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Regulatory implications of cross-border exchange mergers

  • SEC (US Securities and Exchange Commission) (dark gray) Image

25 Jun 2006

In a speech at the Harvard Business School titled (PDF 66k), US SEC Chairman Christopher Cox discussed the heightened importance of uniform securities regulation and global accounting and auditing standards.

An excerpt:

National regulation will still be important. Indeed, it will be more important than ever, in order to protect investors from the new opportunities for fraud, unethical trading practices, and market manipulation that truly international markets could create. But equally important will be cooperation among national regulators. If national regulators don't cooperate with one another, and update their own rules and practices, the combination of global exchanges could serve as a robust new means for the unscrupulous to circumvent laws and regulations and to hide illegal activities from surveillance....

There are still many areas of significant difference between our standards and those of other countries. For example, we have different accounting and auditing standards, and, importantly, different liability standards. But the key to success going forward is to recognize that harm to investors will be minimized if we agree to adhere to high quality securities regulation and there is a strong degree of cooperation and coordination among regulators.

Click for on cross-border exchange mergers (PDF 35k).

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