The international reach of the financial crises of the last 20 years has triggered an explosion in international standards setting, creating a complex dynamic between national (or regional) regulation and international norms, between hard and soft law. This paper explores this phenomenon as it relates to capital markets by looking at the changing role of the International Organization of Securities Commissions (IOSCO), the standard-setting process itself, issues associated with implementation of international standards and possible alternatives.

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CIGI Papers present in-depth analysis and discussion on governance-related subjects. They include policy papers that present CIGI experts' positions or contributions to policy debates, and background papers that contain research findings, insights and data that contribute to the development of policy positions.