The International Organization of Securities Commissions issued a report regarding cross-border regulation. Generally, the report provides an overview of issues that arise when home and host regulators oversee activities where there might be conflicts and inconsistencies between domestic and foreign laws. The report is aimed to assist regulators develop a “cross-border toolkit” that identifies various approaches to cross-border regulation and the impact on investor protection, markets and systemic risk, and to establish a foundation for the development of guidance on how particular tools can be used to enhance protections. The report addresses some issues related to passporting (i.e., allowing the holder of a regulatory license or approval in one jurisdiction to offer financial products and services in another jurisdiction relying on a common set of rules), mainly that to work passporting may require an express legal framework or international treaty “with a high degree of rule convergence and harmonization in processes.”