کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7355845 1478044 2018 52 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Securities settlements as examples of crisis-driven regulation
ترجمه فارسی عنوان
حل و فصل اوراق بهادار به عنوان مثال از مقررات مبتنی بر بحران
کلمات کلیدی
اوراق بهادار، محل سکونت، تنظیم کننده، بحران، بحران مالی، اجرای قانون تنظیم قانون اوراق بهادار، کانادا،
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
International bodies have criticized Canadian financial markets for being lax in the area of enforcement. We examine whether such criticisms are applicable to settlements struck by the Ontario Securities Commission (OSC). We reach a number of important findings. First, the total number of parties sanctioned and the total amount of payments made to the OSC increased after the 2008 financial crisis, although these numbers decreased in subsequent years. Second, there is no discernible trend in the types of proceedings by which cases were concluded, although the OSC does use settlements more than other provincial regulators. Third, corporations, first-time offenders, and financial service companies are more likely than individuals or repeat offenders to settle and the OSC tends to settle less often when the case involves serious offences such as fraud or manipulation. Finally, penalties imposed as a result of a settlement were not statistically different than those imposed in a hearing. Interestingly, while there are outliers, financial service companies did not pay higher penalties than other parties, nor did repeat offenders although this has recently changed with the introduction of no-contest settlements. Our data support the idea that regulatory activity follows a cyclical pattern and, following a crisis, regulatory activity increases.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Law and Economics - Volume 55, September 2018, Pages 41-57
نویسندگان
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