INTERNATIONAL REACH OF SECURITIES REGULATION: A COMPARATIVE VIEW ON BRAZILIAN AND U.S. LAW

Abstract

This paper examines the international reach of securities regulation, focusing on the Brazilian and U.S. experiences in this field. The aim is to provide the reader with a view on how the issue first developed in the U.S. (and how the U.S. Supreme Court has recently changed, in part, the U.S. solution) and on how Brazilian Law, on its part, addresses regulation of transnational securities markets – mentioning particularly a landmark Administrative Enforcement Proceeding judged by the Brazilian regulatory authority (CVM).