Regulation of Issuers and Investor Protection in the US and EU - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Regulation of Issuers and Investor Protection in the US and EU write by Pieter Alexander van der Schee. This book was released on 2011. Regulation of Issuers and Investor Protection in the US and EU available in PDF, EPUB and Kindle. Since the 17th century, when corporations started to finance their businesses by issuing securities to investors in the open market, the appearance of misleading prospectuses and/or intermediate information to the market has led regulators to promulgate preventive and repressive rules to mitigate such abuses. This occurred both during the South Sea Bubble (1719) and the Great Crash (1929). More recently, the series of corporate scandals (2002-2003) similarly resulted in pressure on regulators and gatekeepers to introduce enhanced investor protection and market regulation, coinciding with the already ongoing worldwide debate on corporate governance. This study focuses on a comparative analysis of the remarkably different regulatory responses that were established on both sides of the Atlantic Ocean. The book reveals the divergent regulatory policies that were followed to answer the question of whether investors should primarily be protected 'as shareholders' by corporate law or by securities law and market regulation. It offers a useful, analytical, comparative tool for evaluating current corporate and securities law, as well as for assessing the need for, and design of, new regulatory responses. The book will contribute to a better understanding of the key regulatory issues facing lawmakers today. History does not stop and a variety of new questions will ultimately emerge. It underscores that finding clear and efficient regulatory responses to new developments should start with a proper analysis of the aims and means of securities and corporate law.
Foreign Issuers & the U.S. Securities Laws
Foreign Issuers & the U.S. Securities Laws - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Foreign Issuers & the U.S. Securities Laws write by . This book was released on 2005. Foreign Issuers & the U.S. Securities Laws available in PDF, EPUB and Kindle.
Credit Rating Agencies
Credit Rating Agencies - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Credit Rating Agencies write by Mohammed Hemraj. This book was released on 2015-06-22. Credit Rating Agencies available in PDF, EPUB and Kindle. The book examines the role of credit rating agencies (CRAs) in the subprime mortgage crisis. The CRAs are blamed for awarding risky securities ‘3-A’ investment grade status and then failing to downgrade them quickly enough when circumstances changed, which led to investors suffering substantial losses. The causes identified by the regulators for the gatekeeper failure were conflicts of interest (as the issuers of these securities pay for the ratings); lack of competition (as the Big Three CRAs have dominated the market share); and lack of regulation for CRAs. The book examines how the regulators, both in the US and EU, have sought to address these problems by introducing soft law self-regulation in accordance with the International Organisation of Securities Commissions Code and hard law statutory regulation, such as that found in the “Reform Act” and “Dodd-Frank Act” in the US and similar provisions in the EU. The highly topical book examines these provisions in detail by using a doctrinal black-letter law method to assess the success of the regulators in redressing the problems identified. It also examines the US case law regulation relating to the legal liability of CRAs. The book examines whether the regulations introduced have had a deterrent effect on the actions of CRAs, whether investors are compensated for their losses, and how the regulators have dealt with the issues of conflicts of interest and an anti-competitive environment. Should liability be introduced for CRAs through changes in the law so as to compel them to issue reliable ratings and solve the current problems? The book seeks to simplify the complex issues involved and is backed by concrete evidence; as such, it will appeal to both the well-informed and the lay general public who are interested in learning more about the role of CRAs in the sub-prime mortgage crisis and regulators’ attempts to remedy the situation. Novice readers can familiarise themselves with the legal and financial terminology used by referring to the glossary at the end of the book.
The EU Challenge to the SEC.
The EU Challenge to the SEC. - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The EU Challenge to the SEC. write by Roberta S. Karmel. This book was released on 2008. The EU Challenge to the SEC. available in PDF, EPUB and Kindle. This article argues that the European Union (EU) has been instrumental in moving the United States (US) Securities and Exchange Commission (SEC) from a policy of national treatment of foreign (non-US) issuers to a policy of mutual recognition of financial disclosure regulation based on convergence between US Generally Accepted Accounting Standards (GAAP) and international accounting standards (IFRS). Further, future initiatives based on a substantial equivalence model are under consideration by the SEC.The mutual recognition concept in financial regulation was a construct of the EU. Despite arguments that the US SEC should similarly engage in mutual recognition of foreign financial institutions and public company disclosure documents, the SEC insisted upon national treatment of foreign issuers and financial institutions. At the end of 2007, however, the SEC determined to accept IFRS rather than US GAAP in SEC filings by foreign issuers. Further, the SEC has suggested that it may permit foreign stock exchanges and perhaps foreign broker-dealers to engage in business in the United States based on mutual recognition if a foreign jurisdiction has a regulatory regime that is equivalent to the regulatory regime of the US in terms of investor protection. This significant change in SEC policy was largely the result of political pressure put on the SEC by the EU and a cooperative effort on the part of the SEC and the EU. On the other hand, securities regulatory reform in the EU made such cooperation possible.
Comparing European and U.S. Securities Regulations
Comparing European and U.S. Securities Regulations - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Comparing European and U.S. Securities Regulations write by Tanja Boskovic. This book was released on 2010-01-12. Comparing European and U.S. Securities Regulations available in PDF, EPUB and Kindle. This paper, aimed at professionals, scholars, and government officials in the field of securities regulations, compares the European (specifically the Market in Financial Instruments Directive MiFID) and U.S. securities regulations. The analysis focuses on the regulatory and supervisory framework, trading venues, and the provision of investment services. We show that although there may be regional differences in the structure and rules of current securities regulation, the objectives and some outcomes of regulation are comparable. Similarly, as the current global financial and economic crisis exposed gaps in securities regulations worldwide, regulators in both regions face similar challenges. This study will be particularly useful for World Bank member countries that are looking at either the European or U.S. regulations when conducting market reforms.
