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The Need for Competition in International Securities Regulation

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  • Roberta Romano
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    Abstract

    This paper advocates opening up international securities regulation to greater regulatory competition than the scant competition that exists at present. After sketching the contours of an international regime of regulatory competition in securities laws and the reasons why such competition is desirable, the paper provides a detailed response to objections that have been raised to a proposal for a competitive securities regime that was principally focused on the United States, objections that would accordingly also be raised against this paper's proposal. These include whether the U.S. securities regime is directed at mitigating problems regarding disclosure of interfirm externalities and whether international competition will result in a regulatory race to the lowest level of disclosure. Because the analysis in support of regulatory competition in securities law draws upon the learn

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    File URL: http://icfpub.som.yale.edu/publications/2512
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    Bibliographic Info

    Paper provided by Yale School of Management in its series Yale School of Management Working Papers with number ysm214.

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    Date of creation: 01 Aug 2001
    Date of revision: 01 Sep 2001
    Handle: RePEc:ysm:somwrk:ysm214

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    Web page: http://icf.som.yale.edu/
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    Cited by:
    1. Lucian Bebchuk & Alma Cohen, 2002. "Firms' Decisions Where to Incorporate," NBER Working Papers 9107, National Bureau of Economic Research, Inc.
    2. Goergen, M. & Renneboog, L.D.R., 2008. "Contractual Corporate Governance," Discussion Paper 2008-41, Tilburg University, Center for Economic Research.
    3. Aitken, Michael & Cumming, Douglas & Zhan, Feng, 2013. "Exchange trading rules, surveillance and insider trading," CFS Working Paper Series 2013/15, Center for Financial Studies (CFS).
    4. Jean-Marc Suret & Cécile Carpentier, 2003. "Securities Regulation In Canada," CIRANO Project Reports 2003rp-12, CIRANO.
    5. Jean-Marc Suret & Cécile Carpentier, 2003. "Réglementation des valeurs mobilières au Canada," CIRANO Project Reports 2003rp-11, CIRANO.
    6. Bebchuk, Lucian Arye & Cohen, Alma, 2002. "Firms' Decisions on Where to Incorporate," CEPR Discussion Papers 3514, C.E.P.R. Discussion Papers.
    7. Cumming, Douglas & Johan, Sofia & Li, Dan, 2011. "Exchange trading rules and stock market liquidity," Journal of Financial Economics, Elsevier, vol. 99(3), pages 651-671, March.
    8. Drahozal, Christopher R., 2004. "Regulatory competition and the location of international arbitration proceedings," International Review of Law and Economics, Elsevier, vol. 24(3), pages 371-384, September.

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