To the point four years ago, the German "Act Establishing the Federal Financial Supervisory Authority" (FinDAG) provided for a one-stop financial services agency, BaFin, which was to succeed three formerly independent public authorities for the supervision of banking, insurance and securities. Whereas this on-stop-shop approach has been both acclaimed and criticized, the US Securities and Exchange Commission from its very beginning administered the areas of corporate finance, market regulation and investment. Although the missions of both supervisory authorities correspond, the powers transferred and thus the means of operations differ sharply. Limited to the supervisory power for capital markets, the thesis will analyse the agencies' historical development, governing law, operations and legal means and conduct an estimate of their economic efficiency. A comparison will help to provide suggestions for further legal design and development of the BaFin in the following years.
Veronika Fischer, geb. 1982, promovierte nach dem Studium der Rechts- und Wirtschaftswissenschaften (Universität Augsburg) und dem Abschluss als MBA (University of Dayton) im internationalen Kapitalmarktrecht mit einem US- Forschungsaufenthalt (University of North Carolina). Sie ist einer internationalen Unternehmensberatung tätig.
Inhaltsverzeichnis (Table of Contents)
- Abbreviations
- Bibliography
- Outline
- The SEC and BaFin – German and US capital market supervision in comparison.
- Index
- List of charts
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This dissertation aims to compare the regulatory frameworks of the U.S. Securities and Exchange Commission (SEC) and the German Federal Financial Supervisory Authority (BaFin) within the context of capital market supervision. The study focuses on identifying similarities and differences between these two institutions, analyzing their approaches to regulating capital markets, and exploring the effectiveness of their respective regulatory systems.
- Comparison of institutional structures and mandates of the SEC and BaFin
- Analysis of regulatory tools and approaches used by both agencies
- Assessment of the effectiveness of regulatory systems in the US and Germany
- Examination of the impact of international cooperation and convergence on capital market regulation
- Exploration of future challenges and trends in capital market supervision
Zusammenfassung der Kapitel (Chapter Summaries)
This section provides a summary of each chapter, excluding the conclusion and final chapter, to avoid spoilers.
Frequently Asked Questions
What is the main objective of the comparison between the SEC and BaFin?
The study aims to compare the regulatory frameworks, institutional structures, and mandates of the U.S. Securities and Exchange Commission (SEC) and the German Federal Financial Supervisory Authority (BaFin).
What does the acronym BaFin stand for?
BaFin stands for the Federal Financial Supervisory Authority in Germany (Bundesanstalt für Finanzdienstleistungsaufsicht).
How did the establishment of BaFin change German financial supervision?
With the FinDAG act, BaFin became a one-stop financial services agency, succeeding three previously independent authorities for banking, insurance, and securities supervision.
What are the key areas of focus for the SEC since its beginning?
From its inception, the SEC has administered corporate finance, market regulation, and investment supervision in the United States.
Does the thesis analyze economic efficiency?
Yes, the thesis conducts an estimate of the economic efficiency of both the SEC and BaFin's operations and legal means.
What role does international cooperation play in this study?
The research examines the impact of international cooperation and convergence on capital market regulation between the US and Germany.
- Arbeit zitieren
- Dipl. oec. iur. univ; MBA (University of Dayton) Veronka Fischer (Autor:in), 2008, The SEC and BaFin - US and German Capital Market Supervision in Comparision, München, GRIN Verlag, https://www.grin.com/document/131567
