Before World War I, Europe's civil-law countries were developing securities markets as fast as the US and the UK. Indeed, regulatory agencies like the US Securities and Exchange Commission (SEC) arose because common-law fiduciary duties failed to protect distant owners.
但这种解释不够强大。一次大战前，欧洲民法国家证券市场的发展速度与美英两国相当。的确，由于普通法的信用义务不能保护外界所有者，美国证券交易委员会（SEC）这样的监管机构才应运而生。