SHARED REGULATION IN THE UNITED-STATES SECURITIES INDUSTRY

The processes determining regulatory impacts are increasingly centered within firms and industries themselves, and in the working relationsh ips among private and public actors. This article examines two aspects of this issue: (a) the effects of interdependence on the social contr ol of industry and (b) the emergence and behavior of regulatory profes sions within the private sector and their collaboration with public re gulatory counterparts. We consider how these forces have influenced pr ivate regulation in the United States securities industry.