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Authors

W. C. McLean

Abstract

This Note illustrates, in light of current market globalization, how SOx is a detriment to market globalization, and how the International Organization of Securities Commissions ("IOSCO") is better suited than the SEC to govern and regulate international securities trading. First, this paper defines and examines market globalization, as well as U.S. and non-U.S. involvement (i.e., foreign involvement) in market globalization. Second, it addresses the means by which Congress regulates U.S. securities markets, specifically focusing on SOx and its affect on foreign companies traded on U.S. securities exchanges. Finally, this paper considers which regulatory body, the SEC or the IOSCO, would best serve the international securities market, and thus market globalization, through commitment, independence, and repute.

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