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Please use this identifier to cite or link to this item: http://hdl.handle.net/1807/33257

Title: Harmonization of International Securities Markets Regulation: A Trade Perspective
Authors: Jorai, Goolshan Sharma
Advisor: Anand, Anita
Department: Law
Keywords: harmonization
securities
hybrid model
trade perspective
securities regulation
international securities
regulatory competition
World Trade Organization
General Agreement on Trade in Services
GATS
WTO
trade liberalization
mutual recognition
systemic risk
issuer choice
portable reciprocity
Tiebout
investor
systemic risk
negative externalities
multi-jurisdictional disclosure system
passport system
economies of scale
IOSCO
allocational efficiency
information cost
investor protection
Issue Date: 20-Nov-2012
Abstract: Widespread cross-border securities trading have led to the internationalization of securities markets. No one seriously disputes that such securities dealings require regulation, but there is no academic consensus on the best normative approach to such regulation. The academic debate initially focused on whether regulatory competition or cooperation constitutes the better model. However, the debate seems to have evolved to adopt a hybrid model combining the virtues of these two approaches. ‘Harmonization’ constitutes the dominant hybrid model. Nevertheless, the implementation of the harmonization model has barely received any attention in the literature. The aim of this thesis is hence two-fold: first, justify why harmonization should be the preferred model for the regulation of international securities markets; and second, develop, applying an international trade regulation perspective, a regulatory framework to implement the harmonization model using the World Trade Organization and General Agreement on Trade in Services (WTO/GATS) framework.
URI: http://hdl.handle.net/1807/33257
Appears in Collections:Master

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