model of self-regulation, the Centre supports calls for a number of changes in the current system to shore up its integrity and ensure that adequate investor protections are in place. In particular, we believe that guidelines for establishing an effective system must address public participation, continued flexibility, transparency and accountability, the development of effective surveillance, supervision and enforcement powers, and a board that follows an open election process that takes into account all stakeholders, not just SRO members. We also recognize the additional conflicts that this system faces as exchanges “demutualize” and become for-profit entities while continuing to regulate their members and markets. To address this, we support the establishment of an independent SRO body to oversee the regulation of the securities market with the various exchanges assuming continued responsibility for market operations. In this era of global consolidations, we also recognize the growing need to engage in cooperative efforts to regulate across borders. While there is no one regulatory model for securities regulation on a global basis, there are a number of areas in which most securities regulators share concern, regardless of the country, market, or type of regulation (selfregulation or government imposed) practiced. The International Organization of Securities Commissions (IOSCO), of which CFA Institute is an affiliate member, has already issued 30 Principles of Securities Regulation. Drawing on these principles, we urge renewed attention to the “commonalities” of regulation shared by the increasing global marketplace. In the wake of continued consolidations and uncertainty about the particular standards that will apply, we believe that industry participants and investors lack a uniform way to assess the risk associated with investing. We therefore recommend that that the major markets worldwide designate a global regulator or “overseer” to rate compliance with a set of commonly recognized standards.