Bridge over ocean
1 September 2007 Position Paper

Self-Regulation in Today’s Securities Markets

Outdated System or Work in Progress?

  1. CFA Institute

The U.S. Securities and Exchange Commission has questioned the fairness and efficiency of U.S. securities industry self-regulation in light of market developments, new technologies, growing global competition, and additional factors that increase the conflicts inherent in a system of self-regulation. In this paper, the CFA Institute Centre for Financial Market Integrity comments generally on the global convergence of securities markets and regulation and seeks to address whether self-regulation is viable in today's climate. This paper focuses on traits that will strengthen self-regulatory systems by addressing the inherent conflicts and develops a core set of standards generally applicable to most regulatory systems, regardless of jurisdiction or structure. The paper concludes by offering several suggestions for a global oversight framework of securities markets focused on efficiency and investor protection.

Self-Regulation in Today’s Securities Markets: Outdated System or Work in Progress? View the full article (PDF)

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