SEC Speech: Remarks of Commissioner Cynthia A. Glassman
Institute of Chartered Accountants in England & Wales
Thank you for the opportunity to speak at this important conference. This occasion has given me the opportunity to bring together several of the themes I have focused on during my four years on the Commission, themes that generally arise from my view of the Commission's regulatory mission from an economist's perspective. It has also caused me to reminisce about the three years I spent in England thirty years ago, when the description of the United States and the United Kingdom as being two countries separated by a common language proved true on a number of occasions. But first, let me give the standard disclaimer that the views I express this morning are my own and do not necessarily reflect those of the Commission, my fellow Commissioners or our staff.
Throughout the day, you will be hearing about the similarities and differences between the U.S. and U.K. approaches to corporate governance. To provide a context for the discussion, I'd like to begin by describing what our ultimate goals regarding corporate governance are - or should be - and then consider the role of the regulator in achieving these goals. You will not be surprised to learn that, as an economist, I generally believe that regulation should not interfere with market forces in the absence of market failure or other externality. This philosophy clearly influences my views on when and how to regulate.
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