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5 Macquarie J. Bus. L. 1 (2008)

handle is hein.journals/macqjbul5 and id is 1 raw text is: MqJBL (2008) Vol 5 REGULATION OF THE MARKET AND INTERMEDIARIES: GLOBAL COMPARISON AND CONTRAST - WHAT IS BEST PRACTICE? RECENT DEVELOPMENTS IN UK AND EUROPEAN UNION MARKET AND INTERMEDIARY REGULATION NIAMH MOLONEY* I THE REGULATORY ENVIRONMENT A Introduction - the Reform Movement One of the most striking features of capital market regulation worldwide at present is the extent to which it is characterised by large-scale reform and innovation, from regulatory, supervisory, and institutional perspectives~t While the US Sarbanes Oxley Act 2002 remains the classic example of controversial and swingeing regulatory, supervisory, and institutional reform, the International Organisation of Securities Commissions continues to extend its reach and influence,1 and markets worldwide are experiencing major reform initiatives.2 This movement reflects an international momentum, and what might be termed a 'copy cat approach' to reform,3 following the series of disclosure and corporate governance scandals of which Enron is now the paradigm example. It also reflects recent innovations in law and finance scholarship, which suggest that there is a Professor of Capital Markets Law, University of Nottingham and Fellow, Department of Business Law and Taxation, Monash University. t This analysis of recent developments was presented at the Monash University and Macquarie University Conference on Financial Services Reform Third Anniversary - Where to Next? Sydney, 13 July 2007. It reflects major developments and trends as at May 2007 and does not reflect later events, including the worldwide credit crunch and the subsequent policy response. 1 Influential IOSCO standards include the 2004 Code of Conduct for Rating Agencies, which was adopted as a self-regulatory standard for rating agencies in the EU in early 2006. 2 Korea, for example, is in the process of reforming its financial market regime. 3 G Hertig, On-Going Board Reforms: One Size Fits All and Regulatory Capture (2005), available on http://ssm.com/abstractid=676417.

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