June 23, 2007
International Securities Regulation
Posted by Fred Tung

I'm in a global mood as I sit here at Dulles waiting for my night flight to Addis Ababa, where I'll be consulting with the Ethiopian Ministry of Justice on commercial law reform for about a week.  As luck would have it, it's also been a happenin' few weeks in terms of changes afoot for global securities regulation.  To wit:

On Wednesday, the SEC voted unanimously to recommend that non-US based companies be allowed to rely on International Financial Reporting Standards (IFRS, promulgated by IASB--the international accounting standards board) without having to include GAAP reconciliation, as is currently required.

A few weeks back, the eighth annual meeting of the SEC Historical Society occurred.  Its focus:  Beyond Borders: A New Approach to the Regulation of Global Securities Offerings.  The discussion centered around a proposal for a regime of mutual recognition with the EU regarding large issuers (WKSIs, more or less), which was presented by Ed Greene of Citi Markets and Banking.

And finally, the SRO arms of NYSE and NASDAQ are officially combining as SIRA--the Securities Industry Regulatory Authority.  While not technically an international development, it's consistent with the increasing international consolidation among exchanges (the WSJ piece referred to NYSE Regulation as a "unit of NYSE Euronext Inc.").  NASDAQ CEO Mary Schapiro also suggested the possibility of some movement toward principles-based regulation, similar to LSE.  Perhaps a competitive adjustment?

In any event, my flight is boarding.  Internet access willing, stay tuned for more from Addis.

Europe, Globalization/Trade, Securities | Bookmark

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