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

Boskovic, Tanja; Cerruti, Caroline; Noel, Michel

doi:10.1596/978-0-8213-8253-0

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

dc.contributor.author	Boskovic, Tanja
dc.contributor.author	Cerruti, Caroline
dc.contributor.author	Noel, Michel
dc.date.accessioned	2013-05-23T18:43:45Z
dc.date.available	2013-05-23T18:43:45Z
dc.date.issued	2010
dc.description.abstract	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.	en
dc.identifier.isbn	978-0-8213-8253-0
dc.identifier.issn	1726- 5878
dc.identifier.uri	http://hdl.handle.net/10986/13528
dc.language.iso	en_US
dc.publisher	Washington, DC: World Bank
dc.relation.ispartofseries	World Bank Working Paper;No. 184
dc.rights	CC BY 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by/3.0/igo
dc.subject	Adequacy
dc.subject	capital formation
dc.subject	capital markets
dc.subject	Capital Requirement
dc.subject	capital requirements
dc.subject	cash settlement
dc.subject	CDS
dc.subject	central banks
dc.subject	checks
dc.subject	collective investment
dc.subject	Collective Investments
dc.subject	commercial banks
dc.subject	Commodity
dc.subject	Company Law
dc.subject	conflict of interest
dc.subject	conflicts of interest
dc.subject	Copyright Clearance
dc.subject	Copyright Clearance Center
dc.subject	corporate bonds
dc.subject	corporate governance
dc.subject	country to country
dc.subject	Credit Default
dc.subject	Credit Default Swaps
dc.subject	credit derivatives
dc.subject	credit institutions
dc.subject	credit rating
dc.subject	credit rating agency
dc.subject	currency
dc.subject	debt
dc.subject	derivative
dc.subject	derivative market
dc.subject	derivatives
dc.subject	disclosure requirement
dc.subject	disclosure requirements
dc.subject	due diligence
dc.subject	efficient markets
dc.subject	Electronic Communication
dc.subject	enforcement procedures
dc.subject	equities
dc.subject	equity markets
dc.subject	Equity securities
dc.subject	equity trading
dc.subject	Exchange Commission
dc.subject	exposure
dc.subject	exposures
dc.subject	Federal Reserve
dc.subject	Federal Reserve System
dc.subject	finances
dc.subject	Financial Crisis
dc.subject	financial institution
dc.subject	Financial Institutions
dc.subject	Financial Instrument
dc.subject	Financial Instruments
dc.subject	financial market
dc.subject	financial markets
dc.subject	Financial Sector
dc.subject	Financial Services
dc.subject	financial system
dc.subject	Fixed Income
dc.subject	fixed income securities
dc.subject	flow of information
dc.subject	foreign banks
dc.subject	framework for securities
dc.subject	fraud
dc.subject	frauds
dc.subject	Futures
dc.subject	futures contracts
dc.subject	government bond
dc.subject	government bond market
dc.subject	government bonds
dc.subject	government securities
dc.subject	harmonization
dc.subject	Hedge fund
dc.subject	Hedge fund managers
dc.subject	hedge funds
dc.subject	Holding
dc.subject	Holding Companies
dc.subject	Holding Company
dc.subject	holdings
dc.subject	income trading
dc.subject	individual investors
dc.subject	informed investors
dc.subject	insider dealing
dc.subject	insider trading
dc.subject	institutional investors
dc.subject	instrument
dc.subject	insurance
dc.subject	insurance companies
dc.subject	interest rates
dc.subject	International Bank
dc.subject	international financial crisis
dc.subject	International Securities
dc.subject	International Settlements
dc.subject	investment activities
dc.subject	investment bank
dc.subject	investment banks
dc.subject	investment decisions
dc.subject	investment policies
dc.subject	investment regulation
dc.subject	investment risk
dc.subject	investment risks
dc.subject	Investor protection
