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The Market For Securities And Its Regulation Through Gatekeepers, Carsten J. Gerner-Beuerle
The Market For Securities And Its Regulation Through Gatekeepers, Carsten J. Gerner-Beuerle
Carsten J Gerner-Beuerle
The financial scandals of the last decade have called into question the effectiveness of the system of securities regulation in many countries. Articles that have examined the origins of the regulatory crisis have concluded that the classical tools of corporate governance for the supervision of management have lost their force in light of new incentive structures in the financial markets. They see as the solution to the regulatory lacunae the utilisation of financial intermediaries and other market participants as gatekeepers, i.e. as agents that ensure compliance of the primary market actor (the issuer) with applicable rules by reviewing its disclosures …