Creating Standards in a Global Financial Market - The Sarbanes-Oxley Act and Other Activities: What Europeans and Americans Could and Should Learn from Each Other

22 Pages Posted: 16 Nov 2010 Last revised: 24 Nov 2010

See all articles by Thomas M.J. Möllers

Thomas M.J. Möllers

University of Augsburg - Faculty of Law

Date Written: July 1, 2007

Abstract

In the past few years the US and the European Union have had to react to the accounting scandals of Enron, WorldCom and Parmalat. During this process the US has served as a role model for many provisions within the European Union. Several regulations of the Sarbanes-Oxley Act were adopted and the European Union implemented a central information system. The enforcement of legal duties is also influenced by the US model, resulting in civil liability claims gaining more importance. However, the strict criminal sanctions are – in light of the different legal cultures understandably – not adopted. In the future, the US and the EU should cooperate even more, before either passes important laws in this area unilaterally.

Keywords: Global Financial Market, EU Capital Markets Law, Sarbanes-Oxley Act

JEL Classification: K 22

Suggested Citation

Möllers, Thomas M.J., Creating Standards in a Global Financial Market - The Sarbanes-Oxley Act and Other Activities: What Europeans and Americans Could and Should Learn from Each Other (July 1, 2007). 4 European Company and Financial Law Review, Vol. 4, pp. 173-194, 2007 , Available at SSRN: https://ssrn.com/abstract=1709354

Thomas M.J. Möllers (Contact Author)

University of Augsburg - Faculty of Law ( email )

Germany

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
64
Abstract Views
488
rank
379,654
PlumX Metrics