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The Need for Competition in International Securities Regulation

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  • Roberta Romano

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

Suggested Citation

  • Roberta Romano, 2001. "The Need for Competition in International Securities Regulation," Yale School of Management Working Papers ysm214, Yale School of Management, revised 01 Sep 2001.
    • Handle: RePEc:ysm:wpaper:ysm214
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    File URL: https://repec.som.yale.edu/icfpub/publications/2512.pdf
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    Cited by:

    1. Quigley, Neil, 2003. "The Economics of Harmonisation: Implications for Reform of Commercial Law and Regulation in New Zealand," Working Paper Series 18982, Victoria University of Wellington, The New Zealand Institute for the Study of Competition and Regulation.
    2. repec:vuw:vuwscr:18982 is not listed on IDEAS

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