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Coopération transfrontalière : la clé du combat contre la fraude internationale sur les valeurs mobilières

Author

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  • Michael Mann
  • Paul A.Leder
  • Martin Kimel

Abstract

[eng] Cross-border cooperation : the key to combatting international securities fraud . A key responsibility of every securities regulator is to ensure the integrity of its markets. To accomplish this, one needs fair laws and regulations as well as the ability to enforce those laws and regulations. Given the internationalization of the world's securities markets, information relevant to enforcing the securities laws is now oftentimes located outside any one regulator's national borders. Based on its extensive experience with international evidence-gathering, the US Securities and Exchange Commission (SEC) relies upon cooperation with the relevant regulators - rather than unilateral action - as the means for gaining access to evidence located abroad. The SEC has formalized many of its cooperative relationships with foreign securities regulators in the form of memoranda of understanding (MOUs). . The article discusses the SEC's development of MOUs as a means for developing cooperative relationships between securities regulators in different countries, the legislation that has facilitated the provision of meaningful international cooperation, and the international response to this approach. The article concludes with a discussion of the environment for international cooperation that now exists among regulators. [fre] Une responsabilité primordiale de tout régulateur des valeurs mobilières est d'assurer l'intégrité de ses marchés. Pour remplir cette mission, il doit non seulement disposer d'un corpus de lois et de règlements équitables mais aussi pouvoir faire exécuter ces lois et ces règlements. Du fait de l'internationalisation des marchés financiers mondiaux, les informations qui peuvent servir à l'application des lois sur les valeurs mobilières se trouvent maintenant souvent à l'extérieur des frontières nationales du régulateur. Se fondant sur sa large expérience de la collecte de preuves à l'international, la Securities and Exchange Commission (SEC), l'autorité de surveillance des opérations sur titres aux Etats-Unis, préfère compter sur la coopération avec les régulateurs appropriés plutôt que sur une action unilatérale de sa part pour obtenir l'accès aux preuves situées en dehors de ses frontières. La SEC a donc formalisé nombre de ses relations de coopération avec les régulateurs étrangers sous la forme d'accords d'assistance mutuelle — « les Memorandum Of Understanding » (MOU). L'article traite : a) de la façon dont la SEC a fait des MOU un moyen de développement des relations de coopération entre les régulateurs des différents pays ; b) de la législation qui a permis d'établir plus facilement une vraie coopération internationale, et c) de la réponse internationale à cette approche. L'article est conclu par une réflexion sur le climat de coopération internationale qui s'est établi entre les régulateurs.

Suggested Citation

  • Michael Mann & Paul A.Leder & Martin Kimel, 1995. "Coopération transfrontalière : la clé du combat contre la fraude internationale sur les valeurs mobilières," Revue d'Économie Financière, Programme National Persée, vol. 33(2), pages 107-122.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_1995_num_33_2_2467
    DOI: 10.3406/ecofi.1995.2467
    Note: DOI:10.3406/ecofi.1995.2467
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