This chapter considers the challenges policy makers face as the efficacy of territorial regulation over information flows erodes. It first considers how globalization has increased cross-listing and cross-border investment and trading and has forced regulators to revisit the regulation of securities exchanges as they seek to engage in cross-border trading. It then explores the difficulties that policy makers face in managing diversity across jurisdictions while harmonizing regulation and coordinating regulatory and enforcement policy in areas of mutual interest. It then critiques traditional strategies for managing globalization, such as private ordering, selective accommodation of foreign practices, transnational standard-setting, and mutual recognition (or substituted compliance). The chapter concludes with a discussion of how policy makers might weigh these competing difficulties and strategies in the regulation of information flows.
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