For at least three decades, there have been demands from several quarters, both foreign and domestic, for the U. S. Securities and Exchange Commission (SEC) to ease restrictive disclosure requirements upon foreign securities issuers to facilitate their their
offerings upon American securities exchanges. The SEC has
responded by taking initiatives in two arenas, domestic and
international. In the domestic arena, it has made a number of
efforts to ease regulatory and disclosure requirements for foreign
issuers that wish to offer their securities on U. S. exchanges.
Internationally, it has forged bilateral and multilateral
relationships to enhance internationally mechanisms for market
surveillance and information sharing; it has taken an interest in
international harmonization of regulatory practices; and it has
assumed a leading role in the movement to encourage the development
of international accounting standards. These responses are not
mutually exclusive; such efforts often overlap. This paper finds
that the SEC has responded to internal and external pressures to
reduce the regulatory burden on foreign private issuers within the
legalistic context of the U. S. culture; it has proceeded
deliberately, taking a gradualist approach to change
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