dc.subject	legal provisions
dc.subject	level playing field
dc.subject	liquid assets
dc.subject	Liquidity
dc.subject	margin requirements
dc.subject	market conditions
dc.subject	Market Data
dc.subject	market depth
dc.subject	market information
dc.subject	market infrastructure
dc.subject	market liquidity
dc.subject	market participants
dc.subject	market price
dc.subject	market prices
dc.subject	Market Securities
dc.subject	market share
dc.subject	Market Shares
dc.subject	market size
dc.subject	market surveillance
dc.subject	Market Transparency
dc.subject	Minimum capital requirements
dc.subject	Money Laundering
dc.subject	money market
dc.subject	money market instruments
dc.subject	Municipal bonds
dc.subject	Municipal Securities
dc.subject	mutual funds
dc.subject	national securities
dc.subject	orderly trading
dc.subject	ownership structure
dc.subject	pension
dc.subject	pension funds
dc.subject	portfolio
dc.subject	portfolio management
dc.subject	Price Discovery
dc.subject	price transparency
dc.subject	professional investors
dc.subject	protection of investors
dc.subject	prudential supervisions
dc.subject	public companies
dc.subject	public debt
dc.subject	public offering
dc.subject	registration of securities
dc.subject	regulator
dc.subject	Regulatory Authority
dc.subject	Regulatory Framework
dc.subject	regulatory frameworks
dc.subject	regulatory systems
dc.subject	reputation
dc.subject	Reserve Requirements
dc.subject	Retail investors
dc.subject	risk management
dc.subject	sale of investment
dc.subject	savings
dc.subject	scandal
dc.subject	secondary market
dc.subject	secondary markets
dc.subject	Securities
dc.subject	securities activities
dc.subject	securities broker
dc.subject	Securities Dealers
dc.subject	Securities Exchange
dc.subject	Securities Exchanges
dc.subject	securities industry
dc.subject	securities laws
dc.subject	Securities Market
dc.subject	Securities Markets
dc.subject	securities registration
dc.subject	securities regulation
dc.subject	Securities Regulations
dc.subject	Securities Regulators
dc.subject	securities transaction
dc.subject	securities transactions
dc.subject	security futures
dc.subject	security price
dc.subject	share of equity
dc.subject	shareholders
dc.subject	small business
dc.subject	Stock Exchange
dc.subject	Stock Market
dc.subject	stocks
dc.subject	Systemic Risk
dc.subject	systemic risks
dc.subject	tax
dc.subject	trades
dc.subject	Trading
dc.subject	Trading System
dc.subject	Trading Systems
dc.subject	Trading venue
dc.subject	trading volume
dc.subject	transaction
dc.subject	transaction costs
dc.subject	Transferable Securities
dc.subject	Transparency
dc.subject	Treasury
dc.subject	Warehouse
dc.title	Comparing European and U.S. Securities Regulations : MiFID versus Corresponding U.S. Regulations	en
dspace.entity.type	Publication
okr.date.disclosure	2010-01-06
okr.doctype	Publications & Research :: Publication
okr.doctype	Publications & Research
okr.globalpractice	Finance and Markets
okr.globalpractice	Governance
okr.globalpractice	Trade and Competitiveness
okr.identifier.doi	10.1596/978-0-8213-8253-0
okr.identifier.report	52460
okr.language.supported	en
okr.region.administrative	Europe and Central Asia
okr.region.geographical	America
okr.region.geographical	North America
okr.topic	Finance and Financial Sector Development :: Debt Markets
okr.topic	Finance and Financial Sector Development :: Mutual Funds
okr.topic	Finance and Financial Sector Development :: Non Bank Financial Institutions
okr.topic	Law and Development :: Corporate Law
okr.topic	Private Sector Development :: Emerging Markets
okr.unit	Private/Financial Sectors Devt (ECSPF)
relation.isSeriesOfPublication	3e126efc-de2f-4a95-be5b-bd2e430a4843