A country's regulatory structure determines what qualifies as a security.

"And, in the end, this is really going to test whether the regulatory structure of the whole market is adequate."

"They just got caught in a crazy regulatory structure."

But Smith believes the international regulatory structure makes it difficult for him to achieve that goal.

Q. Will there be any change in the regulatory structure?

President Obama has also proposed a major overhaul of the federal financial regulatory structure.

There are various setups and combinations in place for the financial regulatory structure around the global.

The report also says the law's regulatory structure could be made clearer and more coherent.

"We have become the world leader under this regulatory structure," she likes to say.

"But over time, they have evolved more into a regulatory structure than it was intended."