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1987 Colum. Bus. L. Rev. 339 (1987)
Multinational Offerings: A United States Perspective after British Telecom, British Gas and British Airways

handle is hein.journals/colb1987 and id is 351 raw text is: MULTINATIONAL OFFERINGS: A UNITED STATES PERSPECTIVE AFTER BRITISH TELECOM, BRITISH GAS AND BRITISH AIRWAYS STEVEN L. WOLFRAM* AND BRUCE C. BENNET** INTRODUCTION One major aspect of the internationalization of the securities mar- kets - and the one that perhaps most directly affects the practi- tioner - is the offering and sale of securities across borders in a market or markets outside that of the issuer's domicile or principal market. In the debt area, this aspect of internationalization is hardly new. The Euromarkets continue to become more innovative and sophisti- cated, but they have been in existence for many years. Although enormous, the Euromarkets remain largely self-regulated and, as a truly international market, their direct impact on the development of national responses to internationalization in recent years has been relatively limited. In the equity area, however, at least from the perspective of the United States, the 1980's have witnessed a proliferation of cross-bor- der transactions - a phenomenon that has triggered a major and ongoing reconsideration by regulators, bankers and lawyers of the rules and practices by which the markets operate. This presentation focuses primarily on the equity side, and on the interplay with United States regulation in particular, and is in- tended as an overview of the issues on which our various parochial legal and regulatory cultures have clashed. Only some of these clashes have been resolved. The response of the Securities and Ex- change Commission (SEC) to issues presented by cross-border transactions is described, as are possible future regulatory * Mr. Wolfram is a partner in the London office of Shearman & Sterling, New York, specializing in international securities. ** Mr. Bennet is an associate at Shearman & Sterling.

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