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This article advocates opening up international securities regulation
to greater regulatory competition than the scant competition that
exists at present. After sketching the contours of an international
regime of regulatory competition in securities laws and the reasons
why such competition is desirable. the article provides a detailed
response to objections that have been raised to a proposal for a
competitive securities regime that was principally focused on the
United States, objections that would accordingly also be raised against
this article sproposal. These include whether the U.S. securities regime
is directed at mitigating problems regarding disclosure of interfirm
externalities and whether international competition will result in a
regulatory race to the lowest level of disclosure. Because the analysis
in support of regulatory competition in securities law draws upon the
learning regarding competition across U.S. states over the production
of corporate law. which has been successful in creating a regime that,
on balance, benefits shareholders, the article concludes by indicating
that recent critiques of the efficacy of state-charter competition are

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