Contrasting Worldviews at Bank and Securities Market Regulators
对比了银行与证券市场监管机构在金融监管态度上的差异：银行监管侧重保护存款人，而证券监管强调信息披露和交易效率，并指出美国SEC的投资者保护职责因投资者金融素养而异。
Abstract Bank and securities regulators operate with different attitudes about the appropriate regulation of financial institutions and markets. Bank regulators’ prudential oversight protects depositors from worrying about the repayment of their bank claims. In contrast, securities market regulators tend to presume that security markets (almost) always clear quickly at prices close to the asset's fundamental value. These regulators seek to assure full disclosure of information, which facilitates active securities trading. In the United States, the Securities and Exchange Commission's (SEC) investor protection duties are tailored to the financial sophistication of individual investors.