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From Federal Rules to Intersystemic Governance in Securities Regulation

14 Pages Posted: 17 Apr 2008  

Robert B. Ahdieh

Emory University School of Law


In this brief essay, prepared as part of a symposium on The New Federalism: Plural Governance in a Decentered World, I explore the regulatory dynamics at work: (1) in the operation of Securities Exchange Act Rule 14a-8, (2) in the interventions of then-Attorney General Eliot Spitzer in the national securities markets, and (3) in recent steps by the Securities and Exchange Commission to reconcile U.S. and international accounting standards. In each case, a distinct dynamic of regulatory interaction - what I term intersystemic governance - can be observed. In such cases, overlapping jurisdiction combines with various sources of interdependence to produce a regulatory scheme that goes beyond regulatory cooperation supporting each jurisdiction's pursuit of its own goals. Rather, it may produce something akin to joint, or intertwined, regulation of relevant individuals, institutions, or subject-matter. In such regimes, discrete sets of regulatory rules may collapse into a collective whole.

Keywords: intersystemic governance, dialectic, pluralism, Rule 14a-8, shareholder proposals, proxy, no-action letter, Spitzer, accounting standards, GAAP, IAS, SEC

JEL Classification: D73, F42, G18, G38, H77, K22, K33, M41, M44, M47

Suggested Citation

Ahdieh, Robert B., From Federal Rules to Intersystemic Governance in Securities Regulation. Emory Law Journal, Vol. 57, No. 1, 2007; Emory Public Law Research Paper No. 08-42. Available at SSRN:

Robert B. Ahdieh (Contact Author)

Emory University School of Law ( email )

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