The New Internationalization of US Securities Regulation: Improving the Prospects for a Trans-Atlantic Marketplace
Eric J. Pan
US Commodity Futures Trading Commission
Cardozo Legal Studies Research Paper No. 217
European Company Law, Vol. 5, No. 08/2, April 2008
In 2007, the Securities and Exchange Commission (SEC) announced several new rules and proposals that will have the effect of reducing barriers to the cross-border issuance, investment and trading of securities. In addition to new rules pertaining to deregistration and accounting, the SEC is in the process of developing a detailed proposal concerning mutual recognition treatment for foreign exchanges and broker-dealers seeking access to the US market.
In what can be best described as a new internationalization of US securities regulation, the SEC is embracing regulatory concepts and strategies that, until recently, were most often associated with the European Union's single market project: convergence, harmonization and mutual recognition. Just as these concepts have been applied to great effect in the European Union to bridge regulatory differences among the various EU member states, US adoption of these concepts and strategies raises the prospect of progress toward the development of a trans-Atlantic marketplace, creating benefits for US and EU issuers and investors alike. Given the impact such a regime would have on the development of the cross-border market, this essay explains why the SEC is undertaking this regulatory program right now, the status of the SEC's program and some of the challenges facing the program.
Number of Pages in PDF File: 18
Keywords: Securities Regulation, Mutual Recognition, International Finance
Date posted: February 5, 2008 ; Last revised: September 27, 2008
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