The Securities and Exchange Commission (SEC) has undergone measured change in the last fifteen years in the way it executes its mission to protect investors. Since reforms adopted in 1996, the SEC has operated under a new mandate to consider the effect of new rules on efficiency, competition,...

This chapter examines the impact of private and public enforcement of securities regulation on the development of capital markets. After a review of the literature, it considers empirical findings related to private and public enforcement as measured by formal indices and resources, with...

This paper focuses on institutional design aspects of the enforcement of competition law and other procompetitive regulation in fintech markets. Those interventions may prove necessary because the market entry of technology-enabled innovation may depend on accessing other (competing) market...

The Securities and Exchange of Board of India (SEBI) is one of the most powerful regulators in India. As the regulator of one of the world's largest capital markets, it has a range of enforcement tools at its disposal, such as the imposition of monetary penalties, ordering the disgorgement of...

In the last few years, many of the world’s largest financial exchanges have converted from mutual, not-for-profit organizations to publicly-traded, for-profit firms. In most cases, these exchanges have substantial responsibilities with respect to enforcing various regulations that protect...

The failure of the regulatory system is at least one of the contributing causes to the 2008 Financial Crisis. The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) will have a far-reaching impact on the financial services industry particularly in its attempt to...

Improving commercial bank capital requirements has been a top priority on the regulatory agenda since the beginning of the 2008 financial crisis. Unfortunately, some of the information necessary to make informed decisions about capital regulation has been missing. Existing regulations establish...

By reference to case-law and soft law in three jurisdictions (Canada, US and EU), this paper explores how courts and agencies carry out balancing exercises in the application of competition law. The paper identifies three approaches: utilitarian balancing, consumer welfare balancing, and...

Do automated or artificial intelligence systems follow the law? What design choices can the law make to encourage legal compliance by robots? Tax law has some experience with these questions. Algorithmic tax compliance robots, such as TurboTax or H&R Block Online, appear to break taxpayer data...

A substantial number of cartels in the European Union are detected and enforced by the national competition authorities (NCAs). The effectiveness of domestic enforcement has been subject to extensive review and debates, which have recently culminated and resulted in the proposal for the ECN+...