TRAP@NCI

The "creeping" of United States regulation and style of regulation into non-United States jurisdictions through globalisation of Financial Services companies. Fact or market fear?

Melia, Alan (2007) The "creeping" of United States regulation and style of regulation into non-United States jurisdictions through globalisation of Financial Services companies. Fact or market fear? Undergraduate thesis, Dublin, National College of Ireland.

[img]
Preview
PDF (Bachelor of Arts)
Download (1MB) | Preview

Abstract

In the period 2000 to 2007, the corporate world became a smaller place. The unrelenting expansion of Multinational Corporations (MNCS) into new territories and markets has connected people and countries in new ways. In financial services, a greater number of MNCs have expanded into countries outside their "home" country due to:
i). The lowering of long established entry barrieri between country's domestic markets
ii). The emergence of the Internet as an essential tool for business

In this regard, MNCs have become the global companies described by Drahos and Braithwaite as "companies that begin their legal life in a territory and spread their
operations through corporate groups and structures to other territories." (Drahos & Braithwaite 2001).

The relatively recent phenomenon of the MNC has presented governments and markets with a series of new challenges. One of the main challenges national regulators face has been how to regulate MNCs, whose activities span several regulatory regimes. National regulators, in their supervision of MNCs, are forced to consider the activity of the MNCs in foreign jurisdictions, and therefore are required to interact with other national regulators.

The United States (US) regulatory regime is quite different from the European Union (EU) regime and it is in this complex transatlantic relationship this thesis is framed. The perception this thesis will address is, if in the regulation of MNCs, has US legislation percolated into non-US jurisdictions, or is it an unrealised market fear? Research into the subject has highlighted a number of examples of regulator conflict and legislative "overspill" in four main areas:
i). Audit Supervision
ii). EU Financial Conglomerate Directive
iii). Sarbanes-Oxley (SOX)
iv). Anti corruption impactISanctions,

This thesis will demonstrate how national regulators have moved swiftly, effectively and innovatively to diminish incidents of friction and reduce divergence in supervisory approach using:
i). Informal, regular forums for discussion,
ii). Memorandums of Understanding,
iii). Mutual Recognition, and
iv). Legislative amendment.

In January 2006, the US Department of State appointed C. Boyden Grayas the Representative of the United States of America to the European Union with Ambassador status. Mr Gray is a Harvard educated regulatory lawyer not a diplomat. Perhaps this appointment is an indication of the US Government's expectation of regulatory conflict?

Item Type: Thesis (Undergraduate)
Subjects: H Social Sciences > HG Finance
H Social Sciences > HG Finance > Financial Services
H Social Sciences > HJ Public Finance
Divisions: School of Business > BA (Honours) in Financial Services
Depositing User: Aisling Gorby
Date Deposited: 13 Apr 2010 14:40
Last Modified: 14 Jan 2015 10:18
URI: http://trap.ncirl.ie/id/eprint/37

Actions (login required)

View Item View Item