Global securities regulators are seeking ways to improve cross-border regulation in a world of increasingly global markets that lack global oversight.

The International Organization of Securities Commissions (IOSCO) published a consultation paper today on cross-border regulation that examines the tools regulators use to supervise firms and markets that cross national borders, and the challenges of providing this sort of oversight.

The report looks at three basic approaches that have been used by IOSCO members to help address the challenges they face in protecting investors, maintaining market quality, and reducing systemic risk across borders: passporting, mutual recognition, and national treatment. It says these tools “provide the basis for developing a cross-border regulatory toolkit” that regulators can consult when considering cross-border regulations.

The paper also examines the major challenges faced by regulators in implementing cross-border securities regulations, including how their national rules will apply to global financial markets, and interact with foreign rules and international standards.

“This is a good start to an ambitious project because of the significant diversity of approaches to cross-border regulation by different countries and markets.” said Ashley Alder, CEO of the Hong Kong Securities and Futures Commission and chair of IOSCO’s task force on cross-border regulation. “We were pleased to receive encouraging support from industry as well as from fellow regulators and look forward to receiving feedback on the report.”

Through the report IOSCO is seeking views on the use of the cross-border regulatory tools, and other cross-border issues, from regulators, the securities industry, trade groups, academics and others.

Comments are due by Feb. 23, 2015.