"The U.S. pursues securities law violations with a regulatory intensity unmatched elsewhere in the world," according to John C. Coffee, Jr., director of the Center on Corporate Governance at Columbia University Law School. In a talk titled, "Law and the Market: The Impact of Enforcement," Coffee told the audience at a recent Wharton Impact Conference on international corporate governance that when it comes to creating good governance and adding value to corporations, securities law enforcement is critical and too often overlooked. "I am interested in the variance in enforcement intensity. Not what the laws on the books say, but what actually happens," he said.
Securities law enforcement is important at the moment because it sits at the intersection of three current debates, Coffee noted. The first debate is whether U.S. capital markets are losing their competitiveness. The second is about the differences in governance between countries where the legal system is based on common law, like the U.S., U.K. and Australia, and those based on civil law. Finally, he said, enforcement may be a factor in the decision by companies to cross-list or migrate to one country or another.
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