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VII Gatekeepers

From: EU Securities and Financial Markets Regulation (3rd Edition)

Niamh Moloney

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 31 January 2023

European Securities and Markets Authority (ESMA) — National Credit Union Administration (NCUA) — Sovereign debt markets
Gatekeepers are typically characterized as independent market actors who provide verification or certification services to investors and to the market generally.1 They include investment analysts, credit rating agencies (CRAs), trading venues (with respect to their admission standards and monitoring functions), auditors, investment banks (particularly with respect to their underwriting function), and lawyers (particularly with respect to their legal opinions on offerings). Gatekeepers have long been associated with mitigating the difficulties and costs that...
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