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This Article is motivated by a seemingly growing gap between dominant themes in the international or comparative aspects of two closely related fields-securities regulation and corporate governance. While the dominant trend in securities regulation is harmonization and convergence of domestic national regimes, the opposite is true in corporate governance. The few initiatives toward convergence so far have failed, and current analyses either acknowledge or champion international diversity. Concentrating on international securities regulation, this Article critically assesses these conflicting trends of diversity and convergence and the degree to which they may be reconciled. A noticeable trend among securities regulators and practitioners is a movement towards and support of harmonization or unification of securities regulation laws. A considerable number of such projects have been undertaken or are under way …