5.2. Rules for US Equity Investors
The US financial market is common law driven, and great importance is placed on laws from both local as well as federal courts. Federal laws have created a general framework for a financial system based on relevant financial activities, not financial institutions.
The pillars are
- Discipline for stock exchange and securities — The stock exchange represents the financial market and there are no financial market laws in place.
- Corporate governance rules — Rules concerning the governance of each company issuing securities.
- Discipline for insurance and pension funds — These are the most important players in the US market; pension funds are the largest investors followed by insurance companies.
- General rules ...
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