CMLJ Express |
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The attack on national regulation: why we need a global framework for domestic regulation (see p. 6)
| Edward F. Greene and Omer S. Oztan In regulating cross-border capital markets transactions, regulatorsare employing either an exemptive approach, or a unilateralor mutual recognition approach. In regulating cross-border transactions,the SEC has traditionally relied on the exemptive approach,and has restricted participation to only the largest, most sophisticatedUS investors. Recently, it has moved to a mutual recognitionapproach with its agreement with Australia, which allows a broaderrange of US investors to conduct cross-border transactions withAustralian exchanges and broker-dealers relying almost entirelyon the adequacy of the Australian regulatory system. However,both its exemptive approach and mutual recognition approachdeal only with secondary market transactions, not participationin offerings. While the SEC's proposed amendments to Rule 15a-6, togetherwith its mutual
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