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Investor Protection in EuropeCorporate Law Making, The MiFID and Beyond$
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Guido Ferrarini and Eddy Wymeersch

Print publication date: 2006

Print ISBN-13: 9780199202911

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199202911.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 01 December 2021

Structuring Securities Regulation in the European Union: Lessons from the U.S. Experience

Structuring Securities Regulation in the European Union: Lessons from the U.S. Experience

Chapter:
(p.485) 17 Structuring Securities Regulation in the European Union: Lessons from the U.S. Experience
Source:
Investor Protection in Europe
Author(s):

Donald C. Langevoort

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199202911.003.0017

Politics aside, the question of whether the EU should create an SEC is about the trade-offs between scale and accountability. This chapter considers that trade-off in the US context, with specific attention the SEC's apparent role as a ‘global’ securities regulator on matters relating to issuer disclosure. The principal claim is that in making enforcement decisions, there will likely be a ‘home bias’ toward domestic enforcement actions that makes extraterritorial actions less likely, thus reducing the incentives to comply. To the extent that this is typical of regulatory behaviour, then there may be lessons for Europeans considering the question of institutional design. More broadly, the chapter also considers some of the institutional features that make SEC enforcement policy what it is, which may or may not be exportable (or which policy makers in Europe may not want to import) to the European context.

Keywords:   SEC, securities regulation enforcement, home bias, European Union, politics, global securities regulator, disclosure, U.S. capital markets

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