Convergence, Coordination and Collusion in Securities Regulation: The Latin American Integrated Market

Latin American Law and Policy: Transforming Courts, Institutions, and Rights (L. Boratti et al., eds.) Palgrave Macmillan (Forthcoming).

27 Pages Posted: 6 Aug 2015

Date Written: July 31, 2015

Abstract

This chapter describes how stock exchange integration under the Latin American Integrated Market (MILA) may help overcome some of the political economy challenges to capital market development in the region. First, the creation of MILA may lead to regulatory convergence along the lines of Chile's higher disclosure and governance standards. Second, the agreements that underpin the existence of MILA could facilitate the regional coordination of enforcement policies. Third, the overarching structure of the integrated market could pave the way for the reallocation of policymaking and enforcement authority from the local to the regional level. In all three cases, the onset of MILA could insulate Latin American policymakers from the pressure of local interest groups, thereby neutralizing opposition to much-needed capital market reforms.

Keywords: Capital markets, Latin America, MILA, Latin American Integrated Market, Securities Regulation

JEL Classification: G32, G38, N26, O16, P16

Suggested Citation

Mendoza, Jose M., Convergence, Coordination and Collusion in Securities Regulation: The Latin American Integrated Market (July 31, 2015). Latin American Law and Policy: Transforming Courts, Institutions, and Rights (L. Boratti et al., eds.) Palgrave Macmillan (Forthcoming)., Available at SSRN: https://ssrn.com/abstract=2639344

Jose M. Mendoza (Contact Author)

Universidad de Los Andes ( email )

Carrera Primera # 18A-12
Bogota, DC D.C. 110311
Colombia

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