Regulatory bodies in EC securities markets between self- and statutory regulation: investor protection and the new financial intermediaries. A study of the French, Italian and British systems

Armanno, Maria (1995) Regulatory bodies in EC securities markets between self- and statutory regulation: investor protection and the new financial intermediaries. A study of the French, Italian and British systems. PhD thesis, University of Glasgow.

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Abstract

Since the 1970s securities markets in the EC have undergone significant reforms. The use of new information and communication technologies and above all the envisaged integration of the Community financial markets have been strong driving forces behind the developments. Considerations of competition between the national securities markets in the emerging single space of the EC have also motivated the reforms and, not least, better Investor protection has been a point of considerable importance not to be neglected in a progressively bigger and complex market. The thesis analyses and assesses new legislation in three of the currently 12 member states (France, Italy and the United Kingdom) in terms of the impact of self- regulatory and statutory rules and bodies on financial intermediaries with investor protection in mind. Before referring to the back ground of securities regulation in the selected three member state, the thesis examines, with, whenever relevant, reference to the situation in the USA, the notions of se1f-regu1ation, regulation with transition to deregulation, re-regulation and lastly "new regulation". Professional deontology is discussed as a regulatory element in the practice of the intermediaries, again with investor protection in mind. Dealing with the newly established regulatory bodies in the selected three member states, the thesis analyses the respective functions and effectiveness of the COB in France, CONSOB in Italy and the SIB in the United Kingdom. The last two chapters of the thesis concentrate on the question of investor protection in the light of the new regimes with regard to se1f-regu1atory and statutory standards.

Item Type: Thesis (PhD)
Qualification Level: Doctoral
Additional Information: Adviser: W H Balekjian
Keywords: Finance, Law
Date of Award: 1995
Depositing User: Enlighten Team
Unique ID: glathesis:1995-71854
Copyright: Copyright of this thesis is held by the author.
Date Deposited: 17 May 2019 09:31
Last Modified: 17 May 2019 09:31
URI: http://theses.gla.ac.uk/id/eprint/71854

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