The evolution of global securities markets and the expanded internationalization of investment portfolios have made essential a better understanding of the regulation of transnational securities dealings. There is a greater need not only to understand the elements of existing regulatory regimes, but to understand how best to improve those regimes and to harmonize their mutual operations. The goal is the development of regulatory structures that promote fair, efficient, and orderly markets in securities. The member nations of Asia Pacific Economic Cooperation ("APEC") present a striking diversity of approaches to securities regulation. The systems differ in their maturity, in their formality, and in their degree of control and oversight of trading practices and other market processes. They differ too in their reliance on cooperative as opposed to coercive regulatory techniques, in the effectiveness of their remedies and the power of their enforcement tools, in their approaches to information disclosure, and in the types of transactions they seek to regulate. Some of those differences are certainly the product of particular local market conditions and of juristic and administrative traditions in the respective nations. But a key assumption in the effort to harmonize regulatory regimes is that the study of the reasons for particular approaches to regulation can produce a body of shared regulatory expectations which can then be translated into the legal and administrative vernacular of each nation and become the basis for better articulated markets throughout the APEC region.
Gregory A. Hicks,
Introduction. Securities Regulation in the APEC Countries,
4 Pac. Rim L & Pol'y J.
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