The article explores how different countries regulate their stock markets. They looked at who makes the rules, checks if they're followed, and punishes rule-breakers. They found three main ways countries do this: some have the government in charge, some give more freedom to market players, and some have a mix of both. France, Germany, and Japan have the government leading the way. The UK, Hong Kong, and Australia let market players have more say. The US and Canada have a mix of both.