¹ Including declining currency values and trade and budget deficits. See Division Of Market Regulation, U.S. Securities And Exchange Commission, The October 1987 Market Break Report (1988).

² Lee, Peter, The Fight to Gain Control of World Equities , Euromoney (July 1993), at 42 Google Scholar.

³ Dwyer, Paula, Ireland Is Looking a Lot Greener These Days , Business Week (March 7, 1994), at 21 Google Scholar.

⁴ 22 Sec. Reg. & L. Rep. (BNA) No. 3 at 103 (Jan. 19, 1990).

⁵ See, e.g., Greene, Edward F. et al., U.S. Regulation Of The International Securities Markets: A Guide For Domestic And Foreign Issuers And Intermediaries (1992)Google Scholar.

⁶ Opening statement of Arthur Levitt to meeting of U.S. Securities and Exchange Commission on November 3, 1993.

⁷ See Roquette, Andreas J., New Developments Relating to the Internationalization of the Capital Markets: A Comparison of Legislative Reforms in the United States, the European Community, and Germany 14 U. Pa. J. Int’l Bus. L. 565 , 599 (1994)Google Scholar.

⁸ See Warren, Manning G. III, Global Harmonization of Securities Laws: The Achievements of the European Communities , 31 Harv. Int’l L. J. 185, 194 (1990)Google Scholar.

⁹ For a description of these problems arising in the context of international takeover bids, including the exclusion of U.S. security holders from such transactions, see Maguire, John C., Regulatory Conflicts: International Tender and Exchange Offers in the 1990s , 19 Pepp. L. Rev. 939 (1992)Google Scholar.

¹⁰ Breyer, Stephen, Breaking The Vicious Circle: Toward Effective Risk Regulation 11 (1993)Google Scholar.

¹¹ U.S. Securities and Exchange Commission, Division of Market Regulation, Market 2000�An Examination Of Current Equity Market Developments 15 (1994).

¹² Supra note 2, at 42.

¹³ Karmel, Roberta S., National Treatment, Harmonization and Mutual Recognition , in International Bar Association, Capital Markets Forum , (1993)Google Scholar.

¹⁴ Id. at 8.

¹⁵ Beresford, Dennis R., Presentation to AICPA Conference on SEC Regulations, Washington (January 11, 1994)Google Scholar.

¹⁶ Amendment to Part XXX of the TSE Policies, approved March 29, 1994, extends the class of “eligible clients” to qualified institutional buyers under Rule 144A and to domestically registered investment counselors and portfolio managers. It should be noted that an eligible client still must utilize the services and facilities of a TSE member to enter orders into the Exchange. Interestingly, a proposal to extend the class of eligible clients to U.S. broker-dealers was rejected by the Exchange’s Board of Governors.

¹⁷ Pearce Bunting, J., “Staying Ahead of the Curve of Change,” Address to Competition for Order Flow: A Market Microstructure Conference, Memphis State University, March 24-25, 1994 Google Scholar.

¹⁸ See, e.g., Lessard, Donald, “The Global Financial Revolution” (unpublished presentation to IOSCO Annual Conference, Mexico City, October 26,1993) where he recommends it as an appropriate response for emerging markets; see also A. Simon Milne, supra note 12, at 43, where he notes its relevance for smaller jurisdictions like AustraliaGoogle Scholar.

¹⁹ See Cally Jordan, The Thrills and Spills of Free-Riding, unpublished paper (February 4, 1994, forthcoming in CANADIAN BUS. L. J.). The same effect was achieved with respect to market stabilization rules in the course of developing the MJDS.

²⁰ Rel. Nos. 33-6964; 34-31345 (October 1992). By Rel. Nos. 33-7025; 34-33134, International Series Rel. No. 604 (Nov. 3,1993), the SEC reduced eligibility requirements to expand the range of companies able to use the MJDS.

²¹ At least one major U.S. dealer recently acted as a lead underwriter on two cross-border offerings by Canadian issuers (The Horshman Corporation and Federal Industries Ltd.) on a “bought deal” basis.

²² Certain International Offerings by Private Placement in Ontario (1993) 16 OSCB 5931 (December 1, 1993).

²³ Supra note 17, at 13; see also Waitzer, Edward J., Making Continuous Disclosure Work Belter , 17 OSCB 242 (1994)Google Scholar.

²⁴ Draft National Policy No. 53 was published for comment in August 1993 and is currently being finalized by the Canadian Securities Administrators.

²⁵ Before a European Community prompted revision, Irish legislation contained a special provision under which prospectuses produced pursuant to the laws of specified jurisdictions could have been freely distributed in Ireland.

²⁶ Review of Residency Requirements for Salespersons and Supervisors of Registered Canadian Subsidiaries of U.S. International Dealers (1994) 17 OSCB 1215.

²⁷ In that it is not premised on mutual recognition, it is also narrower in scope than the recent motion of the International Councils of Securities Associations (ICSA), in which each participating organization agreed to take necessary steps in its country to ensure that qualified personnel from other countries are permitted to sell securities to institutional or wholesale clients without being required to meet the securities educational requirements of the host country, and that participating organizations would share information involving individual transferees under existing or new Memoranda of Understanding.

²⁸ For example, the SEC may wish to revive its concept release (Exchange Act Rel. No. 27018, July 11, 1989) which, if implemented, would have exempted foreign broker-dealers conducting a limited business from outside the United States which is subject to a regulatory regime, such as that which pertains in Canada, comparable to the U.S. securities laws. Similarly, it may consider exempting foreign issuers from Rules 10b-6, 7 and 8 (as it recently did for certain German issuers and indicated it would consider for “actively traded and widely-followed securities of highly capitalized issuers from other countries”) based on comparability of home market regulation, rather than solely on market capitalization and liquidity of the issuer. Rel. Nos. 33-7027; 34-33137, International Series Rel. No. 606, (November 3, 1993).

²⁹ Perhaps the most significant such initiative is not specific to financial services. In March 1993 the then-federal Minister of International Trade implemented a process designed to create a barrierfree internal trade market in Canada. The fact that the announcement of these negotiations followed immediately on the heels of the completion of the North American Free Trade Agreement was no coincidence. The increasing openness of the Canadian economy to international trade makes the reduction of internal barriers essential.

³⁰ Waitzer, Edward J., Addressing Duplicative Regulation , 17 OSCB 1059 (1994)Google Scholar.

³¹ Tolstoy, Leo, War And Peace 8 (trans. L. and A. Maude) (Oxford University Press, 1941, Book XI, chapter IIGoogle Scholar.

³² IOSCO has also made significant progress working with the International Auditing Practices Committee, including tentative endorsement of the International Standards on Auditing promulgated by the IASC.

³³ Richard C. Breeden developed this theme in his (unpublished) presentation to the 1993 IOSCO Annual Conference (Mexico City). He suggested a shift in focus from the structure of supervision to the issues of the adequacy of supervisory resources in key banking and securities supervisory bodies. For example, he suggested that cross-industry global training of supervisory personnel would be one means of increasing cohesion among global regulators without incurring the risks of regulatory monopolies.