10.4 Impact of Globalization on Securities Regulation

The impacts (the exam's fourfold): (1) the regulatory-competition-and-race (the standards' harmonisation vs the arbitrage's temptation — the race-to-the-bottom-and-back debates); (2) thecontagion's reality (the 2008 crisis' lesson — the markets' interconnection, the failure's travel; the margin-and-liquidity transmission); (3) the investor's globalisation (the cross-border retail access — the Nepali investor's foreign-platform era: the capital-flight-and-forex questions, the NRB's gates); (4) the issuer's globalisation (the multinational listings, the disclosure'sconvergence — the IFRS-and-ESG families). The synthesis for Nepal: the small-open market's dilemma — the integration's benefits (the capital-and-standards) against the sovereignty-and- stability costs (the shocks' import; the forex-and-capital-account management's frontier).