Professor Joanna Gray

Professor Joanna Gray

Birmingham Law School
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


  • Contract Law (LLB)
  • Legal Aspects of Banking Regulation (LLM)

Postgraduate supervision

  • Financial Market Law and Regulation

Find out more - our PhD Law  page has information about doctoral research at the University of Birmingham.


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.


Books :

  • Implementing Financial Regulation: Theory and Practice  John Wiley & Sons Ltd  (2006) with Professor Jenny Hamilton
  • Annotated Guide to Financial Services and Markets Act 2000 with MacNeill, Welsh, Hamilton, Campbell et al (Butterworths 2003 and 2005 editions) General Editor Michael Blair QC
  • Senior Management Responsibilities under the Financial Services and Markets Act Sweet & Maxwell Ltd (2001)42 page commissioned special report of Financial Services Reporter series – republished in the British Company Law series
  •  Taxation on Divorce and Separation (CCH Editions Ltd. Bicester 1987)

Edited Books :

  • Political, Fiscal and Banking Union in the Eurozone? edited by Franklin Allen, Elena Carletti and Joanna Gray (2013) FIC Press ISBN 978-0-9836469-6-9 (paperback) ISBN 978-0-9836469-7-6 (e-book version)
  • Financial Regulation in Crisis: The Role of Law and the Failure of Northern Rock (2011 Edward Elgar Financial Law Series)   Co-editor and contributor (with Dr Orkun Akseli,)

Chapters in Books and Edited Collections:

  • “Legal Perspectives on Tensions at the heart of ‘the Project’” (with Dr P O’Callaghan) in The Macroeconomic and Financial Landscape in the Aftermath of the 2007 Crisis: New Challenges and Perspectives, Robert Schuman Centre for Advanced Studies Policy Paper 2011, ISSN 1830-154 (RSCAS PP 2011/04:
  •  “What Next for Risk-based Financial Regulation?” in Future of Financial Regulation eds. Iain MacNeill and J. O’Brien(Hart 2010)
  •  “The London Money Markets: Legal and Regulatory Framework” chapter in Financial Markets and Exchanges Law eds. M. Blair QC, G. Walker and S. Willey  (Oxford University Press: 2007, 2nd edition  2012)
  • “Company Law and Regulatory Complexity” in Corporate Personality in the 20th Century Eds C. Rickett and R. Grantham (Hart : 1998)
  • “Derivative Financial Instruments, Risk, Regulation and Investor Protection" (with Elspeth Fennell ) Chapter 9 in Law and Uncertainty (Kluwer Law International 1997) ed. R Baldwin.
  •  “Guarantee Companies in the Voluntary Sector” Chapter 6 in The Voluntary Sector, the State and the Law edited A. Dunn, (Hart Publishing 2000)
  •  “Civil Causes of Action” to Sweet & Maxwell International Tracing of Assets Looseleaf series (General Editors Professor B. Rider & T.M. Ashe Q.C.)  1997
  • ·"Insurance Brokers and the Financial Services Act" Chapter in Current Legal Problems in Insurance Law, Ed Francis Rose, (Sweet and Maxwell, London 1987)        
  • “Policing the City : The New Regulatory Framework" Chapter in III Anglo-Polish Legal Colloquium, English Reports, University of Warsaw 1985
  •  "Some Company Law problems arising from the Westland Case" (with R L Denton)  UCL Working Paper No. 3 (Published in Current Legal Problems 1986 Sweet & Maxwell)


