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date: 19 February 2019

Abstract and Keywords

This Chapter examines conduct of business (COB) regulation, which governs the conduct of financial intermediaries in providing financial products and services. It considers financial intermediaries’ functional lines of business, particularly their securities activities. The Chapter discusses the rationales for COB regulation, the modal regulatory strategies used, and frameworks within which COB regulation operates. It then looks at COB regulation in the US, focusing on important market and regulatory developments in recent decades, including the adoption of a bifurcated regulatory regime in the aftermath of the 1929 market collapse and Great Depression; divergent rules of conduct, with reference to duties of loyalty and care; disclosure practices; and remuneration-based risks faced by broker-dealers. COB regulation in the US is then compared with that in Australia and the EU. Finally, the Chapter assesses reforms that have been proposed or adopted in the wake of the global financial crisis of 2007–09.

Keywords: conduct of business, regulation, financial intermediaries, securities, US, disclosure, remuneration-based risks, EU, reforms, financial crisis

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