In recent years, new financial instruments have played an important role in dismantling barriers faced by foreign investors in United States securities and thus, in moving U.S. and foreign capital markets a step closer to being a single, integrated market. Among such securities are those issued under a specialized Securities and Exchange Commission (SEC) procedure, called the "targeted registered offering?"

Firms have not fully exploited their capacity to access capital in the international market. Explain what might be the major impediments to this quest.(10 marks