Professor Joanna Gray

Professor Joanna Gray

Birmingham Law School
Emeritus Professor of Financial Law and Regulation

Contact details

Birmingham Law School
University of Birmingham
B15 2TT

Professor Gray has many years experience lecturing, publishing and consulting in the broad areas of financial markets law and corporate finance law, most recently as Professor of Financial regulation at Newcastle Law School, Newcastle University. She has taught and supervised students at undergraduate, Masters and PhD level at leading universities including UCL, London, Universities of Strathclyde, Dundee and Newcastle University. She has also conducted executive education and CPD activity for City of London law firms, for clients in the banking and finance sectors and for the IMF, Reserve Bank of India, Turkish Capital Markets Board, the Moroccan Capital Markets Board and financial regulatory staff on the Global Governance Programme at the European University Institute. She has participated in high level policy seminars as an academic expert with the Bank of England, European Central Bank, the UK Financial Services Authority and the Australian Prudential Regulatory Authority.

Her previous published work includes Implementing Financial Regulation : Theory and Practice (Wiley Finance: 2006), co-edited collection of essays Financial Regulation in Crisis : The Role of Law and the Failure of Northern Rock (Edward Elgar Financial Law Series: 2011) and she has written extensively for both academic Journals such as Journal of Corporate Law Studies, Capital Markets Law Journal, Law and Financial Markets Review, Journal of Law and Society, Journal of Banking Regulation, Journal of Financial Regulation and Compliance and many practitioner and industry Journals and Newsletters throughout previous periods of legislative and regulatory change in financial markets.


  • LL.B. 1982, Newcastle University
  • Fulbright Scholar and LL.M. (Master of Laws) Degree, 1983 Yale Law School, USA,
  • (1983), Law Society Finals Course (City of London Poly), 1984


  • Law Lecturer UCL, London 1984-1987,
  • Admitted as Solicitor of the Supreme Court of England and Wales (1989),
  • Various full time roles at Universities of Lancaster, Dundee, Strathclyde and Newcastle 1989-2013,
  • January – December 1997 Senior Research Fellow in Company and Commercial Law (Institute of Advanced Legal Studies, School of Advanced Study, University of London),
  • Senior Associate (Retail Finance team, Arthur Andersen) 2000,
  • Reader then Professor of Financial Regulation Newcastle University 1998-2000, and 2003-2013


Her current research interests centre around the operationalization of the macro prudential regulatory agenda into legal systems and the challenges this poses to legal culture, as well as legal issues that may be relevant to efforts to build a more resilient financial system and citizenry.


Recent publications


Gray, J 2016, 'Behavioural finance and the macroprudential dimension', Journal of Banking Regulation, vol. 17, no. 4, pp. 296–310.

Gray, J 2016, 'Lawyers and systemic risk in finance: could (and should) the legal profession contribute to macroprudential regulation?', Legal Ethics, vol. 19, no. 1, pp. 122-144.

Chapter (peer-reviewed)

Gray, J, Arvind, TT & Wilson, S 2018, Financial elites, law, and regulation: a historical perspective. in Y Cassis & G Telesca (eds), Financial Elites and European Banking: Historical Perspectives. Oxford University Press.

Gray, J & De Cecco, F 2017, Competition, stability and moral hazard: the tension between financial regulation and state aid control. in F-C Laprevote, J Gray & F de Cecco (eds), Research Handbook on State Aid in the Banking Sector . Research Handbooks in Financial Law, Edward Elgar Publishing Ltd., pp. 20-53.

Arvind, TT & Gray, J 2017, The Limits of Technocracy: Private Law's Future in the Regulatory State. in K Barker, K Fairweather & R Grantham (eds), Private Law in the 21st Century . 1st edn, Hart Publishing, UK, pp. 237 -255. <>

Gray, J, Arvind, TT & Wilson, S 2016, From the mid-nineteenth century bank failures in the UK to the twenty-first-century Financial Policy Committee: changing views of responsibility for systematic stability. in M Hollow, RM & F Akinbami (eds), Complexity and crisis in the financial system: critical perspectives on the evolution of American and British banking. Edward Elgar Publishing Ltd., UK, pp. 261-286.

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