Download this Paper Open PDF in Browser

The Securities and Exchange Commission Goes Abroad to Regulate Corporate Governance

50 Pages Posted: 13 Apr 2004  

Roberta S. Karmel

Brooklyn Law School


Foreign issuers comprise over ten percent of the issuers registered and filing reports under the Securities Exchange Act of 1934. This article considers the application of the Sarbanes-Oxley Act of 2002 to such foreign issuers. After tracing the fluctuating policies of the Securities and Exchange Commission with regard to foreign issuers, from isolationism to internationalism to unilateralism, the article discusses the provisions of Sarbanes-Oxley which impinge upon the corporate governance of foreign issuers. The negative reactions of foreign issuers to many of these provisions is explained. The author then speculates on the possible implications of the new foreign issuer regulatory regime, asserting that it may lead either to fewer foreign issuers entering the SEC reporting system or improvements world wide in corporate governance.

Keywords: corporations, governance, regulation, securities, foreign issuers

JEL Classification: G30, K22, K23

Suggested Citation

Karmel, Roberta S., The Securities and Exchange Commission Goes Abroad to Regulate Corporate Governance. Stetson Law Review, Forthcoming. Available at SSRN:

Roberta S. Karmel (Contact Author)

Brooklyn Law School ( email )

250 Joralemon Street
Brooklyn, NY 11201
United States
(718) 780-7946 (Phone)
(718) 780-0375 (Fax)

Paper statistics

Abstract Views