SELF-REGULATION AND THE ROLE OF THE STATE IN THE SPHERE OF REGULATION OF THE FINANCIAL MARKET
DOI:
https://doi.org/10.12775/EiP.2007.011Keywords
self-regulation, states' role in economy, economic regulations, regulatory function of the stateAbstract
Financial markets are an extremely important element of the state economy and the «transfer of powers» by the state to the players in those markets usually meets with resistance, also because the participation of the state in the regulation of a financial market has been traditionally recognised as ensuring stability in that sector of the economy. The idea of a higher degree of self-regulation and more responsibility for the financial market vested in the actual players in that market has been increasingly postulated in Literature. However, before these proposals are put into practice, some basic questions must be answered. For example, what are the advantages and disadvantages of self-regulation? Should it be an alternative to obligatory, or state regulation? How to draw its limits effectively? The paper analyses those questions and issues related to them from a legal point of view with the main objective to present to the Polish reader the idea of financial self-regulation and its place within the global financial markets.References
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