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.

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Information

Publisher

World Bank

Year

2010

ISBN

9780821382530

Topic

Law

Subtopic

Financial Law

Index

Law

Contents
Acknowledgments
Acronyms and Abbreviations
Executive Summary
Introduction
1. Regulatory Framework and Oversight
2. Scope of the Securities Regulations
3. Objectives of the Securities Regulations in Europe and the United States
4. Implementation of the Different Objectives
5. Post-Financial Crisis Lessons
6. Conclusion and Areas for Future Research
Appendixes
References