The attack on national regulation: why we need a global framework for domestic regulation |
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| Authors: | Greene, Edward F. Oztan, Omer S. |
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| Affiliation: | * Edward F. Greene is General Counsel, and Omer S. Oztan is a Counsel, of Citi Institutional Clients Group. The views expressed in this article are those of the authors and are not necessarily the views of Citi Institutional Clients Group or Citigroup Inc. (E-mail: omer.oztan@citi.com) |
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| Abstract: | ![]()
The first 150 words of the full text of this article appear below. Key points- In regulating cross-border capital markets transactions,regulators are employing either an exemptive approach, or aunilateral or mutual recognition approach. The exemptive approachallows market participants wherever located to transact businessin the host countries without complying with local requirements.The recognition approach is limited to a particular market,but is more expansive in terms of access to host country investors.In regulating cross-border transactions, the SEC has traditionallyrelied on the exemptive approach, and has restricted participationto only the largest, most sophisticated US investors. Recently,it has moved to a mutual recognition approach with its agreementwith Australia, which allows a broader range of US investorsto conduct cross-border transactions with Australian exchangesand broker–dealers relying almost entirely on the adequacyof the Australian regulatory system. However, both its exemptiveapproach and mutual recognition approach deal only with secondarymarket transactions, not participation in offerings.
- While. . . [Full Text of this Article]
| 1. Introduction | 2. Differences between exemption and recognition | 3. SEC's cross-border regulatory efforts: Rule 15a-6 and mutual recognition | Broker–dealer registration Rule 15a-6 currently Proposed Rule 15a-6 amendments SEC mutual recognition efforts Access by exchanges Access by broker–dealers Disclosure requirements Exemptive process Enhanced enforcement MOU and supervisory MOU Other aspects of the Framework Scope 4. Limits to the SEC's exemptive and recognition efforts | Regulatory arbitrage Scope of market participants Scope of investors 5. Issues raised by the SEC's approach | Limits on scope of market participants under the Framework SEC efforts to prevent Regulatory Arbitrage 6. Need for a Framework | Expand mutual recognition efforts to include non-US issuers Enhanced enforcement protections Use all available tools—SIFMA/IIF Framework Benefits of a Framework approach 7. Conclusion |
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