The stimulation of commerce is a use of the regulatory function quite as definitely as prohibitions or restrictions thereon.

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The exchange's regulatory function would be spun out as a separate, non-profit, private entity with its own management and board.

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Meanwhile, its reputation was tarnished by successful prosecutions of Big Board traders who put their own interests ahead of their customers', and by weaknesses in its self-regulatory function.

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The problem with trial lawyers performing a regulatory function is that lawsuits take years or even decades to come to trial, meanwhile the company producing bad products continues business as usual, profiting while increasing the number of victims.

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How can that legitimate, and indeed necessary, function of an American regulatory agency constitute inappropriate extraterritorial reach?

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If internal capital markets function well within integrated markets, reducing remaining inconsistencies and differences in the regulatory framework of member states and coordinating supervision within the EU should be a priority.

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It was a feat Morgan and his crew would repeat across the industrial landscape, arranging new equilibrium conditions and regulatory mechanisms in one sector after the other, filling in for a non-existent central banking function (the Federal Reserve was created in 1913, marking the start of a whole new story).

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The exchange's function as a securities marketplace fits this definition, but what of its duty as a self-regulatory organization (SRO) to regulate its members and listed companies?

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