Vanderbilt Journal of Transnational Law


John T. Vogel

First Page



In response to the growing internationalization of financial markets and the internal deregulation of foreign national securities structures, the United States Government, through the Securities and Exchange Commission (SEC or Commission), has entertained suggestions and has implemented measures to facilitate the flow of capital across United States borders. The world financial community has generally applauded these actions, but has nonetheless continued the call for more reform and liberalization of capital markets. The ideas behind the voices of reform have appeal: less federal regulation means more corporate access to international capital, more opportunities for investors, and a more efficient allocation of scarce financial resources.