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Progress Report on Securities Law Harmonization

Published online by Cambridge University Press:  28 February 2017

Roberta S. Karmel
Roberta S. Karmel*
Affiliation:
Brooklyn Law School; Kelley Drye & Warren
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Abstract

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Type
International Harmonization Efforts in Securities and Banking Regulation
Information
Proceedings of the ASIL Annual Meeting , Volume 88 , 1994 , pp. 409 - 415
Copyright
Copyright © American Society of International Law 1994 

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References

1 In 1992, there were purchases and sales of foreign stocks totaling $347 billion in the United States. Yet, purchases and sales of foreign companies on the New York Stock Exchange accounted for only 6.8 percent of average daily turnover. The comparable figure for NASDAQ trading was 3.6 percent. By contrast, the purchases and sales of foreign companies on the London Stock Exchange in 1992 accounted for 43.2 percent of trading volume. Cochrane, James L., Are U.S. Regulatory Requirements for Foreign Firms Appropriate? , INT. L. J. (forthcoming, 1994)Google Scholar.

2 Id. In 1992, foreign stocks represented 6.5 percent of the portfolio holdings of corporate pension funds, 4.4 percent of public pension funds and 5.3 percent of endowment funds. Greenwich Associates estimates that by 1995 these percentages will increase to 8.6 percent for corporate funds, 7.3 percent for public funds and 6.9 percent for endowments.

3 17 C.F.R. §§ 230.901-904 (1990).

4 17 C.F.R. § 230.144A (1990).

5 17 C.F.R. § 240.12g3-2(b) (1990).

6 6 Exchange Act Rel. No. 16371 (Nov. 29, 1979), 44 Fed. Reg. 70132, 71034 (1979).

7 Council Directive 89/646, 1989 O. J. (L. 386) 1, amended by Council Corrigenda of Mar. 30,1990, 1990 OJ (L 283) 28.

8 Council Directive 93/22, 1993.

8 Council Directive 93/6, 1993.

10 IOSCO, International Equity Offers (1989).

11 See Report Of The Technical Committee Of Iosco, International Conduct Of Business Principles (July 9, 1990).

12 Multijurisdictional Disclosure and Modifications to the Current Registration and Reporting System for Canadian Issuers, Securities Act Rel. No. 6902 (June 13, 1991), 56 Fed. Reg. 30036 (1991).

13 Securities Act Rel. No. 68% (June 5, 1991), 56 Fed. Reg. 27569 (1991); Securities Act Rel. No. 6897 (June 4, 1991).

14 Securities Act Rel. No. 7029 (Nov. 3, 1993).

15 These are discussed more fully in Karmel, Roberta S., Securities Law in the European Community: Harmony or Cacophony? , 1 Tulane J. Int’L & Comp. L. 3 (1993)Google Scholar.

16 Id.

17 Council Directive 88/627, 1988 O.J. (L 348) 62.

18 Council Directive 89/592, 1989 O.J. (L 334) 30.

19 Council Directive 88/220, 1988 O.J. (L 100) 31.