Insider trading, for example, was generally legal under the rules governing fiduciary duties in America's states, which back then played a dominant role. By contrast, the SEC is a rule-generating institution of the type that civil-law countries like France or Germany would have little difficulty creating if they wished to .
比如内部交易在美国各州管理信用义务的法律中大多为合法，这在彼时彼刻占据了统治地位。与此相反，如果法德这样的民法国家真想建立美国证交会这样的立法机构，也应该没有什么困难。