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NUMERO 15 - 29/07/2015

 Public supervision of securities markets in Europe: still running behind the US?

The US and the EU financial markets share, by and large, the same size and level of complexity. However, the EU institutional architecture of securities supervision looks far less sophisticated than the American one. The article gives an account of the different legal architectures provided by the European and US jurisdictions for the public supervision of securities markets and aims at revealing the main features of both systems. The first part shows the overall framework of financial supervision in the EU and in the US, while the second one concerns the aims, functions and organization of the two securities regulators – namely ESMA for Europe and SEC for the US. Finally, the third and last part compares the regulatory and enforcement powers of the two agencies... (segue)



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