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...Marches Financiers (AMF) France, the Financial Services Authority (FSA) in the United Kingdom, and the Financial Market Authority in Austria, that play critical regulatory roles in Europe. In the landmass of Europe alone, there are twenty-eight known domestic regulators among the member countries of the Federation of European Securities Exchanges. This regulatory architecture creates business challenges and costs for public companies doing business in Europe. Additionally, within the United States, regulators, such as those of the US Securities and Exchange Commission (SEC) and their enforcement division, also come to mind as powerful transnational regulators. The SEC has been the primary regulator of the US securities market for decades. This primacy, however, is not exclusive. Other secondary regulators make use of SEC enforcement actions to assist their regulatory efforts. The US banking agencies, for example, have adopted rules that make signing an SEC consent decree (which contains no admission of guilt) presumptive disqualifier of an applicant who wishes to take control of an insured depository institution. Similarly, the Department of Defense (DoD) may debar a contractor from doing business with DoD for a variety of reasons linked to or independent of SEC enforcement action. (1) The agencies that govern and regulate essentially piggyback on each other's enforcement orders.
While the reach of European and US regulators is extensive, it is not all-encompassing. European or US regulatory action has not, to date, found its mark in the international development sector. This sector, generally the domain of the international financial...
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