Abstract
As a response to multiple financial shocks, international standards have disappointed. Consensus-seeking has stifled innovation, perpetuating outdated regulatory concepts at a time of rapid market change. Different forces are at work now. Markets are complex and idiosyncratic; they may not be receptive to efforts designed to produce regulatory harmonization and convergence and there may be benefits in less co-ordination. Alternatives to international standard setting should be explored. The possibilities include fora for experimentation in capital markets regulation, sets of variegated model capital markets laws and a “restatement”-like treatise.
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