  • “Defining and Delivering Judgement-Based Supervision: The interface with the legal system” (with Peter Metzing) Journal of Banking Regulation 2013 Vol. 14, 3/4, 228–240
  • Gray J. “Towards a More Resilient Financial System?” Seattle U. L. Rev 2013, pp 123-143
  •  “Organisational Form as a Source of Systemic Risk.” (with D. Bholat) Economics, No. 2013-27
  •  “Share and Share Alike: Hedge Funds, Human Rights, and Owning Enterprise in Britain” (with D. Bholat and A. Dunn) Journal of Law and Society (2012)
  •  “What Is Systemic Risk And What Can Be Done About It? A Legal Perspective” EUI Working Paper RSCAS 2011/55 ISSN 1028-3265 (
  •  “Placing the Run on Northern Rock” Journal of Economic Geography (with JN Marshall, A Pike, JS Pollard, J Tomaney and S Dawley) (2011)
  •  “Is it time to highlight the limits of risk based financial regulation?” Capital Markets Law Journal [2009] 4(1) 50 – 62
  •  “"Risk, regulation and the common law: lessons from the BCCI litigation – part 1”. Law and Financial Markets Review 2008, 2(4),  350-360
  •  "Risk, regulation and the common law: lessons from the BCCI litigation – part 2”. Law and Financial Markets Review 2008, 2(5), 412-416.
  •  “Lessons from the BCCI Saga for the Current Accountability Debate surrounding Northern Rock?” Journal of International Banking Law and Regulation [2008] 23 pp. 37 - 43
  •  - “The Legislative Basis of Systemic Review and Compensation for the Mis-Selling of Retail Financial Services and Products” Statute Law Review 25(3) pp. 196 – 208
  •   “Regulatory Restitution under Financial Services Legislation” Restitution Law Review [2004] Volume 12 pp. 52 – 63  ”Corporate Governance and Personal Finance: the Missing Link” in Volume 4(1) Journal of Corporate Law Studies Vol 4(1) 2004 pp187-220 (Hart Publishing)
  • “Sandler Review of Medium and Long-term Savings in the UK: Dilemmas for financial regulation” Journal of Financial Regulation and Compliance Volume 10 (4) 2002 pp 385 - 392
  •  “The EU Financial Services Action Plan – Quantum Leap or Incremental Progression?” in Journal of International Banking Regulation Vol 4 (2) 2001 pp 58 – 70 June 2001.
  •  “Theoretical perspectives on regulatory enforcement” (with E M Fennell) Journal of Financial Crime Volume 3(4) pp. 334-348 May 1996
  • “From ‘Effects Based’ Regulation To A Return To The Reasonableness Standard?” Journal of Financial Regulation and Compliance Volume 8(2) 2000 pp 181 – 191
  •  “Redress By Administrative Process Or  Judicial Proceedings? Pensions Review Does Not Preclude A Day In Court.” Journal of Financial Regulation and Compliance Volume 4(2) 1996 pp 185 -193
  •   "Drafting Private Client Agreements" Journal of Financial Regulation and Compliance  Volume 3 (2) 1995
  • "Unit Trust Reform : Part 1" International Banking and Financial Law Volume 10. No. 3 August 1991 pp 41-44
  • Unit Trust Reform : Part 2" IBFL Vol. 10 No. 4 September 1991, pp 56-58
  •  “Ignorance of the law and Company Directors” Company Lawyer November  1996
  •  "Financial Services Act 1986 Reforms: Part 1"International Banking Law Vol 9 December 1990 pp. 170-173
  • "Financial Services Act 1986 Reforms: Part 2" International Banking Law Vol. 9 February 1991, pp 412-416
  • "The SIB`s Core Conduct of Business Rules"  IBFL Vol 10 No 8 January 1992 pp 123-125                    
  • "Amended Client Money Regulations" IBFL Vol 10 No 9 February 1992 pp 136-139
  •  "Investment Management Regulatory Organisation Rulebook: an Analysis"  International Banking and Financial Law December 1992 Vol 11 No 7 pp 79-80     
  •   "The Personal Investment Authority: A Comment" International Banking and Financial Law 13 (4 1994) 36-40
  • “Deregulating the Securities and Investments Board" (with Dr Cento Veljanovski) Economic Affairs, June/July 1988

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