How Cross-Border Cooperation Improves Securities Enforcement and Financial Reporting

In a recent study, I investigate cross-border coordination among national securities regulators and its impact on enforcement and financial reporting. The paper provides an in-depth look at the cross-border enforcement program at the U.S. Securities and Exchange Commission (SEC), using publicly available data. The results are consistent with the conclusion that the IOSCO Multilateral Memorandum of Understanding  (MMOU) acts as a catalyst for increasing the SEC’s ability to pursue cross-border cases and improve financial reporting through stronger enforcement.

Studies that seek to isolate the economic effects of regulation, enforcement, and new laws often suffer from the criticism that changes … Read more