The worldwide repercussions of the Enron collapse have placed the effectiveness of the EC's system of securities and investment services market regulation, particularly with respect to disclosure, market transparency, and auditor independence, under a harsh spotlight.1 But the regime was already undergoing a sea change that may have longstanding repercussions for how EC securities and investment services markets are regulated. In particular, sweeping changes have been made to the way in which EC securities and investment services measures are adopted. These changes have set the stage for a dramatic change in the detail, regulatory sophistication, and degree of intervention in Member States' system of the EC securities and investment services regime. They have not, however, required a Treaty revision but are based on the comitology process for delegated law making
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