Davidpechevarria 6 regulation of financial regulation

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Unformatted text preview: Dr. David P Echevarria 6 REGULATION OF FINANCIAL REGULATION MARKETS MARKETS A. Securities Act of 1933 1. Registration of securities 2. Prospectus required - full and fair disclosure Prospectus B. Securities Act of 1934 B. 1. 2. 3. Securities and Exchange Commission (SEC) Insider trading prohibited Reporting requirements - form 10-K C. State regulations 1. Blue sky laws - vary by state All Rights Reserved Dr. David P Echevarria 7 REGULATION OF FINANCIAL REGULATION MARKETS MARKETS D. Regulation in other countries 1. 2. 3. 4. Many follow US model Canadian is provincial rather than national Japan regulated by the Ministry of Finance Germany does not separate banking and securities industries D. SEC Oversight / Self-Regulation 1. 2. 3. 4. SEC - EDGAR System National Association of Securities Dealers (NASD): Rules of National conduct conduct NYSE: Market surveillance - Audit trail NASDAQ: Recent reforms following SEC investigation D. Managing Market Volatility D. 1. 2. Trading Halts Circuit Breakers (maximum single day move before "slow down") All Rights Res...
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