Global Capital Markets Center
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Professor Jim Cox 7 Canterbury L. Rev. 5 (1998) |
ABSTRACT:
Globalization has placed great stress on the ability of U.S. securities laws to maintain a protective wall between its citizens and less regulated foreign markets. This article examines three quite different areas where globalization challenges U.S. securities law orthodoxy. Part I reviews the U.S. courts' grappling with the jurisdictional reach of the U.S. securities laws. The extraterritorial application of the regulatory and antifraud provisions of securities laws are much influenced by the challenges posed by a global market. Part II examines the recent amendment of the U.S. securities laws' anti-manipulation rules so as to exclude large international issuers from their demands. Finally, Part III addresses the most controversial and important question facing the SEC: by what criteria will the SEC decide to accept financial statements that are not prepared or reconciled to U.S. accounting and auditing standards?
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