The global financial crisis highlighted the interconnectedness of international financial markets and the risk of contagion it posed. The crisis also emphasized the importance of supranational regulation and regulatory cooperation to address that risk. Yet, although capital flows are global, securities regulation is not. As a 2019 report by IOSCO notes, the regulatory challenges revealed during the global financial crisis have by no means dissipated over the last decade. Lack of international standards, or differences in the way jurisdictions implement such standards, can often result in regulatory-driven market fragmentation. This article considers a range of cooperative techniques designed to achieve international regulatory harmonization and effective financial market supervision. It includes discussion of a high profile cross-border supervisory experiment, the 2008 US-Australian Mutual Recognition Agreement, which was the first agreement of its kind for the SEC. The article also examines some key regulatory developments in Australia and Asia since the time of the US-Australian Mutual Recognition Agreement.

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证券市场监管中的监管合作：澳大利亚的观点

全球金融危机突显了国际金融市场的相互联系及其带来的传染风险。危机还强调了超国家监管和监管合作对解决这一风险的重要性。然而，尽管资本流动是全球性的，但证券监管却不是。正如国际证监会组织（IOSCO）在2019年发布的一份报告所述，在过去十年中，全球金融危机期间暴露出的监管挑战丝毫没有消失。缺乏国际标准或管辖区实施此类标准的方式不同，通常会导致监管驱动的市场分散。本文考虑了旨在实现国际监管协调和有效的金融市场监管的一系列合作技术。其中讨论了一个引人注目的跨境监管实验，即《 2008年美国-澳大利亚相互承认协议》，这是SEC同类协议中的首个此类协议。本文还探讨了自《美澳互认协议》生效以来澳大利亚和亚洲的一些重要监管发展情况。