In North America, certain regulatory functions of exchanges have been
delegated or contracted to third party non-governmental regulators (FINRA5
the United States and IIROC6
in Canada), while others, notably in the area of
listing, have been retained by exchanges themselves. In Europe, in most cases, it
is the capital market regulators, not exchanges, who have an upper hand in issuer
regulation according to national and, in many cases, EU legislation.