Global Mutual Funds Investment Must Know

A significant number of firms, such as lawyers and accountants, who conduct investment business but only as an ancillary to their main activities continue to he regulated by their respective professional bodies. By contrast, the FSA has recently taken on responsibility for direct regulation of insurance and mortgage advisers.

This creation of a single regulator (except for pensions, for which there is a separate Pensions Regulator) brings the UK, in relation to investment business, much closer to the USA model, where the Securities and Exchange Commission has been the sole regulator since 1940. In making the FSA responsible for virtually all financial businesses, the UK has taken the model a stage further than the USA, where banks are still regulated by the Federal Reserve Board and State Banking Commissions.

Elsewhere, regulation has typically followed or been taken from US or UK models, depending upon which country has had the most influence in post-war developments, but influenced by local experience, good and bad, of initial legislation. A summary level description of the current law and regulatory structure of a number of these countries follows:

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