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Securities Regulation During and After the 2008 Financial Crisis

In: The New International Financial System Analyzing the Cumulative Impact of Regulatory Reform

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  • Jennifer E. Bethel
  • Erik R. Sirri

Abstract

During the 2008 financial crisis, a number of issues surfaced for the SEC, including (1) heavy shareholder redemptions in money market funds that threatened the liquidity of the short-term funding markets, (2) a broad-based mistrust of credit rating agencies and skepticism towards credit ratings based on poor rating performance, especially the ratings of structured products, (3) a falling market amidst heavy short selling, coupled with vocal appeals to impose restrictions and bans on short selling, and (4) failing short- and long-term funding of large broker-dealer holding companies. We examine the regulatory response of the SEC during and after the financial crisis. We also discuss the limits of the SEC's regulatory authority and the resulting effectiveness of its regulatory responses.

Suggested Citation

  • Jennifer E. Bethel & Erik R. Sirri, 2015. "Securities Regulation During and After the 2008 Financial Crisis," World Scientific Book Chapters, in: Douglas D Evanoff & Andrew G Haldane & George G Kaufman (ed.), The New International Financial System Analyzing the Cumulative Impact of Regulatory Reform, chapter 9, pages 215-252, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814678339_0009
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