In North America, certain regulatory functions of exchanges have been delegated or contracted to third party non-governmental regulators (FINRA5 in the United States and IIROC6 in Canada), while others, notably in the area of listing, have been retained by exchanges themselves. In Europe, in most cases, it is the capital market regulators, not exchanges, who have an upper hand in issuer regulation according to national and, in many cases, EU legislation. 7 For instance, in Poland, the company is required to submit a draft of the issue prospectus to the Polish Financial Supervision Authority, which has the.
