The Little Market That Could: Facilitating Cross Listing through Unilateral Regulatory Recognition

The Little Market That Could: Facilitating Cross Listing through Unilateral Regulatory Recognition

Amir Licht

Series number :

Serial Number: 
665/2022

Date posted :

November 21 2022

Last revised :

November 21 2022
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Keywords

  • cross listing • 
  • securities regulation • 
  • Corporate governance

This chapter advances an in-depth account of the Israeli dual-listing arrangement (“DLA”) project.

In the landscape of cross listing in securities markets around the world, the Israeli DLA provides a unique example of a regulatory regime that is premised on a strategy of unilateral recognition - namely, a wholesale acceptance by one country of another country’s regulatory choices as sufficient for discharging the former country’s regulatory requirements. Israeli law makers have gone to great lengths to implement this strategy. Nevertheless, their work proved incomplete despite its utmost importance for the local market, such that the Israeli DLA remains an unfinished business. Both the positive and the negative features of the DLA thus should be of interest to policy makers who wish to imitate the Israeli model or otherwise innovate in regulating capital markets.

Published in

Published in: 
Publication Title: 
Forthcoming in Research Handbook on Global Capital Markets Law (Iris H-Y Chiu & Iain MacNeil eds.) (Edward Elgar 2023)

Authors

Real name:
Research Member
Harry Radzyner Law School, Interdisciplinary Center Herzliya