Comparing European and U.S. Securities Regulations : MiFID versus Corresponding U.S. Regulations

The purpose of this paper is to compare the European Union (EU) and United States (U.S.) securities regulations. In November 2007, the market in financial instruments directive 2004/39/EC (MiFID) came into force in the EU, and brought about deep changes in the market infrastructure. The same year re...

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Bibliographic Details
Main Authors:	Boskovic, Tanja, Cerruti, Caroline, Noel, Michel
Format:	Publication
Language:	en_US
Published:	Washington, DC: World Bank 2013
Subjects:	Adequacy capital formation capital markets Capital Requirement capital requirements cash settlement CDS central banks checks collective investment Collective Investments commercial banks Commodity Company Law conflict of interest conflicts of interest Copyright Clearance Copyright Clearance Center corporate bonds corporate governance country to country Credit Default Credit Default Swaps credit derivatives credit institutions credit rating credit rating agency currency debt derivative derivative market derivatives disclosure requirement disclosure requirements due diligence efficient markets Electronic Communication enforcement procedures equities equity markets Equity securities equity trading Exchange Commission exposure exposures Federal Reserve Federal Reserve System finances Financial Crisis financial institution Financial Institutions Financial Instrument Financial Instruments financial market financial markets Financial Sector Financial Services financial system Fixed Income fixed income securities flow of information foreign banks framework for securities fraud frauds Futures futures contracts government bond government bond market government bonds government securities harmonization Hedge fund Hedge fund managers hedge funds Holding Holding Companies Holding Company holdings income trading individual investors informed investors insider dealing insider trading institutional investors instrument insurance insurance companies interest rates International Bank international financial crisis International Securities International Settlements investment activities investment bank investment banks investment decisions investment policies investment regulation investment risk investment risks Investor protection legal provisions level playing field liquid assets Liquidity margin requirements market conditions Market Data market depth market information market infrastructure market liquidity market participants market price market prices Market Securities market share Market Shares market size market surveillance Market Transparency Minimum capital requirements Money Laundering money market money market instruments Municipal bonds Municipal Securities mutual funds national securities orderly trading ownership structure pension pension funds portfolio portfolio management Price Discovery price transparency professional investors protection of investors prudential supervisions public companies public debt public offering registration of securities regulator Regulatory Authority Regulatory Framework regulatory frameworks regulatory systems reputation Reserve Requirements Retail investors risk management sale of investment savings scandal secondary market secondary markets Securities securities activities securities broker Securities Dealers Securities Exchange Securities Exchanges securities industry securities laws Securities Market Securities Markets securities registration securities regulation Securities Regulations Securities Regulators securities transaction securities transactions security futures security price share of equity shareholders small business Stock Exchange Stock Market stocks Systemic Risk systemic risks tax trades Trading Trading System Trading Systems Trading venue trading volume transaction transaction costs Transferable Securities Transparency Treasury Warehouse
Online Access:	http://hdl.handle.net/10986/13528

Description
Summary:	The purpose of this paper is to compare the European Union (EU) and United States (U.S.) securities regulations. In November 2007, the market in financial instruments directive 2004/39/EC (MiFID) came into force in the EU, and brought about deep changes in the market infrastructure. The same year regulations National Market System (NMS) in the U.S. was fully enacted and reformed equities markets. This study compares MiFID with the corresponding U.S. regulations, and primarily focuses on the regulatory and supervisory framework, trading venues, and the provision of investment services. Implementation of the rules enforcement and right to redress are beyond the scope of this paper. Likewise, the paper does not intend to judge the effectiveness of the two regulatory systems.

Comparing European and U.S. Securities Regulations : MiFID versus Corresponding U.S. Regulations

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