Responsibility of Financial Market Supervisory Authorities: Current Regulatory Framework and Expectations

Abstract

Regulation of financial markets come into the spotlight after the global financial crisis: gaps in the activities of the regulators1 supervising financial markets and exercising proper oversight in this area becomes apparent, the existing regulations are analyzed and necessary reforms are made by the states. This article analyzes the regulation and supervision of financial markets and examines the responsibilities2 arisen out of these activities. The purpose of the article is to conduct a comparative analysis to determine the degree of responsibility of the authorities that regulate and supervise the financial markets before professional market participants, their shareholders, as well as citizens – consumers.