Abstract

http://ssrn.com/abstract=460560
 
 

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US-EU Regulatory Convergence: Capital Markets Issues


Robert Pozen


Harvard Business School; Brookings Institution

Mario Draghi


Goldman Sachs International


THE FUTURE OF TRANSATLANTIC RELATIONS, Bertelsmann Foundation, Forthcoming

Abstract:     
The U.S. and the E.U. are the two most important areas in terms of capital raising and securities trading, so together they constitute the "G-2" of the capital markets. Through informal leadership, the G-2 can help resolve some important regulatory issues between the U.S. and the E.U. while providing precedents for the global capital markets. The key issues in the U.S. include: reconciliation of accounting systems, extraterritorial application of Sarbanes-Oxley, and U.S. access to E.U. trading screens. The key issues in the E.U. include: E.U. restrictions on pension management, differential treatment of financial conglomerates, and no uniform E.U. rules on takeovers.

Note: This paper was written as part of the "Future of the Transatlantic Project" of the Bertelsmann Foundation and the Center for Applied Policy Studies (CAP) at the University of Munich.

Number of Pages in PDF File: 18

Keywords: capital markets, securities regulation

JEL Classification: G15, K22, K33

Accepted Paper Series


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Date posted: November 20, 2003  

Suggested Citation

Pozen, Robert and Draghi, Mario, US-EU Regulatory Convergence: Capital Markets Issues. THE FUTURE OF TRANSATLANTIC RELATIONS, Bertelsmann Foundation, Forthcoming. Available at SSRN: http://ssrn.com/abstract=460560 or http://dx.doi.org/10.2139/ssrn.460560

Contact Information

Robert Pozen (Contact Author)
Harvard Business School ( email )
Soldiers Field Road
Morgan 270C
Boston, MA 02163
United States
Brookings Institution ( email )
1775 Massachusetts Ave, NW
Washington, DC 20036
United States
Mario Draghi
Goldman Sachs International ( email )
Peterborough Court
133 Fleet Street
London, EC4A 2BB
United Kingdom
44.207.774.4377 (Phone)
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