When Sovreignty And Foreign Policy Collide
Is The SEC Violating Individual Rights By Enforcing US Law?
Ann Lee writes in The Financial Times that the SEC, in its pursuit of alleged violations committed by Chinese accounting firms, may be hurting innocent individuals and compromising opportunities for American consumers.
“By creating a situation where Chinese companies will be forced to delist, the SEC risks depriving US citizens of lucrative opportunities to invest in fast-growing companies. The US economy may also suffer in the long term if it earns a reputation for legal hostility to Chinese companies,” she notes, highlighting unforeseen issues that arise when enforcing sovereign laws.
Lee says the US should learn to pick its fights carefully. While acknowledging the need to enforce its own laws, she says doing so can create unnecessary stresses in relations. She also adds that “laws themselves can be flawed” and often “regulators often have their own agendas.”
“It is curious that the SEC is choosing to go after Chinese companies when the regulator so conspicuously failed to prosecute the Wall Street firms, or their auditors, responsible for the financial crisis. Again, the ones who lose out are the entrepreneurs, investors and society at large, while the privileged few benefit,” Lee states.
China Moves To Tighten Control Of The Internet
In a move to increase pressure on private companies that direct China’s vibrant social media, the Chinese government has enshrined a law requiring Internet companies and telecom operators to censor online content and report users to the authorities for publishing information deemed illegal.
European Union Summit Reflects Continent’s Disunion Der Spiegel employed documents and cables to reconstruct recent EU summits and reached the conclusion that the gatherings reflect a paralysis that is plaguing the continent.
“The December summit was seen as an opportunity for Europe to take a big and decisive step in this direction. But it failed on that count, producing an outcome that was tenuous at best.
“How could this happen? The days leading up to the summit and the meeting itself show how Europe functions — or rather, doesn’t — at a key juncture. They show how a big idea can be ruined in ritualized routine. Despite the talk, few leaders are truly advocating further European integration these days,” the paper recounts.