Get Ready For A 'Substituted Compliance' Regime

Law360, New York (May 8, 2013, 3:58 PM EDT) -- In 2007, my former law school professor, colleague and boss, the most recent U.S. Securities and Exchange Commission, Office of International Affairs director, Ethiopis Tafara, along with another former colleague, Robert Peterson, wrote a groundbreaking article on international financial regulation: A Blueprint for Cross-Border Access to U.S Investors: A New International Framework, 48 HARV. INT’L L.J. 31 (2007). Ex-Director Tafara’s article argued for an international financial regulatory regime of mutual recognition, or substituted compliance. Controversially, substituted compliance met with little political fanfare from the commission....
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