Chairman Cox Meets with Korea Financial Supervisory Commission Chairman Yoon
FOR IMMEDIATE RELEASE
Washington, D.C., May 16, 2006 SEC Chairman Christopher Cox and Korea Financial Supervisory Commission Chairman Yoon Jeung-Hyun met last week and discussed the importance of compatible approaches to furthering investor protection, including through enhanced enforcement cooperation. Both SEC Chairman Cox and FSC Chairman Yoon expressed their personal support for entering into a regular, high-level bilateral dialogue that would enhance the quality of regulatory discussions, foster regulatory transparency and effectively address key issues for cooperation in cross-border securities enforcement investigations.
According to Chairman Cox, “Chairman Yoon and I acknowledge the importance of promoting cross-border investor protection and converged approaches to our shared goals of protecting investors and fostering market integrity in a global context. We recognize that as cross-border investment between the United States and Korea grows, it becomes more important than ever for regulators to be equipped with the proper tools for timely communication and assistance to combat cross-border fraud and address other common regulatory concerns. I hope to see the terms of reference with the FSC finalized by the end of this month.”
Ethiopis Tafara, Director of the SEC’s Office of International Affairs, noted, "This dialogue will represent the start of a new relationship between securities regulators in Korea and the United States, with important implications for both our countries. As US investors are attracted to Korean investment opportunities and Korean investors look to our markets, cross-border investment, if guarded by strong laws against fraud and converged regulatory standards that provide investors with the information they need, is a win-win situation.”
The SEC has entered into similar engagements with regulators in other major markets, including the Committee of European Securities Regulators (CESR), the Japan Financial Services Agency and the China Securities Regulatory Commission. These enhanced bilateral dialogues foster a dynamic exchange of ideas on shared regulatory objectives of enhancing cross-border protections and opportunities for investors.