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.
EU Securities and Financial Markets Regulation
EU Securities and Financial Markets Regulation - 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 EU Securities and Financial Markets Regulation write by Niamh Moloney. This book was released on 2023-03-25. EU Securities and Financial Markets Regulation available in PDF, EPUB and Kindle. Over the decade or so since the global financial crisis rocked EU financial markets and led to wide-ranging reforms, EU securities and financial markets regulation has continued to evolve. The legislative framework has been refined and administrative rulemaking has expanded. Alongside, the Capital Markets Union agenda has developed, the UK has left the EU, and ESMA has emerged as a decisive influence on EU financial markets governance. All these developments, as well as the Covid-19 pandemic, have shaped the regulatory landscape and how supervision is organized. EU Securities and Financial Markets Regulation provides a comprehensive, critical, and contextual account of the intricate rulebook that governs EU financial markets and its supporting institutional arrangements. It is framed by an assessment of how the regime has evolved over the decade or so since the global financial crisis and considers, among other matters, the post-crisis reforms to key legislative measures, the massive expansion of administrative rulemaking and of soft law, the Capital Markets Union agenda, the development of supervisory convergence as the means for organizing pan-EU supervision, and ESMA's role in EU financial markets governance. Its coverage extends from capital-raising and the Prospectus Regulation to financial market intermediation and the MiFID II/MiFIR and IFD/IFR regimes, to the new regulatory regimes adopted since the global financial crisis (including for benchmarks and their administrators), to retail market regulation and the PRIIPs Regulation, and on to the EU's third country regime and the implications of the UK's departure from the EU. This is the fourth edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Heavily revised from the third edition to reflect developments since the global financial crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, institutional, and international context of the regulatory and supervisory regime.
Transnational Securities Regulation
Transnational Securities Regulation - 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 Transnational Securities Regulation write by Antonio Marcacci. This book was released on 2022-11-25. Transnational Securities Regulation available in PDF, EPUB and Kindle. The book provides an analysis of the emergence, evolution, and transformation of transnational securities regulation and of the influences from and the interactions between global regulatory powers in the field. Combining insights from law and political science, the work employs a two-tier complementary "on-the-books" and "in-action” approach. The more classical "on-the-books" approach draws on scholarship in United States and European Union securities regulation; transnational regulation and global administrative law; regime complexity; global governance studies; and the regulatory production of the International Organisation of Securities Commissions (IOSCO). The law in-action approach leverages the author’s experience as Compliance senior professional in a multinational financial institution as well as research interviews with senior IOSCO staff. The author’s findings enable the reader to develop an original understanding of IOSCO, its standards, and its unique place in the transnational regulatory arena. They also challenge the doxa that the US are the only driving regulatory power in the securities area when in fact, other regulatory powers are emerging – for the time being, the EU. The balance has shifted and regulatory compromises are achieved at different points in the rule making process.
Does Europe Need an SEC?
Does Europe Need an 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 Does Europe Need an SEC? write by Karel Lannoo. This book was released on 1999. Does Europe Need an SEC? available in PDF, EPUB and Kindle. The rapid integration of capital markets under EMU has triggered a debate on the remaining barriers to a true single market. Some have argued the need for a 'European SEC' to help overcome these barriers. This would be a step too far, however. Not only is there first a need for more regulatory harmonisation, which the European Commission is committed to achieving, but it would also require an amendment to the EU Treaty. Nor is it particularly desirable either, for securities markets will most likely evolve differently in the EU than they have in the US. Furthermore, some degree of regulatory competition can do no harm, and is implicit in the principles governing the single market, as long as it does not hamper market integration. This also fits with the current structure of market supervision in the EU, where the dividing line between regulation and self-regulation differs importantly from country to country.
Corporate Finance and the Securities Laws
Corporate Finance and the 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 Corporate Finance and the Securities Laws write by Charles J. Johnson. This book was released on 2004. Corporate Finance and the Securities Laws available in PDF, EPUB and Kindle. The highly anticipated Third Edition of Corporate Finance & the Securities Laws is a fully updated version of this classic work by two premier experts in the world of corporate finance. The book explains the legal environment in which capital markets transactions take place as well as explaining the transactions themselves and how professionals can manage the transaction and get it done. Some highlights in the Third Edition are: Underwriting practices the registration and distribution process Private placements Shelf registrations International finance Commercial paper Innovative financial products and asset-backed securities the Third Edition also includes updates on many important developments in corporate finance, including: New standards for IPO allocations the reduced role of analysts in securities offerings driven by reforms separating the interaction of research analysts And The investment bankers who bring in new business an updated look at MD&A (Management Discussion & Analysis) A new chapter focusing on asset-backed securities Sarbanes-Oxley's effects on disclosure requirements and due diligence the growing trend of On-line offerings Dealing with 'gun-jumping' problems Electronic delivery of offering documents New emphasis on financial statement due diligence New NASD corporate financing rule New NASD rule on retention of new issues (formerly the 'hot issue' rule) Exiting the SEC reporting system Innovative financing techniques And The Commodity Futures Modernization Act of 2000 Short sales and equity derivatives Innovations in convertible, exchangeable and equity-linked securities Amended Rule 10b-18 and more
