IOSCO head voices concerns about substituted compliance

06/24/2013 | Risk.net (subscription required)

David Wright, secretary general of the International Organisation of Securities Commissions, says a global body would be needed to supervise a system of substituted compliance among regulators worldwide. "Substituted compliance is a useful concept. ... The problem is, what happens when disputes arise? Who arbitrates or settles these conflicts of law?" Wright said. "The only solution available is ad hoc pragmatism, which in some circumstances may not be sufficient."

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