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 Consensus seeking has stifled innovation, perpetuating outdated regulatory concepts at a time of rapid market change. Markets are complex and idiosyncratic; they may not be receptive to efforts toward producing regulatory harmonization and convergence. Alternatives to international standard setting should be explored. Possibilities include fora for experimentation in capital markets regulation, the creation of a set of variegated model capital markets laws and a “restatement”-like treatise.

  • Cally Jordan is a senior fellow with CIGI, effective July 2016. She is also the Estey Chair in Business Law at the University of Saskatchewan and an associate professor of law at the University of Melbourne.