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date: 23 January 2021

Abstract and Keywords

This Chapter deals with enforcement and sanctioning as part of financial regulation. It examines issues such as the role of private enforcement in supplementing public enforcement, the extent to which individuals should be held accountable compared to their employers, and how to design effective sanctions. It first provides an overview of enforcement strategies that a regulator may adopt, followed by a discussion on enforcement and its relation to the compliance strategies employed by regulated firms. It then reviews empirical studies of enforcement activity in the UK and the US, with particular emphasis on the impact of different enforcement styles, including private enforcement. It also explores the role of discretion in enforcement, along with the type of sanctions and how they are applied to individual cases. The article concludes by analysing the mechanisms used by regulators to facilitate enforcement in cases where financial markets and firms have a cross-border dimension.

Keywords: enforcement, financial regulation, private enforcement, public enforcement, sanctions, compliance, UK, US, discretion, financial markets

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