In November of 1988, at a Melbourne, Australia meeting of the International Association of Securities Commissioners (IOSCO), the United States Securities and Exchange Commission (SEC) released a policy statement entitled "Regulation of the International Securities Markets."' The statement identified three broad areas of regulation that should be addressed in an effective international securities mar- ket regulatory system: efficient structures, sound disclosure systems, and fair and honest markets. The Commission stated that: "To achieve those objectives, securities regulators in each nation should work closely with their foreign counterparts and seek coordinated in- ternational solutions to world market problems."2 Significantly, the SEC did not insist that its methods of regulation were the best or the only means of achieving the stated goals.
David S. Ruder,
Reconciling U.S. Disclosure Policy with International Accounting and Disclosure Standards,
Nw. J. Int'l L. & Bus.