The New Internationalization of US Securities Regulation: Improving the Prospects for a Trans-Atlantic Marketplace

Cardozo Legal Studies Research Paper No. 217

European Company Law, Vol. 5, No. 08/2, April 2008

18 Pages Posted: 5 Feb 2008 Last revised: 27 Sep 2008

See all articles by Eric J. Pan

Eric J. Pan

US Commodity Futures Trading Commission

Date Written: February 2008

Abstract

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.

Keywords: Securities Regulation, Mutual Recognition, International Finance

Suggested Citation

Pan, Eric J., The New Internationalization of US Securities Regulation: Improving the Prospects for a Trans-Atlantic Marketplace (February 2008). Cardozo Legal Studies Research Paper No. 217; European Company Law, Vol. 5, No. 08/2, April 2008. Available at SSRN: https://ssrn.com/abstract=1089491

Eric J. Pan (Contact Author)

US Commodity Futures Trading Commission ( email )

1155 21st Street NW
Washington, DC 20581
United States

Register to save articles to
your library

Register

Paper statistics

Downloads
524
Abstract Views
2,007
rank
51,258
PlumX Metrics