Is the SEC a Learning Regulator? Lessons from Proxy Access
affiliation not provided to SSRN
February 3, 2013
Regulation & Governance, Forthcoming
Osgoode CLPE Research Paper No. 18/2013
Analysis of the US Securities and Exchange Commission’s (“SEC”) treatment of the concept of ownership in the federal proxy rules, between 1934 and 2010, suggests SEC systems and procedures may not employ optimal organizational learning. Addressing this, I develop the Learning Regulator Framework, a normative model facilitating organizational learning and allowing regulatory agencies to maintain awareness of, and adaptation to, socio-economic realities in regulated environments, thereby promoting reflective, responsive, relevant, and efficient regulatory frameworks. The relevance of the model to other institutional settings is also considered.
Keywords: learning, ownership, regulation, risk, Securities and Exchange Commission
JEL Classification: D83, G18, K22, L51, N22
Date posted: February 4, 2013
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