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4 B.U. Int'l L. J. 105 (1986)
Can Regulators of International Capital Markets Strike a Balance between Competing Interests

handle is hein.journals/builj4 and id is 111 raw text is: REGULATORY ASPECTS OF
SECURITIES TRADING
CAN REGULATORS OF INTERNATIONAL CAPITAL
MARKETS STRIKE A BALANCE BETWEEN COMPETING
INTERESTS?
ROBERTA S. KARMEL
Roberta S. Karmel is a Professor of Law at Brooklyn Law School and
Of Counsel to the law firm of Rogers & Wells in New York City. In
addition, she holds directorships in the New York Stock Exchange, and
the International Minerals & Chemical Corporation, where she is
Chairman of the company's Audit Committee. She was a Commissioner
of the Securities and Exchange Commission from September 30, 1977
until February 1, 1980. Mrs. Karmel received a B.A. cum laude from
Radcliffe College in 1959 and an LL.B. cum laude from New York
University School of Law in 1962. She is the author of numerous articles
in legal journals, including a bi-monthly column for the New York Law
Journal, and a frequent lecturer on securities regulation. Her book
entitled Regulation by Prosecution: The Securities and Exchange
Commission vs. Corporate America was published by Simon and
Schuster in 1982.
International securities markets have grown to be as large and vibrant as
they are in part because the participants in those markets are not interested
in regulation. Indeed, I have often thought that the ideal jurisdiction for most
of these participants would be a kind of floating tropical island which has no
taxing authority, no securities and exchange commission, no government
prosecutors of any kind, and no self-regulatory organizations such as stock
exchanges. But when these participants find havens from regulation, the
greed that tends to propel the capital markets usually leads to abuses. The
markets then are rocked by scandal, and there is a search for some sort of
regulation to give investors the confidence that they generally seek in order
to put their money into capital markets. Here I suppose my biases as a
former SEC Commissioner and a present New York Stock Exchange Direc-
tor are going to come out. It is my view that some amount of effective
regulation is necessary to inspire the investor confidence necessary for the
kinds of markets that both traders and investors-whether institutional
investors or individual investors-need and want.
As a former SEC Commissioner, I had the privilege of going to Paris and
London to discuss SEC regulation with various participants in those Euro-
pean markets. This was at a time when the Foreign Corrupt Practices Act

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