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The pace of financial innovation since the s has been such that states did not have the luxury of opting to stick with regulatory standards that had stood them in good stead in the past. New standards had to be written for new technologies like screen-based trading, engineering of new products to reduce risk, indeed innovation into completely new types of markets such as the futures exchanges now institutionalised in all major economies.
Wall Street merchant banker Michael Milkin invented the junk bond and eventually went to prison for insider trading on a scale that had previously not been imagined. Wall Street lawyer Michael Lipton invented the poison pill that was used by hundreds of major companies to fend off the takeover frenzy of the s, along with other innovations such as golden parachutes, pac-man defenses, scorched earth retreats, shark repellents and lockups.
On some key issues they decided to sit around a common drawing board.
While the G-1O managed to agree on capital adequacy standards for banks that globalised almost instantly in the s, IOSCO found it impossible to settle capital adequacy standards for securities firms.
The nub of the problem was the difficulty of inventing a way of assessing capital adequacy suited both to the banks that dominate securities business in some countries and the nonbank securities firms that dominate in others.
Deregulation and product innovation have blurred this divide, however. Increasingly in most of the world, banking and securities business is combined in financial conglomerates. The regulatory separation of banking and securities business has long since collapsed in Japan and is crumbling even in the United States, so the different levels of functional integration that in the past have left states with divergent interests on capital adequacy standards are beginning to dissolve.
Advances in computing power have driven innovation in engineering financial products. New financial products could be invented as a result of the new ease, speed and cheapness of collecting, processing and disseminating data.
An example is securitisation itself — the conversion of cash flows from specific assets into marketable securities. Their joint report on derivatives, written just before the Barings collapse, has been tsuite telstra business plans accepted as a framework for convergence by key players including the SEC and the United States Commodity Futures Trading Commission.
The British Petroleum and British Gas privatisations, the latter being in the largest equity underwriting that had ever occurred, started a new era of equity offerings occurring simultaneously on the United States and European markets.
Banks that act as depositaries for foreign shares issue GDRs in units that represent the underlying value of those shares. Foreign investors can effectively trade the shares without having to deal with labyrinthine local registration and transfer procedures, confident that settlement will occur and with all transactions reaching them in United States dollars or the currency of their choice.
The latter illustrates how innovation generates new kinds of regulatory challenges that confront all states with a simultaneous need for regulatory redesign. Commonality and simultaneity of both financial innovation and global financial crises conduces to convergence more than grandfathered regulation that has established entrenched habits of industry practice, training, accounting, culture and structure.
While these realities are the basis for expecting more rapid progress toward global convergence of securities regulation, the fact to this point is of limited accomplishment and weak institutional infrastructure for globalisation.
ACTORS International Organisations Political will for globalisation of corporations and securities regulation has been limited, particularly on the part of the United States, as testified by the late arrival, limited accomplishment and minimal resourcing of the most important international organisation, IOSCO.
At the time of writing IOSCO still has only four staff, most of the work being done by the chairs of working groups of representatives of member Commissions. Following an initiative by British regulators who wished to discuss cross-border insider trading, IOSCO spread its membership to all states in The history of a Pan-American organisation evolving into the global body parallels Working Party 29 of the Economic Commission for Europe becoming the de facto global standard-setting body for motor vehicles.
During its first decade IOSCOs accomplishments were minimal assessed in terms of settled harmonisations.
It is not impossible that the structural conditions within which IOSCO now operates — expanding cross-border trading, regulatory competition, innovation in financial products and exchanges to deliver them, continuous screen-based trading, crises 67 Supra n.
For the time being at least IOSCO will remain a supra-national coordinator of securities markets rather than regulator. An example of where IOSCO has helped to facilitate a culture of cooperation in securities markets regulation has been the formulation in of principles for Memoranda of Understanding MOU.
MOUs are legally non-binding statements of cooperation between regulatory authorities. In the longer term the IOSCO principles will help to standardise cooperation between securities regulators. Compared to other domains of business regulation, the OECD has played an extremely modest role as an incubus of ideas for convergence in companies and securities regulation.
The European Community has edged Europe toward convergence of companies and securities law through a number of key Directives including the Listing Particulars Directive, the Interim Reports Directive, the Prospectus Directive, the Major Shareholders Directive, the Insider Trading Directive, the Investment Services Directive and a variety of Directives on the formation, structure, governance, accounts, audit, disclosure requirements and merger of companies.
During the s, the European Community also adopted more of a leadership role at IOSCO, organising European Commissions to take more unified positions to the international forum, prompting the United States to caucus defensively among the Western hemisphere members. The influence of the SEC, thus understood, is not just about the fact that United States market capitalisation remains considerably higher than that of all 69 E Wymeersch ed.
And it is also about a respect for the SEC as a regulatory success story that, for example, the United States Federal Trade Commission does not enjoy, as it was put to us immodestly, but nevertheless accurately we think, in one SEC interview: Who are the success stories? The SEC has respect.
The investor confidence that has come of its competence. As Powell72 has shown, Wall Street legal entrepreneurs do not passively wait for clients to ask for their latest tactics; they get out and sell them to boards, first domestically, then internationally.
So the foreign regulators know that whatever is troubling the SEC now is likely to be giving them grief soon. Business actors The colonies of northern Italian merchants who could be found in every major commercial centre of Europe in the fifteenth century — Geneva, Lyons, Barcelona, Seville, London, Bruges and especially Antwerp — diffused doubleentry bookkeeping and other forms of business knowhow, particularly concerned with the use of credit, that laid foundations for the corporatisation of the world in later centuries.
We have seen no evidence of this being the case. In the nineteenth century the house of Rothschild was more powerful than most states.Telstra Business Phone Plans Small Business Phone Plans.
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