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

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dc.contributor.authorBoskovic, Tanja
dc.contributor.authorCerruti, Caroline
dc.contributor.authorNoel, Michel
dc.date.accessioned2013-05-23T18:43:45Z
dc.date.available2013-05-23T18:43:45Z
dc.date.issued2010
dc.description.abstractThe 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.doi10.1596/978-0-8213-8253-0
dc.identifier.isbn978-0-8213-8253-0
dc.identifier.issn1726- 5878
dc.identifier.urihttps://hdl.handle.net/10986/13528
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.relation.ispartofseriesWorld Bank Working Paper;No. 184
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectAdequacy
dc.subjectcapital formation
dc.subjectcapital markets
dc.subjectCapital Requirement
dc.subjectcapital requirements
dc.subjectcash settlement
dc.subjectCDS
dc.subjectcentral banks
dc.subjectchecks
dc.subjectcollective investment
dc.subjectCollective Investments
dc.subjectcommercial banks
dc.subjectCommodity
dc.subjectCompany Law
dc.subjectconflict of interest
dc.subjectconflicts of interest
dc.subjectCopyright Clearance
dc.subjectCopyright Clearance Center
dc.subjectcorporate bonds
dc.subjectcorporate governance
dc.subjectcountry to country
dc.subjectCredit Default
dc.subjectCredit Default Swaps
dc.subjectcredit derivatives
dc.subjectcredit institutions
dc.subjectcredit rating
dc.subjectcredit rating agency
dc.subjectcurrency
dc.subjectdebt
dc.subjectderivative
dc.subjectderivative market
dc.subjectderivatives
dc.subjectdisclosure requirement
dc.subjectdisclosure requirements
dc.subjectdue diligence
dc.subjectefficient markets
dc.subjectElectronic Communication
dc.subjectenforcement procedures
dc.subjectequities
dc.subjectequity markets
dc.subjectEquity securities
dc.subjectequity trading
dc.subjectExchange Commission
dc.subjectexposure
dc.subjectexposures
dc.subjectFederal Reserve
dc.subjectFederal Reserve System
dc.subjectfinances
dc.subjectFinancial Crisis
dc.subjectfinancial institution
dc.subjectFinancial Institutions
dc.subjectFinancial Instrument
dc.subjectFinancial Instruments
dc.subjectfinancial market
dc.subjectfinancial markets
dc.subjectFinancial Sector
dc.subjectFinancial Services
dc.subjectfinancial system
dc.subjectFixed Income
dc.subjectfixed income securities
dc.subjectflow of information
dc.subjectforeign banks
dc.subjectframework for securities
dc.subjectfraud
dc.subjectfrauds
dc.subjectFutures
dc.subjectfutures contracts
dc.subjectgovernment bond
dc.subjectgovernment bond market
dc.subjectgovernment bonds
dc.subjectgovernment securities
dc.subjectharmonization
dc.subjectHedge fund
dc.subjectHedge fund managers
dc.subjecthedge funds
dc.subjectHolding
dc.subjectHolding Companies
dc.subjectHolding Company
dc.subjectholdings
dc.subjectincome trading
dc.subjectindividual investors
dc.subjectinformed investors
dc.subjectinsider dealing
dc.subjectinsider trading
dc.subjectinstitutional investors
dc.subjectinstrument
dc.subjectinsurance
dc.subjectinsurance companies
dc.subjectinterest rates
dc.subjectInternational Bank
dc.subjectinternational financial crisis
dc.subjectInternational Securities
dc.subjectInternational Settlements
dc.subjectinvestment activities
dc.subjectinvestment bank
dc.subjectinvestment banks
dc.subjectinvestment decisions
dc.subjectinvestment policies
dc.subjectinvestment regulation
dc.subjectinvestment risk
dc.subjectinvestment risks
dc.subjectInvestor protection
dc.subjectlegal provisions
dc.subjectlevel playing field
dc.subjectliquid assets
dc.subjectLiquidity
dc.subjectmargin requirements
dc.subjectmarket conditions
dc.subjectMarket Data
dc.subjectmarket depth
dc.subjectmarket information
dc.subjectmarket infrastructure
dc.subjectmarket liquidity
dc.subjectmarket participants
dc.subjectmarket price
dc.subjectmarket prices
dc.subjectMarket Securities
dc.subjectmarket share
dc.subjectMarket Shares
dc.subjectmarket size
dc.subjectmarket surveillance
dc.subjectMarket Transparency
dc.subjectMinimum capital requirements
dc.subjectMoney Laundering
dc.subjectmoney market
dc.subjectmoney market instruments
dc.subjectMunicipal bonds
dc.subjectMunicipal Securities
dc.subjectmutual funds
dc.subjectnational securities
dc.subjectorderly trading
dc.subjectownership structure
dc.subjectpension
dc.subjectpension funds
dc.subjectportfolio
dc.subjectportfolio management
dc.subjectPrice Discovery
dc.subjectprice transparency
dc.subjectprofessional investors
dc.subjectprotection of investors
dc.subjectprudential supervisions
dc.subjectpublic companies
dc.subjectpublic debt
dc.subjectpublic offering
dc.subjectregistration of securities
dc.subjectregulator
dc.subjectRegulatory Authority
dc.subjectRegulatory Framework
dc.subjectregulatory frameworks
dc.subjectregulatory systems
dc.subjectreputation
dc.subjectReserve Requirements
dc.subjectRetail investors
dc.subjectrisk management
dc.subjectsale of investment
dc.subjectsavings
dc.subjectscandal
dc.subjectsecondary market
dc.subjectsecondary markets
dc.subjectSecurities
dc.subjectsecurities activities
dc.subjectsecurities broker
dc.subjectSecurities Dealers
dc.subjectSecurities Exchange
dc.subjectSecurities Exchanges
dc.subjectsecurities industry
dc.subjectsecurities laws
dc.subjectSecurities Market
dc.subjectSecurities Markets
dc.subjectsecurities registration
dc.subjectsecurities regulation
dc.subjectSecurities Regulations
dc.subjectSecurities Regulators
dc.subjectsecurities transaction
dc.subjectsecurities transactions
dc.subjectsecurity futures
dc.subjectsecurity price
dc.subjectshare of equity
dc.subjectshareholders
dc.subjectsmall business
dc.subjectStock Exchange
dc.subjectStock Market
dc.subjectstocks
dc.subjectSystemic Risk
dc.subjectsystemic risks
dc.subjecttax
dc.subjecttrades
dc.subjectTrading
dc.subjectTrading System
dc.subjectTrading Systems
dc.subjectTrading venue
dc.subjecttrading volume
dc.subjecttransaction
dc.subjecttransaction costs
dc.subjectTransferable Securities
dc.subjectTransparency
dc.subjectTreasury
dc.subjectWarehouse
dc.titleComparing European and U.S. Securities Regulations : MiFID versus Corresponding U.S. Regulationsen
dspace.entity.typePublication
okr.date.disclosure2010-01-06
okr.doctypePublications & Research::Publication
okr.doctypePublications & Research
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.globalpracticeTrade and Competitiveness
okr.identifier.doi10.1596/978-0-8213-8253-0
okr.identifier.report52460
okr.language.supporteden
okr.region.administrativeEurope and Central Asia
okr.region.geographicalAmerica
okr.region.geographicalNorth America
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicFinance and Financial Sector Development::Mutual Funds
okr.topicFinance and Financial Sector Development::Non Bank Financial Institutions
okr.topicLaw and Development::Corporate Law
okr.topicPrivate Sector Development::Emerging Markets
okr.unitPrivate/Financial Sectors Devt (ECSPF)
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