Christopher Cox, Chairman of the SEC, spoke last week on 'Re-Thinking Regulation in an Era of Global Securities Markets." The text of the speech is available here.
Cox noted how important global consolidation of the world's capital markets has become, stating "Ever more public companies are raising capital beyond their geographic boundaries, and investors large and small are increasingly allocating their capital -- and their business assets -- outside their home countries." On the plus side, global integration gives investors more choices,lower transaction costs and opportunities to diversify risk.
National regulators must provide a strong regulatory scheme that will protect investors. The SEC is allying with other regulators in order to protect investors and provide timely and accurate information. Cox noted that because of globalization, he has spent a tremendous amount of time meeting with his counterparts in other countries.
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On this topic, you might be interested in the latest issue of the Harvard International Law Journal (http://www.harvardilj.org/). The first six articles are on this topic.
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