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How should national securities regulators respond to the growing trend of foreign listing and cross-border trading of stocks? Do these international securities transactions give rise to regulatory concern? And to what extent do they warrant regulatory cooperation?-This Article argues that regulatory concern and, regulatory cooperation, are warranted primarily to address the potential for opportunistic behavior by corporate managers and holders of control blocks. Throughout this Article, this behavior will be termed" managerial opportunism." Managerial opportunism is a private case of the well-known agency problem in the corporate context. Scholars have long recognized that the corporate organizational form provides ample ground for agents to take advantage of their position and derive private benefits from" other people's money." 2 This Article assesses the likelihood and potential