This chapter considers the role of private litigation, public enforcement and public surveillance in policing the integrity of information flows. It first discusses longstanding threats to integrity (such as fraud, insider trading and other forms of market abuse, and manipulative and disruptive trading practices), as well as emerging threats to reliability of information flows, (such disruptions to market continuity, operational capability, and systemic risk). It then considers the traditional role of private antifraud litigation in the United States in deterring and remediating fraud, as well as the trend to limit class action litigation in favor of public enforcement and other remedial mechanisms. It concludes with a discussion of self-regulatory surveillance mechanisms and efforts to enhance direct regulatory surveillance after the recent financial crisis.
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