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SEC Dialogues with Foreign Regulatory Authorities

The SEC has several ongoing dialogues with key regulatory counterparts. The dialogues are intended to facilitate identification and discussion of common issues of regulatory concern, enhance enforcement cooperation, and in some cases, expand on existing training and technical assistance efforts.

Capital Markets Board of Turkey

The SEC and the Capital Markets Board of Turkey (CMB) announced in July 2011 a new relationship to enhance cooperation and collaboration with the aim of promoting investor protection, fostering market integrity, and facilitating cross-border securities activities between Turkey and the United States. As set out in the terms of reference, the Dialogue has three main objectives:

  1. to identify and discuss regulatory issues of common concern;
     
  2. to improve cooperation and the exchange of information in cross-border securities enforcement matters; and
     
  3. to maintain and continue to develop the existing jointly-sponsored training and technical assistance programs that benefit the SEC, CMB, and other regulators in the region.

China Securities Regulatory Commission Dialogue

The SEC and the China Securities Regulatory Commission (CSRC) announced in May 2006 a dialogue to increase cooperation and collaboration. The dialogue has three primary objectives:

  1. to identify and discuss securities markets regulatory developments of common interest, particularly those relevant to reporting requirements for public companies listed in each other's markets;
     
  2. to improve cooperation and the exchange of information in cross-border securities enforcement matters; and
     
  3. to continue and expand upon the existing program of training and technical assistance provided by the SEC to the CSRC.

As set out in the terms of reference, the dialogue takes place through regular contacts among senior staff and between the Chairmen of the SEC and CSRC.

European Securities and Markets Authority Dialogue

In addition to the US-EU Financial Markets Dialogue, the SEC created a framework for cooperation and collaboration with the European Securities and Markets Authority (ESMA). This Dialogue began with ESMA's predecessor, the Committee of European Securities Regulators (CESR). In 2004, the SEC and CESR announced creation of a Dialogue with two primary objectives:

  1. to identify emerging risks in the US and the EU securities markets for the purpose of improving the ability to address potential regulatory problems at an early stage; and
     
  2. to engage in early discussions of potential regulatory projects in the interest of facilitating converged, or at least compatible, ways of addressing common issues. Issues discussed to date include: the development of an infrastructure to support the consistent application, interpretation and enforcement of international financial reporting standards, oversight of credit rating agencies, hedge fund regulation and capital market structure issues.

The original SEC-CESR work plan outlines the primary discussion topics governing the current Dialogue with ESMA.

Japan Financial Services Agency Dialogue

In January 2006, the SEC and the Japan Financial Services Agency (JFSA) announced terms of reference for increased cooperation and collaboration through a high level bilateral dialogue. This dialogue has two main objectives:

  1. to identify and discuss regulatory issues of common concern; and
     
  2. to promote cooperation in the exchange of information in cross-border securities enforcement matters.

The dialogue consists of regular meetings and ad hoc information exchange at the staff level and between high-level representatives of the SEC and JFSA.

Korea Financial Supervisory Commission Dialogue

In June 2006, the SEC and the Korea Financial Supervisory Commission (KFSC) announced terms for regulatory dialogue between the two agencies. This dialogue has two main objectives:

  1. to improve cooperation and the exchange of information in cross-border securities enforcement matters; and
     
  2. to identify and discuss regulatory issues of common concern.

The dialogue consists of regular meetings and ad hoc information exchange at the staff level and between high-level representatives of the SEC and KFSC, as well as the Korea Financial Supervisory Service (FSS), the implementing body of the KFSC.

Securities and Exchange Board of India Dialogue

In January 2008, the SEC and the Securities and Exchange Board of India (SEBI) announced a dialogue with three primary objectives:

  1. to identify and discuss regulatory issues of common concern;
     
  2. to continue and expand upon the existing program of capacity-building and technical cooperation between the SEC and the SEBI; and
     
  3. to improve cooperation and the exchange of information in cross-border securities enforcement matters.

United States–European Union Financial Markets Regulatory Dialogue

The US-EU Financial Markets Dialogue (Dialogue) was launched in 2002 and includes representatives of the US Treasury, SEC, Commodity Futures Trading Commission and the Federal Reserve Board. The Dialogue serves as a forum for discussion of financial regulatory issues of mutual concern, including the spillover effects of domestic regulatory initiatives on foreign market participants. The Dialogue serves to enhance understanding of each other's system of regulation, and explore areas of regulatory cooperation and convergence in the development of high-quality regulation.

Other topics in International Regulatory Policy:

 

http://www.sec.gov/about/offices/oia/oia_bilateraldialogs.shtml


Modified: 10/16/2014