Cross-border cooperation between securities regulators

Roger Silvers

66 citations0/0 files storedJournal of Accounting and Economics

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Global Financial Regulation and Crises Global Financial Crisis and Policies Finance, Markets, and Regulation

Abstract

The events of September 11, 2001, prompted sweeping cross-border coordination efforts for securities regulators around the globe. After 9/11, the International Organization of Securities Commissions (IOSCO) forged a nonbinding arrangement—the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU)—that standardized the protocol for information sharing among participating securities regulators. Because regulators from different countries entered the MMoU at different times, their enlistments created a set of staggered shocks. I use these shocks to show that the resulting cross-border cooperation (a) increases cross-border enforcement and (b) reduces the cost of liquidity provision in the capital markets of participating countries. These results support the conclusion that the MMoU helps fill gaps in cross-border regulation that historically exposed investors to information asymmetry, agency costs, and expropriation risks.

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References

1960The Problem of Social Cost 1998Law and Finance 1971The Theory of Economic Regulation 1985Bid, ask and transaction prices in a specialist market with heterogeneously informed traders 2021The Theory of Economic Regulation 1976Toward a More General Theory of Regulation 2008The Economic Consequences of Legal Origins 2006What Works in Securities Laws?

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2018Regulatory Cooperation and Foreign Portfolio Investment 2020Does Regulatory Cooperation Help Integrate Equity Markets?2021The effects of cross-border cooperation on disclosure enforcement, earnings attributes, and transparency 2022Cross-border enforcement of securities laws and dividend payouts 2022Cross‐border regulatory enforcement and corporate voluntary disclosure

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