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The European Union and Global Financial Regulation$
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Lucia Quaglia

Print publication date: 2014

Print ISBN-13: 9780199688241

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780199688241.001.0001

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The EU and Global Securities Markets Regulation

The EU and Global Securities Markets Regulation

Chapter:
(p.57) 4 The EU and Global Securities Markets Regulation
Source:
The European Union and Global Financial Regulation
Author(s):

Lucia Quaglia

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199688241.003.0004

The EU regulatory capacity in securities markets was relatively weak until the late 1990s, but was substantially enhanced with the so-called Lamfalussy reform. After the global financial crisis, the EU extended the perimeter of legislation to rating agencies, hedge funds, and over-the-counter derivatives. So did the US. The US has a strong regulatory capacity in securities markets, which is a federal competence. The combination of strong US regulatory capacity and weak EU regulatory capacity prior to the 2000s, meant that in that period the EU passively cross-loaded part of its securities market legislation from the US. Moreover, the US was more influential than the EU in the International Organization of Securities Commissions (IOSCO). After the strengthening of EU and US regulatory capacity following the crisis, these jurisdictions are in the process of actively and passively cross-loading parts of their new regulatory templates.

Keywords:   securities markets regulation, International Organization of Securities Commissions, stock exchanges, credit rating agencies, hedge funds, derivatives, financial market infrastructure

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