The City of London Corporation, the London Investment Banking Association (LIBA), the International Capital Market Association (ICMA), the Securities Industry and Financial Markets Association (SIFMA) and the Futures and Options Association (FOA) have commissioned a piece of research with the aim of contributing to the current debate on the effectiveness of enforcement and capital market regulation in different countries.
Both recent and ongoing developments in capital markets stemming from the current crisis, and moves by some regulatory authorities to consider mutual recognition of comparable regulatory regimes form the background to this project. The former brings to light market and regulatory failures that have engendered a fundamental review of the approach taken to the regulation of capital markets; the latter brings the challenge that regulatory authorities, interested in reaching mutual recognition agreements, need to assess other regimes on the basis that they deliver broad equivalence in terms of outcomes, and to avoid defaulting to measures of regulatory inputs. The purpose of this study is to help to shape the debate on these two issues.
Both recent and ongoing developments in capital markets stemming from the current crisis, and moves by some regulatory authorities to consider mutual recognition of comparable regulatory regimes form the background to this project. The former brings to light market and regulatory failures that have engendered a fundamental review of the approach taken to the regulation of capital markets; the latter brings the challenge that regulatory authorities, interested in reaching mutual recognition agreements, need to assess other regimes on the basis that they deliver broad equivalence in terms of outcomes, and to avoid defaulting to measures of regulatory inputs. The purpose of this study is to help to shape the debate on these two issues.
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