. We propose several qualitative parameters relating to the likelihood of regulatory arbitrage and the negative impact if such arbitrage should occur. The article ultimately aims to help frame the ongoing debate about policy-making and the use of risk assessment methodologies to cope with regulatory arbitrage in financial markets.

本文从基于风险的角度分析金融市场的监管套利。它根据监管套利可能对实现监管目标（在这种情况下为金融稳定）造成的风险进行评估。它对文献最显着的贡献是将 NOAEL 方法（迄今为止主要用于公共卫生文献和监管毒理学）应用于套利风险的法律分析和管理。我们提出了几个与监管套利的可能性以及这种套利发生时的负面影响相关的定性参数。本文最终旨在帮助构建关于政策制定和使用风险评估方法来应对金融市场监管套利的持续辩论。