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Corporate governance

Eugenio J. Cárdenas

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Globalization Of Securities Enforcement: A Shift Toward Enhanced Regulatory Intensity In Brazil’S Capital Market?, Eugenio J. Cárdenas Jan 2012

Globalization Of Securities Enforcement: A Shift Toward Enhanced Regulatory Intensity In Brazil’S Capital Market?, Eugenio J. Cárdenas

Eugenio J. Cárdenas

This Paper, written for the “Globalization of the United States Litigation Model” symposium at Brooklyn Law School (October 21, 2011), inquires on whether emerging capital markets are shifting toward enhanced regulatory intensity in the enforcement of their securities laws, under the context of global legal convergence. It ventures into this puzzle of globalization, corporate law enforcement, and financial development, in light of the increasing phenomenon of regulatory convergence and international cooperation among securities regulators, in the realm of capital market surveillance and enforcement.

Focus is placed on the emerging Latin American region, namely Brazil’s securities market. The study explores Brazil’s …


Mexican Corporations Entering And Leaving U.S. Markets: An Impact Of The Sarbanes-Oxley Act Of 2002?, Eugenio J. Cárdenas Jan 2008

Mexican Corporations Entering And Leaving U.S. Markets: An Impact Of The Sarbanes-Oxley Act Of 2002?, Eugenio J. Cárdenas

Eugenio J. Cárdenas

What has led to the dramatic decline of cross-listing in U.S. markets since 2002? A significant number of foreign issuers have delisted their American Depositary Receipts from the New York Stock Exchange, accompanied by an impressive plunge in the level of additions, among other shocking facts. It is notable that this trend followed the enactment of the Sarbanes-Oxley Act of 2002, considered to be an excessive and rushed political response by Congress to the 2001 Enron and Worldcom scandals, aimed at restoring confidence.

Taking into account that in the company delisting tendency, the Mexican case was the most pronounced, yielding …