This thesis compares and contrasts rules-based and principles-based approaches to the regulation of derivative securities and examines these approaches in the context of derivative securities regulation in Thailand and Québec. It highlights the importance of derivatives regulation by briefly noting the role of derivatives in the 2007-2008 financial crisis. Context is provided by briefly noting the complexity and riskiness of derivatives, and the function of intermediaries in derivatives markets. With this context in mind, literature on rules-based regulation and principles-based regulation is examined. The two approaches are described and the advantages and disadvantages of each approach are highlighted. The thesis posits that the approach in Thailand is predominantly rules-based while the approach in Québec is predominantly principles-based. The thesis then argues that Québec may have been better positioned than Thailand to adopt a principles-based approach, given its longer experience with trading in public securities markets, its greater degree of specialization in derivatives markets, and the significantly higher volume of derivatives trading in Québec. These factors may have promoted a greater degree of regulatory expertise and self-regulatory organization experience. It is then argued that even though Thailand, and countries at a similar stage of derivatives market development, may not be in as good a position as Québec to adopt a principles-based regulatory approach, once the derivatives market has been established, a shift to principles-based regulation is, nonetheless, likely to better serve the regulatory goals of risk management and innovation.

One of the realities that developing countries like Nigeria have to face today is that national and international markets have become more and more interconnected through the global platform of telecommunications and the Internet. This global networked economy is creating a paradigm shift in the focus of development goals and strategies particularly for developing countries. Globalisation is driving the nations of the world more into political and economic integration. These integrations are enhanced by a globally interconnected network of economic and communication systems at the apex of which is the Internet. This network of networks thrives on and encourages the expansion of cross-border flows of ideas and information, goods and services, technology and capital. Being an active member of the global network economy is essential to Nigeria’s economic development. It must plug into the network or risk being shut out. The global market network operates by means of rules and standards that are largely set by the dominant players in the network. Data protection is a critical component of the regime of rules and standards that govern the global network economy; it is evolving into an international legal order that transcends geographical boundaries. The EU Directive on data protection is the de facto global standard for data protection; it threatens to exclude non-EU countries without an adequate level of privacy protection from the EU market. More than 50 countries have enacted data protection laws modelled on the EU standard. Access to the huge EU market is a major motivation for the current trend in global harmonisation of domestic data protection laws. This trend provides a compelling reason for examining the issues relating to data protection and trans-border data flows and their implications for Nigeria’s desire to integrate into the global network economy. There are two primary motivations for legislating restrictions on the flow of data across national boundaries. The first is the concern for the privacy of the citizens, and second, securing the economic well-being of a nation. It is important that Nigeria’s privacy protection keeps pace with international norms in the provision of adequate protection for information privacy order to prevent potential impediments to international trading opportunities. / Public, Constitutional, & International / LLD

One of the realities that developing countries like Nigeria have to face today is that national and international markets have become more and more interconnected through the global platform of telecommunications and the Internet. This global networked economy is creating a paradigm shift in the focus of development goals and strategies particularly for developing countries. Globalisation is driving the nations of the world more into political and economic integration. These integrations are enhanced by a globally interconnected network of economic and communication systems at the apex of which is the Internet. This network of networks thrives on and encourages the expansion of cross-border flows of ideas and information, goods and services, technology and capital. Being an active member of the global network economy is essential to Nigeria’s economic development. It must plug into the network or risk being shut out. The global market network operates by means of rules and standards that are largely set by the dominant players in the network. Data protection is a critical component of the regime of rules and standards that govern the global network economy; it is evolving into an international legal order that transcends geographical boundaries. The EU Directive on data protection is the de facto global standard for data protection; it threatens to exclude non-EU countries without an adequate level of privacy protection from the EU market. More than 50 countries have enacted data protection laws modelled on the EU standard. Access to the huge EU market is a major motivation for the current trend in global harmonisation of domestic data protection laws. This trend provides a compelling reason for examining the issues relating to data protection and trans-border data flows and their implications for Nigeria’s desire to integrate into the global network economy. There are two primary motivations for legislating restrictions on the flow of data across national boundaries. The first is the concern for the privacy of the citizens, and second, securing the economic well-being of a nation. It is important that Nigeria’s privacy protection keeps pace with international norms in the provision of adequate protection for information privacy order to prevent potential impediments to international trading opportunities. / Public, Constitutional, and International / LL. D.