The legal challenge of internationalization of securities and capital markets and the place of national regulations

The paper deals with one of the most difficult challenging issues surrounding the internationalization of the securities markets. As much as technological advances and liberalization of securities markets have contributed to the formation of global securities markets، this internationalization has posed serious challenges in terms of regulatory control and supervision of the markets by governments. The international markets seem to be out of control as the power of the government in the face of these developments is limited. The solution could be either to set up an international regulatory body or to harmonies national securities regulation as there is no prospect of a unilateral approach. The recent incidents in global capital markets، indicate the interconnection between securities markets around the world. As harmonization of the securities laws which are public law is not viable، therefore the move should be towards minimum standard and mutual recognition.