CESR – SEC set out shape of future collaboration

04 June 2004

The United States Securities and Exchange Commission (SEC) and the Committee of European Securities Regulators (CESR) announced that they intend to increase their co-operation and collaboration. In SEC Commissioner Campos and CESR Chairman Docters van Leeuwen presented the terms of reference and set out the subjects that will dominate the agenda during 2004 and 2005.

The dialogue should identify emerging risks in the US and the EU securities markets to address potential regulatory problems at an early stage. It should also engage in early discussion of potential regulatory projects to facilitate convergence or at least cpmpatibility

The agenda for the second half of 2004 and 2005 includes:

Market structure issues;

Future mutual fund regulation, including with respect to stale price arbitrage, late trading, and corporate governance;

Development of an effective infrastructure to support the use of International Financial Reporting Standards with the final objective of avoiding reconciliation with local GAAPs;

Credit rating agencies;

Financial Analysts.

CESR – SEC Terms of reference
Press release

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