The IBA's Issues and Trading in Securities Committee has undertaken a Transparency and Enforcement Survey and has created a unique resource for its members with the launch of the Transparency and Enforcement Survey Website. The purpose of the survey is to assess the extent to which major European, Asian, North American and Latin American countries have changed their laws, regulations and standards in response to the crisis in the equity securities markets that began three years ago. One of the goals of the survey was to get a sense of these changes across a broader range of countries than the classic major economies that are usually studied and to examine how different developing countries and regions have reacted. It is, of course, very difficult to generalise across a wide range of countries with different legal, market and cultural environments and, the survey was intended to study changes rather than create a background on each legal, market and cultural environment. However, preliminary survey results indicate a broad trend at a general level towards convergence in the stated best practices for corporate governance and the written norms for disclosure.
Naturally, even within the broad trend there are different models and, of course, differences which are specific to just a few countries or a region remain. What is striking in the preliminary results so far obtained, however, is the narrowness of the debate in these areas – everyone seems to be focused on the same set of issues and solutions and choices are made from within that defined set. The one area that remains stubbornly outside of the convergence trend is actual enforcement practice of the securities laws and the enforcement powers of the securities regulators which still seem to vary a great deal from market to market. It remains to be seen whether these preliminary survey responses are indicative of overall patterns and trends. Many thanks to the 33 law firms from 34 countries that have agreed to participate. A complete list of countries, participating lawyers and law firms is available on the website. Particular thanks go to Ricardo M. Arango of Arias Fábrega & Fábrega and all of the other Latin American law firms who participated in a preliminary round of survey results at the Latin American regional conference in Panama on March 25, 2004. The final objective is to synthesise the results of the survey in a written work to be presented at the IBA Conference in October in Auckland.
Those of you who are interested in this project can access the results at the IBA Committee Q's Website, at www.ibanet.org/committees/SBL-Q_Survey.asp where, as of April 26th, 19 responses appear, with more to follow soon. The site has been designed to include a forum for the exchange of practical information between lawyers through the creation of an electronic meeting place to discuss current issues relating to all aspects of securities regulation and corporate governance.
If your country is not on our list and you would like to add it or to comment on any submitted answers or the project in general, please contact Margaret E. Tahyar and Jake S. Tyshow of Davis Polk & Wardwell at margaret.tahyar@dpw.com and jake.tyshow@dpw.com. In particular, we still need volunteers from Australia and Malaysia.
