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Comparative Analysis of Global Securities Regulation
Faculty Books
  • Jerry W. Markham, Florida International University College of Law

This chapter will compare the "functional" system of regulation in the United States with the single regulator and "twin peaks" approaches used elsewhere. Under "functional" regulation, different regulators are appointed to regulate particular financial services, even if the same firm offers those services. This has resulted in much overlap and regulatory conflict in the U.S., and proved to be troublesome during the Financial Crisis in 2008. Although elsewhere in the world financial services regulation is mostly consolidated into a single regulator, that model also proved to be wanting during that crisis. That the functional regulatory system in the U.S. was flawed should not have been a surprise. It is a haphazard system that is not the result of a design or reasoned blueprint. Rather, it is a set of accumulated responses to a long history of financial crises, scandals, happenstance, personalities, and compromises among a broad and competing array of industry and governmental bodies.

Publication Date
Edward Elgar Publishing
  • Global Securities Regulation,
  • "functional" regulation,
  • Financial Crisis 2008
Citation Information

Jerry W. Markham, Comparative Analysis of Global Securities Regulation, in RESEARCH HANDBOOK ON SECURITIES REGULATION IN THE UNITED STATES, (Jerry W. Markham and Rigers Gjyshi eds., 2014).