This thesis deals with the regulation of financial reporting and, subsequently, with the effects of increased regulation on individual businesses and the entire capital market. Since rules must be enforced with appropriate enforcement mechanisms, the focus shall be put on the different enforcement procedures in several countries. In this respect, the thesis highlights differences between the SEC in the U.S. and the privately organized FRRP in the UK. In addition, a closer look is taken at the German two-tier enforcement mechanism. Subsequently, the thesis compares the powers of the SEC, the FRRP and the DPR in Germany or the ARP in Austria.One of the key questions is whether the enforcement institutions in the individual countries are also capable of controlling the accounting information of companies, of detecting any violations and of imposing appropriate sanctions. In addition, the question arises whether national enforcement mechanisms and detailed rules of international cooperation are sufficient, or whether a single European authority should be created to ensure the enforcement of accounting rules in Europe.It is seen that the SEC has far-reaching powers, while the efficiency of the FRRP, which is hardly equipped with penalty functions, is called into question. The DPR provides a suitable balance between the SEC and the FRRP. However, although the DPR presents an efficient and exemplary enforcement body at a national level, a higher European enforcement system appears indispensable. One unified European enforcement institution is necessary on the one hand to prevent enforcement arbitrage and on the other hand to create an equal partner for the SEC, which already has a lot of power especially in the American capital market.